JAMES & NAPOLEON: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
JAMES & NAPOLEON
Largest movements
- Receivables within one year -€294,722
down €294,722 (-79.0%), from €372,925 to €78,203
of which Other amounts receivable: -€330,019
- Financial fixed assets +€172,000
up €172,000 (+23,149%), from €743 to €172,743
- Cash -€116,441
down €116,441 (-43.4%), from €268,351 to €151,910
mainly Investment in fixed assets (net) (-€172,000) and Other debts (-€141,659)
- Tangible fixed assets -€35,849
down €35,849 (-26.4%), from €135,851 to €100,002
of which Plant, machinery and equipment: -€27,071
- Other debts -€141,659
no longer reported in 2025 (was €141,659)
- Profit (loss) carried forward -€141,168
down €141,168, from €2,486 to -€138,683
- Trade debts +€17,524
up €17,524 (+6.9%), from €255,005 to €272,529
- Investment grants -€16,273
down €16,273 (-64.1%), from €25,373 to €9,100
- Tax, wage and social debts +€8,661
up €8,661 (+229%), from €3,787 to €12,448
- Gross operating margin -€381,851
down €381,851, from €297,234 to -€84,617
- Taxes +€8,479
up €8,479 (+214%), from €3,969 to €12,448
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €851,791 | €578,250 | -€273,541 | -32.1% |
| Fixed assets | 21/28 | €136,594 | €272,745 | +€136,151 | +99.7% |
| Tangible fixed assets | 22/27 | €135,851 | €100,002 | -€35,849 | -26.4% |
| Plant, machinery and equipment | 23 | €92,936 | €65,866 | -€27,071 | -29.1% |
| Furniture and vehicles | 24 | €245 | - | -€245 | |
| Other tangible fixed assets | 26 | €42,670 | €34,136 | -€8,534 | -20.0% |
| Financial fixed assets | 28 | €743 | €172,743 | +€172,000 | +23,149% |
| Current assets | 29/58 | €715,197 | €305,505 | -€409,692 | -57.3% |
| Stocks and contracts in progress | 3 | €65,516 | €61,677 | -€3,839 | -5.9% |
| Stocks | 30/36 | €65,516 | €61,677 | -€3,839 | -5.9% |
| Amounts receivable within one year | 40/41 | €372,925 | €78,203 | -€294,722 | -79.0% |
| Trade receivables | 40 | €26,038 | €61,335 | +€35,297 | +136% |
| Other amounts receivable | 41 | €346,888 | €16,868 | -€330,019 | -95.1% |
| Cash at bank and in hand | 54/58 | €268,351 | €151,910 | -€116,441 | -43.4% |
| Deferred charges and accrued income | 490/1 | €8,405 | €13,715 | +€5,309 | +63.2% |
| Total equity and liabilities | 10/49 | €851,791 | €578,250 | -€273,541 | -32.1% |
| Equity | 10/15 | €447,859 | €290,418 | -€157,441 | -35.2% |
| Contributions | 10/11 | €420,000 | €420,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,486 | -€138,683 | -€141,168 | |
| Investment grants | 15 | €25,373 | €9,100 | -€16,273 | -64.1% |
| Amounts payable | 17/49 | €403,932 | €287,832 | -€116,100 | -28.7% |
| Amounts payable within one year | 42/48 | €400,451 | €284,977 | -€115,474 | -28.8% |
| Trade debts | 44 | €255,005 | €272,529 | +€17,524 | +6.9% |
| Suppliers | 440/4 | €255,005 | €272,529 | +€17,524 | +6.9% |
| Taxes, remuneration and social security | 45 | €3,787 | €12,448 | +€8,661 | +229% |
| Taxes | 450/3 | €3,787 | €12,448 | +€8,661 | +229% |
| Other amounts payable | 47/48 | €141,659 | - | -€141,659 | |
| Accrued charges and deferred income | 492/3 | €3,481 | €2,855 | -€626 | -18.0% |
| Non-recurring operating income | 76A | €7,497 | €19,861 | +€12,364 | +165% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,253 | €35,849 | -€403 | -1.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €2,241 | +€2,241 | |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Non-recurring operating charges | 66A | €94 | €20,769 | +€20,676 | +22,089% |
| Gross operating margin | 9900 | €297,234 | -€84,617 | -€381,851 | |
| Operating profit (loss) | 9901 | €260,501 | -€143,877 | -€404,377 | |
| Financial income | 75/76B | €16,887 | €16,588 | -€299 | -1.8% |
| Recurring financial income | 75 | €16,887 | €16,588 | -€299 | -1.8% |
| Financial charges | 65/66B | €1,779 | €1,432 | -€347 | -19.5% |
| Recurring financial charges | 65 | €1,779 | €1,432 | -€347 | -19.5% |
| Profit (loss) for the period before taxes | 9903 | €275,608 | -€128,721 | -€404,329 | |
| Income taxes | 67/77 | €3,969 | €12,448 | +€8,479 | +214% |
| Profit (loss) for the period | 9904 | €271,640 | -€141,168 | -€412,808 | |
| Profit (loss) for the period to be appropriated | 9905 | €271,640 | -€141,168 | -€412,808 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.