JEAN MADEL: 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.
JEAN MADEL
Largest movements
- Tangible fixed assets +€96,668
up €96,668 (+119%), from €81,242 to €177,910
- Cash -€26,029
down €26,029 (-61.1%), from €42,589 to €16,560
mainly Investment in fixed assets (net) (-€104,793) and Other debts (-€15,000)
- Current investments +€15,000
new in 2025: €15,000
- Debts after one year +€83,836
new in 2025: €83,836
- Other debts -€15,000
no longer reported in 2025 (was €15,000)
- Reserves +€11,150
up €11,150 (+23.2%), from €47,961 to €59,111
of which Distributable reserves: +€11,150
- Current portion of long-term debt +€8,926
new in 2025: €8,926
- Depreciation +€7,253
up €7,253 (+831%), from €872 to €8,125
- Taxes -€2,650
down €2,650 (-41.6%), from €6,367 to €3,717
- Financial charges +€2,188
up €2,188 (+945%), from €231 to €2,419
- Financial income -€672
down €672 (-87.2%), from €771 to €99
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 | €164,098 | €252,050 | +€87,952 | +53.6% |
| Fixed assets | 21/28 | €121,509 | €218,177 | +€96,668 | +79.6% |
| Tangible fixed assets | 22/27 | €81,242 | €177,910 | +€96,668 | +119% |
| Land and buildings | 22 | €81,242 | €177,910 | +€96,668 | +119% |
| Financial fixed assets | 28 | €40,267 | €40,267 | = | 0.0% |
| Current assets | 29/58 | €42,589 | €33,873 | -€8,716 | -20.5% |
| Amounts receivable within one year | 40/41 | - | €2,313 | +€2,313 | |
| Other amounts receivable | 41 | - | €2,313 | +€2,313 | |
| Current investments | 50/53 | - | €15,000 | +€15,000 | |
| Cash at bank and in hand | 54/58 | €42,589 | €16,560 | -€26,029 | -61.1% |
| Total equity and liabilities | 10/49 | €164,098 | €252,050 | +€87,952 | +53.6% |
| Equity | 10/15 | €144,639 | €155,789 | +€11,150 | +7.7% |
| Contributions | 10/11 | €96,678 | €96,678 | = | 0.0% |
| Capital | 10 | €96,678 | €96,678 | = | 0.0% |
| Issued capital | 100 | €96,678 | €96,678 | = | 0.0% |
| Reserves | 13 | €47,961 | €59,111 | +€11,150 | +23.2% |
| Non-distributable reserves | 130/1 | €9,668 | €9,668 | = | 0.0% |
| Legal reserve | 130 | €9,668 | €9,668 | = | 0.0% |
| Distributable reserves | 133 | €38,293 | €49,443 | +€11,150 | +29.1% |
| Amounts payable | 17/49 | €19,459 | €96,261 | +€76,802 | +395% |
| Amounts payable after more than one year | 17 | - | €83,836 | +€83,836 | |
| Financial debts | 170/4 | - | €83,836 | +€83,836 | |
| Amounts payable within one year | 42/48 | €18,096 | €11,062 | -€7,034 | -38.9% |
| Current portion of amounts payable after more than one year | 42 | - | €8,926 | +€8,926 | |
| Taxes, remuneration and social security | 45 | €3,096 | €2,135 | -€961 | -31.0% |
| Taxes | 450/3 | €3,096 | €2,135 | -€961 | -31.0% |
| Other amounts payable | 47/48 | €15,000 | - | -€15,000 | |
| Accrued charges and deferred income | 492/3 | €1,363 | €1,363 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €872 | €8,125 | +€7,253 | +831% |
| Other operating charges | 640/8 | €7,030 | €7,251 | +€221 | +3.1% |
| Gross operating margin | 9900 | €32,565 | €32,563 | -€3 | 0.0% |
| Operating profit (loss) | 9901 | €24,663 | €17,187 | -€7,476 | -30.3% |
| Financial income | 75/76B | €771 | €99 | -€672 | -87.2% |
| Recurring financial income | 75 | €771 | €99 | -€672 | -87.2% |
| Financial charges | 65/66B | €231 | €2,419 | +€2,188 | +945% |
| Recurring financial charges | 65 | €231 | €2,419 | +€2,188 | +945% |
| Profit (loss) for the period before taxes | 9903 | €25,203 | €14,867 | -€10,336 | -41.0% |
| Income taxes | 67/77 | €6,367 | €3,717 | -€2,650 | -41.6% |
| Profit (loss) for the period | 9904 | €18,836 | €11,150 | -€7,686 | -40.8% |
| Profit (loss) for the period to be appropriated | 9905 | €18,836 | €11,150 | -€7,686 | -40.8% |
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 13 October 2026 via checked.be.