JEROEN JACOBS: 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.
JEROEN JACOBS
Largest movements
- Receivables within one year +€150,229
up €150,229 (+56.1%), from €267,849 to €418,078
of which Trade receivables: +€87,463
- Stocks and contracts +€141,060
up €141,060 (+337%), from €41,899 to €182,958
of which Stocks: +€161,150
- Tangible fixed assets -€33,078
down €33,078 (-13.1%), from €253,255 to €220,177
- Cash -€16,691
down €16,691 (-62.5%), from €26,724 to €10,033
mainly Receivables within one year (-€150,229) and Stocks and contracts (-€141,060)
- Debts after one year +€101,308
up €101,308 (+37.7%), from €268,789 to €370,097
- Trade debts +€84,278
up €84,278 (+70.8%), from €119,076 to €203,355
- Other debts +€34,697
up €34,697 (+3,532%), from €982 to €35,679
- Reserves +€18,554
up €18,554 (+21.8%), from €85,189 to €103,743
- Tax, wage and social debts -€15,486
down €15,486 (-40.8%), from €37,986 to €22,500
- Gross operating margin +€36,356
up €36,356 (+56.5%), from €64,317 to €100,673
- Financial charges +€10,022
up €10,022 (+90.2%), from €11,109 to €21,131
- Other operating charges +€8,048
up €8,048 (+479%), from €1,681 to €9,729
- Depreciation +€7,753
up €7,753 (+21.7%), from €35,779 to €43,532
- Taxes +€1,577
up €1,577 (+25.5%), from €6,175 to €7,752
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 | €599,638 | €832,885 | +€233,247 | +38.9% |
| Fixed assets | 21/28 | €261,455 | €220,177 | -€41,278 | -15.8% |
| Tangible fixed assets | 22/27 | €253,255 | €220,177 | -€33,078 | -13.1% |
| Land and buildings | 22 | €140,207 | €132,274 | -€7,933 | -5.7% |
| Plant, machinery and equipment | 23 | €11,094 | €12,828 | +€1,735 | +15.6% |
| Furniture and vehicles | 24 | €19,526 | €13,059 | -€6,467 | -33.1% |
| Leasing and similar rights | 25 | €73,451 | €57,477 | -€15,973 | -21.7% |
| Other tangible fixed assets | 26 | €8,977 | €4,538 | -€4,439 | -49.4% |
| Financial fixed assets | 28 | €8,200 | - | -€8,200 | |
| Current assets | 29/58 | €338,183 | €612,708 | +€274,525 | +81.2% |
| Stocks and contracts in progress | 3 | €41,899 | €182,958 | +€141,060 | +337% |
| Stocks | 30/36 | €16,339 | €177,488 | +€161,150 | +986% |
| Contracts in progress | 37 | €25,560 | €5,470 | -€20,090 | -78.6% |
| Amounts receivable within one year | 40/41 | €267,849 | €418,078 | +€150,229 | +56.1% |
| Trade receivables | 40 | €257,854 | €345,317 | +€87,463 | +33.9% |
| Other amounts receivable | 41 | €9,995 | €72,761 | +€62,766 | +628% |
| Cash at bank and in hand | 54/58 | €26,724 | €10,033 | -€16,691 | -62.5% |
| Deferred charges and accrued income | 490/1 | €1,712 | €1,639 | -€73 | -4.2% |
| Total equity and liabilities | 10/49 | €599,638 | €832,885 | +€233,247 | +38.9% |
| Equity | 10/15 | €103,789 | €122,343 | +€18,554 | +17.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €85,189 | €103,743 | +€18,554 | +21.8% |
| Distributable reserves | 133 | €85,189 | €103,743 | +€18,554 | +21.8% |
| Amounts payable | 17/49 | €495,849 | €710,542 | +€214,693 | +43.3% |
| Amounts payable after more than one year | 17 | €268,789 | €370,097 | +€101,308 | +37.7% |
| Financial debts | 170/4 | €268,789 | €370,097 | +€101,308 | +37.7% |
| Amounts payable within one year | 42/48 | €223,560 | €340,445 | +€116,885 | +52.3% |
| Current portion of amounts payable after more than one year | 42 | €39,471 | €40,801 | +€1,330 | +3.4% |
| Financial debts | 43 | €26,045 | €38,111 | +€12,066 | +46.3% |
| Credit institutions | 430/8 | €23 | - | -€23 | |
| Other loans | 439 | €26,022 | €38,111 | +€12,089 | +46.5% |
| Trade debts | 44 | €119,076 | €203,355 | +€84,278 | +70.8% |
| Suppliers | 440/4 | €119,076 | €203,355 | +€84,278 | +70.8% |
| Taxes, remuneration and social security | 45 | €37,986 | €22,500 | -€15,486 | -40.8% |
| Taxes | 450/3 | €37,986 | €22,500 | -€15,486 | -40.8% |
| Other amounts payable | 47/48 | €982 | €35,679 | +€34,697 | +3,532% |
| Accrued charges and deferred income | 492/3 | €3,500 | - | -€3,500 | |
| Remuneration, social security and pensions | 62 | €452 | - | -€452 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,779 | €43,532 | +€7,753 | +21.7% |
| Other operating charges | 640/8 | €1,681 | €9,729 | +€8,048 | +479% |
| Non-recurring operating charges | 66A | €2,044 | - | -€2,044 | |
| Gross operating margin | 9900 | €64,317 | €100,673 | +€36,356 | +56.5% |
| Operating profit (loss) | 9901 | €24,362 | €47,412 | +€23,050 | +94.6% |
| Financial income | 75/76B | €28 | €26 | -€2 | -7.5% |
| Recurring financial income | 75 | €28 | €26 | -€2 | -7.5% |
| Financial charges | 65/66B | €11,109 | €21,131 | +€10,022 | +90.2% |
| Recurring financial charges | 65 | €11,109 | €21,131 | +€10,022 | +90.2% |
| Profit (loss) for the period before taxes | 9903 | €13,281 | €26,306 | +€13,026 | +98.1% |
| Income taxes | 67/77 | €6,175 | €7,752 | +€1,577 | +25.5% |
| Profit (loss) for the period | 9904 | €7,106 | €18,554 | +€11,448 | +161% |
| Profit (loss) for the period to be appropriated | 9905 | €7,106 | €18,554 | +€11,448 | +161% |
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 31 October 2026 via checked.be.