Jules Lemaire: 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.
Jules Lemaire
Largest movements
- Cash +€237,007
up €237,007 (+406%), from €58,308 to €295,315
mainly Receivables within one year (+€228,354) and Net result for the year (+€126,422)
- Receivables within one year -€228,354
down €228,354 (-56.0%), from €407,672 to €179,318
of which Trade receivables: -€128,119
- Stocks and contracts +€112,725
up €112,725 (+65,363%), from €172 to €112,898
of which Contracts in progress: +€112,898
- Deferred charges and accrued income -€98,957
down €98,957 (-97.8%), from €101,216 to €2,259
- Tangible fixed assets -€19,559
down €19,559 (-15.7%), from €124,896 to €105,337
of which Furniture and vehicles: -€13,174
- Other debts +€111,235
up €111,235 (+30.5%), from €364,642 to €475,877
- Profit (loss) carried forward -€73,757
no longer reported in 2025 (was €73,757)
- Debts after one year -€42,651
down €42,651 (-54.9%), from €77,650 to €34,998
- Accrued charges and deferred income -€20,912
no longer reported in 2025 (was €20,912)
- Advances received +€15,000
new in 2025: €15,000
- Gross operating margin -€104,142
down €104,142 (-31.2%), from €334,004 to €229,861
- Staff costs -€31,214
down €31,214 (-55.2%), from €56,509 to €25,294
- Taxes -€12,306
down €12,306 (-22.4%), from €55,029 to €42,723
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 | €692,290 | €695,152 | +€2,862 | +0.4% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €124,921 | €105,362 | -€19,559 | -15.7% |
| Tangible fixed assets | 22/27 | €124,896 | €105,337 | -€19,559 | -15.7% |
| Land and buildings | 22 | €43,633 | €38,858 | -€4,775 | -10.9% |
| Plant, machinery and equipment | 23 | €34,950 | €33,340 | -€1,610 | -4.6% |
| Furniture and vehicles | 24 | €46,313 | €33,139 | -€13,174 | -28.4% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €567,369 | €589,790 | +€22,421 | +4.0% |
| Stocks and contracts in progress | 3 | €172 | €112,898 | +€112,725 | +65,363% |
| Stocks | 30/36 | €172 | - | -€172 | |
| Contracts in progress | 37 | - | €112,898 | +€112,898 | |
| Amounts receivable within one year | 40/41 | €407,672 | €179,318 | -€228,354 | -56.0% |
| Trade receivables | 40 | €219,961 | €91,841 | -€128,119 | -58.2% |
| Other amounts receivable | 41 | €187,711 | €87,477 | -€100,235 | -53.4% |
| Cash at bank and in hand | 54/58 | €58,308 | €295,315 | +€237,007 | +406% |
| Deferred charges and accrued income | 490/1 | €101,216 | €2,259 | -€98,957 | -97.8% |
| Total equity and liabilities | 10/49 | €692,290 | €695,152 | +€2,862 | +0.4% |
| Equity | 10/15 | €100,236 | €27,372 | -€72,864 | -72.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €73,757 | - | -€73,757 | |
| Investment grants | 15 | €4,479 | €5,372 | +€893 | +19.9% |
| Amounts payable | 17/49 | €592,054 | €667,780 | +€75,726 | +12.8% |
| Amounts payable after more than one year | 17 | €77,650 | €34,998 | -€42,651 | -54.9% |
| Financial debts | 170/4 | €77,650 | €34,998 | -€42,651 | -54.9% |
| Amounts payable within one year | 42/48 | €493,493 | €632,782 | +€139,289 | +28.2% |
| Current portion of amounts payable after more than one year | 42 | €42,425 | €42,651 | +€227 | +0.5% |
| Trade debts | 44 | €81,762 | €94,863 | +€13,100 | +16.0% |
| Suppliers | 440/4 | €81,762 | €94,863 | +€13,100 | +16.0% |
| Advances received on contracts in progress | 46 | - | €15,000 | +€15,000 | |
| Taxes, remuneration and social security | 45 | €4,664 | €4,391 | -€273 | -5.8% |
| Taxes | 450/3 | €41 | €141 | +€101 | +247% |
| Remuneration and social security | 454/9 | €4,623 | €4,250 | -€373 | -8.1% |
| Other amounts payable | 47/48 | €364,642 | €475,877 | +€111,235 | +30.5% |
| Accrued charges and deferred income | 492/3 | €20,912 | - | -€20,912 | |
| Remuneration, social security and pensions | 62 | €56,509 | €25,294 | -€31,214 | -55.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,251 | €32,160 | -€1,091 | -3.3% |
| Other operating charges | 640/8 | €1,879 | €927 | -€952 | -50.7% |
| Non-recurring operating charges | 66A | €254 | - | -€254 | |
| Gross operating margin | 9900 | €334,004 | €229,861 | -€104,142 | -31.2% |
| Operating profit (loss) | 9901 | €242,112 | €171,481 | -€70,631 | -29.2% |
| Financial income | 75/76B | €2,051 | €1,804 | -€247 | -12.0% |
| Recurring financial income | 75 | €2,051 | €1,804 | -€247 | -12.0% |
| Financial charges | 65/66B | €5,378 | €4,139 | -€1,238 | -23.0% |
| Recurring financial charges | 65 | €5,378 | €4,139 | -€1,238 | -23.0% |
| Profit (loss) for the period before taxes | 9903 | €238,785 | €169,145 | -€69,640 | -29.2% |
| Income taxes | 67/77 | €55,029 | €42,723 | -€12,306 | -22.4% |
| Profit (loss) for the period | 9904 | €183,757 | €126,422 | -€57,335 | -31.2% |
| Profit (loss) for the period to be appropriated | 9905 | €183,757 | €126,422 | -€57,335 | -31.2% |
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 25 October 2026 via checked.be.