PHILIPPE JADOUL: 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.
PHILIPPE JADOUL
Largest movements
- Receivables within one year +€40,459
up €40,459 (+41.6%), from €97,313 to €137,772
of which Trade receivables: +€53,003
- Tangible fixed assets -€29,124
down €29,124 (-8.1%), from €360,484 to €331,361
of which Land and buildings: -€46,066
- Accrued charges and deferred income +€39,886
new in 2025: €39,886
- Current portion of long-term debt -€33,098
no longer reported in 2025 (was €33,098)
- Taxes -€15,023
down €15,023, from €25 to -€14,998
- Gross operating margin -€10,728
down €10,728 (-16.4%), from €65,304 to €54,576
- Other operating charges -€5,980
down €5,980 (-85.5%), from €6,993 to €1,013
- Depreciation +€4,299
up €4,299 (+5.6%), from €76,298 to €80,597
- Financial charges +€2,945
up €2,945 (+1,155%), from €255 to €3,200
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 | €2,608,549 | €2,612,340 | +€3,790 | +0.1% |
| Fixed assets | 21/28 | €387,664 | €358,541 | -€29,124 | -7.5% |
| Tangible fixed assets | 22/27 | €360,484 | €331,361 | -€29,124 | -8.1% |
| Land and buildings | 22 | €319,889 | €273,822 | -€46,066 | -14.4% |
| Plant, machinery and equipment | 23 | €176 | €70 | -€105 | -60.0% |
| Furniture and vehicles | 24 | €40,420 | €57,468 | +€17,048 | +42.2% |
| Financial fixed assets | 28 | €27,180 | €27,180 | = | 0.0% |
| Current assets | 29/58 | €2,220,885 | €2,253,799 | +€32,914 | +1.5% |
| Amounts receivable within one year | 40/41 | €97,313 | €137,772 | +€40,459 | +41.6% |
| Trade receivables | 40 | €84,769 | €137,772 | +€53,003 | +62.5% |
| Other amounts receivable | 41 | €12,544 | - | -€12,544 | |
| Current investments | 50/53 | €2,094,184 | €2,094,184 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €23,601 | €13,405 | -€10,196 | -43.2% |
| Deferred charges and accrued income | 490/1 | €5,788 | €8,439 | +€2,651 | +45.8% |
| Total equity and liabilities | 10/49 | €2,608,549 | €2,612,340 | +€3,790 | +0.1% |
| Equity | 10/15 | €2,460,308 | €2,444,873 | -€15,436 | -0.6% |
| Contributions | 10/11 | €828,592 | €828,592 | = | 0.0% |
| Reserves | 13 | €1,697,800 | €1,697,800 | = | 0.0% |
| Non-distributable reserves | 130/1 | €55,300 | €55,300 | = | 0.0% |
| Reserves not available under the articles | 1311 | €55,300 | €55,300 | = | 0.0% |
| Distributable reserves | 133 | €1,642,500 | €1,642,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€66,084 | -€81,519 | -€15,436 | -23.4% |
| Amounts payable | 17/49 | €148,241 | €167,467 | +€19,226 | +13.0% |
| Amounts payable within one year | 42/48 | €148,241 | €127,581 | -€20,660 | -13.9% |
| Current portion of amounts payable after more than one year | 42 | €33,098 | - | -€33,098 | |
| Trade debts | 44 | €28,138 | €41,767 | +€13,630 | +48.4% |
| Suppliers | 440/4 | €28,138 | €41,767 | +€13,630 | +48.4% |
| Taxes, remuneration and social security | 45 | €11,496 | €11,019 | -€477 | -4.2% |
| Taxes | 450/3 | €11,496 | €11,019 | -€477 | -4.2% |
| Other amounts payable | 47/48 | €75,509 | €74,795 | -€714 | -0.9% |
| Accrued charges and deferred income | 492/3 | - | €39,886 | +€39,886 | |
| Remuneration, social security and pensions | 62 | €196 | €205 | +€9 | +4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €76,298 | €80,597 | +€4,299 | +5.6% |
| Other operating charges | 640/8 | €6,993 | €1,013 | -€5,980 | -85.5% |
| Gross operating margin | 9900 | €65,304 | €54,576 | -€10,728 | -16.4% |
| Operating profit (loss) | 9901 | -€18,183 | -€27,239 | -€9,056 | -49.8% |
| Financial income | 75/76B | €9 | €5 | -€4 | -40.3% |
| Recurring financial income | 75 | €9 | €5 | -€4 | -40.3% |
| Financial charges | 65/66B | €255 | €3,200 | +€2,945 | +1,155% |
| Recurring financial charges | 65 | €255 | €3,200 | +€2,945 | +1,155% |
| Profit (loss) for the period before taxes | 9903 | -€18,430 | -€30,434 | -€12,004 | -65.1% |
| Income taxes | 67/77 | €25 | -€14,998 | -€15,023 | |
| Profit (loss) for the period | 9904 | -€18,454 | -€15,436 | +€3,019 | +16.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€18,454 | -€15,436 | +€3,019 | +16.4% |
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 16 October 2026 via checked.be.