FJCB: 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.
FJCB
Largest movements
- Current investments -€69.6m
down €69.6m (-67.9%), from €102.6m to €33.0m
- Financial fixed assets +€63.6m
up €63.6m (+38.5%), from €165.2m to €228.8m
- Reserves -€12.4m
down €12.4m (-65.2%), from €19.0m to €6.6m
of which Distributable reserves: -€12.5m
- Other debts +€9.2m
up €9.2m (+7,790%), from €118,241 to €9.3m
- Short-term financial debts -€5.0m
no longer reported in 2025 (was €5.0m)
- Financial charges -€58.2m
down €58.2m (-60.7%), from €95.8m to €37.6m
of which Non-recurring financial charges: -€58.2m
- Financial income -€55.5m
down €55.5m (-57.3%), from €96.9m to €41.4m
of which Financial income: -€56.1m
- Gross operating margin -€409,043
down €409,043 (-749%), from -€54,583 to -€463,627
- Taxes +€277,685
up €277,685 (+109%), from €255,187 to €532,873
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 | €268,995,843 | €263,326,402 | -€5.7m | -2.1% |
| Fixed assets | 21/28 | €165,208,745 | €228,789,420 | +€63.6m | +38.5% |
| Financial fixed assets | 28 | €165,208,745 | €228,789,420 | +€63.6m | +38.5% |
| Current assets | 29/58 | €103,787,098 | €34,536,982 | -€69.3m | -66.7% |
| Amounts receivable within one year | 40/41 | €34,165 | €217,044 | +€182,879 | +535% |
| Trade receivables | 40 | - | €30,250 | +€30,250 | |
| Other amounts receivable | 41 | €34,165 | €186,794 | +€152,629 | +447% |
| Current investments | 50/53 | €102,556,973 | €32,961,133 | -€69.6m | -67.9% |
| Cash at bank and in hand | 54/58 | €326,619 | €1,288,550 | +€961,930 | +295% |
| Deferred charges and accrued income | 490/1 | €869,341 | €70,254 | -€799,087 | -91.9% |
| Total equity and liabilities | 10/49 | €268,995,843 | €263,326,402 | -€5.7m | -2.1% |
| Equity | 10/15 | €263,782,212 | €253,897,752 | -€9.9m | -3.7% |
| Contributions | 10/11 | €244,000,000 | €244,000,000 | = | 0.0% |
| Capital | 10 | €244,000,000 | €244,000,000 | = | 0.0% |
| Issued capital | 100 | €244,000,000 | €244,000,000 | = | 0.0% |
| Reserves | 13 | €18,989,300 | €6,608,700 | -€12.4m | -65.2% |
| Non-distributable reserves | 130/1 | €2,164,500 | €2,302,500 | +€138,000 | +6.4% |
| Legal reserve | 130 | €2,164,500 | €2,302,500 | +€138,000 | +6.4% |
| Distributable reserves | 133 | €16,824,800 | €4,306,200 | -€12.5m | -74.4% |
| Profit (loss) carried forward | 14 | €792,912 | €3,289,052 | +€2.5m | +315% |
| Amounts payable | 17/49 | €5,213,631 | €9,428,650 | +€4.2m | +80.8% |
| Amounts payable within one year | 42/48 | €5,199,023 | €9,428,650 | +€4.2m | +81.4% |
| Financial debts | 43 | €4,996,455 | - | -€5.0m | |
| Credit institutions | 430/8 | €4,996,455 | - | -€5.0m | |
| Trade debts | 44 | €14,424 | €26,983 | +€12,559 | +87.1% |
| Suppliers | 440/4 | €14,424 | €26,983 | +€12,559 | +87.1% |
| Taxes, remuneration and social security | 45 | €69,903 | €72,287 | +€2,385 | +3.4% |
| Taxes | 450/3 | €69,903 | €72,287 | +€2,385 | +3.4% |
| Other amounts payable | 47/48 | €118,241 | €9,329,380 | +€9.2m | +7,790% |
| Accrued charges and deferred income | 492/3 | €14,608 | - | -€14,608 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59 | - | -€59 | |
| Other operating charges | 640/8 | €968 | €998 | +€31 | +3.2% |
| Gross operating margin | 9900 | -€54,583 | -€463,627 | -€409,043 | -749% |
| Operating profit (loss) | 9901 | -€55,610 | -€464,625 | -€409,015 | -736% |
| Financial income | 75/76B | €96,894,940 | €41,382,536 | -€55.5m | -57.3% |
| Recurring financial income | 75 | €96,278,268 | €40,195,586 | -€56.1m | -58.3% |
| Non-recurring financial income | 76B | €616,672 | €1,186,950 | +€570,278 | +92.5% |
| Financial charges | 65/66B | €95,847,284 | €37,632,798 | -€58.2m | -60.7% |
| Recurring financial charges | 65 | €14,910 | €11,930 | -€2,980 | -20.0% |
| Non-recurring financial charges | 66B | €95,832,374 | €37,620,868 | -€58.2m | -60.7% |
| Profit (loss) for the period before taxes | 9903 | €992,046 | €3,285,112 | +€2.3m | +231% |
| Income taxes | 67/77 | €255,187 | €532,873 | +€277,685 | +109% |
| Profit (loss) for the period | 9904 | €736,858 | €2,752,239 | +€2.0m | +274% |
| Profit (loss) for the period to be appropriated | 9905 | €736,858 | €2,752,239 | +€2.0m | +274% |
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 24 October 2026 via checked.be.