J-19: what changed
Two fiscal 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.
J-19
Largest movements
- Financial fixed assets -€591,289
no longer reported in 2025 (was €591,289)
- Receivables within one year +€57,663
up €57,663 (+158.6%), from €36,353 to €94,016
of which Trade receivables: +€37,563
- Cash -€20,953
down €20,953 (-86.0%), from €24,362 to €3,409
mainly Net result for the year (-€526,513) and Receivables within one year (-€57,663)
- Reserves -€358,864
no longer reported in 2025 (was €358,864)
- Profit (loss) carried forward -€167,649
new in 2025: -€167,649
- Debts after one year -€54,990
down €54,990 (-31.4%), from €174,913 to €119,923
- Trade debts +€47,221
up €47,221 (+2962.3%), from €1,594 to €48,815
- Tax, wage and social debts -€19,547
down €19,547 (-77.6%), from €25,200 to €5,653
- Financial charges +€590,722
up €590,722 (+11262.4%), from €5,245 to €595,968
- Taxes -€15,567
down €15,567 (-89.0%), from €17,481 to €1,915
- Write-downs +€10,000
new in 2025: €10,000
- Gross operating margin +€6,446
up €6,446 (+8.3%), from €77,615 to €84,061
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.
Cash bridge derived
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 | €676,709 | €123,777 | -€552,931 | -81.7% |
| Formation expenses | 20 | €637 | €100 | -€537 | -84.3% |
| Fixed assets | 21/28 | €594,081 | €5,637 | -€588,444 | -99.1% |
| Tangible fixed assets | 22/27 | €2,792 | €5,637 | +€2,844 | +101.9% |
| Furniture and vehicles | 24 | €2,792 | €5,637 | +€2,844 | +101.9% |
| Financial fixed assets | 28 | €591,289 | - | -€591,289 | |
| Current assets | 29/58 | €81,990 | €118,041 | +€36,050 | +44.0% |
| Amounts receivable within one year | 40/41 | €36,353 | €94,016 | +€57,663 | +158.6% |
| Trade receivables | 40 | €31,362 | €68,926 | +€37,563 | +119.8% |
| Other amounts receivable | 41 | €4,991 | €25,090 | +€20,099 | +402.7% |
| Current investments | 50/53 | €20,500 | €20,500 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €24,362 | €3,409 | -€20,953 | -86.0% |
| Deferred charges and accrued income | 490/1 | €776 | €116 | -€660 | -85.0% |
| Total equity and liabilities | 10/49 | €676,709 | €123,777 | -€552,931 | -81.7% |
| Equity | 10/15 | €416,364 | -€110,149 | -€526,513 | |
| Contributions | 10/11 | €57,500 | €57,500 | = | 0.0% |
| Reserves | 13 | €358,864 | - | -€358,864 | |
| Distributable reserves | 133 | €358,864 | - | -€358,864 | |
| Profit (loss) carried forward | 14 | - | -€167,649 | -€167,649 | |
| Amounts payable | 17/49 | €260,345 | €233,926 | -€26,418 | -10.1% |
| Amounts payable after more than one year | 17 | €174,913 | €119,923 | -€54,990 | -31.4% |
| Financial debts | 170/4 | €174,913 | €119,923 | -€54,990 | -31.4% |
| Amounts payable within one year | 42/48 | €85,431 | €114,003 | +€28,572 | +33.4% |
| Current portion of amounts payable after more than one year | 42 | €58,637 | €59,535 | +€898 | +1.5% |
| Trade debts | 44 | €1,594 | €48,815 | +€47,221 | +2962.3% |
| Suppliers | 440/4 | €1,594 | €48,815 | +€47,221 | +2962.3% |
| Taxes, remuneration and social security | 45 | €25,200 | €5,653 | -€19,547 | -77.6% |
| Taxes | 450/3 | €25,200 | €5,653 | -€19,547 | -77.6% |
| Non-recurring operating income | 76A | - | €2,377 | +€2,377 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,698 | €2,443 | +€744 | +43.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €10,000 | +€10,000 | |
| Other operating charges | 640/8 | €1,385 | €730 | -€656 | -47.3% |
| Gross operating margin | 9900 | €77,615 | €84,061 | +€6,446 | +8.3% |
| Operating profit (loss) | 9901 | €74,532 | €70,889 | -€3,643 | -4.9% |
| Financial income | 75/76B | €400 | €480 | +€80 | +20.0% |
| Recurring financial income | 75 | €400 | €480 | +€80 | +20.0% |
| Financial charges | 65/66B | €5,245 | €595,968 | +€590,722 | +11262.4% |
| Recurring financial charges | 65 | €5,245 | €595,968 | +€590,722 | +11262.4% |
| Profit (loss) for the period before taxes | 9903 | €69,687 | -€524,599 | -€594,286 | |
| Income taxes | 67/77 | €17,481 | €1,915 | -€15,567 | -89.0% |
| Profit (loss) for the period | 9904 | €52,206 | -€526,513 | -€578,719 | |
| Profit (loss) for the period to be appropriated | 9905 | €52,206 | -€526,513 | -€578,719 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.