J.A.D.: 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.A.D.
Largest movements
- Stocks and contracts -€694,915
down €694,915 (-48.4%), from €1.4m to €741,434
- Cash -€569,311
down €569,311 (-54.0%), from €1.1m to €484,380
mainly Other debts (-€1.3m) and Receivables within one year (-€347,814)
- Receivables within one year +€347,814
up €347,814 (+70.1%), from €496,164 to €843,978
of which Other amounts receivable: +€352,932
- Other debts -€1.3m
down €1.3m (-62.2%), from €2.1m to €780,218
- Tax, wage and social debts +€274,940
up €274,940 (+234.8%), from €117,092 to €392,032
of which Remuneration and social security: +€329,732
- Profit (loss) carried forward +€220,638
up €220,638 (+134.1%), from €164,504 to €385,141
- Accrued charges and deferred income -€109,155
no longer reported in 2025 (was €109,155)
- Gross operating margin +€69,556
up €69,556 (+29.0%), from €240,209 to €309,765
- Taxes +€10,858
up €10,858 (+16.9%), from €64,121 to €74,979
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 | €2,986,204 | €2,071,317 | -€914,887 | -30.6% |
| Current assets | 29/58 | €2,986,204 | €2,071,317 | -€914,887 | -30.6% |
| Stocks and contracts in progress | 3 | €1,436,349 | €741,434 | -€694,915 | -48.4% |
| Contracts in progress | 37 | €1,436,349 | €741,434 | -€694,915 | -48.4% |
| Amounts receivable within one year | 40/41 | €496,164 | €843,978 | +€347,814 | +70.1% |
| Trade receivables | 40 | €6,361 | €1,243 | -€5,118 | -80.5% |
| Other amounts receivable | 41 | €489,803 | €842,735 | +€352,932 | +72.1% |
| Cash at bank and in hand | 54/58 | €1,053,691 | €484,380 | -€569,311 | -54.0% |
| Deferred charges and accrued income | 490/1 | - | €1,525 | +€1,525 | |
| Total equity and liabilities | 10/49 | €2,986,204 | €2,071,317 | -€914,887 | -30.6% |
| Equity | 10/15 | €664,504 | €896,761 | +€232,258 | +35.0% |
| Contributions | 10/11 | €500,000 | €500,000 | = | 0.0% |
| Capital | 10 | €500,000 | €500,000 | = | 0.0% |
| Issued capital | 100 | €500,000 | €500,000 | = | 0.0% |
| Reserves | 13 | - | €11,620 | +€11,620 | |
| Non-distributable reserves | 130/1 | - | €11,620 | +€11,620 | |
| Legal reserve | 130 | - | €11,620 | +€11,620 | |
| Profit (loss) carried forward | 14 | €164,504 | €385,141 | +€220,638 | +134.1% |
| Amounts payable | 17/49 | €2,321,700 | €1,174,556 | -€1.1m | -49.4% |
| Amounts payable within one year | 42/48 | €2,212,545 | €1,174,556 | -€1.0m | -46.9% |
| Trade debts | 44 | €29,425 | €2,306 | -€27,119 | -92.2% |
| Suppliers | 440/4 | €29,425 | €2,306 | -€27,119 | -92.2% |
| Taxes, remuneration and social security | 45 | €117,092 | €392,032 | +€274,940 | +234.8% |
| Taxes | 450/3 | €117,092 | €62,300 | -€54,792 | -46.8% |
| Remuneration and social security | 454/9 | - | €329,732 | +€329,732 | |
| Other amounts payable | 47/48 | €2,066,028 | €780,218 | -€1.3m | -62.2% |
| Accrued charges and deferred income | 492/3 | €109,155 | - | -€109,155 | |
| Other operating charges | 640/8 | €1,131 | €1,258 | +€127 | +11.3% |
| Gross operating margin | 9900 | €240,209 | €309,765 | +€69,556 | +29.0% |
| Operating profit (loss) | 9901 | €239,078 | €308,506 | +€69,429 | +29.0% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Non-recurring financial income | 76B | - | €0 | +€0 | |
| Financial charges | 65/66B | €3,771 | €1,270 | -€2,501 | -66.3% |
| Recurring financial charges | 65 | €3,771 | €1,270 | -€2,501 | -66.3% |
| Profit (loss) for the period before taxes | 9903 | €235,306 | €307,237 | +€71,930 | +30.6% |
| Income taxes | 67/77 | €64,121 | €74,979 | +€10,858 | +16.9% |
| Profit (loss) for the period | 9904 | €171,185 | €232,258 | +€61,072 | +35.7% |
| Profit (loss) for the period to be appropriated | 9905 | €171,185 | €232,258 | +€61,072 | +35.7% |
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 7 October 2026 via checked.be.