J.A.G.: 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.
J.A.G.
Largest movements
- Cash -€465,167
down €465,167 (-88.5%), from €525,457 to €60,290
mainly Debts after one year (-€400,524) and Tax, wage and social debts (-€104,728)
- Debts after one year -€400,524
down €400,524 (-67.2%), from €595,782 to €195,257
of which Other amounts payable: -€391,934
- Tax, wage and social debts -€104,728
down €104,728 (-90.8%), from €115,379 to €10,651
- Current portion of long-term debt +€20,129
up €20,129 (+42.8%), from €47,042 to €67,171
- Financial income -€206,831
no longer reported in 2025 (was €206,831)
- Taxes -€106,660
down €106,660 (-99.1%), from €107,576 to €916
- Gross operating margin -€10,456
down €10,456 (-16.8%), from €62,077 to €51,621
- Financial charges -€4,181
down €4,181 (-30.2%), from €13,839 to €9,659
- Other operating charges +€3,725
up €3,725 (+29.6%), from €12,581 to €16,306
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 | €1,884,281 | €1,415,040 | -€469,241 | -24.9% |
| Fixed assets | 21/28 | €1,330,031 | €1,322,392 | -€7,639 | -0.6% |
| Tangible fixed assets | 22/27 | €708,941 | €701,302 | -€7,639 | -1.1% |
| Land and buildings | 22 | €708,872 | €701,302 | -€7,570 | -1.1% |
| Furniture and vehicles | 24 | €69 | - | -€69 | |
| Financial fixed assets | 28 | €621,090 | €621,090 | = | 0.0% |
| Current assets | 29/58 | €554,250 | €92,648 | -€461,602 | -83.3% |
| Amounts receivable within one year | 40/41 | €24,082 | €28,572 | +€4,490 | +18.6% |
| Trade receivables | 40 | €7,986 | €12,476 | +€4,490 | +56.2% |
| Other amounts receivable | 41 | €16,096 | €16,096 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €525,457 | €60,290 | -€465,167 | -88.5% |
| Deferred charges and accrued income | 490/1 | €4,711 | €3,786 | -€925 | -19.6% |
| Total equity and liabilities | 10/49 | €1,884,281 | €1,415,040 | -€469,241 | -24.9% |
| Equity | 10/15 | €1,120,509 | €1,123,660 | +€3,151 | +0.3% |
| Contributions | 10/11 | €212,000 | €212,000 | = | 0.0% |
| Capital | 10 | €212,000 | €212,000 | = | 0.0% |
| Issued capital | 100 | €212,000 | €212,000 | = | 0.0% |
| Reserves | 13 | €575,417 | €578,569 | +€3,151 | +0.5% |
| Non-distributable reserves | 130/1 | €21,200 | €21,200 | = | 0.0% |
| Legal reserve | 130 | €21,200 | €21,200 | = | 0.0% |
| Distributable reserves | 133 | €554,217 | €557,369 | +€3,151 | +0.6% |
| Profit (loss) carried forward | 14 | €333,091 | €333,091 | = | 0.0% |
| Amounts payable | 17/49 | €763,772 | €291,380 | -€472,392 | -61.8% |
| Amounts payable after more than one year | 17 | €595,782 | €195,257 | -€400,524 | -67.2% |
| Financial debts | 170/4 | €203,847 | €195,257 | -€8,590 | -4.2% |
| Other amounts payable | 178/9 | €391,934 | - | -€391,934 | |
| Amounts payable within one year | 42/48 | €167,991 | €96,123 | -€71,868 | -42.8% |
| Current portion of amounts payable after more than one year | 42 | €47,042 | €67,171 | +€20,129 | +42.8% |
| Trade debts | 44 | €683 | €15,636 | +€14,953 | +2,190% |
| Suppliers | 440/4 | €683 | €15,636 | +€14,953 | +2,190% |
| Taxes, remuneration and social security | 45 | €115,379 | €10,651 | -€104,728 | -90.8% |
| Taxes | 450/3 | €115,379 | €10,651 | -€104,728 | -90.8% |
| Other amounts payable | 47/48 | €4,887 | €2,665 | -€2,222 | -45.5% |
| Non-recurring operating income | 76A | €2,451 | - | -€2,451 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,324 | €21,588 | +€265 | +1.2% |
| Other operating charges | 640/8 | €12,581 | €16,306 | +€3,725 | +29.6% |
| Gross operating margin | 9900 | €62,077 | €51,621 | -€10,456 | -16.8% |
| Operating profit (loss) | 9901 | €28,172 | €13,726 | -€14,445 | -51.3% |
| Financial income | 75/76B | €206,831 | - | -€206,831 | |
| Recurring financial income | 75 | €206,831 | - | -€206,831 | |
| Financial charges | 65/66B | €13,839 | €9,659 | -€4,181 | -30.2% |
| Recurring financial charges | 65 | €13,839 | €9,659 | -€4,181 | -30.2% |
| Profit (loss) for the period before taxes | 9903 | €221,163 | €4,067 | -€217,096 | -98.2% |
| Transfer from deferred taxes | 780 | €120,584 | - | -€120,584 | |
| Income taxes | 67/77 | €107,576 | €916 | -€106,660 | -99.1% |
| Profit (loss) for the period | 9904 | €234,171 | €3,151 | -€231,020 | -98.7% |
| Transfer from tax-exempt reserves | 789 | €290,767 | - | -€290,767 | |
| Profit (loss) for the period to be appropriated | 9905 | €524,938 | €3,151 | -€521,787 | -99.4% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.