J.A.S.: 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.S.
Largest movements
- Current investments -€458,019
down €458,019 (-65.9%), from €694,965 to €236,946
- Cash -€68,195
down €68,195 (-81.2%), from €83,981 to €15,785
mainly Other debts (-€627,813) and Debts after one year (-€17,333)
- Tangible fixed assets -€57,322
down €57,322 (-5.6%), from €1.0m to €970,990
of which Land and buildings: -€55,559
- Other debts -€627,813
down €627,813 (-82.2%), from €763,402 to €135,589
- Profit (loss) carried forward +€34,536
up €34,536, from -€34,536 to €0
- Reserves +€34,268
up €34,268 (+3.7%), from €934,556 to €968,824
of which Distributable reserves: +€34,268
- Financial income +€96,489
up €96,489 (+240%), from €40,229 to €136,718
- Gross operating margin +€11,486
up €11,486 (+79.3%), from €14,482 to €25,968
- Financial charges +€9,646
up €9,646 (+85.2%), from €11,321 to €20,967
- Taxes +€3,688
up €3,688, from -€262 to €3,427
- Depreciation -€715
down €715 (-1.1%), from €62,246 to €61,530
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 | €1,872,069 | €1,285,312 | -€586,757 | -31.3% |
| Fixed assets | 21/28 | €1,028,312 | €970,990 | -€57,322 | -5.6% |
| Tangible fixed assets | 22/27 | €1,028,312 | €970,990 | -€57,322 | -5.6% |
| Land and buildings | 22 | €1,023,460 | €967,901 | -€55,559 | -5.4% |
| Plant, machinery and equipment | 23 | €1,162 | €2,089 | +€927 | +79.7% |
| Furniture and vehicles | 24 | €3,690 | €1,000 | -€2,690 | -72.9% |
| Current assets | 29/58 | €843,757 | €314,322 | -€529,435 | -62.7% |
| Amounts receivable within one year | 40/41 | €56,017 | €53,177 | -€2,840 | -5.1% |
| Trade receivables | 40 | €9,877 | €1,341 | -€8,536 | -86.4% |
| Other amounts receivable | 41 | €46,140 | €51,836 | +€5,697 | +12.3% |
| Current investments | 50/53 | €694,965 | €236,946 | -€458,019 | -65.9% |
| Cash at bank and in hand | 54/58 | €83,981 | €15,785 | -€68,195 | -81.2% |
| Deferred charges and accrued income | 490/1 | €8,795 | €8,413 | -€381 | -4.3% |
| Total equity and liabilities | 10/49 | €1,872,069 | €1,285,312 | -€586,757 | -31.3% |
| Equity | 10/15 | €961,520 | €1,030,324 | +€68,804 | +7.2% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €934,556 | €968,824 | +€34,268 | +3.7% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €928,406 | €962,674 | +€34,268 | +3.7% |
| Profit (loss) carried forward | 14 | -€34,536 | €0 | +€34,536 | |
| Amounts payable | 17/49 | €910,549 | €254,988 | -€655,561 | -72.0% |
| Amounts payable after more than one year | 17 | €111,822 | €94,489 | -€17,333 | -15.5% |
| Financial debts | 170/4 | €111,822 | €94,489 | -€17,333 | -15.5% |
| Amounts payable within one year | 42/48 | €794,027 | €158,867 | -€635,160 | -80.0% |
| Current portion of amounts payable after more than one year | 42 | €17,126 | €17,333 | +€207 | +1.2% |
| Trade debts | 44 | €10,754 | €5,945 | -€4,809 | -44.7% |
| Suppliers | 440/4 | €10,754 | €5,945 | -€4,809 | -44.7% |
| Taxes, remuneration and social security | 45 | €2,745 | €0 | -€2,745 | -100% |
| Taxes | 450/3 | €2,745 | €0 | -€2,745 | -100% |
| Other amounts payable | 47/48 | €763,402 | €135,589 | -€627,813 | -82.2% |
| Accrued charges and deferred income | 492/3 | €4,700 | €1,632 | -€3,068 | -65.3% |
| Non-recurring operating income | 76A | €0 | €5,574 | +€5,574 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,246 | €61,530 | -€715 | -1.1% |
| Other operating charges | 640/8 | €7,966 | €7,958 | -€8 | -0.1% |
| Gross operating margin | 9900 | €14,482 | €25,968 | +€11,486 | +79.3% |
| Operating profit (loss) | 9901 | -€55,729 | -€43,521 | +€12,209 | +21.9% |
| Financial income | 75/76B | €40,229 | €136,718 | +€96,489 | +240% |
| Recurring financial income | 75 | €40,229 | €136,718 | +€96,489 | +240% |
| Financial charges | 65/66B | €11,321 | €20,967 | +€9,646 | +85.2% |
| Recurring financial charges | 65 | €11,321 | €20,967 | +€9,646 | +85.2% |
| Profit (loss) for the period before taxes | 9903 | -€26,821 | €72,230 | +€99,052 | |
| Income taxes | 67/77 | -€262 | €3,427 | +€3,688 | |
| Profit (loss) for the period | 9904 | -€26,560 | €68,804 | +€95,363 | |
| Profit (loss) for the period to be appropriated | 9905 | -€26,560 | €68,804 | +€95,363 |
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 13 October 2026 via checked.be.