J.C. GENERAL SERVICES: 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.
What changed
J.C. GENERAL SERVICES
NACE 64.210, Activities of holding companies
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€438.2m
2024 · €422.6m+€15.6m
Equity
€8.15bn
2024 · €7.71bn+€438.2m
Cash
€287.8m
2024 · €238.1m+€49.7m
Balance sheet total
€43.22bn
2024 · €46.37bn-€3.15bn
Largest movements
Assets
- Receivables after one year -€1.62bn
down €1.62bn (-6.0%), from €26.90bn to €25.28bn
- Receivables within one year -€1.57bn
down €1.57bn (-8.3%), from €18.80bn to €17.23bn
of which Other amounts receivable: -€1.60bn
Equity and liabilities
- Debts after one year -€2.00bn
down €2.00bn (-7.1%), from €28.26bn to €26.26bn
- Other debts -€1.61bn
down €1.61bn (-15.6%), from €10.31bn to €8.70bn
Income statement
- Financial charges -€113.0m
down €113.0m (-13.6%), from €829.5m to €716.5m
- Financial income -€73.1m
down €73.1m (-5.5%), from €1.32bn to €1.25bn
- Turnover -€15.8m
down €15.8m (-16.3%), from €96.6m to €80.9m
- Taxes +€9.3m
up €9.3m (+6.7%), from €140.5m to €149.8m
- Services and other goods -€1.0m
down €1.0m (-4.6%), from €22.2m to €21.2m
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.
Result 2024
€422.6m
Turnover
-€15.8m
Other operating income
-€304,634
Services and other goods
+€1.0m
Staff costs
-€531,765
Depreciation
-€2,663
Provisions
+€676,498
Other operating charges
-€3,148
Financial income
-€73.1m
Financial charges
+€113.0m
Taxes
-€9.3m
Result 2025
€438.2m
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.
From operations
+€2.05bn
Investment
+€992
Financing
-€2.00bn
Cash 2024
€238.1m
From operations (derived)
+€2.05bn
Net result for the year
+€438.2m
Depreciation
+€4,721
Receivables after one year
+€1.62bn
Receivables within one year
+€1.57bn
Deferred charges and accrued income
+€16.6m
Smaller working-capital items
-€5.0m
Trade debts
+€11.7m
Tax, wage and social debts
+€14.4m
Other debts
-€1.61bn
Investment (derived)
+€992
Investment in fixed assets (net)
+€992
Financing
-€2.00bn
Debts after one year
-€2.00bn
Cash 2025
€287.8m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €46,372,500,401 | €43,218,865,968 | -€3.15bn | -6.8% |
| Fixed assets | 21/28 | €22,970 | €17,257 | -€5,713 | -24.9% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €22,970 | €17,257 | -€5,713 | -24.9% |
| Plant, machinery and equipment | 23 | €13,790 | €11,015 | -€2,775 | -20.1% |
| Furniture and vehicles | 24 | €9,179 | €6,242 | -€2,938 | -32.0% |
| Current assets | 29/58 | €46,372,477,431 | €43,218,848,711 | -€3.15bn | -6.8% |
| Amounts receivable after more than one year | 29 | €26,900,629,839 | €25,280,761,183 | -€1.62bn | -6.0% |
| Other amounts receivable | 291 | €26,900,629,839 | €25,280,761,183 | -€1.62bn | -6.0% |
| Amounts receivable within one year | 40/41 | €18,800,173,716 | €17,233,343,266 | -€1.57bn | -8.3% |
| Trade receivables | 40 | €78,356,313 | €107,699,788 | +€29.3m | +37.4% |
| Other amounts receivable | 41 | €18,721,817,404 | €17,125,643,478 | -€1.60bn | -8.5% |
| Cash at bank and in hand | 54/58 | €238,100,231 | €287,783,489 | +€49.7m | +20.9% |
| Deferred charges and accrued income | 490/1 | €433,573,645 | €416,960,773 | -€16.6m | -3.8% |
| Total equity and liabilities | 10/49 | €46,372,500,401 | €43,218,865,968 | -€3.15bn | -6.8% |
| Equity | 10/15 | €7,713,214,647 | €8,151,412,870 | +€438.2m | +5.7% |
| Contributions | 10/11 | €4,965,173,945 | €4,965,173,945 | = | 0.0% |
| Reserves | 13 | €218,448,814 | €218,448,814 | = | 0.0% |
| Non-distributable reserves | 130/1 | €218,448,814 | €218,448,814 | = | 0.0% |
| Reserves not available under the articles | 1311 | €218,448,814 | €218,448,814 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,529,591,889 | €2,967,790,112 | +€438.2m | +17.3% |
| Provisions and deferred taxes | 16 | €2,077,277 | €1,404,711 | -€672,566 | -32.4% |
| Provisions for liabilities and charges | 160/5 | €2,077,277 | €1,404,711 | -€672,566 | -32.4% |
| Other liabilities and charges | 164/5 | €2,077,277 | €1,404,711 | -€672,566 | -32.4% |
| Amounts payable | 17/49 | €38,657,208,477 | €35,066,048,387 | -€3.59bn | -9.3% |
| Amounts payable after more than one year | 17 | €28,256,000,000 | €26,256,000,000 | -€2.00bn | -7.1% |
| Financial debts | 170/4 | €28,256,000,000 | €26,256,000,000 | -€2.00bn | -7.1% |
| Other loans | 174 | €28,256,000,000 | €26,256,000,000 | -€2.00bn | -7.1% |
| Amounts payable within one year | 42/48 | €10,396,156,815 | €8,809,285,828 | -€1.59bn | -15.3% |
| Financial debts | 43 | €0 | - | = | |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €56,693,329 | €68,395,094 | +€11.7m | +20.6% |
| Suppliers | 440/4 | €56,693,329 | €68,395,094 | +€11.7m | +20.6% |
| Taxes, remuneration and social security | 45 | €29,560,453 | €43,950,121 | +€14.4m | +48.7% |
| Taxes | 450/3 | €26,378,410 | €40,415,994 | +€14.0m | +53.2% |
| Remuneration and social security | 454/9 | €3,182,043 | €3,534,127 | +€352,084 | +11.1% |
| Other amounts payable | 47/48 | €10,309,903,033 | €8,696,940,614 | -€1.61bn | -15.6% |
| Accrued charges and deferred income | 492/3 | €5,051,662 | €762,559 | -€4.3m | -84.9% |
| Operating income | 70/76A | €107,685,387 | €91,619,993 | -€16.1m | -14.9% |
| Turnover | 70 | €96,643,821 | €80,883,061 | -€15.8m | -16.3% |
| Other operating income | 74 | €11,041,566 | €10,736,932 | -€304,634 | -2.8% |
| Operating charges | 60/66A | €34,915,454 | €33,761,355 | -€1.2m | -3.3% |
| Services and other goods | 61 | €22,236,040 | €21,220,864 | -€1.0m | -4.6% |
| Remuneration, social security and pensions | 62 | €12,673,425 | €13,205,190 | +€531,765 | +4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,058 | €4,721 | +€2,663 | +129.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €3,932 | -€672,566 | -€676,498 | |
| Other operating charges | 640/8 | - | €3,148 | +€3,148 | |
| Operating profit (loss) | 9901 | €72,769,933 | €57,858,638 | -€14.9m | -20.5% |
| Financial income | 75/76B | €1,319,798,403 | €1,246,711,894 | -€73.1m | -5.5% |
| Recurring financial income | 75 | €1,319,798,403 | €1,246,711,894 | -€73.1m | -5.5% |
| Income from current assets | 751 | €623,847,381 | €605,844,811 | -€18.0m | -2.9% |
| Other financial income | 752/9 | €695,951,022 | €640,867,083 | -€55.1m | -7.9% |
| Financial charges | 65/66B | €829,518,459 | €716,548,106 | -€113.0m | -13.6% |
| Recurring financial charges | 65 | €829,518,459 | €716,548,106 | -€113.0m | -13.6% |
| Debt charges | 650 | €828,012,868 | €714,995,909 | -€113.0m | -13.6% |
| Other financial charges | 652/9 | €1,505,591 | €1,552,197 | +€46,606 | +3.1% |
| Profit (loss) for the period before taxes | 9903 | €563,049,877 | €588,022,426 | +€25.0m | +4.4% |
| Income taxes | 67/77 | €140,477,560 | €149,824,203 | +€9.3m | +6.7% |
| Taxes | 670/3 | €140,477,560 | €149,824,203 | +€9.3m | +6.7% |
| Profit (loss) for the period | 9904 | €422,572,317 | €438,198,223 | +€15.6m | +3.7% |
| Profit (loss) for the period to be appropriated | 9905 | €422,572,317 | €438,198,223 | +€15.6m | +3.7% |
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 9 October 2026 via checked.be.