J&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&D
Largest movements
- Tangible fixed assets -€116,674
down €116,674 (-13.3%), from €876,682 to €760,008
of which Leasing and similar rights: -€77,583
- Receivables within one year +€48,504
up €48,504 (+144.9%), from €33,477 to €81,981
of which Trade receivables: +€62,064
- Cash -€13,594
down €13,594 (-12.7%), from €107,334 to €93,740
mainly Debts after one year (-€94,059) and Receivables within one year (-€48,504)
- Debts after one year -€94,059
down €94,059 (-20.9%), from €450,610 to €356,551
- Tax, wage and social debts -€34,892
down €34,892 (-75.9%), from €45,991 to €11,099
- Other debts +€29,365
up €29,365 (+1373.5%), from €2,138 to €31,503
- Reserves +€14,728
up €14,728 (+3.8%), from €387,343 to €402,071
- Gross operating margin +€7,775
up €7,775 (+4.1%), from €187,765 to €195,540
- Taxes +€5,252
up €5,252 (+43.8%), from €11,986 to €17,238
- Financial charges -€2,545
down €2,545 (-14.2%), from €17,871 to €15,326
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 | €1,017,493 | €936,517 | -€80,976 | -8.0% |
| Fixed assets | 21/28 | €876,682 | €760,008 | -€116,674 | -13.3% |
| Tangible fixed assets | 22/27 | €876,682 | €760,008 | -€116,674 | -13.3% |
| Land and buildings | 22 | €475,914 | €436,823 | -€39,091 | -8.2% |
| Leasing and similar rights | 25 | €400,768 | €323,185 | -€77,583 | -19.4% |
| Current assets | 29/58 | €140,811 | €176,509 | +€35,698 | +25.4% |
| Amounts receivable within one year | 40/41 | €33,477 | €81,981 | +€48,504 | +144.9% |
| Trade receivables | 40 | €19,917 | €81,981 | +€62,064 | +311.6% |
| Other amounts receivable | 41 | €13,560 | €0 | -€13,560 | -100.0% |
| Cash at bank and in hand | 54/58 | €107,334 | €93,740 | -€13,594 | -12.7% |
| Deferred charges and accrued income | 490/1 | - | €787 | +€787 | |
| Total equity and liabilities | 10/49 | €1,017,493 | €936,517 | -€80,976 | -8.0% |
| Equity | 10/15 | €410,435 | €425,164 | +€14,729 | +3.6% |
| Contributions | 10/11 | €23,093 | €23,093 | -€0 | 0.0% |
| Reserves | 13 | €387,343 | €402,071 | +€14,728 | +3.8% |
| Distributable reserves | 133 | €387,343 | €402,071 | +€14,728 | +3.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €607,057 | €511,353 | -€95,704 | -15.8% |
| Amounts payable after more than one year | 17 | €450,610 | €356,551 | -€94,059 | -20.9% |
| Financial debts | 170/4 | €450,610 | €356,551 | -€94,059 | -20.9% |
| Amounts payable within one year | 42/48 | €139,987 | €138,342 | -€1,645 | -1.2% |
| Current portion of amounts payable after more than one year | 42 | €91,588 | €90,590 | -€998 | -1.1% |
| Trade debts | 44 | €270 | €5,150 | +€4,880 | +1807.5% |
| Suppliers | 440/4 | €270 | €5,150 | +€4,880 | +1807.5% |
| Taxes, remuneration and social security | 45 | €45,991 | €11,099 | -€34,892 | -75.9% |
| Taxes | 450/3 | €45,991 | €11,099 | -€34,892 | -75.9% |
| Other amounts payable | 47/48 | €2,138 | €31,503 | +€29,365 | +1373.5% |
| Accrued charges and deferred income | 492/3 | €16,460 | €16,460 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €116,674 | €116,674 | -€0 | 0.0% |
| Other operating charges | 640/8 | €528 | €662 | +€134 | +25.4% |
| Gross operating margin | 9900 | €187,765 | €195,540 | +€7,775 | +4.1% |
| Operating profit (loss) | 9901 | €70,563 | €78,204 | +€7,641 | +10.8% |
| Financial charges | 65/66B | €17,871 | €15,326 | -€2,545 | -14.2% |
| Recurring financial charges | 65 | €17,871 | €15,326 | -€2,545 | -14.2% |
| Profit (loss) for the period before taxes | 9903 | €52,692 | €62,878 | +€10,186 | +19.3% |
| Income taxes | 67/77 | €11,986 | €17,238 | +€5,252 | +43.8% |
| Profit (loss) for the period | 9904 | €40,706 | €45,639 | +€4,933 | +12.1% |
| Profit (loss) for the period to be appropriated | 9905 | €40,706 | €45,639 | +€4,933 | +12.1% |
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 3 October 2026 via checked.be.