J.D.N.: 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.D.N.
Largest movements
- Receivables within one year -€57,097
down €57,097 (-38.9%), from €146,797 to €89,700
of which Other amounts receivable: -€29,454
- Cash -€28,888
down €28,888 (-67.4%), from €42,858 to €13,970
mainly Contributions, distributions and other (-€177,936) and Trade debts (-€32,211)
- Deferred charges and accrued income +€15,288
up €15,288 (+1,382%), from €1,106 to €16,395
- Stocks and contracts -€15,075
down €15,075 (-66.8%), from €22,575 to €7,500
- Tangible fixed assets -€11,131
down €11,131 (-12.8%), from €86,915 to €75,785
- Reserves -€120,193
down €120,193 (-28.0%), from €428,822 to €308,629
- Other debts +€47,040
new in 2025: €47,040
- Trade debts -€32,211
down €32,211 (-89.0%), from €36,174 to €3,963
- Tax, wage and social debts +€15,213
up €15,213 (+44.9%), from €33,912 to €49,126
of which Taxes: +€12,700
- Current portion of long-term debt -€10,229
no longer reported in 2025 (was €10,229)
- Gross operating margin +€35,408
up €35,408 (+22.4%), from €158,109 to €193,517
- Taxes +€16,564
up €16,564 (+97.0%), from €17,079 to €33,643
- Staff costs +€6,236
up €6,236 (+7.0%), from €88,787 to €95,023
- Financial charges -€5,629
down €5,629 (-39.6%), from €14,223 to €8,594
- Depreciation -€2,302
down €2,302 (-13.2%), from €17,438 to €15,136
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 | €545,112 | €440,632 | -€104,480 | -19.2% |
| Fixed assets | 21/28 | €86,915 | €75,785 | -€11,131 | -12.8% |
| Tangible fixed assets | 22/27 | €86,915 | €75,785 | -€11,131 | -12.8% |
| Land and buildings | 22 | €28,300 | €26,885 | -€1,415 | -5.0% |
| Plant, machinery and equipment | 23 | €9,930 | €7,443 | -€2,487 | -25.0% |
| Furniture and vehicles | 24 | €25,288 | €20,951 | -€4,338 | -17.2% |
| Other tangible fixed assets | 26 | €23,397 | €20,506 | -€2,891 | -12.4% |
| Current assets | 29/58 | €458,196 | €364,847 | -€93,349 | -20.4% |
| Stocks and contracts in progress | 3 | €22,575 | €7,500 | -€15,075 | -66.8% |
| Contracts in progress | 37 | €22,575 | €7,500 | -€15,075 | -66.8% |
| Amounts receivable within one year | 40/41 | €146,797 | €89,700 | -€57,097 | -38.9% |
| Trade receivables | 40 | €109,730 | €82,087 | -€27,643 | -25.2% |
| Other amounts receivable | 41 | €37,067 | €7,613 | -€29,454 | -79.5% |
| Current investments | 50/53 | €244,860 | €237,283 | -€7,577 | -3.1% |
| Cash at bank and in hand | 54/58 | €42,858 | €13,970 | -€28,888 | -67.4% |
| Deferred charges and accrued income | 490/1 | €1,106 | €16,395 | +€15,288 | +1,382% |
| Total equity and liabilities | 10/49 | €545,112 | €440,632 | -€104,480 | -19.2% |
| Equity | 10/15 | €448,822 | €328,629 | -€120,193 | -26.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €428,822 | €308,629 | -€120,193 | -28.0% |
| Distributable reserves | 133 | €428,822 | €308,629 | -€120,193 | -28.0% |
| Amounts payable | 17/49 | €96,290 | €112,003 | +€15,713 | +16.3% |
| Amounts payable within one year | 42/48 | €80,315 | €100,128 | +€19,813 | +24.7% |
| Current portion of amounts payable after more than one year | 42 | €10,229 | - | -€10,229 | |
| Trade debts | 44 | €36,174 | €3,963 | -€32,211 | -89.0% |
| Suppliers | 440/4 | €36,174 | €3,963 | -€32,211 | -89.0% |
| Taxes, remuneration and social security | 45 | €33,912 | €49,126 | +€15,213 | +44.9% |
| Taxes | 450/3 | €21,472 | €34,172 | +€12,700 | +59.1% |
| Remuneration and social security | 454/9 | €12,440 | €14,953 | +€2,514 | +20.2% |
| Other amounts payable | 47/48 | - | €47,040 | +€47,040 | |
| Accrued charges and deferred income | 492/3 | €15,975 | €11,875 | -€4,100 | -25.7% |
| Remuneration, social security and pensions | 62 | €88,787 | €95,023 | +€6,236 | +7.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,438 | €15,136 | -€2,302 | -13.2% |
| Other operating charges | 640/8 | €4,733 | €5,132 | +€400 | +8.4% |
| Non-recurring operating charges | 66A | €4,263 | €4,591 | +€328 | +7.7% |
| Gross operating margin | 9900 | €158,109 | €193,517 | +€35,408 | +22.4% |
| Operating profit (loss) | 9901 | €42,887 | €73,634 | +€30,747 | +71.7% |
| Financial income | 75/76B | €24,647 | €26,345 | +€1,698 | +6.9% |
| Recurring financial income | 75 | €24,647 | €26,345 | +€1,698 | +6.9% |
| Financial charges | 65/66B | €14,223 | €8,594 | -€5,629 | -39.6% |
| Recurring financial charges | 65 | €14,223 | €8,594 | -€5,629 | -39.6% |
| Profit (loss) for the period before taxes | 9903 | €53,311 | €91,385 | +€38,074 | +71.4% |
| Income taxes | 67/77 | €17,079 | €33,643 | +€16,564 | +97.0% |
| Profit (loss) for the period | 9904 | €36,232 | €57,742 | +€21,511 | +59.4% |
| Profit (loss) for the period to be appropriated | 9905 | €36,232 | €57,742 | +€21,511 | +59.4% |
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 21 October 2026 via checked.be.