J.D.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.D.S.
Largest movements
- Stocks and contracts -€280,041
down €280,041 (-53.9%), from €519,606 to €239,565
- Cash -€142,858
down €142,858 (-93.5%), from €152,822 to €9,964
mainly Debts after one year (-€240,757) and Short-term financial debts (-€138,525)
- Tangible fixed assets -€31,182
down €31,182 (-1.4%), from €2.2m to €2.1m
of which Land and buildings: -€21,448
- Debts after one year -€240,757
down €240,757 (-27.3%), from €882,437 to €641,680
- Short-term financial debts -€138,525
down €138,525 (-15.7%), from €885,105 to €746,580
of which Credit institutions: -€885,105
- Gross operating margin -€73,914
down €73,914 (-41.2%), from €179,309 to €105,395
- Depreciation +€9,350
up €9,350 (+15.4%), from €60,795 to €70,145
- Financial charges -€4,399
down €4,399 (-7.9%), from €55,962 to €51,563
- Other operating charges -€3,034
down €3,034 (-39.9%), from €7,612 to €4,578
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 | €2,831,931 | €2,374,109 | -€457,822 | -16.2% |
| Fixed assets | 21/28 | €2,150,530 | €2,119,348 | -€31,182 | -1.4% |
| Tangible fixed assets | 22/27 | €2,150,530 | €2,119,348 | -€31,182 | -1.4% |
| Land and buildings | 22 | €2,129,260 | €2,107,812 | -€21,448 | -1.0% |
| Furniture and vehicles | 24 | €21,270 | €11,536 | -€9,734 | -45.8% |
| Current assets | 29/58 | €681,401 | €254,761 | -€426,640 | -62.6% |
| Stocks and contracts in progress | 3 | €519,606 | €239,565 | -€280,041 | -53.9% |
| Stocks | 30/36 | €519,606 | €239,565 | -€280,041 | -53.9% |
| Amounts receivable within one year | 40/41 | €3,413 | €633 | -€2,780 | -81.4% |
| Trade receivables | 40 | €2,913 | €133 | -€2,780 | -95.4% |
| Other amounts receivable | 41 | €500 | €500 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €152,822 | €9,964 | -€142,858 | -93.5% |
| Deferred charges and accrued income | 490/1 | €5,560 | €4,599 | -€961 | -17.3% |
| Total equity and liabilities | 10/49 | €2,831,931 | €2,374,109 | -€457,822 | -16.2% |
| Equity | 10/15 | €294,956 | €273,878 | -€21,078 | -7.1% |
| Contributions | 10/11 | €109,200 | €109,200 | = | 0.0% |
| Reserves | 13 | €184,878 | €184,878 | -€0 | 0.0% |
| Distributable reserves | 133 | €184,878 | €184,878 | -€0 | 0.0% |
| Profit (loss) carried forward | 14 | €878 | -€20,199 | -€21,077 | |
| Amounts payable | 17/49 | €2,536,975 | €2,100,230 | -€436,745 | -17.2% |
| Amounts payable after more than one year | 17 | €882,437 | €641,680 | -€240,757 | -27.3% |
| Financial debts | 170/4 | €882,437 | €641,680 | -€240,757 | -27.3% |
| Amounts payable within one year | 42/48 | €1,536,708 | €1,340,720 | -€195,988 | -12.8% |
| Current portion of amounts payable after more than one year | 42 | €84,570 | €63,946 | -€20,624 | -24.4% |
| Financial debts | 43 | €885,105 | €746,580 | -€138,525 | -15.7% |
| Credit institutions | 430/8 | €885,105 | - | -€885,105 | |
| Other loans | 439 | - | €746,580 | +€746,580 | |
| Trade debts | 44 | €10,776 | €206 | -€10,570 | -98.1% |
| Suppliers | 440/4 | €10,776 | €206 | -€10,570 | -98.1% |
| Taxes, remuneration and social security | 45 | €14,134 | €549 | -€13,585 | -96.1% |
| Taxes | 450/3 | €14,134 | €549 | -€13,585 | -96.1% |
| Other amounts payable | 47/48 | €542,123 | €529,439 | -€12,684 | -2.3% |
| Accrued charges and deferred income | 492/3 | €117,830 | €117,830 | = | 0.0% |
| Non-recurring operating income | 76A | €115,940 | - | -€115,940 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,795 | €70,145 | +€9,350 | +15.4% |
| Other operating charges | 640/8 | €7,612 | €4,578 | -€3,034 | -39.9% |
| Gross operating margin | 9900 | €179,309 | €105,395 | -€73,914 | -41.2% |
| Operating profit (loss) | 9901 | €110,902 | €30,672 | -€80,230 | -72.3% |
| Financial income | 75/76B | €348 | €0 | -€348 | -99.9% |
| Recurring financial income | 75 | €348 | €0 | -€348 | -99.9% |
| Financial charges | 65/66B | €55,962 | €51,563 | -€4,399 | -7.9% |
| Recurring financial charges | 65 | €55,962 | €51,563 | -€4,399 | -7.9% |
| Profit (loss) for the period before taxes | 9903 | €55,288 | -€20,890 | -€76,178 | |
| Income taxes | 67/77 | €708 | €187 | -€521 | -73.6% |
| Profit (loss) for the period | 9904 | €54,580 | -€21,077 | -€75,657 | |
| Profit (loss) for the period to be appropriated | 9905 | €54,580 | -€21,077 | -€75,657 |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.