J&E Art & Research: 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&E Art & Research
Largest movements
- Cash +€39,679
up €39,679 (+18.0%), from €219,892 to €259,571
mainly Net result for the year (+€159,696) and Other debts (+€40,721)
- Receivables within one year +€23,632
up €23,632 (+60.0%), from €39,416 to €63,048
of which Trade receivables: +€23,360
- Tangible fixed assets -€11,071
down €11,071 (-8.1%), from €136,540 to €125,469
- Other debts +€40,721
up €40,721 (+28.6%), from €142,259 to €182,980
- Trade debts +€13,317
up €13,317 (+362%), from €3,680 to €16,997
- Gross operating margin -€17,383
down €17,383 (-6.9%), from €251,806 to €234,423
- Taxes -€4,591
down €4,591 (-7.1%), from €64,319 to €59,728
- Financial charges -€2,547
down €2,547 (-57.9%), from €4,399 to €1,852
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 | €408,406 | €459,531 | +€51,125 | +12.5% |
| Fixed assets | 21/28 | €136,540 | €125,469 | -€11,071 | -8.1% |
| Tangible fixed assets | 22/27 | €136,540 | €125,469 | -€11,071 | -8.1% |
| Land and buildings | 22 | €136,540 | €125,469 | -€11,071 | -8.1% |
| Current assets | 29/58 | €271,866 | €334,061 | +€62,195 | +22.9% |
| Amounts receivable within one year | 40/41 | €39,416 | €63,048 | +€23,632 | +60.0% |
| Trade receivables | 40 | €39,416 | €62,776 | +€23,360 | +59.3% |
| Other amounts receivable | 41 | - | €272 | +€272 | |
| Cash at bank and in hand | 54/58 | €219,892 | €259,571 | +€39,679 | +18.0% |
| Deferred charges and accrued income | 490/1 | €12,558 | €11,442 | -€1,116 | -8.9% |
| Total equity and liabilities | 10/49 | €408,406 | €459,531 | +€51,125 | +12.5% |
| Equity | 10/15 | €245,286 | €245,982 | +€696 | +0.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €222,138 | €222,138 | = | 0.0% |
| Distributable reserves | 133 | €222,138 | €222,138 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,148 | €3,844 | +€696 | +22.1% |
| Amounts payable | 17/49 | €163,120 | €213,548 | +€50,428 | +30.9% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €160,752 | €211,789 | +€51,037 | +31.7% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €809 | €1,518 | +€709 | +87.7% |
| Credit institutions | 430/8 | €809 | €1,518 | +€709 | +87.7% |
| Trade debts | 44 | €3,680 | €16,997 | +€13,317 | +362% |
| Suppliers | 440/4 | €3,680 | €16,997 | +€13,317 | +362% |
| Taxes, remuneration and social security | 45 | €14,004 | €10,294 | -€3,711 | -26.5% |
| Taxes | 450/3 | €14,004 | €10,294 | -€3,711 | -26.5% |
| Other amounts payable | 47/48 | €142,259 | €182,980 | +€40,721 | +28.6% |
| Accrued charges and deferred income | 492/3 | €2,368 | €1,759 | -€609 | -25.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,071 | €11,071 | +€0 | 0.0% |
| Other operating charges | 640/8 | €2,413 | €2,076 | -€338 | -14.0% |
| Gross operating margin | 9900 | €251,806 | €234,423 | -€17,383 | -6.9% |
| Operating profit (loss) | 9901 | €238,322 | €221,276 | -€17,045 | -7.2% |
| Financial income | 75/76B | €43 | €0 | -€43 | -100% |
| Recurring financial income | 75 | €43 | €0 | -€43 | -100% |
| Financial charges | 65/66B | €4,399 | €1,852 | -€2,547 | -57.9% |
| Recurring financial charges | 65 | €4,399 | €1,852 | -€2,547 | -57.9% |
| Profit (loss) for the period before taxes | 9903 | €233,966 | €219,425 | -€14,541 | -6.2% |
| Income taxes | 67/77 | €64,319 | €59,728 | -€4,591 | -7.1% |
| Profit (loss) for the period | 9904 | €169,647 | €159,696 | -€9,950 | -5.9% |
| Profit (loss) for the period to be appropriated | 9905 | €169,647 | €159,696 | -€9,950 | -5.9% |
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 27 October 2026 via checked.be.