J FOR 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 FOR S
Largest movements
- Cash +€27,213
up €27,213 (+148.1%), from €18,369 to €45,582
mainly Other debts (+€17,412) and Depreciation (+€12,611)
- Tangible fixed assets -€12,611
down €12,611 (-8.6%), from €145,883 to €133,272
of which Plant, machinery and equipment: -€8,024
- Other debts +€17,412
up €17,412 (+21.6%), from €80,777 to €98,189
- Tax, wage and social debts -€7,541
down €7,541 (-66.2%), from €11,397 to €3,857
of which Remuneration and social security: -€8,810
- Reserves +€5,043
up €5,043 (+8.3%), from €60,958 to €66,001
of which Distributable reserves: +€5,043
- Gross operating margin -€979
down €979 (-4.4%), from €22,325 to €21,347
- Other operating charges -€931
down €931 (-33.4%), from €2,789 to €1,859
- Taxes -€426
down €426 (-18.3%), from €2,327 to €1,901
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 | €173,950 | €187,999 | +€14,049 | +8.1% |
| Fixed assets | 21/28 | €145,883 | €133,272 | -€12,611 | -8.6% |
| Tangible fixed assets | 22/27 | €145,883 | €133,272 | -€12,611 | -8.6% |
| Land and buildings | 22 | €119,255 | €114,668 | -€4,587 | -3.8% |
| Plant, machinery and equipment | 23 | €26,628 | €18,604 | -€8,024 | -30.1% |
| Current assets | 29/58 | €28,067 | €54,727 | +€26,660 | +95.0% |
| Stocks and contracts in progress | 3 | €3,730 | €3,104 | -€626 | -16.8% |
| Stocks | 30/36 | €3,730 | €3,104 | -€626 | -16.8% |
| Amounts receivable within one year | 40/41 | €5,113 | €5,512 | +€399 | +7.8% |
| Trade receivables | 40 | €2,940 | €3,340 | +€399 | +13.6% |
| Other amounts receivable | 41 | €2,173 | €2,173 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €18,369 | €45,582 | +€27,213 | +148.1% |
| Deferred charges and accrued income | 490/1 | €854 | €528 | -€326 | -38.2% |
| Total equity and liabilities | 10/49 | €173,950 | €187,999 | +€14,049 | +8.1% |
| Equity | 10/15 | €79,508 | €84,551 | +€5,043 | +6.3% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €60,958 | €66,001 | +€5,043 | +8.3% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €59,103 | €64,146 | +€5,043 | +8.5% |
| Amounts payable | 17/49 | €94,442 | €103,448 | +€9,006 | +9.5% |
| Amounts payable after more than one year | 17 | €378 | €378 | = | 0.0% |
| Other amounts payable | 178/9 | €378 | €378 | = | 0.0% |
| Amounts payable within one year | 42/48 | €94,064 | €103,070 | +€9,006 | +9.6% |
| Trade debts | 44 | €1,619 | €1,024 | -€595 | -36.7% |
| Suppliers | 440/4 | €1,619 | €1,024 | -€595 | -36.7% |
| Advances received on contracts in progress | 46 | €271 | €0 | -€271 | -100.0% |
| Taxes, remuneration and social security | 45 | €11,397 | €3,857 | -€7,541 | -66.2% |
| Taxes | 450/3 | €2,588 | €3,857 | +€1,269 | +49.0% |
| Remuneration and social security | 454/9 | €8,810 | €0 | -€8,810 | -100.0% |
| Other amounts payable | 47/48 | €80,777 | €98,189 | +€17,412 | +21.6% |
| Non-recurring operating income | 76A | - | €3,639 | +€3,639 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,611 | €12,611 | = | 0.0% |
| Other operating charges | 640/8 | €2,789 | €1,859 | -€931 | -33.4% |
| Gross operating margin | 9900 | €22,325 | €21,347 | -€979 | -4.4% |
| Operating profit (loss) | 9901 | €6,925 | €6,877 | -€48 | -0.7% |
| Financial income | 75/76B | €32 | €67 | +€35 | +109.2% |
| Recurring financial income | 75 | €32 | €67 | +€35 | +109.2% |
| Financial charges | 65/66B | €123 | €0 | -€123 | -100.0% |
| Recurring financial charges | 65 | €123 | €0 | -€123 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | €6,834 | €6,944 | +€110 | +1.6% |
| Income taxes | 67/77 | €2,327 | €1,901 | -€426 | -18.3% |
| Profit (loss) for the period | 9904 | €4,507 | €5,043 | +€536 | +11.9% |
| Profit (loss) for the period to be appropriated | 9905 | €4,507 | €5,043 | +€536 | +11.9% |
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 9 October 2026 via checked.be.