J.G. BEHEER: 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.
What changed
J.G. BEHEER
NACE 55.203, Holiday cottages, homes and apartments
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€221,938
2024 · €5,002+€216,936
Equity
€520,844
2024 · €298,906+€221,938
Cash
€39,984
2024 · €46,724-€6,740
Balance sheet total
€2.4m
2024 · €2.2m+€179,291
Largest movements
Assets
- Current investments +€400,000
new in 2025: €400,000
- Tangible fixed assets -€214,425
down €214,425 (-18.0%), from €1.2m to €973,734
of which Land and buildings: -€203,029
Equity and liabilities
- Reserves +€216,994
up €216,994 (+275%), from €78,850 to €295,844
of which Tax-exempt reserves: +€191,473
- Provisions +€63,824
new in 2025: €63,824
- Debts after one year -€50,982
down €50,982 (-16.1%), from €316,385 to €265,403
Income statement
- Gross operating margin +€234,144
up €234,144 (+254%), from €92,062 to €326,206
- Depreciation -€7,314
down €7,314 (-17.3%), from €42,360 to €35,046
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.
Result 2024
€5,002
Gross operating margin
+€234,144
Depreciation
+€7,314
Other operating charges
-€433
Other operating items
+€36,201
Financial income
+€646
Financial charges
+€2,876
Taxes
+€13
Deferred taxes and other
-€63,824
Result 2025
€221,938
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€283,895
Investment
-€220,620
Financing
-€70,014
Cash 2024
€46,724
From operations (derived)
+€283,895
Net result for the year
+€221,938
Depreciation
+€35,046
Smaller working-capital items
-€471
Provisions
+€63,824
Trade debts
-€1,666
Other debts
-€16,583
Accrued charges and deferred income
-€18,192
Investment (derived)
-€220,620
Investment in fixed assets (net)
+€179,380
Current investments
-€400,000
Financing
-€70,014
Debts after one year
-€50,982
Current portion of long-term debt
-€19,032
Cash 2025
€39,984
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,220,021 | €2,399,311 | +€179,291 | +8.1% |
| Fixed assets | 21/28 | €2,163,361 | €1,948,935 | -€214,425 | -9.9% |
| Tangible fixed assets | 22/27 | €1,188,160 | €973,734 | -€214,425 | -18.0% |
| Land and buildings | 22 | €1,165,475 | €962,446 | -€203,029 | -17.4% |
| Plant, machinery and equipment | 23 | - | €1,120 | +€1,120 | |
| Furniture and vehicles | 24 | €22,685 | €10,168 | -€12,516 | -55.2% |
| Financial fixed assets | 28 | €975,201 | €975,201 | = | 0.0% |
| Current assets | 29/58 | €56,660 | €450,376 | +€393,716 | +695% |
| Amounts receivable within one year | 40/41 | €0 | - | = | |
| Trade receivables | 40 | €0 | - | = | |
| Current investments | 50/53 | - | €400,000 | +€400,000 | |
| Cash at bank and in hand | 54/58 | €46,724 | €39,984 | -€6,740 | -14.4% |
| Deferred charges and accrued income | 490/1 | €9,936 | €10,392 | +€456 | +4.6% |
| Total equity and liabilities | 10/49 | €2,220,021 | €2,399,311 | +€179,291 | +8.1% |
| Equity | 10/15 | €298,906 | €520,844 | +€221,938 | +74.3% |
| Contributions | 10/11 | €225,000 | €225,000 | = | 0.0% |
| Capital | 10 | €225,000 | €225,000 | = | 0.0% |
| Issued capital | 100 | €225,000 | €225,000 | = | 0.0% |
| Reserves | 13 | €78,850 | €295,844 | +€216,994 | +275% |
| Non-distributable reserves | 130/1 | €22,500 | €22,500 | = | 0.0% |
| Legal reserve | 130 | €22,500 | €22,500 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €191,473 | +€191,473 | |
| Distributable reserves | 133 | €56,350 | €81,871 | +€25,521 | +45.3% |
| Profit (loss) carried forward | 14 | -€4,944 | €0 | +€4,944 | |
| Provisions and deferred taxes | 16 | - | €63,824 | +€63,824 | |
| Deferred taxes | 168 | - | €63,824 | +€63,824 | |
| Amounts payable | 17/49 | €1,921,115 | €1,814,643 | -€106,471 | -5.5% |
| Amounts payable after more than one year | 17 | €316,385 | €265,403 | -€50,982 | -16.1% |
| Financial debts | 170/4 | €316,385 | €265,403 | -€50,982 | -16.1% |
| Amounts payable within one year | 42/48 | €1,585,064 | €1,547,767 | -€37,297 | -2.4% |
| Current portion of amounts payable after more than one year | 42 | €70,014 | €50,982 | -€19,032 | -27.2% |
| Trade debts | 44 | €7,527 | €5,861 | -€1,666 | -22.1% |
| Suppliers | 440/4 | €7,527 | €5,861 | -€1,666 | -22.1% |
| Advances received on contracts in progress | 46 | €1,220,000 | €1,220,000 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €182 | €167 | -€15 | -8.5% |
| Taxes | 450/3 | €182 | €167 | -€15 | -8.5% |
| Other amounts payable | 47/48 | €287,341 | €270,757 | -€16,583 | -5.8% |
| Accrued charges and deferred income | 492/3 | €19,666 | €1,474 | -€18,192 | -92.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,360 | €35,046 | -€7,314 | -17.3% |
| Other operating charges | 640/8 | €12,217 | €12,650 | +€433 | +3.5% |
| Non-recurring operating charges | 66A | €18,100 | -€18,100 | -€36,201 | |
| Gross operating margin | 9900 | €92,062 | €326,206 | +€234,144 | +254% |
| Operating profit (loss) | 9901 | €19,385 | €296,610 | +€277,225 | +1,430% |
| Financial income | 75/76B | €0 | €646 | +€646 | |
| Recurring financial income | 75 | €0 | €646 | +€646 | |
| Financial charges | 65/66B | €14,293 | €11,417 | -€2,876 | -20.1% |
| Recurring financial charges | 65 | €14,293 | €11,417 | -€2,876 | -20.1% |
| Profit (loss) for the period before taxes | 9903 | €5,092 | €285,839 | +€280,747 | +5,513% |
| Transfer to deferred taxes | 680 | - | €63,824 | +€63,824 | |
| Income taxes | 67/77 | €90 | €77 | -€13 | -14.2% |
| Profit (loss) for the period | 9904 | €5,002 | €221,938 | +€216,936 | +4,337% |
| Transfer to tax-exempt reserves | 689 | - | €191,473 | +€191,473 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,002 | €30,465 | +€25,462 | +509% |
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 31 October 2026 via checked.be.