J.G.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.
What changed
J.G.S.
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€6,376
2024 · €16,367-€22,743
Equity
€428,668
2024 · €435,044-€6,376
Cash
€3,862
2024 · €50,760-€46,898
Balance sheet total
€885,019
2024 · €916,238-€31,220
Largest movements
Assets
- Cash -€46,898
down €46,898 (-92.4%), from €50,760 to €3,862
mainly Receivables within one year (-€35,301) and Other debts (-€18,699)
- Receivables within one year +€35,301
up €35,301 (+218%), from €16,223 to €51,523
of which Trade receivables: +€35,301
- Tangible fixed assets -€12,329
down €12,329 (-1.5%), from €839,537 to €827,207
of which Land and buildings: -€16,420
Equity and liabilities
- Other debts -€18,699
down €18,699 (-42.5%), from €43,967 to €25,268
Income statement
- Write-downs +€17,174
new in 2025: €17,174
- Gross operating margin -€13,326
down €13,326 (-23.1%), from €57,587 to €44,262
- Depreciation -€6,587
down €6,587 (-18.8%), from €35,047 to €28,460
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
€16,367
Gross operating margin
-€13,326
Depreciation
+€6,587
Write-downs
-€17,174
Other operating charges
-€192
Financial charges
+€563
Taxes
-€358
Deferred taxes and other
+€1,157
Result 2025
-€6,376
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
-€30,767
Investment
-€16,131
Financing
€0
Cash 2024
€50,760
From operations (derived)
-€30,767
Net result for the year
-€6,376
Depreciation
+€28,460
Receivables within one year
-€35,301
Deferred charges and accrued income
+€7,293
Provisions
-€3,101
Trade debts
-€2,467
Tax, wage and social debts
+€358
Other debts
-€18,699
Accrued charges and deferred income
-€935
Investment (derived)
-€16,131
Investment in fixed assets (net)
-€16,131
Cash 2025
€3,862
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €916,238 | €885,019 | -€31,220 | -3.4% |
| Fixed assets | 21/28 | €839,537 | €827,207 | -€12,329 | -1.5% |
| Tangible fixed assets | 22/27 | €839,537 | €827,207 | -€12,329 | -1.5% |
| Land and buildings | 22 | €703,715 | €687,295 | -€16,420 | -2.3% |
| Plant, machinery and equipment | 23 | €135,821 | €139,912 | +€4,091 | +3.0% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €76,702 | €57,811 | -€18,890 | -24.6% |
| Amounts receivable within one year | 40/41 | €16,223 | €51,523 | +€35,301 | +218% |
| Trade receivables | 40 | €16,223 | €51,523 | +€35,301 | +218% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €50,760 | €3,862 | -€46,898 | -92.4% |
| Deferred charges and accrued income | 490/1 | €9,719 | €2,426 | -€7,293 | -75.0% |
| Total equity and liabilities | 10/49 | €916,238 | €885,019 | -€31,220 | -3.4% |
| Equity | 10/15 | €435,044 | €428,668 | -€6,376 | -1.5% |
| Contributions | 10/11 | €99,157 | €99,157 | = | 0.0% |
| Capital | 10 | €99,157 | €99,157 | = | 0.0% |
| Issued capital | 100 | €99,157 | €99,157 | = | 0.0% |
| Reserves | 13 | €324,832 | €318,430 | -€6,402 | -2.0% |
| Non-distributable reserves | 130/1 | €9,916 | €9,916 | = | 0.0% |
| Legal reserve | 130 | €9,916 | €9,916 | = | 0.0% |
| Tax-exempt reserves | 132 | €246,223 | €236,921 | -€9,302 | -3.8% |
| Distributable reserves | 133 | €68,693 | €71,593 | +€2,900 | +4.2% |
| Profit (loss) carried forward | 14 | €11,054 | €11,081 | +€26 | +0.2% |
| Provisions and deferred taxes | 16 | €82,074 | €78,974 | -€3,101 | -3.8% |
| Deferred taxes | 168 | €82,074 | €78,974 | -€3,101 | -3.8% |
| Amounts payable | 17/49 | €399,120 | €377,377 | -€21,743 | -5.4% |
| Amounts payable after more than one year | 17 | €342,800 | €342,800 | = | 0.0% |
| Financial debts | 170/4 | €337,000 | €337,000 | = | 0.0% |
| Other amounts payable | 178/9 | €5,800 | €5,800 | = | 0.0% |
| Amounts payable within one year | 42/48 | €54,259 | €33,451 | -€20,808 | -38.3% |
| Trade debts | 44 | €9,074 | €6,608 | -€2,467 | -27.2% |
| Suppliers | 440/4 | €9,074 | €6,608 | -€2,467 | -27.2% |
| Taxes, remuneration and social security | 45 | €1,217 | €1,575 | +€358 | +29.4% |
| Taxes | 450/3 | €1,217 | €1,575 | +€358 | +29.4% |
| Other amounts payable | 47/48 | €43,967 | €25,268 | -€18,699 | -42.5% |
| Accrued charges and deferred income | 492/3 | €2,062 | €1,126 | -€935 | -45.4% |
| Non-recurring operating income | 76A | €22,142 | €0 | -€22,142 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,047 | €28,460 | -€6,587 | -18.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €17,174 | +€17,174 | |
| Other operating charges | 640/8 | €5,684 | €5,876 | +€192 | +3.4% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €57,587 | €44,262 | -€13,326 | -23.1% |
| Operating profit (loss) | 9901 | €16,856 | -€7,249 | -€24,105 | |
| Financial charges | 65/66B | €1,215 | €652 | -€563 | -46.3% |
| Recurring financial charges | 65 | €1,215 | €652 | -€563 | -46.3% |
| Profit (loss) for the period before taxes | 9903 | €15,640 | -€7,902 | -€23,542 | |
| Transfer from deferred taxes | 780 | €1,943 | €3,101 | +€1,157 | +59.5% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €1,217 | €1,575 | +€358 | +29.4% |
| Profit (loss) for the period | 9904 | €16,367 | -€6,376 | -€22,743 | |
| Transfer from tax-exempt reserves | 789 | €5,830 | €9,302 | +€3,472 | +59.5% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €22,197 | €2,926 | -€19,271 | -86.8% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.