J²L: what changed
Two fiscal 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.
J²L
Largest movements
- Tangible fixed assets +€3.2m
up €3.2m (+345.6%), from €931,015 to €4.1m
of which Assets under construction and advance payments: +€3.2m
- Cash -€791,486
down €791,486 (-97.9%), from €808,280 to €16,794
mainly Investment in fixed assets (net) (-€3.2m) and Net result for the year (-€21,076)
- Debts after one year +€2.4m
up €2.4m (+132.0%), from €1.8m to €4.2m
of which Financial debts: +€2.3m
- Financial charges +€13,360
up €13,360 (+330.4%), from €4,043 to €17,403
- Gross operating margin +€12,826
up €12,826 (+88.7%), from -€14,452 to -€1,627
- Other operating charges -€2,000
down €2,000 (-53.8%), from €3,718 to €1,719
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 | €1,739,948 | €4,166,953 | +€2.4m | +139.5% |
| Formation expenses | 20 | €352 | €24 | -€328 | -93.0% |
| Fixed assets | 21/28 | €931,315 | €4,148,854 | +€3.2m | +345.5% |
| Tangible fixed assets | 22/27 | €931,015 | €4,148,854 | +€3.2m | +345.6% |
| Land and buildings | 22 | €500,000 | €498,891 | -€1,109 | -0.2% |
| Assets under construction and advance payments | 27 | €431,015 | €3,649,962 | +€3.2m | +746.8% |
| Financial fixed assets | 28 | €300 | €0 | -€300 | -100.0% |
| Current assets | 29/58 | €808,280 | €18,075 | -€790,205 | -97.8% |
| Cash at bank and in hand | 54/58 | €808,280 | €16,794 | -€791,486 | -97.9% |
| Deferred charges and accrued income | 490/1 | - | €1,281 | +€1,281 | |
| Total equity and liabilities | 10/49 | €1,739,948 | €4,166,953 | +€2.4m | +139.5% |
| Equity | 10/15 | -€87,661 | -€108,737 | -€21,076 | -24.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€107,661 | -€128,737 | -€21,076 | -19.6% |
| Amounts payable | 17/49 | €1,827,609 | €4,275,690 | +€2.4m | +133.9% |
| Amounts payable after more than one year | 17 | €1,826,141 | €4,235,879 | +€2.4m | +132.0% |
| Financial debts | 170/4 | €0 | €2,263,802 | +€2.3m | |
| Other amounts payable | 178/9 | €1,826,141 | €1,972,077 | +€145,936 | +8.0% |
| Amounts payable within one year | 42/48 | €1,468 | €39,811 | +€38,344 | +2612.7% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €1,468 | €39,811 | +€38,344 | +2612.7% |
| Suppliers | 440/4 | €1,468 | €39,811 | +€38,344 | +2612.7% |
| Non-recurring operating income | 76A | - | €2,581 | +€2,581 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €328 | €328 | = | 0.0% |
| Other operating charges | 640/8 | €3,718 | €1,719 | -€2,000 | -53.8% |
| Gross operating margin | 9900 | -€14,452 | -€1,627 | +€12,826 | +88.7% |
| Operating profit (loss) | 9901 | -€18,499 | -€3,673 | +€14,825 | +80.1% |
| Financial charges | 65/66B | €4,043 | €17,403 | +€13,360 | +330.4% |
| Recurring financial charges | 65 | €4,043 | €17,403 | +€13,360 | +330.4% |
| Profit (loss) for the period before taxes | 9903 | -€22,542 | -€21,076 | +€1,466 | +6.5% |
| Profit (loss) for the period | 9904 | -€22,542 | -€21,076 | +€1,466 | +6.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€22,542 | -€21,076 | +€1,466 | +6.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.