J.L.J.: 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.L.J.
Largest movements
- Cash -€16,825
no longer reported in 2025 (was €16,825)
mainly Net result for the year (-€69,454) and Tax, wage and social debts (-€36,683)
- Deferred charges and accrued income +€6,820
up €6,820 (+54.9%), from €12,426 to €19,246
- Receivables within one year -€2,896
down €2,896 (-4.8%), from €60,373 to €57,477
of which Other amounts receivable: -€11,454
- Tangible fixed assets -€1,467
down €1,467 (-14.6%), from €10,032 to €8,565
of which Plant, machinery and equipment: -€972
- Trade debts +€106,085
up €106,085 (+136%), from €77,766 to €183,851
- Profit (loss) carried forward -€69,454
down €69,454 (-59.1%), from -€117,600 to -€187,054
- Tax, wage and social debts -€36,683
down €36,683 (-48.7%), from €75,268 to €38,585
of which Taxes: -€40,514
- Debts after one year -€13,664
down €13,664 (-85.1%), from €16,047 to €2,383
- Current portion of long-term debt -€6,994
down €6,994 (-34.0%), from €20,594 to €13,600
- Taxes +€73,934
up €73,934 (+13,109%), from €564 to €74,498
- Gross operating margin +€42,941
up €42,941 (+161%), from €26,728 to €69,669
- Financial charges +€28,141
up €28,141 (+329%), from €8,561 to €36,702
- Staff costs +€6,273
up €6,273 (+74.5%), from €8,419 to €14,692
- Other operating charges +€4,555
up €4,555 (+60.2%), from €7,561 to €12,116
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 | €117,552 | €102,028 | -€15,524 | -13.2% |
| Fixed assets | 21/28 | €12,172 | €10,705 | -€1,467 | -12.1% |
| Tangible fixed assets | 22/27 | €10,032 | €8,565 | -€1,467 | -14.6% |
| Land and buildings | 22 | €3,777 | €3,138 | -€639 | -16.9% |
| Plant, machinery and equipment | 23 | €2,729 | €1,757 | -€972 | -35.6% |
| Furniture and vehicles | 24 | €3,526 | €3,670 | +€144 | +4.1% |
| Financial fixed assets | 28 | €2,140 | €2,140 | = | 0.0% |
| Current assets | 29/58 | €105,380 | €91,323 | -€14,057 | -13.3% |
| Stocks and contracts in progress | 3 | €15,756 | €14,600 | -€1,156 | -7.3% |
| Stocks | 30/36 | €15,756 | €14,600 | -€1,156 | -7.3% |
| Amounts receivable within one year | 40/41 | €60,373 | €57,477 | -€2,896 | -4.8% |
| Trade receivables | 40 | €31,997 | €40,555 | +€8,558 | +26.7% |
| Other amounts receivable | 41 | €28,376 | €16,922 | -€11,454 | -40.4% |
| Cash at bank and in hand | 54/58 | €16,825 | - | -€16,825 | |
| Deferred charges and accrued income | 490/1 | €12,426 | €19,246 | +€6,820 | +54.9% |
| Total equity and liabilities | 10/49 | €117,552 | €102,028 | -€15,524 | -13.2% |
| Equity | 10/15 | -€72,123 | -€141,577 | -€69,454 | -96.3% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €26,885 | €26,885 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €25,026 | €25,026 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€117,600 | -€187,054 | -€69,454 | -59.1% |
| Amounts payable | 17/49 | €189,675 | €243,605 | +€53,930 | +28.4% |
| Amounts payable after more than one year | 17 | €16,047 | €2,383 | -€13,664 | -85.1% |
| Financial debts | 170/4 | €16,047 | €2,383 | -€13,664 | -85.1% |
| Amounts payable within one year | 42/48 | €173,628 | €241,222 | +€67,594 | +38.9% |
| Current portion of amounts payable after more than one year | 42 | €20,594 | €13,600 | -€6,994 | -34.0% |
| Financial debts | 43 | - | €5,186 | +€5,186 | |
| Credit institutions | 430/8 | - | €5,186 | +€5,186 | |
| Trade debts | 44 | €77,766 | €183,851 | +€106,085 | +136% |
| Suppliers | 440/4 | €77,766 | €183,851 | +€106,085 | +136% |
| Taxes, remuneration and social security | 45 | €75,268 | €38,585 | -€36,683 | -48.7% |
| Taxes | 450/3 | €71,841 | €31,327 | -€40,514 | -56.4% |
| Remuneration and social security | 454/9 | €3,427 | €7,258 | +€3,831 | +112% |
| Non-recurring operating income | 76A | - | €546 | +€546 | |
| Remuneration, social security and pensions | 62 | €8,419 | €14,692 | +€6,273 | +74.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,860 | €2,967 | +€1,107 | +59.5% |
| Other operating charges | 640/8 | €7,561 | €12,116 | +€4,555 | +60.2% |
| Non-recurring operating charges | 66A | €1,237 | - | -€1,237 | |
| Gross operating margin | 9900 | €26,728 | €69,669 | +€42,941 | +161% |
| Operating profit (loss) | 9901 | €7,651 | €39,894 | +€32,243 | +421% |
| Financial income | 75/76B | €1,824 | €1,852 | +€28 | +1.5% |
| Recurring financial income | 75 | €1,824 | €1,852 | +€28 | +1.5% |
| Financial charges | 65/66B | €8,561 | €36,702 | +€28,141 | +329% |
| Recurring financial charges | 65 | €8,561 | €36,702 | +€28,141 | +329% |
| Profit (loss) for the period before taxes | 9903 | €914 | €5,044 | +€4,130 | +452% |
| Income taxes | 67/77 | €564 | €74,498 | +€73,934 | +13,109% |
| Profit (loss) for the period | 9904 | €350 | -€69,454 | -€69,804 | |
| Profit (loss) for the period to be appropriated | 9905 | €350 | -€69,454 | -€69,804 |
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 24 October 2026 via checked.be.