J&O: 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.
J&O
Largest movements
- Cash -€69,307
down €69,307 (-76.6%), from €90,444 to €21,137
mainly Current investments (-€40,000) and Debts after one year (-€15,800)
- Current investments +€40,000
new in 2025: €40,000
- Receivables within one year +€14,375
up €14,375 (+30.7%), from €46,815 to €61,190
of which Trade receivables: +€14,774
- Tangible fixed assets -€12,237
down €12,237 (-28.3%), from €43,216 to €30,979
- Debts after one year -€15,800
down €15,800 (-69.2%), from €22,843 to €7,043
- Tax, wage and social debts -€13,473
down €13,473 (-63.4%), from €21,267 to €7,794
- Profit (loss) carried forward +€12,301
up €12,301 (+14.3%), from €85,853 to €98,153
- Current portion of long-term debt -€11,754
down €11,754 (-42.7%), from €27,554 to €15,800
- Gross operating margin +€2,173
up €2,173 (+7.3%), from €29,661 to €31,834
- Financial income -€914
down €914 (-86.5%), from €1,056 to €142
- Financial charges -€641
down €641 (-31.6%), from €2,026 to €1,385
- Taxes +€442
up €442 (+9.5%), from €4,652 to €5,094
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 | €181,928 | €154,705 | -€27,223 | -15.0% |
| Fixed assets | 21/28 | €43,216 | €30,979 | -€12,237 | -28.3% |
| Tangible fixed assets | 22/27 | €43,216 | €30,979 | -€12,237 | -28.3% |
| Furniture and vehicles | 24 | €43,216 | €30,979 | -€12,237 | -28.3% |
| Current assets | 29/58 | €138,712 | €123,727 | -€14,986 | -10.8% |
| Amounts receivable within one year | 40/41 | €46,815 | €61,190 | +€14,375 | +30.7% |
| Trade receivables | 40 | €41,467 | €56,241 | +€14,774 | +35.6% |
| Other amounts receivable | 41 | €5,348 | €4,949 | -€399 | -7.5% |
| Current investments | 50/53 | - | €40,000 | +€40,000 | |
| Cash at bank and in hand | 54/58 | €90,444 | €21,137 | -€69,307 | -76.6% |
| Deferred charges and accrued income | 490/1 | €1,453 | €1,400 | -€53 | -3.7% |
| Total equity and liabilities | 10/49 | €181,928 | €154,705 | -€27,223 | -15.0% |
| Equity | 10/15 | €95,853 | €108,153 | +€12,301 | +12.8% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €85,853 | €98,153 | +€12,301 | +14.3% |
| Amounts payable | 17/49 | €86,075 | €46,552 | -€39,523 | -45.9% |
| Amounts payable after more than one year | 17 | €22,843 | €7,043 | -€15,800 | -69.2% |
| Financial debts | 170/4 | €22,843 | €7,043 | -€15,800 | -69.2% |
| Amounts payable within one year | 42/48 | €61,667 | €37,693 | -€23,974 | -38.9% |
| Current portion of amounts payable after more than one year | 42 | €27,554 | €15,800 | -€11,754 | -42.7% |
| Trade debts | 44 | €2,753 | €2,625 | -€128 | -4.6% |
| Suppliers | 440/4 | €2,753 | €2,625 | -€128 | -4.6% |
| Taxes, remuneration and social security | 45 | €21,267 | €7,794 | -€13,473 | -63.4% |
| Taxes | 450/3 | €21,267 | €7,794 | -€13,473 | -63.4% |
| Other amounts payable | 47/48 | €10,093 | €11,474 | +€1,381 | +13.7% |
| Accrued charges and deferred income | 492/3 | €1,566 | €1,817 | +€251 | +16.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,237 | €12,237 | = | 0.0% |
| Other operating charges | 640/8 | €938 | €960 | +€21 | +2.3% |
| Gross operating margin | 9900 | €29,661 | €31,834 | +€2,173 | +7.3% |
| Operating profit (loss) | 9901 | €16,485 | €18,637 | +€2,151 | +13.1% |
| Financial income | 75/76B | €1,056 | €142 | -€914 | -86.5% |
| Recurring financial income | 75 | €1,056 | €142 | -€914 | -86.5% |
| Financial charges | 65/66B | €2,026 | €1,385 | -€641 | -31.6% |
| Recurring financial charges | 65 | €2,026 | €1,385 | -€641 | -31.6% |
| Profit (loss) for the period before taxes | 9903 | €15,516 | €17,394 | +€1,878 | +12.1% |
| Income taxes | 67/77 | €4,652 | €5,094 | +€442 | +9.5% |
| Profit (loss) for the period | 9904 | €10,864 | €12,301 | +€1,437 | +13.2% |
| Profit (loss) for the period to be appropriated | 9905 | €10,864 | €12,301 | +€1,437 | +13.2% |
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 7 October 2026 via checked.be.