J.P.E.S.: 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.P.E.S.
Largest movements
- Receivables within one year +€111,037
up €111,037 (+37.0%), from €300,323 to €411,361
of which Other amounts receivable: +€93,896
- Tangible fixed assets -€36,633
down €36,633 (-14.2%), from €257,626 to €220,993
of which Land and buildings: -€35,590
- Deferred charges and accrued income +€13,801
new in 2025: €13,801
- Cash -€11,247
down €11,247 (-80.5%), from €13,970 to €2,723
mainly Receivables within one year (-€111,037) and Deferred charges and accrued income (-€13,801)
- Reserves +€69,777
up €69,777 (+15.7%), from €444,717 to €514,493
of which Distributable reserves: +€69,777
- Gross operating margin -€196,499
down €196,499 (-61.5%), from €319,626 to €123,127
- Taxes -€49,763
down €49,763 (-68.1%), from €73,028 to €23,266
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 | €579,717 | €656,676 | +€76,959 | +13.3% |
| Fixed assets | 21/28 | €265,423 | €228,790 | -€36,633 | -13.8% |
| Tangible fixed assets | 22/27 | €257,626 | €220,993 | -€36,633 | -14.2% |
| Land and buildings | 22 | €253,765 | €218,175 | -€35,590 | -14.0% |
| Plant, machinery and equipment | 23 | €3,861 | €2,819 | -€1,043 | -27.0% |
| Financial fixed assets | 28 | €7,797 | €7,797 | = | 0.0% |
| Current assets | 29/58 | €314,294 | €427,886 | +€113,592 | +36.1% |
| Amounts receivable within one year | 40/41 | €300,323 | €411,361 | +€111,037 | +37.0% |
| Trade receivables | 40 | - | €17,141 | +€17,141 | |
| Other amounts receivable | 41 | €300,323 | €394,220 | +€93,896 | +31.3% |
| Cash at bank and in hand | 54/58 | €13,970 | €2,723 | -€11,247 | -80.5% |
| Deferred charges and accrued income | 490/1 | - | €13,801 | +€13,801 | |
| Total equity and liabilities | 10/49 | €579,717 | €656,676 | +€76,959 | +13.3% |
| Equity | 10/15 | €579,717 | €649,493 | +€69,777 | +12.0% |
| Contributions | 10/11 | €135,000 | €135,000 | = | 0.0% |
| Capital | 10 | €134,980 | €134,980 | = | 0.0% |
| Issued capital | 100 | €134,980 | €134,980 | = | 0.0% |
| Outside capital | 11 | €20 | €20 | = | 0.0% |
| Share premium | 1100/10 | €20 | €20 | = | 0.0% |
| Reserves | 13 | €444,717 | €514,493 | +€69,777 | +15.7% |
| Non-distributable reserves | 130/1 | €13,498 | €13,498 | = | 0.0% |
| Legal reserve | 130 | €13,498 | €13,498 | = | 0.0% |
| Distributable reserves | 133 | €431,219 | €500,995 | +€69,777 | +16.2% |
| Amounts payable | 17/49 | - | €7,183 | +€7,183 | |
| Amounts payable within one year | 42/48 | - | €7,183 | +€7,183 | |
| Trade debts | 44 | - | €563 | +€563 | |
| Suppliers | 440/4 | - | €563 | +€563 | |
| Taxes, remuneration and social security | 45 | - | €3,266 | +€3,266 | |
| Taxes | 450/3 | - | €3,266 | +€3,266 | |
| Other amounts payable | 47/48 | - | €3,354 | +€3,354 | |
| Non-recurring operating income | 76A | €250,000 | €0 | -€250,000 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,482 | €36,632 | +€151 | +0.4% |
| Other operating charges | 640/8 | €2,220 | €4,038 | +€1,818 | +81.9% |
| Gross operating margin | 9900 | €319,626 | €123,127 | -€196,499 | -61.5% |
| Operating profit (loss) | 9901 | €280,924 | €82,457 | -€198,468 | -70.6% |
| Financial income | 75/76B | €8,889 | €11,174 | +€2,285 | +25.7% |
| Recurring financial income | 75 | €8,889 | €11,174 | +€2,285 | +25.7% |
| Financial charges | 65/66B | - | €589 | +€589 | |
| Recurring financial charges | 65 | - | €589 | +€589 | |
| Profit (loss) for the period before taxes | 9903 | €289,814 | €93,042 | -€196,771 | -67.9% |
| Income taxes | 67/77 | €73,028 | €23,266 | -€49,763 | -68.1% |
| Profit (loss) for the period | 9904 | €216,785 | €69,777 | -€147,009 | -67.8% |
| Profit (loss) for the period to be appropriated | 9905 | €216,785 | €69,777 | -€147,009 | -67.8% |
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 3 October 2026 via checked.be.