J.PEAS: 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.PEAS
Largest movements
- Stocks and contracts +€655,121
up €655,121 (+29.7%), from €2.2m to €2.9m
- Receivables within one year -€253,243
down €253,243 (-75.9%), from €333,663 to €80,420
of which Other amounts receivable: -€252,895
- Cash +€109,297
up €109,297 (+124%), from €87,854 to €197,151
mainly Short-term financial debts (+€510,165) and Receivables within one year (+€253,243)
- Short-term financial debts +€510,165
up €510,165 (+35.3%), from €1.4m to €2.0m
- Other debts -€74,101
down €74,101 (-35.4%), from €209,063 to €134,962
- Reserves +€51,295
up €51,295 (+3.6%), from €1.4m to €1.5m
of which Distributable reserves: +€54,773
- Gross operating margin -€57,963
down €57,963 (-27.4%), from €211,680 to €153,717
- Taxes -€17,761
down €17,761 (-33.0%), from €53,759 to €35,998
- Financial income -€7,763
down €7,763 (-77.4%), from €10,035 to €2,272
- Depreciation +€5,601
up €5,601 (+36.5%), from €15,358 to €20,959
- Financial charges +€4,157
up €4,157 (+40.4%), from €10,279 to €14,436
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 | €3,213,330 | €3,707,394 | +€494,063 | +15.4% |
| Fixed assets | 21/28 | €575,748 | €566,615 | -€9,133 | -1.6% |
| Tangible fixed assets | 22/27 | €454,987 | €445,854 | -€9,133 | -2.0% |
| Land and buildings | 22 | €433,921 | €427,376 | -€6,544 | -1.5% |
| Plant, machinery and equipment | 23 | €2,924 | €1,584 | -€1,339 | -45.8% |
| Furniture and vehicles | 24 | €3,199 | €1,950 | -€1,249 | -39.0% |
| Other tangible fixed assets | 26 | €14,944 | €14,944 | = | 0.0% |
| Financial fixed assets | 28 | €120,761 | €120,761 | = | 0.0% |
| Current assets | 29/58 | €2,637,582 | €3,140,778 | +€503,196 | +19.1% |
| Stocks and contracts in progress | 3 | €2,203,678 | €2,858,799 | +€655,121 | +29.7% |
| Stocks | 30/36 | €2,203,678 | €2,858,799 | +€655,121 | +29.7% |
| Amounts receivable within one year | 40/41 | €333,663 | €80,420 | -€253,243 | -75.9% |
| Trade receivables | 40 | €59,934 | €59,586 | -€348 | -0.6% |
| Other amounts receivable | 41 | €273,729 | €20,834 | -€252,895 | -92.4% |
| Cash at bank and in hand | 54/58 | €87,854 | €197,151 | +€109,297 | +124% |
| Deferred charges and accrued income | 490/1 | €12,387 | €4,407 | -€7,979 | -64.4% |
| Total equity and liabilities | 10/49 | €3,213,330 | €3,707,394 | +€494,063 | +15.4% |
| Equity | 10/15 | €1,434,845 | €1,486,140 | +€51,295 | +3.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,416,245 | €1,467,540 | +€51,295 | +3.6% |
| Tax-exempt reserves | 132 | €65,050 | €61,572 | -€3,478 | -5.3% |
| Distributable reserves | 133 | €1,351,194 | €1,405,967 | +€54,773 | +4.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €21,683 | €20,524 | -€1,159 | -5.3% |
| Deferred taxes | 168 | €21,683 | €20,524 | -€1,159 | -5.3% |
| Amounts payable | 17/49 | €1,756,802 | €2,200,730 | +€443,928 | +25.3% |
| Amounts payable within one year | 42/48 | €1,748,601 | €2,188,988 | +€440,387 | +25.2% |
| Financial debts | 43 | €1,445,249 | €1,955,414 | +€510,165 | +35.3% |
| Credit institutions | 430/8 | €1,445,249 | €1,955,414 | +€510,165 | +35.3% |
| Trade debts | 44 | €56,785 | €60,484 | +€3,699 | +6.5% |
| Suppliers | 440/4 | €56,785 | €60,484 | +€3,699 | +6.5% |
| Taxes, remuneration and social security | 45 | €37,504 | €38,128 | +€624 | +1.7% |
| Taxes | 450/3 | €35,104 | €34,738 | -€366 | -1.0% |
| Remuneration and social security | 454/9 | €2,400 | €3,390 | +€991 | +41.3% |
| Other amounts payable | 47/48 | €209,063 | €134,962 | -€74,101 | -35.4% |
| Accrued charges and deferred income | 492/3 | €8,201 | €11,742 | +€3,541 | +43.2% |
| Remuneration, social security and pensions | 62 | €31,680 | €32,480 | +€800 | +2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,358 | €20,959 | +€5,601 | +36.5% |
| Other operating charges | 640/8 | €2,317 | €1,979 | -€338 | -14.6% |
| Gross operating margin | 9900 | €211,680 | €153,717 | -€57,963 | -27.4% |
| Operating profit (loss) | 9901 | €162,325 | €98,298 | -€64,026 | -39.4% |
| Financial income | 75/76B | €10,035 | €2,272 | -€7,763 | -77.4% |
| Recurring financial income | 75 | €10,035 | €2,272 | -€7,763 | -77.4% |
| Financial charges | 65/66B | €10,279 | €14,436 | +€4,157 | +40.4% |
| Recurring financial charges | 65 | €10,279 | €14,436 | +€4,157 | +40.4% |
| Profit (loss) for the period before taxes | 9903 | €162,081 | €86,134 | -€75,947 | -46.9% |
| Transfer from deferred taxes | 780 | €1,159 | €1,159 | +€0 | 0.0% |
| Income taxes | 67/77 | €53,759 | €35,998 | -€17,761 | -33.0% |
| Profit (loss) for the period | 9904 | €109,481 | €51,295 | -€58,186 | -53.1% |
| Transfer from tax-exempt reserves | 789 | €3,478 | €3,478 | +€0 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €112,958 | €54,773 | -€58,186 | -51.5% |
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 13 October 2026 via checked.be.