J - SQUARE: 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 - SQUARE
Largest movements
- Tangible fixed assets -€346,389
down €346,389 (-98.5%), from €351,490 to €5,102
of which Land and buildings: -€323,643
- Cash -€62,763
down €62,763 (-22.9%), from €274,411 to €211,648
mainly Contributions, distributions and other (-€1.1m)
- Receivables within one year -€12,365
down €12,365 (-52.8%), from €23,436 to €11,072
- Contributions -€1.1m
down €1.1m (-94.6%), from €1.2m to €65,000
- Profit (loss) carried forward +€499,702
up €499,702, from -€499,702 to €0
- Reserves +€192,791
up €192,791 (+233%), from €82,876 to €275,666
of which Distributable reserves: +€192,791
- Trade debts +€13,750
up €13,750 (+603%), from €2,279 to €16,029
- Gross operating margin +€781,427
up €781,427, from -€9,222 to €772,205
- Taxes +€76,218
up €76,218 (+12,495%), from €610 to €76,828
- Depreciation -€37,643
down €37,643 (-90.5%), from €41,587 to €3,944
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 | €784,802 | €361,911 | -€422,891 | -53.9% |
| Fixed assets | 21/28 | €351,490 | €5,102 | -€346,389 | -98.5% |
| Tangible fixed assets | 22/27 | €351,490 | €5,102 | -€346,389 | -98.5% |
| Land and buildings | 22 | €323,643 | €0 | -€323,643 | -100% |
| Furniture and vehicles | 24 | €11,712 | €5,102 | -€6,610 | -56.4% |
| Other tangible fixed assets | 26 | €16,136 | €0 | -€16,136 | -100% |
| Current assets | 29/58 | €433,311 | €356,810 | -€76,502 | -17.7% |
| Amounts receivable within one year | 40/41 | €23,436 | €11,072 | -€12,365 | -52.8% |
| Trade receivables | 40 | €23,436 | €11,072 | -€12,365 | -52.8% |
| Current investments | 50/53 | €131,000 | €131,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €274,411 | €211,648 | -€62,763 | -22.9% |
| Deferred charges and accrued income | 490/1 | €4,464 | €3,090 | -€1,374 | -30.8% |
| Total equity and liabilities | 10/49 | €784,802 | €361,911 | -€422,891 | -53.9% |
| Equity | 10/15 | €779,194 | €341,176 | -€438,017 | -56.2% |
| Contributions | 10/11 | €1,195,000 | €65,000 | -€1.1m | -94.6% |
| Capital | 10 | €1,195,000 | €65,000 | -€1.1m | -94.6% |
| Issued capital | 100 | €1,195,000 | €65,000 | -€1.1m | -94.6% |
| Reserves | 13 | €82,876 | €275,666 | +€192,791 | +233% |
| Non-distributable reserves | 130/1 | €64,806 | €64,806 | = | 0.0% |
| Legal reserve | 130 | €64,806 | €64,806 | = | 0.0% |
| Distributable reserves | 133 | €18,070 | €210,860 | +€192,791 | +1,067% |
| Profit (loss) carried forward | 14 | -€499,702 | €0 | +€499,702 | |
| Investment grants | 15 | €1,020 | €510 | -€510 | -50.0% |
| Amounts payable | 17/49 | €5,608 | €20,735 | +€15,127 | +270% |
| Amounts payable within one year | 42/48 | €5,608 | €20,735 | +€15,127 | +270% |
| Trade debts | 44 | €2,279 | €16,029 | +€13,750 | +603% |
| Suppliers | 440/4 | €2,279 | €16,029 | +€13,750 | +603% |
| Taxes, remuneration and social security | 45 | €2,238 | €3,684 | +€1,446 | +64.6% |
| Taxes | 450/3 | €2,238 | €3,684 | +€1,446 | +64.6% |
| Other amounts payable | 47/48 | €1,090 | €1,021 | -€69 | -6.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,587 | €3,944 | -€37,643 | -90.5% |
| Other operating charges | 640/8 | €3,463 | €3,956 | +€493 | +14.2% |
| Gross operating margin | 9900 | -€9,222 | €772,205 | +€781,427 | |
| Operating profit (loss) | 9901 | -€54,271 | €764,305 | +€818,576 | |
| Financial income | 75/76B | €7,974 | €5,469 | -€2,505 | -31.4% |
| Recurring financial income | 75 | €7,974 | €5,469 | -€2,505 | -31.4% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €1,563 | €453 | -€1,110 | -71.0% |
| Recurring financial charges | 65 | €1,231 | €453 | -€778 | -63.2% |
| Non-recurring financial charges | 66B | €332 | €0 | -€332 | -100% |
| Profit (loss) for the period before taxes | 9903 | -€47,860 | €769,321 | +€817,181 | |
| Income taxes | 67/77 | €610 | €76,828 | +€76,218 | +12,495% |
| Profit (loss) for the period | 9904 | -€48,470 | €692,493 | +€740,963 | |
| Profit (loss) for the period to be appropriated | 9905 | -€48,470 | €692,493 | +€740,963 |
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 23 October 2026 via checked.be.