J-SQUARED: 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-SQUARED
Largest movements
- Cash +€28,512
up €28,512 (+20.3%), from €140,620 to €169,132
mainly Net result for the year (+€66,068) and Receivables within one year (+€13,161)
- Receivables within one year -€13,161
down €13,161 (-85.6%), from €15,379 to €2,219
of which Trade receivables: -€14,000
- Reserves +€61,068
up €61,068 (+44.7%), from €136,593 to €197,661
- Tax, wage and social debts -€42,549
no longer reported in 2025 (was €42,549)
- Gross operating margin +€1,747
up €1,747 (+2.1%), from €84,928 to €86,675
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 | €185,329 | €204,304 | +€18,976 | +10.2% |
| Fixed assets | 21/28 | €1,560 | €1,975 | +€414 | +26.6% |
| Tangible fixed assets | 22/27 | €1,560 | €1,975 | +€414 | +26.6% |
| Plant, machinery and equipment | 23 | €1,560 | €557 | -€1,004 | -64.3% |
| Furniture and vehicles | 24 | - | €1,418 | +€1,418 | |
| Current assets | 29/58 | €183,768 | €202,330 | +€18,561 | +10.1% |
| Amounts receivable after more than one year | 29 | €26,639 | €28,397 | +€1,758 | +6.6% |
| Other amounts receivable | 291 | €26,639 | €28,397 | +€1,758 | +6.6% |
| Amounts receivable within one year | 40/41 | €15,379 | €2,219 | -€13,161 | -85.6% |
| Trade receivables | 40 | €14,000 | - | -€14,000 | |
| Other amounts receivable | 41 | €1,379 | €2,219 | +€839 | +60.9% |
| Cash at bank and in hand | 54/58 | €140,620 | €169,132 | +€28,512 | +20.3% |
| Deferred charges and accrued income | 490/1 | €1,130 | €2,581 | +€1,451 | +128.4% |
| Total equity and liabilities | 10/49 | €185,329 | €204,304 | +€18,976 | +10.2% |
| Equity | 10/15 | €139,093 | €200,161 | +€61,068 | +43.9% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €136,593 | €197,661 | +€61,068 | +44.7% |
| Distributable reserves | 133 | €136,593 | €197,661 | +€61,068 | +44.7% |
| Amounts payable | 17/49 | €46,236 | €4,144 | -€42,092 | -91.0% |
| Amounts payable within one year | 42/48 | €46,236 | €4,144 | -€42,092 | -91.0% |
| Trade debts | 44 | €2,883 | €3,771 | +€888 | +30.8% |
| Suppliers | 440/4 | €2,883 | €3,771 | +€888 | +30.8% |
| Taxes, remuneration and social security | 45 | €42,549 | - | -€42,549 | |
| Taxes | 450/3 | €42,549 | - | -€42,549 | |
| Other amounts payable | 47/48 | €803 | €372 | -€431 | -53.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,004 | €1,180 | +€176 | +17.6% |
| Other operating charges | 640/8 | €126 | €916 | +€790 | +626.8% |
| Gross operating margin | 9900 | €84,928 | €86,675 | +€1,747 | +2.1% |
| Operating profit (loss) | 9901 | €83,799 | €84,580 | +€781 | +0.9% |
| Financial income | 75/76B | €1,639 | €1,760 | +€121 | +7.4% |
| Recurring financial income | 75 | €1,639 | €1,760 | +€121 | +7.4% |
| Financial charges | 65/66B | €1,562 | €1,803 | +€241 | +15.5% |
| Recurring financial charges | 65 | €1,562 | €1,803 | +€241 | +15.5% |
| Profit (loss) for the period before taxes | 9903 | €83,876 | €84,537 | +€661 | +0.8% |
| Income taxes | 67/77 | €17,920 | €18,469 | +€549 | +3.1% |
| Profit (loss) for the period | 9904 | €65,956 | €66,068 | +€112 | +0.2% |
| Profit (loss) for the period to be appropriated | 9905 | €65,956 | €66,068 | +€112 | +0.2% |
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 11 October 2026 via checked.be.