J&T: what changed
J&T
Largest movements
- Receivables within one year -€453,027
down €453,027 (-72.9%), from €621,127 to €168,100
of which Trade receivables: -€451,842
- Cash +€213,939
up €213,939 (+256%), from €83,591 to €297,530
mainly Receivables within one year (+€453,027) and Other debts (+€44,884)
- Stocks and contracts +€29,814
up €29,814 (+7.7%), from €386,201 to €416,015
- Trade debts -€127,093
down €127,093 (-40.7%), from €312,017 to €184,924
- Reserves -€47,485
down €47,485 (-18.0%), from €264,158 to €216,674
- Other debts +€44,884
up €44,884 (+62.3%), from €72,092 to €116,975
- Tax, wage and social debts -€42,971
down €42,971 (-29.0%), from €148,276 to €105,305
of which Remuneration and social security: -€22,320
- Investment grants -€34,138
down €34,138 (-36.9%), from €92,473 to €58,335
- Gross operating margin -€277,176
down €277,176 (-48.7%), from €568,758 to €291,582
- Staff costs -€31,806
down €31,806 (-10.5%), from €304,208 to €272,403
- Taxes -€13,169
down €13,169 (-100%), from €13,169 to €0
- Financial income -€12,977
down €12,977 (-27.0%), from €48,001 to €35,024
- Other operating charges -€10,690
down €10,690 (-98.7%), from €10,834 to €144
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,198,525 | €980,094 | -€218,431 | -18.2% |
| Fixed assets | 21/28 | €96,505 | €90,509 | -€5,995 | -6.2% |
| Tangible fixed assets | 22/27 | €96,505 | €90,509 | -€5,995 | -6.2% |
| Plant, machinery and equipment | 23 | €94,996 | €90,509 | -€4,486 | -4.7% |
| Furniture and vehicles | 24 | €1,509 | €0 | -€1,509 | -100% |
| Current assets | 29/58 | €1,102,021 | €889,585 | -€212,436 | -19.3% |
| Stocks and contracts in progress | 3 | €386,201 | €416,015 | +€29,814 | +7.7% |
| Stocks | 30/36 | €386,201 | €416,015 | +€29,814 | +7.7% |
| Amounts receivable within one year | 40/41 | €621,127 | €168,100 | -€453,027 | -72.9% |
| Trade receivables | 40 | €619,837 | €167,995 | -€451,842 | -72.9% |
| Other amounts receivable | 41 | €1,290 | €105 | -€1,185 | -91.9% |
| Cash at bank and in hand | 54/58 | €83,591 | €297,530 | +€213,939 | +256% |
| Deferred charges and accrued income | 490/1 | €11,102 | €7,940 | -€3,162 | -28.5% |
| Total equity and liabilities | 10/49 | €1,198,525 | €980,094 | -€218,431 | -18.2% |
| Equity | 10/15 | €456,631 | €375,008 | -€81,622 | -17.9% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €264,158 | €216,674 | -€47,485 | -18.0% |
| Distributable reserves | 133 | €264,158 | €216,674 | -€47,485 | -18.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Investment grants | 15 | €92,473 | €58,335 | -€34,138 | -36.9% |
| Amounts payable | 17/49 | €741,894 | €605,085 | -€136,809 | -18.4% |
| Amounts payable after more than one year | 17 | €135,422 | €106,162 | -€29,260 | -21.6% |
| Financial debts | 170/4 | €135,422 | €106,162 | -€29,260 | -21.6% |
| Amounts payable within one year | 42/48 | €563,755 | €438,889 | -€124,866 | -22.1% |
| Current portion of amounts payable after more than one year | 42 | €28,969 | €29,260 | +€290 | +1.0% |
| Trade debts | 44 | €312,017 | €184,924 | -€127,093 | -40.7% |
| Suppliers | 440/4 | €312,017 | €184,924 | -€127,093 | -40.7% |
| Advances received on contracts in progress | 46 | €2,401 | €2,425 | +€24 | +1.0% |
| Taxes, remuneration and social security | 45 | €148,276 | €105,305 | -€42,971 | -29.0% |
| Taxes | 450/3 | €104,405 | €83,754 | -€20,651 | -19.8% |
| Remuneration and social security | 454/9 | €43,871 | €21,551 | -€22,320 | -50.9% |
| Other amounts payable | 47/48 | €72,092 | €116,975 | +€44,884 | +62.3% |
| Accrued charges and deferred income | 492/3 | €42,718 | €60,034 | +€17,316 | +40.5% |
| Remuneration, social security and pensions | 62 | €304,208 | €272,403 | -€31,806 | -10.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,441 | €36,295 | -€8,146 | -18.3% |
| Other operating charges | 640/8 | €10,834 | €144 | -€10,690 | -98.7% |
| Gross operating margin | 9900 | €568,758 | €291,582 | -€277,176 | -48.7% |
| Operating profit (loss) | 9901 | €209,274 | -€17,261 | -€226,535 | |
| Financial income | 75/76B | €48,001 | €35,024 | -€12,977 | -27.0% |
| Recurring financial income | 75 | €48,001 | €35,024 | -€12,977 | -27.0% |
| Financial charges | 65/66B | €6,730 | €5,248 | -€1,481 | -22.0% |
| Recurring financial charges | 65 | €6,153 | €5,248 | -€905 | -14.7% |
| Non-recurring financial charges | 66B | €577 | €0 | -€577 | -100% |
| Profit (loss) for the period before taxes | 9903 | €250,546 | €12,515 | -€238,030 | -95.0% |
| Income taxes | 67/77 | €13,169 | €0 | -€13,169 | -100% |
| Profit (loss) for the period | 9904 | €237,377 | €12,515 | -€224,861 | -94.7% |
| Profit (loss) for the period to be appropriated | 9905 | €237,377 | €12,515 | -€224,861 | -94.7% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.