J.T.O.: what changed
J.T.O.
Largest movements
- Tangible fixed assets +€24,411
up €24,411 (+114%), from €21,438 to €45,849
of which Furniture and vehicles: +€18,922
- Receivables within one year +€11,162
up €11,162 (+40.7%), from €27,439 to €38,601
of which Trade receivables: +€17,466
- Deferred charges and accrued income +€9,400
up €9,400 (+450%), from €2,087 to €11,487
- Cash -€6,576
down €6,576 (-35.1%), from €18,750 to €12,174
mainly Net result for the year (-€112,855) and Investment in fixed assets (net) (-€29,736)
- Profit (loss) carried forward -€112,855
down €112,855 (-40.4%), from -€279,144 to -€391,999
- Other debts +€79,927
up €79,927 (+39.9%), from €200,294 to €280,221
- Tax, wage and social debts +€47,428
up €47,428 (+78.0%), from €60,834 to €108,262
of which Taxes: +€47,651
- Debts after one year +€16,385
new in 2025: €16,385
- Current portion of long-term debt +€5,390
up €5,390 (+733%), from €735 to €6,125
- Gross operating margin +€28,761
up €28,761 (+61.1%), from -€47,079 to -€18,318
- Staff costs +€24,885
up €24,885 (+48.5%), from €51,345 to €76,230
- Write-downs -€22,359
down €22,359 (-100%), from €22,359 to €0
- Financial charges -€3,627
down €3,627 (-25.6%), from €14,172 to €10,545
- Depreciation -€3,102
down €3,102 (-36.8%), from €8,427 to €5,325
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 | €71,214 | €109,611 | +€38,397 | +53.9% |
| Fixed assets | 21/28 | €22,938 | €47,349 | +€24,411 | +106% |
| Tangible fixed assets | 22/27 | €21,438 | €45,849 | +€24,411 | +114% |
| Plant, machinery and equipment | 23 | €12,184 | €17,672 | +€5,488 | +45.0% |
| Furniture and vehicles | 24 | €9,255 | €28,177 | +€18,922 | +204% |
| Financial fixed assets | 28 | €1,500 | €1,500 | = | 0.0% |
| Current assets | 29/58 | €48,275 | €62,262 | +€13,986 | +29.0% |
| Amounts receivable within one year | 40/41 | €27,439 | €38,601 | +€11,162 | +40.7% |
| Trade receivables | 40 | €12,964 | €30,430 | +€17,466 | +135% |
| Other amounts receivable | 41 | €14,475 | €8,171 | -€6,304 | -43.5% |
| Cash at bank and in hand | 54/58 | €18,750 | €12,174 | -€6,576 | -35.1% |
| Deferred charges and accrued income | 490/1 | €2,087 | €11,487 | +€9,400 | +450% |
| Total equity and liabilities | 10/49 | €71,214 | €109,611 | +€38,397 | +53.9% |
| Equity | 10/15 | -€250,444 | -€363,299 | -€112,855 | -45.1% |
| Contributions | 10/11 | €28,700 | €28,700 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€279,144 | -€391,999 | -€112,855 | -40.4% |
| Amounts payable | 17/49 | €321,657 | €472,909 | +€151,252 | +47.0% |
| Amounts payable after more than one year | 17 | - | €16,385 | +€16,385 | |
| Financial debts | 170/4 | - | €16,385 | +€16,385 | |
| Amounts payable within one year | 42/48 | €321,657 | €455,501 | +€133,843 | +41.6% |
| Current portion of amounts payable after more than one year | 42 | €735 | €6,125 | +€5,390 | +733% |
| Trade debts | 44 | €59,794 | €60,893 | +€1,099 | +1.8% |
| Suppliers | 440/4 | €59,794 | €60,893 | +€1,099 | +1.8% |
| Taxes, remuneration and social security | 45 | €60,834 | €108,262 | +€47,428 | +78.0% |
| Taxes | 450/3 | €60,610 | €108,262 | +€47,651 | +78.6% |
| Remuneration and social security | 454/9 | €224 | €0 | -€224 | -100% |
| Other amounts payable | 47/48 | €200,294 | €280,221 | +€79,927 | +39.9% |
| Accrued charges and deferred income | 492/3 | - | €1,024 | +€1,024 | |
| Non-recurring operating income | 76A | - | €8,779 | +€8,779 | |
| Remuneration, social security and pensions | 62 | €51,345 | €76,230 | +€24,885 | +48.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,427 | €5,325 | -€3,102 | -36.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €22,359 | €0 | -€22,359 | -100% |
| Other operating charges | 640/8 | €118 | €510 | +€392 | +333% |
| Non-recurring operating charges | 66A | - | €2,087 | +€2,087 | |
| Gross operating margin | 9900 | -€47,079 | -€18,318 | +€28,761 | +61.1% |
| Operating profit (loss) | 9901 | -€129,328 | -€102,470 | +€26,858 | +20.8% |
| Financial income | 75/76B | €1,118 | €160 | -€958 | -85.7% |
| Recurring financial income | 75 | €1,118 | €160 | -€958 | -85.7% |
| Financial charges | 65/66B | €14,172 | €10,545 | -€3,627 | -25.6% |
| Recurring financial charges | 65 | €14,172 | €10,545 | -€3,627 | -25.6% |
| Profit (loss) for the period before taxes | 9903 | -€142,382 | -€112,855 | +€29,527 | +20.7% |
| Profit (loss) for the period | 9904 | -€142,382 | -€112,855 | +€29,527 | +20.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€142,382 | -€112,855 | +€29,527 | +20.7% |
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 5 November 2026 via checked.be.