J3: 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.
J3
Largest movements
- Receivables within one year -€60,939
down €60,939 (-24.5%), from €248,573 to €187,635
of which Trade receivables: -€64,655
- Tangible fixed assets +€57,009
up €57,009 (+34.6%), from €164,703 to €221,712
of which Leasing and similar rights: +€66,512
- Cash -€7,532
down €7,532 (-38.1%), from €19,765 to €12,233
mainly Investment in fixed assets (net) (-€125,373) and Trade debts (-€97,700)
- Trade debts -€97,700
down €97,700 (-67.3%), from €145,132 to €47,432
- Debts after one year +€79,058
new in 2025: €79,058
- Reserves +€19,510
up €19,510 (+26.1%), from €74,877 to €94,386
- Other debts -€15,810
down €15,810 (-41.1%), from €38,442 to €22,632
- Tax, wage and social debts +€12,158
up €12,158 (+40.7%), from €29,862 to €42,020
of which Taxes: +€10,883
- Gross operating margin +€36,736
up €36,736 (+11.1%), from €330,787 to €367,524
- Depreciation +€21,282
up €21,282 (+45.2%), from €47,082 to €68,364
- Staff costs +€15,235
up €15,235 (+6.5%), from €234,180 to €249,415
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 | €447,956 | €437,843 | -€10,113 | -2.3% |
| Fixed assets | 21/28 | €164,973 | €221,982 | +€57,009 | +34.6% |
| Tangible fixed assets | 22/27 | €164,703 | €221,712 | +€57,009 | +34.6% |
| Plant, machinery and equipment | 23 | €64,291 | €53,969 | -€10,322 | -16.1% |
| Furniture and vehicles | 24 | €100,411 | €101,231 | +€820 | +0.8% |
| Leasing and similar rights | 25 | - | €66,512 | +€66,512 | |
| Financial fixed assets | 28 | €270 | €270 | = | 0.0% |
| Current assets | 29/58 | €282,983 | €215,861 | -€67,122 | -23.7% |
| Amounts receivable within one year | 40/41 | €248,573 | €187,635 | -€60,939 | -24.5% |
| Trade receivables | 40 | €244,144 | €179,488 | -€64,655 | -26.5% |
| Other amounts receivable | 41 | €4,430 | €8,147 | +€3,717 | +83.9% |
| Cash at bank and in hand | 54/58 | €19,765 | €12,233 | -€7,532 | -38.1% |
| Deferred charges and accrued income | 490/1 | €14,644 | €15,993 | +€1,349 | +9.2% |
| Total equity and liabilities | 10/49 | €447,956 | €437,843 | -€10,113 | -2.3% |
| Equity | 10/15 | €183,477 | €202,986 | +€19,510 | +10.6% |
| Contributions | 10/11 | €108,600 | €108,600 | = | 0.0% |
| Reserves | 13 | €74,877 | €94,386 | +€19,510 | +26.1% |
| Distributable reserves | 133 | €74,877 | €94,386 | +€19,510 | +26.1% |
| Amounts payable | 17/49 | €264,479 | €234,857 | -€29,622 | -11.2% |
| Amounts payable after more than one year | 17 | - | €79,058 | +€79,058 | |
| Financial debts | 170/4 | - | €79,058 | +€79,058 | |
| Amounts payable within one year | 42/48 | €264,479 | €155,799 | -€108,680 | -41.1% |
| Current portion of amounts payable after more than one year | 42 | €26,043 | €28,716 | +€2,672 | +10.3% |
| Financial debts | 43 | €25,000 | €15,000 | -€10,000 | -40.0% |
| Credit institutions | 430/8 | €25,000 | €15,000 | -€10,000 | -40.0% |
| Trade debts | 44 | €145,132 | €47,432 | -€97,700 | -67.3% |
| Suppliers | 440/4 | €145,132 | €47,432 | -€97,700 | -67.3% |
| Taxes, remuneration and social security | 45 | €29,862 | €42,020 | +€12,158 | +40.7% |
| Taxes | 450/3 | €9,059 | €19,942 | +€10,883 | +120% |
| Remuneration and social security | 454/9 | €20,803 | €22,078 | +€1,275 | +6.1% |
| Other amounts payable | 47/48 | €38,442 | €22,632 | -€15,810 | -41.1% |
| Non-recurring operating income | 76A | - | €6,823 | +€6,823 | |
| Remuneration, social security and pensions | 62 | €234,180 | €249,415 | +€15,235 | +6.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,082 | €68,364 | +€21,282 | +45.2% |
| Other operating charges | 640/8 | €4,299 | €7,598 | +€3,299 | +76.7% |
| Gross operating margin | 9900 | €330,787 | €367,524 | +€36,736 | +11.1% |
| Operating profit (loss) | 9901 | €45,226 | €42,146 | -€3,080 | -6.8% |
| Financial income | 75/76B | €1,874 | €4 | -€1,871 | -99.8% |
| Recurring financial income | 75 | €1,874 | €4 | -€1,871 | -99.8% |
| Financial charges | 65/66B | €4,898 | €7,848 | +€2,950 | +60.2% |
| Recurring financial charges | 65 | €4,898 | €7,848 | +€2,950 | +60.2% |
| Profit (loss) for the period before taxes | 9903 | €42,202 | €34,301 | -€7,901 | -18.7% |
| Income taxes | 67/77 | €16,953 | €13,959 | -€2,994 | -17.7% |
| Profit (loss) for the period | 9904 | €25,249 | €20,343 | -€4,907 | -19.4% |
| Profit (loss) for the period to be appropriated | 9905 | €25,249 | €20,343 | -€4,907 | -19.4% |
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 24 October 2026 via checked.be.