JACOVOS: 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.
JACOVOS
Largest movements
- Tangible fixed assets +€859,698
up €859,698 (+77.6%), from €1.1m to €2.0m
of which Land and buildings: +€835,608
- Cash -€41,051
down €41,051 (-27.1%), from €151,284 to €110,232
mainly Investment in fixed assets (net) (-€936,136) and Contributions, distributions and other (-€200,000)
- Debts after one year +€638,176
up €638,176 (+69.3%), from €921,005 to €1.6m
- Other debts +€117,465
up €117,465 (+116.4%), from €100,878 to €218,344
- Tax, wage and social debts +€44,680
up €44,680 (+69.3%), from €64,519 to €109,199
of which Taxes: +€36,018
- Current portion of long-term debt +€33,103
up €33,103 (+42.1%), from €78,720 to €111,824
- Gross operating margin +€131,049
up €131,049 (+25.7%), from €509,265 to €640,314
- Staff costs +€55,734
up €55,734 (+30.4%), from €183,531 to €239,265
- Depreciation -€50,476
down €50,476 (-38.3%), from €131,913 to €81,437
- Taxes +€28,349
up €28,349 (+70.0%), from €40,492 to €68,841
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 | €1,289,442 | €2,105,686 | +€816,243 | +63.3% |
| Fixed assets | 21/28 | €1,119,980 | €1,974,679 | +€854,698 | +76.3% |
| Intangible fixed assets | 21 | €12,616 | €7,616 | -€5,000 | -39.6% |
| Tangible fixed assets | 22/27 | €1,107,364 | €1,967,062 | +€859,698 | +77.6% |
| Land and buildings | 22 | €1,095,885 | €1,931,492 | +€835,608 | +76.2% |
| Plant, machinery and equipment | 23 | €7,308 | €6,804 | -€504 | -6.9% |
| Furniture and vehicles | 24 | €4,171 | €28,766 | +€24,595 | +589.7% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €169,462 | €131,007 | -€38,455 | -22.7% |
| Stocks and contracts in progress | 3 | €6,881 | €11,058 | +€4,176 | +60.7% |
| Stocks | 30/36 | €6,881 | €11,058 | +€4,176 | +60.7% |
| Amounts receivable within one year | 40/41 | €11,297 | €6,341 | -€4,956 | -43.9% |
| Trade receivables | 40 | €7,721 | €6,341 | -€1,380 | -17.9% |
| Other amounts receivable | 41 | €3,576 | €0 | -€3,576 | -100.0% |
| Cash at bank and in hand | 54/58 | €151,284 | €110,232 | -€41,051 | -27.1% |
| Deferred charges and accrued income | 490/1 | €0 | €3,376 | +€3,376 | |
| Total equity and liabilities | 10/49 | €1,289,442 | €2,105,686 | +€816,243 | +63.3% |
| Equity | 10/15 | €98,192 | €99,713 | +€1,521 | +1.5% |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €38,192 | €39,713 | +€1,521 | +4.0% |
| Amounts payable | 17/49 | €1,191,251 | €2,005,973 | +€814,722 | +68.4% |
| Amounts payable after more than one year | 17 | €921,005 | €1,559,181 | +€638,176 | +69.3% |
| Financial debts | 170/4 | €921,005 | €1,559,181 | +€638,176 | +69.3% |
| Amounts payable within one year | 42/48 | €266,346 | €446,792 | +€180,446 | +67.7% |
| Current portion of amounts payable after more than one year | 42 | €78,720 | €111,824 | +€33,103 | +42.1% |
| Trade debts | 44 | €22,228 | €7,425 | -€14,803 | -66.6% |
| Suppliers | 440/4 | €22,228 | €7,425 | -€14,803 | -66.6% |
| Taxes, remuneration and social security | 45 | €64,519 | €109,199 | +€44,680 | +69.3% |
| Taxes | 450/3 | €43,073 | €79,091 | +€36,018 | +83.6% |
| Remuneration and social security | 454/9 | €21,446 | €30,108 | +€8,662 | +40.4% |
| Other amounts payable | 47/48 | €100,878 | €218,344 | +€117,465 | +116.4% |
| Accrued charges and deferred income | 492/3 | €3,900 | €0 | -€3,900 | -100.0% |
| Remuneration, social security and pensions | 62 | €183,531 | €239,265 | +€55,734 | +30.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €131,913 | €81,437 | -€50,476 | -38.3% |
| Other operating charges | 640/8 | €2,504 | €8,897 | +€6,393 | +255.4% |
| Gross operating margin | 9900 | €509,265 | €640,314 | +€131,049 | +25.7% |
| Operating profit (loss) | 9901 | €191,317 | €310,716 | +€119,398 | +62.4% |
| Financial income | 75/76B | €2,007 | €66 | -€1,941 | -96.7% |
| Recurring financial income | 75 | €2,007 | €66 | -€1,941 | -96.7% |
| Financial charges | 65/66B | €34,405 | €40,420 | +€6,015 | +17.5% |
| Recurring financial charges | 65 | €34,405 | €40,420 | +€6,015 | +17.5% |
| Profit (loss) for the period before taxes | 9903 | €158,920 | €270,362 | +€111,442 | +70.1% |
| Income taxes | 67/77 | €40,492 | €68,841 | +€28,349 | +70.0% |
| Profit (loss) for the period | 9904 | €118,428 | €201,521 | +€83,093 | +70.2% |
| Profit (loss) for the period to be appropriated | 9905 | €118,428 | €201,521 | +€83,093 | +70.2% |
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 10 October 2026 via checked.be.