JAD-project: 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.
JAD-project
Largest movements
- Cash +€97,106
up €97,106 (+36.8%), from €263,994 to €361,101
mainly Net result for the year (+€100,944) and Receivables within one year (+€65,013)
- Receivables within one year -€65,013
down €65,013 (-37.3%), from €174,354 to €109,341
of which Other amounts receivable: -€55,006
- Tangible fixed assets -€16,000
down €16,000 (-31.1%), from €51,509 to €35,509
of which Furniture and vehicles: -€15,757
- Reserves +€68,517
up €68,517 (+8.2%), from €834,336 to €902,853
of which Distributable reserves: +€68,517
- Debts after one year -€57,748
down €57,748 (-45.4%), from €127,310 to €69,562
- Financial income -€59,732
down €59,732 (-43.5%), from €137,426 to €77,695
- Gross operating margin -€7,678
down €7,678 (-10.3%), from €74,587 to €66,909
- Taxes -€7,234
down €7,234 (-24.6%), from €29,395 to €22,161
- Financial charges -€1,323
down €1,323 (-26.5%), from €5,001 to €3,678
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 | €1,068,831 | €1,085,113 | +€16,282 | +1.5% |
| Fixed assets | 21/28 | €625,899 | €609,899 | -€16,000 | -2.6% |
| Tangible fixed assets | 22/27 | €51,509 | €35,509 | -€16,000 | -31.1% |
| Plant, machinery and equipment | 23 | €2,152 | €1,909 | -€243 | -11.3% |
| Furniture and vehicles | 24 | €49,357 | €33,600 | -€15,757 | -31.9% |
| Financial fixed assets | 28 | €574,390 | €574,390 | = | 0.0% |
| Current assets | 29/58 | €442,932 | €475,214 | +€32,282 | +7.3% |
| Amounts receivable within one year | 40/41 | €174,354 | €109,341 | -€65,013 | -37.3% |
| Trade receivables | 40 | €25,006 | €15,000 | -€10,006 | -40.0% |
| Other amounts receivable | 41 | €149,348 | €94,341 | -€55,006 | -36.8% |
| Cash at bank and in hand | 54/58 | €263,994 | €361,101 | +€97,106 | +36.8% |
| Deferred charges and accrued income | 490/1 | €4,584 | €4,772 | +€188 | +4.1% |
| Total equity and liabilities | 10/49 | €1,068,831 | €1,085,113 | +€16,282 | +1.5% |
| Equity | 10/15 | €854,336 | €922,853 | +€68,517 | +8.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €834,336 | €902,853 | +€68,517 | +8.2% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €834,336 | €902,853 | +€68,517 | +8.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €214,495 | €162,260 | -€52,235 | -24.4% |
| Amounts payable after more than one year | 17 | €127,310 | €69,562 | -€57,748 | -45.4% |
| Financial debts | 170/4 | €127,310 | €69,562 | -€57,748 | -45.4% |
| Amounts payable within one year | 42/48 | €87,185 | €92,697 | +€5,513 | +6.3% |
| Current portion of amounts payable after more than one year | 42 | €61,165 | €61,391 | +€226 | +0.4% |
| Trade debts | 44 | €2,118 | €3,743 | +€1,625 | +76.7% |
| Suppliers | 440/4 | €2,118 | €3,743 | +€1,625 | +76.7% |
| Taxes, remuneration and social security | 45 | €23,852 | €27,556 | +€3,705 | +15.5% |
| Taxes | 450/3 | €23,852 | €27,556 | +€3,705 | +15.5% |
| Other amounts payable | 47/48 | €50 | €7 | -€43 | -85.5% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,973 | €16,000 | +€27 | +0.2% |
| Other operating charges | 640/8 | €1,761 | €1,822 | +€60 | +3.4% |
| Gross operating margin | 9900 | €74,587 | €66,909 | -€7,678 | -10.3% |
| Operating profit (loss) | 9901 | €56,853 | €49,087 | -€7,765 | -13.7% |
| Financial income | 75/76B | €137,426 | €77,695 | -€59,732 | -43.5% |
| Recurring financial income | 75 | €137,426 | €77,695 | -€59,732 | -43.5% |
| Financial charges | 65/66B | €5,001 | €3,678 | -€1,323 | -26.5% |
| Recurring financial charges | 65 | €5,001 | €3,678 | -€1,323 | -26.5% |
| Profit (loss) for the period before taxes | 9903 | €189,279 | €123,105 | -€66,174 | -35.0% |
| Income taxes | 67/77 | €29,395 | €22,161 | -€7,234 | -24.6% |
| Profit (loss) for the period | 9904 | €159,884 | €100,944 | -€58,940 | -36.9% |
| Profit (loss) for the period to be appropriated | 9905 | €159,884 | €100,944 | -€58,940 | -36.9% |
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 29 October 2026 via checked.be.