JAGO 31: 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.
JAGO 31
Largest movements
- Tangible fixed assets +€498,327
up €498,327 (+551%), from €90,441 to €588,768
of which Land and buildings: +€397,297
- Cash -€44,416
down €44,416 (-76.9%), from €57,775 to €13,359
mainly Investment in fixed assets (net) (-€518,121) and Trade debts (-€26,737)
- Receivables within one year -€10,083
down €10,083 (-30.5%), from €33,026 to €22,943
of which Trade receivables: -€21,952
- Debts after one year +€374,725
new in 2025: €374,725
- Other debts +€98,697
up €98,697 (+160%), from €61,733 to €160,431
- Trade debts -€26,737
down €26,737 (-76.6%), from €34,927 to €8,189
- Tax, wage and social debts -€11,601
down €11,601 (-68.2%), from €17,012 to €5,411
- Current portion of long-term debt +€9,708
up €9,708 (+269%), from €3,608 to €13,316
- Gross operating margin -€21,962
down €21,962 (-35.2%), from €62,342 to €40,380
- Depreciation +€12,247
up €12,247 (+154%), from €7,952 to €20,199
- Taxes -€12,057
down €12,057 (-87.7%), from €13,746 to €1,688
- Financial charges +€3,118
up €3,118 (+40.2%), from €7,752 to €10,871
- Other operating charges +€2,185
up €2,185 (+136%), from €1,609 to €3,794
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 | €183,396 | €632,029 | +€448,632 | +245% |
| Formation expenses | 20 | €1,143 | €737 | -€405 | -35.5% |
| Fixed assets | 21/28 | €90,441 | €588,768 | +€498,327 | +551% |
| Tangible fixed assets | 22/27 | €90,441 | €588,768 | +€498,327 | +551% |
| Land and buildings | 22 | €72,914 | €470,212 | +€397,297 | +545% |
| Plant, machinery and equipment | 23 | €7,019 | €21,623 | +€14,604 | +208% |
| Other tangible fixed assets | 26 | €10,508 | €96,934 | +€86,426 | +822% |
| Current assets | 29/58 | €91,812 | €42,523 | -€49,289 | -53.7% |
| Stocks and contracts in progress | 3 | - | €4,840 | +€4,840 | |
| Stocks | 30/36 | - | €4,840 | +€4,840 | |
| Amounts receivable within one year | 40/41 | €33,026 | €22,943 | -€10,083 | -30.5% |
| Trade receivables | 40 | €31,194 | €9,242 | -€21,952 | -70.4% |
| Other amounts receivable | 41 | €1,832 | €13,701 | +€11,869 | +648% |
| Cash at bank and in hand | 54/58 | €57,775 | €13,359 | -€44,416 | -76.9% |
| Deferred charges and accrued income | 490/1 | €1,011 | €1,381 | +€369 | +36.5% |
| Total equity and liabilities | 10/49 | €183,396 | €632,029 | +€448,632 | +245% |
| Equity | 10/15 | €66,117 | €69,957 | +€3,840 | +5.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €61,117 | €64,957 | +€3,840 | +6.3% |
| Distributable reserves | 133 | €61,117 | €64,957 | +€3,840 | +6.3% |
| Amounts payable | 17/49 | €117,279 | €562,072 | +€444,793 | +379% |
| Amounts payable after more than one year | 17 | - | €374,725 | +€374,725 | |
| Financial debts | 170/4 | - | €374,725 | +€374,725 | |
| Amounts payable within one year | 42/48 | €117,279 | €187,347 | +€70,068 | +59.7% |
| Current portion of amounts payable after more than one year | 42 | €3,608 | €13,316 | +€9,708 | +269% |
| Trade debts | 44 | €34,927 | €8,189 | -€26,737 | -76.6% |
| Suppliers | 440/4 | €34,927 | €8,189 | -€26,737 | -76.6% |
| Taxes, remuneration and social security | 45 | €17,012 | €5,411 | -€11,601 | -68.2% |
| Taxes | 450/3 | €17,012 | €5,411 | -€11,601 | -68.2% |
| Other amounts payable | 47/48 | €61,733 | €160,431 | +€98,697 | +160% |
| Non-recurring operating income | 76A | €11,068 | €0 | -€11,068 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,952 | €20,199 | +€12,247 | +154% |
| Other operating charges | 640/8 | €1,609 | €3,794 | +€2,185 | +136% |
| Non-recurring operating charges | 66A | €2,142 | €0 | -€2,142 | -100% |
| Gross operating margin | 9900 | €62,342 | €40,380 | -€21,962 | -35.2% |
| Operating profit (loss) | 9901 | €50,640 | €16,386 | -€34,253 | -67.6% |
| Financial income | 75/76B | €26 | €12 | -€14 | -52.0% |
| Recurring financial income | 75 | €26 | €12 | -€14 | -52.0% |
| Financial charges | 65/66B | €7,752 | €10,871 | +€3,118 | +40.2% |
| Recurring financial charges | 65 | €7,752 | €10,871 | +€3,118 | +40.2% |
| Profit (loss) for the period before taxes | 9903 | €42,913 | €5,528 | -€37,385 | -87.1% |
| Income taxes | 67/77 | €13,746 | €1,688 | -€12,057 | -87.7% |
| Profit (loss) for the period | 9904 | €29,167 | €3,840 | -€25,328 | -86.8% |
| Profit (loss) for the period to be appropriated | 9905 | €29,167 | €3,840 | -€25,328 | -86.8% |
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 23 October 2026 via checked.be.