JAJAX: 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.
What changed
JAJAX
NACE 70.100, Activities of head offices
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€8,299
2024 · €33,267-€24,968
Equity
€1.1m
2024 · €1.1m+€8,299
Cash
€12,927
2024 · €23,814-€10,887
Balance sheet total
€2.0m
2024 · €1.8m+€164,743
Largest movements
Assets
- Receivables after one year +€192,000
new in 2025: €192,000
Equity and liabilities
- Debts after one year +€105,575
up €105,575 (+74.1%), from €142,406 to €247,981
- Accrued charges and deferred income +€40,416
new in 2025: €40,416
- Current portion of long-term debt +€38,688
up €38,688 (+104%), from €37,074 to €75,762
Income statement
- Gross operating margin -€12,663
down €12,663 (-10.2%), from €124,103 to €111,441
- Financial charges +€10,469
up €10,469 (+20.0%), from €52,303 to €62,772
- Taxes -€4,700
down €4,700 (-36.0%), from €13,052 to €8,353
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.
Result 2024
€33,267
Gross operating margin
-€12,663
Depreciation
-€54
Other operating charges
-€1,056
Other operating items
-€5,426
Financial income
+€0
Financial charges
-€10,469
Taxes
+€4,700
Result 2025
€8,299
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€163,865
Investment
+€8,715
Financing
+€144,263
Cash 2024
€23,814
From operations (derived)
-€163,865
Net result for the year
+€8,299
Depreciation
+€23,338
Receivables after one year
-€192,000
Receivables within one year
-€15,811
Smaller working-capital items
-€152
Tax, wage and social debts
-€18,983
Other debts
-€8,971
Accrued charges and deferred income
+€40,416
Investment (derived)
+€8,715
Investment in fixed assets (net)
+€8,715
Financing
+€144,263
Debts after one year
+€105,575
Current portion of long-term debt
+€38,688
Cash 2025
€12,927
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,823,651 | €1,988,394 | +€164,743 | +9.0% |
| Fixed assets | 21/28 | €1,562,865 | €1,530,811 | -€32,053 | -2.1% |
| Intangible fixed assets | 21 | €974 | €547 | -€427 | -43.8% |
| Tangible fixed assets | 22/27 | €409,390 | €390,264 | -€19,126 | -4.7% |
| Land and buildings | 22 | €408,470 | €386,651 | -€21,820 | -5.3% |
| Plant, machinery and equipment | 23 | - | €2,793 | +€2,793 | |
| Furniture and vehicles | 24 | €920 | €820 | -€100 | -10.9% |
| Financial fixed assets | 28 | €1,152,500 | €1,140,000 | -€12,500 | -1.1% |
| Current assets | 29/58 | €260,787 | €457,583 | +€196,796 | +75.5% |
| Amounts receivable after more than one year | 29 | - | €192,000 | +€192,000 | |
| Other amounts receivable | 291 | - | €192,000 | +€192,000 | |
| Amounts receivable within one year | 40/41 | €231,605 | €247,416 | +€15,811 | +6.8% |
| Trade receivables | 40 | €20,578 | €42,416 | +€21,838 | +106% |
| Other amounts receivable | 41 | €211,027 | €205,000 | -€6,027 | -2.9% |
| Cash at bank and in hand | 54/58 | €23,814 | €12,927 | -€10,887 | -45.7% |
| Deferred charges and accrued income | 490/1 | €5,367 | €5,240 | -€128 | -2.4% |
| Total equity and liabilities | 10/49 | €1,823,651 | €1,988,394 | +€164,743 | +9.0% |
| Equity | 10/15 | €1,078,559 | €1,086,858 | +€8,299 | +0.8% |
| Contributions | 10/11 | €35,000 | €35,000 | = | 0.0% |
| Reserves | 13 | €946,523 | €946,523 | = | 0.0% |
| Tax-exempt reserves | 132 | €750 | €750 | = | 0.0% |
| Distributable reserves | 133 | €945,773 | €945,773 | = | 0.0% |
| Profit (loss) carried forward | 14 | €97,036 | €105,335 | +€8,299 | +8.6% |
| Amounts payable | 17/49 | €745,092 | €901,537 | +€156,444 | +21.0% |
| Amounts payable after more than one year | 17 | €142,406 | €247,981 | +€105,575 | +74.1% |
| Financial debts | 170/4 | €142,406 | €247,981 | +€105,575 | +74.1% |
| Amounts payable within one year | 42/48 | €602,687 | €613,140 | +€10,454 | +1.7% |
| Current portion of amounts payable after more than one year | 42 | €37,074 | €75,762 | +€38,688 | +104% |
| Trade debts | 44 | €1,542 | €1,262 | -€280 | -18.2% |
| Suppliers | 440/4 | €1,542 | €1,262 | -€280 | -18.2% |
| Taxes, remuneration and social security | 45 | €40,437 | €21,453 | -€18,983 | -46.9% |
| Taxes | 450/3 | €37,656 | €18,656 | -€19,000 | -50.5% |
| Remuneration and social security | 454/9 | €2,781 | €2,798 | +€17 | +0.6% |
| Other amounts payable | 47/48 | €523,634 | €514,663 | -€8,971 | -1.7% |
| Accrued charges and deferred income | 492/3 | - | €40,416 | +€40,416 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,284 | €23,338 | +€54 | +0.2% |
| Other operating charges | 640/8 | €2,196 | €3,252 | +€1,056 | +48.1% |
| Non-recurring operating charges | 66A | - | €5,426 | +€5,426 | |
| Gross operating margin | 9900 | €124,103 | €111,441 | -€12,663 | -10.2% |
| Operating profit (loss) | 9901 | €98,623 | €79,424 | -€19,199 | -19.5% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €52,303 | €62,772 | +€10,469 | +20.0% |
| Recurring financial charges | 65 | €52,303 | €62,772 | +€10,469 | +20.0% |
| Profit (loss) for the period before taxes | 9903 | €46,320 | €16,652 | -€29,668 | -64.1% |
| Income taxes | 67/77 | €13,052 | €8,353 | -€4,700 | -36.0% |
| Profit (loss) for the period | 9904 | €33,267 | €8,299 | -€24,968 | -75.1% |
| Profit (loss) for the period to be appropriated | 9905 | €33,267 | €8,299 | -€24,968 | -75.1% |
Source: filed annual accounts (NBB), financial years ended 30 December 2024 and 30 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.