JAL & CO: what changed
Two fiscal 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
JAL & CO
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€22,828
2024 · €2,857+€19,972
Equity
-€240,307
2024 · -€263,135+€22,828
Cash
€11,833
2024 · €21,506-€9,673
Balance sheet total
€3.7m
2024 · €3.8m-€140,733
Largest movements
Assets
- Tangible fixed assets -€110,353
down €110,353 (-3.3%), from €3.4m to €3.2m
of which Land and buildings: -€109,113
Equity and liabilities
- Debts after one year -€152,328
down €152,328 (-7.5%), from €2.0m to €1.9m
- Provisions -€60,556
down €60,556 (-3.2%), from €1.9m to €1.8m
- Other debts +€44,430
up €44,430 (+599.6%), from €7,411 to €51,841
Income statement
- Financial charges -€11,175
down €11,175 (-6.4%), from €175,008 to €163,833
- Financial income +€3,874
up €3,874 (+152.0%), from €2,548 to €6,421
- Provisions -€3,378
down €3,378 (-4.1%), from -€82,478 to -€85,856
- Other operating charges -€2,918
down €2,918 (-16.0%), from €18,272 to €15,354
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
€2,857
Gross operating margin
-€1,525
Depreciation
+€169
Provisions
+€3,378
Other operating charges
+€2,918
Financial income
+€3,874
Financial charges
+€11,175
Taxes
-€17
Result 2025
€22,828
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.
From operations
+€143,511
Investment
-€1,751
Financing
-€151,433
Cash 2024
€21,506
From operations (derived)
+€143,511
Net result for the year
+€22,828
Depreciation
+€120,231
Receivables within one year
+€12,518
Deferred charges and accrued income
+€62
Provisions
-€60,556
Trade debts
+€3,263
Tax, wage and social debts
+€735
Other debts
+€44,430
Investment (derived)
-€1,751
Investment in fixed assets (net)
-€1,751
Financing
-€151,433
Debts after one year
-€152,328
Current portion of long-term debt
+€895
Cash 2025
€11,833
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,844,174 | €3,703,441 | -€140,733 | -3.7% |
| Formation expenses | 20 | €214,020 | €205,893 | -€8,127 | -3.8% |
| Fixed assets | 21/28 | €3,357,961 | €3,247,608 | -€110,353 | -3.3% |
| Tangible fixed assets | 22/27 | €3,357,961 | €3,247,608 | -€110,353 | -3.3% |
| Land and buildings | 22 | €3,346,707 | €3,237,594 | -€109,113 | -3.3% |
| Plant, machinery and equipment | 23 | €10,943 | €8,385 | -€2,559 | -23.4% |
| Furniture and vehicles | 24 | €311 | €1,629 | +€1,318 | +424.4% |
| Current assets | 29/58 | €272,193 | €249,940 | -€22,253 | -8.2% |
| Amounts receivable within one year | 40/41 | €118,665 | €106,147 | -€12,518 | -10.5% |
| Other amounts receivable | 41 | €118,665 | €106,147 | -€12,518 | -10.5% |
| Current investments | 50/53 | €131,419 | €131,419 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €21,506 | €11,833 | -€9,673 | -45.0% |
| Deferred charges and accrued income | 490/1 | €604 | €542 | -€62 | -10.2% |
| Total equity and liabilities | 10/49 | €3,844,174 | €3,703,441 | -€140,733 | -3.7% |
| Equity | 10/15 | -€263,135 | -€240,307 | +€22,828 | +8.7% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€331,335 | -€308,507 | +€22,828 | +6.9% |
| Provisions and deferred taxes | 16 | €1,895,116 | €1,834,561 | -€60,556 | -3.2% |
| Provisions for liabilities and charges | 160/5 | €1,895,116 | €1,834,561 | -€60,556 | -3.2% |
| Environmental obligations | 163 | €1,895,116 | €1,834,561 | -€60,556 | -3.2% |
| Amounts payable | 17/49 | €2,212,192 | €2,109,187 | -€103,005 | -4.7% |
| Amounts payable after more than one year | 17 | €2,025,272 | €1,872,944 | -€152,328 | -7.5% |
| Financial debts | 170/4 | €2,025,272 | €1,872,944 | -€152,328 | -7.5% |
| Amounts payable within one year | 42/48 | €186,919 | €236,242 | +€49,323 | +26.4% |
| Current portion of amounts payable after more than one year | 42 | €163,966 | €164,861 | +€895 | +0.5% |
| Trade debts | 44 | €15,388 | €18,651 | +€3,263 | +21.2% |
| Suppliers | 440/4 | €15,388 | €18,651 | +€3,263 | +21.2% |
| Taxes, remuneration and social security | 45 | €155 | €890 | +€735 | +474.2% |
| Taxes | 450/3 | €155 | €890 | +€735 | +474.2% |
| Other amounts payable | 47/48 | €7,411 | €51,841 | +€44,430 | +599.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €120,400 | €120,231 | -€169 | -0.1% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€82,478 | -€85,856 | -€3,378 | -4.1% |
| Other operating charges | 640/8 | €18,272 | €15,354 | -€2,918 | -16.0% |
| Non-recurring operating charges | 66A | €25,300 | €25,300 | = | 0.0% |
| Gross operating margin | 9900 | €257,731 | €256,206 | -€1,525 | -0.6% |
| Operating profit (loss) | 9901 | €176,236 | €181,176 | +€4,940 | +2.8% |
| Financial income | 75/76B | €2,548 | €6,421 | +€3,874 | +152.0% |
| Recurring financial income | 75 | €2,548 | €6,421 | +€3,874 | +152.0% |
| Financial charges | 65/66B | €175,008 | €163,833 | -€11,175 | -6.4% |
| Recurring financial charges | 65 | €175,008 | €163,833 | -€11,175 | -6.4% |
| Profit (loss) for the period before taxes | 9903 | €3,776 | €23,765 | +€19,989 | +529.4% |
| Income taxes | 67/77 | €919 | €937 | +€17 | +1.9% |
| Profit (loss) for the period | 9904 | €2,857 | €22,828 | +€19,972 | +699.2% |
| Profit (loss) for the period to be appropriated | 9905 | €2,857 | €22,828 | +€19,972 | +699.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.