JAN THAI: 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.
JAN THAI
Largest movements
- Tangible fixed assets +€211,190
up €211,190 (+234%), from €90,374 to €301,564
of which Assets under construction and advance payments: +€192,078
- Cash -€34,744
down €34,744 (-80.2%), from €43,347 to €8,603
mainly Investment in fixed assets (net) (-€205,746) and Short-term financial debts (-€100,000)
- Financial fixed assets -€15,852
no longer reported in 2025 (was €15,852)
- Receivables within one year -€14,065
down €14,065 (-86.4%), from €16,272 to €2,207
of which Other amounts receivable: -€13,032
- Debts after one year +€253,859
up €253,859 (+3,305%), from €7,680 to €261,539
- Short-term financial debts -€100,000
no longer reported in 2025 (was €100,000)
- Profit (loss) carried forward -€49,487
down €49,487, from €16,371 to -€33,116
- Other debts +€46,067
new in 2025: €46,067
- Trade debts -€5,239
down €5,239 (-47.3%), from €11,082 to €5,843
- Gross operating margin -€95,162
down €95,162 (-85.9%), from €110,796 to €15,634
- Staff costs -€26,764
down €26,764 (-40.1%), from €66,690 to €39,926
- Financial charges +€5,368
up €5,368 (+115%), from €4,661 to €10,029
- Depreciation -€2,310
down €2,310 (-18.2%), from €12,718 to €10,408
- Other operating charges -€1,521
down €1,521 (-25.0%), from €6,094 to €4,573
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 | €178,729 | €320,100 | +€141,371 | +79.1% |
| Fixed assets | 21/28 | €106,226 | €301,564 | +€195,338 | +184% |
| Tangible fixed assets | 22/27 | €90,374 | €301,564 | +€211,190 | +234% |
| Land and buildings | 22 | €4,845 | €17,844 | +€12,999 | +268% |
| Plant, machinery and equipment | 23 | €3,777 | €9,868 | +€6,091 | +161% |
| Furniture and vehicles | 24 | €1,969 | €4,556 | +€2,587 | +131% |
| Leasing and similar rights | 25 | €6,774 | €4,209 | -€2,565 | -37.9% |
| Assets under construction and advance payments | 27 | €73,009 | €265,087 | +€192,078 | +263% |
| Financial fixed assets | 28 | €15,852 | - | -€15,852 | |
| Current assets | 29/58 | €72,503 | €18,536 | -€53,967 | -74.4% |
| Stocks and contracts in progress | 3 | €10,048 | €7,301 | -€2,747 | -27.3% |
| Stocks | 30/36 | €10,048 | €7,301 | -€2,747 | -27.3% |
| Amounts receivable within one year | 40/41 | €16,272 | €2,207 | -€14,065 | -86.4% |
| Trade receivables | 40 | €1,985 | €952 | -€1,033 | -52.0% |
| Other amounts receivable | 41 | €14,287 | €1,255 | -€13,032 | -91.2% |
| Cash at bank and in hand | 54/58 | €43,347 | €8,603 | -€34,744 | -80.2% |
| Deferred charges and accrued income | 490/1 | €2,836 | €425 | -€2,411 | -85.0% |
| Total equity and liabilities | 10/49 | €178,729 | €320,100 | +€141,371 | +79.1% |
| Equity | 10/15 | €42,596 | -€6,891 | -€49,487 | |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €1,225 | €1,225 | = | 0.0% |
| Non-distributable reserves | 130/1 | €530 | €530 | = | 0.0% |
| Reserves not available under the articles | 1311 | €530 | €530 | = | 0.0% |
| Distributable reserves | 133 | €695 | €695 | = | 0.0% |
| Profit (loss) carried forward | 14 | €16,371 | -€33,116 | -€49,487 | |
| Amounts payable | 17/49 | €136,133 | €326,991 | +€190,858 | +140% |
| Amounts payable after more than one year | 17 | €7,680 | €261,539 | +€253,859 | +3,305% |
| Financial debts | 170/4 | €7,680 | €261,539 | +€253,859 | +3,305% |
| Amounts payable within one year | 42/48 | €127,812 | €64,642 | -€63,170 | -49.4% |
| Current portion of amounts payable after more than one year | 42 | €7,408 | €8,441 | +€1,033 | +13.9% |
| Financial debts | 43 | €100,000 | - | -€100,000 | |
| Credit institutions | 430/8 | €100,000 | - | -€100,000 | |
| Trade debts | 44 | €11,082 | €5,843 | -€5,239 | -47.3% |
| Suppliers | 440/4 | €11,082 | €5,843 | -€5,239 | -47.3% |
| Taxes, remuneration and social security | 45 | €9,322 | €4,291 | -€5,031 | -54.0% |
| Taxes | 450/3 | €1,661 | €411 | -€1,250 | -75.3% |
| Remuneration and social security | 454/9 | €7,661 | €3,880 | -€3,781 | -49.4% |
| Other amounts payable | 47/48 | - | €46,067 | +€46,067 | |
| Accrued charges and deferred income | 492/3 | €641 | €810 | +€169 | +26.4% |
| Remuneration, social security and pensions | 62 | €66,690 | €39,926 | -€26,764 | -40.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,718 | €10,408 | -€2,310 | -18.2% |
| Other operating charges | 640/8 | €6,094 | €4,573 | -€1,521 | -25.0% |
| Gross operating margin | 9900 | €110,796 | €15,634 | -€95,162 | -85.9% |
| Operating profit (loss) | 9901 | €25,294 | -€39,273 | -€64,567 | |
| Financial income | 75/76B | €432 | - | -€432 | |
| Recurring financial income | 75 | €432 | - | -€432 | |
| Financial charges | 65/66B | €4,661 | €10,029 | +€5,368 | +115% |
| Recurring financial charges | 65 | €4,661 | €10,029 | +€5,368 | +115% |
| Profit (loss) for the period before taxes | 9903 | €21,065 | -€49,302 | -€70,367 | |
| Income taxes | 67/77 | €179 | €185 | +€6 | +3.4% |
| Profit (loss) for the period | 9904 | €20,886 | -€49,487 | -€70,373 | |
| Profit (loss) for the period to be appropriated | 9905 | €20,886 | -€49,487 | -€70,373 |
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 28 October 2026 via checked.be.