JANEL: 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.
JANEL
Largest movements
- Receivables within one year -€310,130
down €310,130 (-47.1%), from €659,059 to €348,929
of which Other amounts receivable: -€308,630
- Cash +€300,608
up €300,608 (+330%), from €90,974 to €391,582
mainly Receivables within one year (+€310,130) and Other debts (+€61,159)
- Financial fixed assets -€42,790
down €42,790 (-12.6%), from €339,494 to €296,704
- Reserves -€198,129
down €198,129 (-19.9%), from €994,710 to €796,580
of which Distributable reserves: -€198,129
- Other debts +€61,159
up €61,159 (+3.5%), from €1.8m to €1.8m
- Financial income -€325,914
down €325,914 (-100%), from €325,914 to €0
- Financial charges -€319,275
down €319,275 (-70.2%), from €454,585 to €135,310
of which Non-recurring financial charges: -€324,056
- Gross operating margin +€173,491
up €173,491, from -€170,266 to €3,225
- Other operating charges -€87,870
down €87,870 (-67.1%), from €130,923 to €43,053
- Depreciation -€5,734
down €5,734 (-20.2%), from €28,337 to €22,603
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 | €2,918,418 | €2,809,129 | -€109,289 | -3.7% |
| Fixed assets | 21/28 | €1,529,258 | €1,463,865 | -€65,393 | -4.3% |
| Tangible fixed assets | 22/27 | €1,189,764 | €1,167,161 | -€22,603 | -1.9% |
| Land and buildings | 22 | €1,173,586 | €1,151,174 | -€22,412 | -1.9% |
| Furniture and vehicles | 24 | €16,178 | €15,987 | -€191 | -1.2% |
| Financial fixed assets | 28 | €339,494 | €296,704 | -€42,790 | -12.6% |
| Current assets | 29/58 | €1,389,160 | €1,345,264 | -€43,895 | -3.2% |
| Stocks and contracts in progress | 3 | €633,185 | €604,753 | -€28,432 | -4.5% |
| Stocks | 30/36 | €633,185 | €604,753 | -€28,432 | -4.5% |
| Amounts receivable within one year | 40/41 | €659,059 | €348,929 | -€310,130 | -47.1% |
| Trade receivables | 40 | €15,164 | €13,664 | -€1,500 | -9.9% |
| Other amounts receivable | 41 | €643,894 | €335,264 | -€308,630 | -47.9% |
| Cash at bank and in hand | 54/58 | €90,974 | €391,582 | +€300,608 | +330% |
| Deferred charges and accrued income | 490/1 | €5,941 | €0 | -€5,941 | -100% |
| Total equity and liabilities | 10/49 | €2,918,418 | €2,809,129 | -€109,289 | -3.7% |
| Equity | 10/15 | €1,057,210 | €859,080 | -€198,129 | -18.7% |
| Contributions | 10/11 | €62,500 | €62,500 | = | 0.0% |
| Capital | 10 | €62,500 | €62,500 | = | 0.0% |
| Issued capital | 100 | €62,500 | €62,500 | = | 0.0% |
| Reserves | 13 | €994,710 | €796,580 | -€198,129 | -19.9% |
| Non-distributable reserves | 130/1 | €17,785 | €17,785 | = | 0.0% |
| Legal reserve | 130 | €17,785 | €17,785 | = | 0.0% |
| Distributable reserves | 133 | €976,925 | €778,796 | -€198,129 | -20.3% |
| Amounts payable | 17/49 | €1,861,208 | €1,950,049 | +€88,841 | +4.8% |
| Amounts payable within one year | 42/48 | €1,774,666 | €1,858,614 | +€83,948 | +4.7% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €4,630 | €27,899 | +€23,269 | +503% |
| Suppliers | 440/4 | €4,630 | €27,899 | +€23,269 | +503% |
| Taxes, remuneration and social security | 45 | €480 | €0 | -€480 | -100% |
| Taxes | 450/3 | €480 | €0 | -€480 | -100% |
| Other amounts payable | 47/48 | €1,769,555 | €1,830,715 | +€61,159 | +3.5% |
| Accrued charges and deferred income | 492/3 | €86,542 | €91,435 | +€4,893 | +5.7% |
| Non-recurring operating income | 76A | €1,240 | €0 | -€1,240 | -100% |
| Remuneration, social security and pensions | 62 | €0 | €389 | +€389 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,337 | €22,603 | -€5,734 | -20.2% |
| Other operating charges | 640/8 | €130,923 | €43,053 | -€87,870 | -67.1% |
| Gross operating margin | 9900 | -€170,266 | €3,225 | +€173,491 | |
| Operating profit (loss) | 9901 | -€329,526 | -€62,820 | +€266,706 | +80.9% |
| Financial income | 75/76B | €325,914 | €0 | -€325,914 | -100% |
| Recurring financial income | 75 | €325,914 | €0 | -€325,914 | -100% |
| Financial charges | 65/66B | €454,585 | €135,310 | -€319,275 | -70.2% |
| Recurring financial charges | 65 | €87,739 | €92,520 | +€4,781 | +5.4% |
| Non-recurring financial charges | 66B | €366,846 | €42,790 | -€324,056 | -88.3% |
| Profit (loss) for the period before taxes | 9903 | -€458,196 | -€198,129 | +€260,067 | +56.8% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€458,196 | -€198,129 | +€260,067 | +56.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€458,196 | -€198,129 | +€260,067 | +56.8% |
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.