JAO: 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.
JAO
Largest movements
- Tangible fixed assets -€30,119
down €30,119 (-16.9%), from €178,434 to €148,315
- Receivables within one year +€21,354
up €21,354 (+47.3%), from €45,159 to €66,513
of which Trade receivables: +€21,355
- Deferred charges and accrued income -€11,607
down €11,607 (-91.6%), from €12,678 to €1,071
- Cash -€7,092
down €7,092 (-30.7%), from €23,101 to €16,009
mainly Current portion of long-term debt (-€22,464) and Accrued charges and deferred income (-€22,145)
- Current portion of long-term debt -€22,464
down €22,464 (-52.8%), from €42,512 to €20,048
- Accrued charges and deferred income -€22,145
down €22,145 (-92.7%), from €23,880 to €1,735
- Trade debts +€20,114
up €20,114 (+53.4%), from €37,675 to €57,789
- Debts after one year -€19,013
down €19,013 (-13.4%), from €141,975 to €122,962
- Profit (loss) carried forward +€16,636
up €16,636 (+22.0%), from -€75,447 to -€58,811
- Gross operating margin +€83,936
up €83,936 (+29.2%), from €287,278 to €371,214
- Staff costs +€71,280
up €71,280 (+29.2%), from €244,174 to €315,454
- Depreciation -€5,811
down €5,811 (-15.4%), from €37,789 to €31,978
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 | €271,759 | €244,976 | -€26,783 | -9.9% |
| Fixed assets | 21/28 | €184,991 | €154,047 | -€30,944 | -16.7% |
| Intangible fixed assets | 21 | €1,226 | €151 | -€1,075 | -87.7% |
| Tangible fixed assets | 22/27 | €178,434 | €148,315 | -€30,119 | -16.9% |
| Land and buildings | 22 | €98,193 | €94,708 | -€3,485 | -3.5% |
| Plant, machinery and equipment | 23 | €26,125 | €14,565 | -€11,560 | -44.2% |
| Furniture and vehicles | 24 | €20,867 | €14,105 | -€6,762 | -32.4% |
| Other tangible fixed assets | 26 | €33,249 | €24,937 | -€8,312 | -25.0% |
| Financial fixed assets | 28 | €5,331 | €5,581 | +€250 | +4.7% |
| Current assets | 29/58 | €86,768 | €90,929 | +€4,161 | +4.8% |
| Stocks and contracts in progress | 3 | €5,830 | €7,336 | +€1,506 | +25.8% |
| Stocks | 30/36 | €5,830 | €7,336 | +€1,506 | +25.8% |
| Amounts receivable within one year | 40/41 | €45,159 | €66,513 | +€21,354 | +47.3% |
| Trade receivables | 40 | €45,158 | €66,513 | +€21,355 | +47.3% |
| Other amounts receivable | 41 | €1 | - | -€1 | |
| Cash at bank and in hand | 54/58 | €23,101 | €16,009 | -€7,092 | -30.7% |
| Deferred charges and accrued income | 490/1 | €12,678 | €1,071 | -€11,607 | -91.6% |
| Total equity and liabilities | 10/49 | €271,759 | €244,976 | -€26,783 | -9.9% |
| Equity | 10/15 | -€35,447 | -€18,811 | +€16,636 | +46.9% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€75,447 | -€58,811 | +€16,636 | +22.0% |
| Amounts payable | 17/49 | €307,206 | €263,787 | -€43,419 | -14.1% |
| Amounts payable after more than one year | 17 | €141,975 | €122,962 | -€19,013 | -13.4% |
| Financial debts | 170/4 | €141,975 | €122,962 | -€19,013 | -13.4% |
| Amounts payable within one year | 42/48 | €141,351 | €139,090 | -€2,261 | -1.6% |
| Current portion of amounts payable after more than one year | 42 | €42,512 | €20,048 | -€22,464 | -52.8% |
| Trade debts | 44 | €37,675 | €57,789 | +€20,114 | +53.4% |
| Suppliers | 440/4 | €37,675 | €57,789 | +€20,114 | +53.4% |
| Taxes, remuneration and social security | 45 | €44,872 | €61,253 | +€16,381 | +36.5% |
| Taxes | 450/3 | €1,003 | €3,295 | +€2,292 | +229% |
| Remuneration and social security | 454/9 | €43,869 | €57,958 | +€14,089 | +32.1% |
| Other amounts payable | 47/48 | €16,292 | - | -€16,292 | |
| Accrued charges and deferred income | 492/3 | €23,880 | €1,735 | -€22,145 | -92.7% |
| Remuneration, social security and pensions | 62 | €244,174 | €315,454 | +€71,280 | +29.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,789 | €31,978 | -€5,811 | -15.4% |
| Other operating charges | 640/8 | €2,807 | €3,535 | +€728 | +25.9% |
| Gross operating margin | 9900 | €287,278 | €371,214 | +€83,936 | +29.2% |
| Operating profit (loss) | 9901 | €2,508 | €20,247 | +€17,739 | +707% |
| Financial income | 75/76B | €49 | €113 | +€64 | +131% |
| Recurring financial income | 75 | €49 | €113 | +€64 | +131% |
| Financial charges | 65/66B | €4,615 | €3,566 | -€1,049 | -22.7% |
| Recurring financial charges | 65 | €4,615 | €3,566 | -€1,049 | -22.7% |
| Profit (loss) for the period before taxes | 9903 | -€2,058 | €16,794 | +€18,852 | |
| Income taxes | 67/77 | €141 | €158 | +€17 | +12.1% |
| Profit (loss) for the period | 9904 | -€2,199 | €16,636 | +€18,835 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,199 | €16,636 | +€18,835 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.