JASOV: 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.
JASOV
Largest movements
- Financial fixed assets -€681,989
down €681,989 (-26.1%), from €2.6m to €1.9m
- Cash +€673,660
up €673,660 (+1361.1%), from €49,492 to €723,153
mainly Investment in fixed assets (net) (+€681,094) and Current investments (+€517,881)
- Current investments -€517,881
down €517,881 (-42.1%), from €1.2m to €712,608
- Tangible fixed assets -€260,351
down €260,351 (-5.5%), from €4.7m to €4.5m
of which Land and buildings: -€208,272
- Debts after one year -€661,471
down €661,471 (-36.4%), from €1.8m to €1.2m
- Reserves -€123,227
down €123,227 (-2.1%), from €5.8m to €5.7m
of which Non-distributable reserves: -€350,000
- Gross operating margin +€81,925
up €81,925 (+133.2%), from €61,504 to €143,429
- Financial income -€26,493
down €26,493 (-15.0%), from €176,595 to €150,102
- Write-downs -€16,857
no longer reported in 2025 (was €16,857)
- Financial charges -€12,862
down €12,862 (-11.7%), from €109,903 to €97,041
- Other operating charges +€5,715
up €5,715 (+42.4%), from €13,463 to €19,178
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €9,352,257 | €8,492,170 | -€860,087 | -9.2% |
| Fixed assets | 21/28 | €7,331,361 | €6,389,021 | -€942,340 | -12.9% |
| Tangible fixed assets | 22/27 | €4,718,512 | €4,458,161 | -€260,351 | -5.5% |
| Land and buildings | 22 | €4,457,462 | €4,249,190 | -€208,272 | -4.7% |
| Plant, machinery and equipment | 23 | €2,333 | €1,748 | -€585 | -25.1% |
| Furniture and vehicles | 24 | €206,919 | €155,425 | -€51,494 | -24.9% |
| Other tangible fixed assets | 26 | €51,798 | €51,798 | = | 0.0% |
| Financial fixed assets | 28 | €2,612,849 | €1,930,860 | -€681,989 | -26.1% |
| Current assets | 29/58 | €2,020,895 | €2,103,149 | +€82,253 | +4.1% |
| Amounts receivable within one year | 40/41 | €672,933 | €627,134 | -€45,799 | -6.8% |
| Trade receivables | 40 | €3,086 | €8,671 | +€5,585 | +181.0% |
| Other amounts receivable | 41 | €669,847 | €618,463 | -€51,384 | -7.7% |
| Current investments | 50/53 | €1,230,488 | €712,608 | -€517,881 | -42.1% |
| Cash at bank and in hand | 54/58 | €49,492 | €723,153 | +€673,660 | +1361.1% |
| Deferred charges and accrued income | 490/1 | €67,982 | €40,255 | -€27,727 | -40.8% |
| Total equity and liabilities | 10/49 | €9,352,257 | €8,492,170 | -€860,087 | -9.2% |
| Equity | 10/15 | €5,880,877 | €5,757,650 | -€123,227 | -2.1% |
| Contributions | 10/11 | €70,000 | €70,000 | = | 0.0% |
| Capital | 10 | €70,000 | - | -€70,000 | |
| Issued capital | 100 | €70,000 | - | -€70,000 | |
| Reserves | 13 | €5,810,877 | €5,687,650 | -€123,227 | -2.1% |
| Non-distributable reserves | 130/1 | €350,000 | - | -€350,000 | |
| Legal reserve | 130 | €350,000 | - | -€350,000 | |
| Tax-exempt reserves | 132 | €17,822 | €9,868 | -€7,954 | -44.6% |
| Distributable reserves | 133 | €5,443,054 | €5,677,782 | +€234,727 | +4.3% |
| Provisions and deferred taxes | 16 | €1,320,675 | €1,282,891 | -€37,784 | -2.9% |
| Provisions for liabilities and charges | 160/5 | €1,314,734 | €1,279,602 | -€35,132 | -2.7% |
| Other liabilities and charges | 164/5 | €1,314,734 | €1,279,602 | -€35,132 | -2.7% |
| Deferred taxes | 168 | €5,941 | €3,289 | -€2,651 | -44.6% |
| Amounts payable | 17/49 | €2,150,705 | €1,451,630 | -€699,076 | -32.5% |
| Amounts payable after more than one year | 17 | €1,817,846 | €1,156,375 | -€661,471 | -36.4% |
| Other amounts payable | 178/9 | €1,817,846 | €1,156,375 | -€661,471 | -36.4% |
| Amounts payable within one year | 42/48 | €16,782 | €20,346 | +€3,564 | +21.2% |
| Trade debts | 44 | €48 | €1,524 | +€1,476 | +3044.3% |
| Suppliers | 440/4 | €48 | €1,524 | +€1,476 | +3044.3% |
| Taxes, remuneration and social security | 45 | €16,733 | €18,821 | +€2,088 | +12.5% |
| Taxes | 450/3 | €14,562 | €14,975 | +€413 | +2.8% |
| Remuneration and social security | 454/9 | €2,172 | €3,846 | +€1,674 | +77.1% |
| Accrued charges and deferred income | 492/3 | €316,078 | €274,909 | -€41,168 | -13.0% |
| Remuneration, social security and pensions | 62 | €15,603 | €13,871 | -€1,732 | -11.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €264,714 | €261,246 | -€3,468 | -1.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €16,857 | - | -€16,857 | |
| Other operating charges | 640/8 | €13,463 | €19,178 | +€5,715 | +42.4% |
| Non-recurring operating charges | 66A | €24,504 | €27,744 | +€3,240 | +13.2% |
| Gross operating margin | 9900 | €61,504 | €143,429 | +€81,925 | +133.2% |
| Operating profit (loss) | 9901 | -€273,637 | -€178,610 | +€95,027 | +34.7% |
| Financial income | 75/76B | €176,595 | €150,102 | -€26,493 | -15.0% |
| Recurring financial income | 75 | €176,595 | €150,102 | -€26,493 | -15.0% |
| Financial charges | 65/66B | €109,903 | €97,041 | -€12,862 | -11.7% |
| Recurring financial charges | 65 | €109,903 | €97,041 | -€12,862 | -11.7% |
| Profit (loss) for the period before taxes | 9903 | -€206,945 | -€125,549 | +€81,396 | +39.3% |
| Transfer from deferred taxes | 780 | €5,455 | €2,651 | -€2,803 | -51.4% |
| Income taxes | 67/77 | €318 | €329 | +€11 | +3.6% |
| Profit (loss) for the period | 9904 | -€201,808 | -€123,227 | +€78,581 | +38.9% |
| Transfer from tax-exempt reserves | 789 | €16,365 | €7,954 | -€8,410 | -51.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€185,443 | -€115,273 | +€70,170 | +37.8% |
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 6 October 2026 via checked.be.