JBG: 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.
JBG
Largest movements
- Receivables within one year -€33,541
down €33,541 (-10.9%), from €308,259 to €274,718
of which Trade receivables: -€109,920
- Tangible fixed assets -€13,861
down €13,861 (-40.7%), from €34,062 to €20,200
of which Other tangible fixed assets: -€9,134
- Cash +€13,593
up €13,593 (+23.8%), from €57,120 to €70,714
mainly Net result for the year (+€37,608) and Receivables within one year (+€33,541)
- Other debts -€87,121
down €87,121 (-100%), from €87,121 to €0
- Reserves +€37,608
up €37,608 (+16.8%), from €223,633 to €261,241
of which Distributable reserves: +€37,608
- Tax, wage and social debts +€12,897
up €12,897 (+36.0%), from €35,800 to €48,696
of which Taxes: +€10,994
- Write-downs +€33,073
up €33,073, from €0 to €33,073
- Gross operating margin -€4,380
down €4,380 (-3.7%), from €119,813 to €115,433
- Staff costs -€3,944
down €3,944 (-53.2%), from €7,420 to €3,476
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 | €400,178 | €365,857 | -€34,321 | -8.6% |
| Fixed assets | 21/28 | €34,287 | €20,425 | -€13,861 | -40.4% |
| Tangible fixed assets | 22/27 | €34,062 | €20,200 | -€13,861 | -40.7% |
| Furniture and vehicles | 24 | €6,104 | €1,376 | -€4,727 | -77.5% |
| Other tangible fixed assets | 26 | €27,958 | €18,824 | -€9,134 | -32.7% |
| Financial fixed assets | 28 | €225 | €225 | = | 0.0% |
| Current assets | 29/58 | €365,891 | €345,432 | -€20,459 | -5.6% |
| Amounts receivable within one year | 40/41 | €308,259 | €274,718 | -€33,541 | -10.9% |
| Trade receivables | 40 | €127,937 | €18,018 | -€109,920 | -85.9% |
| Other amounts receivable | 41 | €180,322 | €256,701 | +€76,379 | +42.4% |
| Cash at bank and in hand | 54/58 | €57,120 | €70,714 | +€13,593 | +23.8% |
| Deferred charges and accrued income | 490/1 | €511 | €0 | -€511 | -100% |
| Total equity and liabilities | 10/49 | €400,178 | €365,857 | -€34,321 | -8.6% |
| Equity | 10/15 | €273,633 | €311,241 | +€37,608 | +13.7% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €223,633 | €261,241 | +€37,608 | +16.8% |
| Tax-exempt reserves | 132 | €14,030 | €14,030 | = | 0.0% |
| Distributable reserves | 133 | €209,603 | €247,211 | +€37,608 | +17.9% |
| Amounts payable | 17/49 | €126,544 | €54,616 | -€71,928 | -56.8% |
| Amounts payable within one year | 42/48 | €126,544 | €54,616 | -€71,928 | -56.8% |
| Trade debts | 44 | €3,624 | €5,920 | +€2,296 | +63.4% |
| Suppliers | 440/4 | €3,624 | €5,920 | +€2,296 | +63.4% |
| Taxes, remuneration and social security | 45 | €35,800 | €48,696 | +€12,897 | +36.0% |
| Taxes | 450/3 | €24,049 | €35,043 | +€10,994 | +45.7% |
| Remuneration and social security | 454/9 | €11,751 | €13,654 | +€1,903 | +16.2% |
| Other amounts payable | 47/48 | €87,121 | €0 | -€87,121 | -100% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €4,534 | €0 | -€4,534 | -100% |
| Remuneration, social security and pensions | 62 | €7,420 | €3,476 | -€3,944 | -53.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,861 | €13,861 | -€0 | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | €33,073 | +€33,073 | |
| Other operating charges | 640/8 | €4,019 | €3,532 | -€487 | -12.1% |
| Non-recurring operating charges | 66A | €16 | €0 | -€16 | -100% |
| Gross operating margin | 9900 | €119,813 | €115,433 | -€4,380 | -3.7% |
| Operating profit (loss) | 9901 | €94,497 | €61,492 | -€33,005 | -34.9% |
| Financial income | 75/76B | €47 | €96 | +€49 | +105% |
| Recurring financial income | 75 | €47 | €96 | +€49 | +105% |
| Financial charges | 65/66B | €776 | €812 | +€36 | +4.6% |
| Recurring financial charges | 65 | €776 | €812 | +€36 | +4.6% |
| Profit (loss) for the period before taxes | 9903 | €93,768 | €60,776 | -€32,992 | -35.2% |
| Income taxes | 67/77 | €23,989 | €23,168 | -€821 | -3.4% |
| Profit (loss) for the period | 9904 | €69,779 | €37,608 | -€32,171 | -46.1% |
| Profit (loss) for the period to be appropriated | 9905 | €69,779 | €37,608 | -€32,171 | -46.1% |
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 30 October 2026 via checked.be.