JCA2M: what changed
What changed
JCA2M
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€11.4m
2024 · €15.1m-€3.7m
Equity
€178.4m
2024 · €187.1m-€8.6m
Cash
€866,290
2024 · €3.2m-€2.3m
Balance sheet total
€205.0m
2024 · €202.6m+€2.4m
Largest movements
Assets
- Cash -€2.3m
down €2.3m (-72.6%), from €3.2m to €866,290
mainly Contributions, distributions and other (-€20.0m) and Investment in fixed assets (net) (-€1.8m)
Equity and liabilities
- Contributions -€17.6m
down €17.6m (-10.3%), from €171.6m to €154.0m
- Other debts +€10.0m
new in 2025: €10.0m
- Profit (loss) carried forward +€9.0m
up €9.0m (+59.3%), from €15.2m to €24.2m
Income statement
- Financial income -€3.9m
down €3.9m (-25.1%), from €15.5m to €11.6m
- Financial charges -€136,502
down €136,502 (-24.9%), from €548,963 to €412,461
- Gross operating margin +€30,271
up €30,271 (+16.8%), from €180,592 to €210,863
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€15.1m
Gross operating margin
+€30,271
Other operating charges
-€497
Financial income
-€3.9m
Financial charges
+€136,502
Taxes
-€42
Result 2025
€11.4m
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€18.9m
Investment
-€2.2m
Financing
-€19.0m
Cash 2024
€3.2m
From operations (derived)
+€18.9m
Net result for the year
+€11.4m
Receivables after one year
-€1.6m
Receivables within one year
-€979,034
Smaller working-capital items
+€46,002
Other debts
+€10.0m
Investment (derived)
-€2.2m
Investment in fixed assets (net)
-€1.8m
Current investments
-€352,642
Financing
-€19.0m
Short-term financial debts
+€1.0m
Contributions, distributions and other
-€20.0m
Cash 2025
€866,290
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €202,559,093 | €204,990,953 | +€2.4m | +1.2% |
| Fixed assets | 21/28 | €183,927,837 | €185,767,945 | +€1.8m | +1.0% |
| Tangible fixed assets | 22/27 | €1,103,249 | €1,892,103 | +€788,854 | +71.5% |
| Furniture and vehicles | 24 | €1,103,249 | €1,892,103 | +€788,854 | +71.5% |
| Financial fixed assets | 28 | €182,824,588 | €183,875,843 | +€1.1m | +0.6% |
| Current assets | 29/58 | €18,631,255 | €19,223,007 | +€591,752 | +3.2% |
| Amounts receivable after more than one year | 29 | €3,932,388 | €5,495,236 | +€1.6m | +39.7% |
| Other amounts receivable | 291 | €3,932,388 | €5,495,236 | +€1.6m | +39.7% |
| Amounts receivable within one year | 40/41 | €632,234 | €1,611,268 | +€979,034 | +155% |
| Trade receivables | 40 | €333,960 | €556,600 | +€222,640 | +66.7% |
| Other amounts receivable | 41 | €298,274 | €1,054,668 | +€756,394 | +254% |
| Current investments | 50/53 | €10,897,572 | €11,250,214 | +€352,642 | +3.2% |
| Cash at bank and in hand | 54/58 | €3,156,989 | €866,290 | -€2.3m | -72.6% |
| Deferred charges and accrued income | 490/1 | €12,073 | €0 | -€12,073 | -100% |
| Total equity and liabilities | 10/49 | €202,559,093 | €204,990,953 | +€2.4m | +1.2% |
| Equity | 10/15 | €187,063,037 | €178,428,958 | -€8.6m | -4.6% |
| Contributions | 10/11 | €171,643,775 | €154,001,321 | -€17.6m | -10.3% |
| Reserves | 13 | €224,505 | €224,505 | = | 0.0% |
| Distributable reserves | 133 | €224,505 | €224,505 | = | 0.0% |
| Profit (loss) carried forward | 14 | €15,194,756 | €24,203,132 | +€9.0m | +59.3% |
| Amounts payable | 17/49 | €15,496,055 | €26,561,995 | +€11.1m | +71.4% |
| Amounts payable after more than one year | 17 | €5,910,000 | €5,910,000 | = | 0.0% |
| Financial debts | 170/4 | €5,910,000 | €5,910,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €9,542,338 | €20,607,791 | +€11.1m | +116% |
| Financial debts | 43 | €9,513,185 | €10,552,459 | +€1.0m | +10.9% |
| Other loans | 439 | €9,513,185 | €10,552,459 | +€1.0m | +10.9% |
| Trade debts | 44 | €9,747 | €25,949 | +€16,202 | +166% |
| Suppliers | 440/4 | €9,747 | €25,949 | +€16,202 | +166% |
| Taxes, remuneration and social security | 45 | €19,406 | €36,647 | +€17,242 | +88.9% |
| Taxes | 450/3 | €19,406 | €36,647 | +€17,242 | +88.9% |
| Other amounts payable | 47/48 | - | €9,992,736 | +€10.0m | |
| Accrued charges and deferred income | 492/3 | €43,718 | €44,204 | +€486 | +1.1% |
| Other operating charges | 640/8 | €1,678 | €2,175 | +€497 | +29.6% |
| Gross operating margin | 9900 | €180,592 | €210,863 | +€30,271 | +16.8% |
| Operating profit (loss) | 9901 | €178,914 | €208,688 | +€29,774 | +16.6% |
| Financial income | 75/76B | €15,450,543 | €11,570,038 | -€3.9m | -25.1% |
| Recurring financial income | 75 | €15,450,543 | €11,570,038 | -€3.9m | -25.1% |
| Financial charges | 65/66B | €548,963 | €412,461 | -€136,502 | -24.9% |
| Recurring financial charges | 65 | €548,963 | €412,461 | -€136,502 | -24.9% |
| Profit (loss) for the period before taxes | 9903 | €15,080,494 | €11,366,265 | -€3.7m | -24.6% |
| Income taxes | 67/77 | €301 | €344 | +€42 | +14.1% |
| Profit (loss) for the period | 9904 | €15,080,193 | €11,365,921 | -€3.7m | -24.6% |
| Profit (loss) for the period to be appropriated | 9905 | €15,080,193 | €11,365,921 | -€3.7m | -24.6% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.