JCN GROUP: 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.
JCN GROUP
Largest movements
- Financial fixed assets +€570,000
up €570,000 (+13.7%), from €4.2m to €4.7m
- Cash +€87,298
up €87,298 (+181%), from €48,121 to €135,419
mainly Contributions, distributions and other (+€540,000) and Other debts (+€134,301)
- Revaluation surpluses +€540,000
new in 2025: €540,000
- Other debts +€134,301
up €134,301 (+11.5%), from €1.2m to €1.3m
- Debts after one year -€109,323
down €109,323 (-3.9%), from €2.8m to €2.7m
of which Financial debts: -€109,323
- Reserves +€97,418
up €97,418 (+64.7%), from €150,571 to €247,989
- Gross operating margin +€80,522
up €80,522, from -€25,482 to €55,040
- Financial charges +€22,314
up €22,314 (+27.2%), from €82,002 to €104,316
- Other operating charges +€1,694
up €1,694 (+229%), from €741 to €2,435
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 | €4,252,701 | €4,922,416 | +€669,715 | +15.7% |
| Fixed assets | 21/28 | €4,163,651 | €4,732,129 | +€568,478 | +13.7% |
| Tangible fixed assets | 22/27 | €3,651 | €2,129 | -€1,522 | -41.7% |
| Furniture and vehicles | 24 | €3,651 | €2,129 | -€1,522 | -41.7% |
| Financial fixed assets | 28 | €4,160,000 | €4,730,000 | +€570,000 | +13.7% |
| Current assets | 29/58 | €89,050 | €190,288 | +€101,237 | +114% |
| Amounts receivable within one year | 40/41 | €15,929 | €34,408 | +€18,479 | +116% |
| Trade receivables | 40 | €4,595 | €19,920 | +€15,325 | +334% |
| Other amounts receivable | 41 | €11,334 | €14,488 | +€3,153 | +27.8% |
| Current investments | 50/53 | - | €2,538 | +€2,538 | |
| Cash at bank and in hand | 54/58 | €48,121 | €135,419 | +€87,298 | +181% |
| Deferred charges and accrued income | 490/1 | €25,000 | €17,923 | -€7,077 | -28.3% |
| Total equity and liabilities | 10/49 | €4,252,701 | €4,922,416 | +€669,715 | +15.7% |
| Equity | 10/15 | €152,571 | €789,989 | +€637,418 | +418% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Revaluation surpluses | 12 | - | €540,000 | +€540,000 | |
| Reserves | 13 | €150,571 | €247,989 | +€97,418 | +64.7% |
| Distributable reserves | 133 | €150,571 | €247,989 | +€97,418 | +64.7% |
| Amounts payable | 17/49 | €4,100,131 | €4,132,428 | +€32,297 | +0.8% |
| Amounts payable after more than one year | 17 | €2,793,208 | €2,683,885 | -€109,323 | -3.9% |
| Financial debts | 170/4 | €1,893,208 | €1,783,885 | -€109,323 | -5.8% |
| Other amounts payable | 178/9 | €900,000 | €900,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,300,124 | €1,442,726 | +€142,602 | +11.0% |
| Current portion of amounts payable after more than one year | 42 | €122,088 | €118,231 | -€3,858 | -3.2% |
| Financial debts | 43 | €2,500 | €2,500 | = | 0.0% |
| Credit institutions | 430/8 | €2,500 | €2,500 | = | 0.0% |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €3,085 | €6,475 | +€3,390 | +110% |
| Suppliers | 440/4 | €3,085 | €6,475 | +€3,390 | +110% |
| Taxes, remuneration and social security | 45 | €6,482 | €15,252 | +€8,769 | +135% |
| Taxes | 450/3 | €6,482 | €15,252 | +€8,769 | +135% |
| Other amounts payable | 47/48 | €1,165,969 | €1,300,269 | +€134,301 | +11.5% |
| Accrued charges and deferred income | 492/3 | €6,799 | €5,817 | -€982 | -14.4% |
| Non-recurring operating income | 76A | - | €1,575 | +€1,575 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,237 | €1,522 | +€285 | +23.0% |
| Other operating charges | 640/8 | €741 | €2,435 | +€1,694 | +229% |
| Gross operating margin | 9900 | -€25,482 | €55,040 | +€80,522 | |
| Operating profit (loss) | 9901 | -€27,460 | €51,084 | +€78,544 | |
| Financial income | 75/76B | €150,117 | €150,651 | +€534 | +0.4% |
| Recurring financial income | 75 | €150,117 | €150,651 | +€534 | +0.4% |
| Financial charges | 65/66B | €82,002 | €104,316 | +€22,314 | +27.2% |
| Recurring financial charges | 65 | €82,002 | €104,316 | +€22,314 | +27.2% |
| Profit (loss) for the period before taxes | 9903 | €40,655 | €97,418 | +€56,763 | +140% |
| Profit (loss) for the period | 9904 | €40,655 | €97,418 | +€56,763 | +140% |
| Profit (loss) for the period to be appropriated | 9905 | €40,655 | €97,418 | +€56,763 | +140% |
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 29 October 2026 via checked.be.