JDB: 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.
JDB
Largest movements
- Tangible fixed assets +€413,342
up €413,342 (+98.2%), from €420,904 to €834,246
of which Land and buildings: +€378,679
- Receivables within one year +€59,814
up €59,814 (+28.1%), from €212,918 to €272,732
of which Trade receivables: +€78,690
- Cash -€35,470
down €35,470 (-51.5%), from €68,904 to €33,434
mainly Investment in fixed assets (net) (-€539,627) and Receivables within one year (-€59,814)
- Stocks and contracts +€19,185
up €19,185, from €0 to €19,185
- Debts after one year +€310,837
up €310,837 (+270%), from €115,249 to €426,086
- Trade debts +€77,376
up €77,376 (+60.8%), from €127,289 to €204,665
- Other debts +€34,943
up €34,943 (+13.3%), from €262,803 to €297,745
- Current portion of long-term debt +€32,460
up €32,460 (+53.5%), from €60,654 to €93,114
- Gross operating margin +€75,809
up €75,809 (+22.0%), from €344,518 to €420,327
- Depreciation +€24,714
up €24,714 (+24.3%), from €101,571 to €126,285
- Staff costs +€11,934
up €11,934 (+5.1%), from €235,886 to €247,821
- Other operating charges +€4,312
up €4,312 (+60.3%), from €7,153 to €11,464
- Taxes +€4,286
up €4,286 (+4,443%), from €96 to €4,382
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 | €717,042 | €1,172,491 | +€455,448 | +63.5% |
| Fixed assets | 21/28 | €420,904 | €834,246 | +€413,342 | +98.2% |
| Tangible fixed assets | 22/27 | €420,904 | €834,246 | +€413,342 | +98.2% |
| Land and buildings | 22 | €17,121 | €395,800 | +€378,679 | +2,212% |
| Plant, machinery and equipment | 23 | €327,759 | €393,353 | +€65,594 | +20.0% |
| Furniture and vehicles | 24 | €76,024 | €45,092 | -€30,932 | -40.7% |
| Current assets | 29/58 | €296,138 | €338,244 | +€42,106 | +14.2% |
| Stocks and contracts in progress | 3 | €0 | €19,185 | +€19,185 | |
| Contracts in progress | 37 | €0 | €19,185 | +€19,185 | |
| Amounts receivable within one year | 40/41 | €212,918 | €272,732 | +€59,814 | +28.1% |
| Trade receivables | 40 | €190,995 | €269,684 | +€78,690 | +41.2% |
| Other amounts receivable | 41 | €21,924 | €3,048 | -€18,876 | -86.1% |
| Cash at bank and in hand | 54/58 | €68,904 | €33,434 | -€35,470 | -51.5% |
| Deferred charges and accrued income | 490/1 | €14,316 | €12,894 | -€1,422 | -9.9% |
| Total equity and liabilities | 10/49 | €717,042 | €1,172,491 | +€455,448 | +63.5% |
| Equity | 10/15 | €109,029 | €109,417 | +€388 | +0.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €120,777 | €120,777 | = | 0.0% |
| Distributable reserves | 133 | €120,777 | €120,777 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€16,748 | -€16,360 | +€388 | +2.3% |
| Amounts payable | 17/49 | €608,013 | €1,063,073 | +€455,060 | +74.8% |
| Amounts payable after more than one year | 17 | €115,249 | €426,086 | +€310,837 | +270% |
| Financial debts | 170/4 | €115,249 | €426,086 | +€310,837 | +270% |
| Amounts payable within one year | 42/48 | €492,764 | €636,988 | +€144,223 | +29.3% |
| Current portion of amounts payable after more than one year | 42 | €60,654 | €93,114 | +€32,460 | +53.5% |
| Trade debts | 44 | €127,289 | €204,665 | +€77,376 | +60.8% |
| Suppliers | 440/4 | €127,289 | €204,665 | +€77,376 | +60.8% |
| Taxes, remuneration and social security | 45 | €42,019 | €41,464 | -€555 | -1.3% |
| Taxes | 450/3 | €3,680 | €10,058 | +€6,378 | +173% |
| Remuneration and social security | 454/9 | €38,339 | €31,406 | -€6,933 | -18.1% |
| Other amounts payable | 47/48 | €262,803 | €297,745 | +€34,943 | +13.3% |
| Non-recurring operating income | 76A | €9,790 | €0 | -€9,790 | -100% |
| Remuneration, social security and pensions | 62 | €235,886 | €247,821 | +€11,934 | +5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €101,571 | €126,285 | +€24,714 | +24.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €455 | €0 | -€455 | -100% |
| Other operating charges | 640/8 | €7,153 | €11,464 | +€4,312 | +60.3% |
| Non-recurring operating charges | 66A | €911 | €14,933 | +€14,022 | +1,539% |
| Gross operating margin | 9900 | €344,518 | €420,327 | +€75,809 | +22.0% |
| Operating profit (loss) | 9901 | -€1,457 | €19,823 | +€21,281 | |
| Financial income | 75/76B | €134 | €11 | -€123 | -91.8% |
| Recurring financial income | 75 | €134 | €11 | -€123 | -91.8% |
| Financial charges | 65/66B | €15,328 | €15,064 | -€264 | -1.7% |
| Recurring financial charges | 65 | €15,328 | €15,064 | -€264 | -1.7% |
| Profit (loss) for the period before taxes | 9903 | -€16,651 | €4,771 | +€21,422 | |
| Income taxes | 67/77 | €96 | €4,382 | +€4,286 | +4,443% |
| Profit (loss) for the period | 9904 | -€16,748 | €388 | +€17,136 | |
| Profit (loss) for the period to be appropriated | 9905 | -€16,748 | €388 | +€17,136 |
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 14 October 2026 via checked.be.