JENCAR: 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.
JENCAR
Largest movements
- Tangible fixed assets +€167,299
up €167,299 (+42.1%), from €397,158 to €564,457
of which Leasing and similar rights: +€194,721
- Cash -€39,335
down €39,335 (-19.9%), from €197,797 to €158,461
mainly Investment in fixed assets (net) (-€298,550) and Contributions, distributions and other (-€59,318)
- Debts after one year +€104,612
up €104,612 (+91.2%), from €114,664 to €219,276
of which Financial debts: +€123,706
- Other debts +€63,085
up €63,085 (+6042.0%), from €1,044 to €64,129
- Reserves -€42,508
down €42,508 (-13.0%), from €328,098 to €285,590
- Trade debts -€35,514
down €35,514 (-33.0%), from €107,700 to €72,186
- Current portion of long-term debt +€16,474
up €16,474 (+18.4%), from €89,648 to €106,122
- Staff costs +€83,317
up €83,317 (+48.3%), from €172,661 to €255,978
- Gross operating margin +€75,300
up €75,300 (+20.4%), from €369,182 to €444,482
- Taxes -€11,652
down €11,652 (-84.4%), from €13,797 to €2,146
- Other operating charges +€6,959
up €6,959 (+56.2%), from €12,389 to €19,349
- Write-downs +€6,589
up €6,589 (+477.5%), from €1,380 to €7,969
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 | €765,847 | €885,471 | +€119,625 | +15.6% |
| Fixed assets | 21/28 | €397,158 | €564,457 | +€167,299 | +42.1% |
| Tangible fixed assets | 22/27 | €397,158 | €564,457 | +€167,299 | +42.1% |
| Land and buildings | 22 | €136,864 | €136,599 | -€265 | -0.2% |
| Plant, machinery and equipment | 23 | €20,703 | €17,783 | -€2,920 | -14.1% |
| Furniture and vehicles | 24 | €174,636 | €150,399 | -€24,237 | -13.9% |
| Leasing and similar rights | 25 | €64,955 | €259,676 | +€194,721 | +299.8% |
| Current assets | 29/58 | €368,689 | €321,015 | -€47,674 | -12.9% |
| Amounts receivable after more than one year | 29 | €3,822 | €1,933 | -€1,888 | -49.4% |
| Other amounts receivable | 291 | €3,822 | €1,933 | -€1,888 | -49.4% |
| Stocks and contracts in progress | 3 | €16,342 | €14,971 | -€1,371 | -8.4% |
| Stocks | 30/36 | €16,342 | €14,971 | -€1,371 | -8.4% |
| Amounts receivable within one year | 40/41 | €148,879 | €142,964 | -€5,916 | -4.0% |
| Trade receivables | 40 | €145,400 | €124,572 | -€20,828 | -14.3% |
| Other amounts receivable | 41 | €3,480 | €18,392 | +€14,912 | +428.6% |
| Current investments | 50/53 | €456 | €657 | +€201 | +44.1% |
| Cash at bank and in hand | 54/58 | €197,797 | €158,461 | -€39,335 | -19.9% |
| Deferred charges and accrued income | 490/1 | €1,393 | €2,028 | +€635 | +45.6% |
| Total equity and liabilities | 10/49 | €765,847 | €885,471 | +€119,625 | +15.6% |
| Equity | 10/15 | €385,192 | €345,727 | -€39,464 | -10.2% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €328,098 | €285,590 | -€42,508 | -13.0% |
| Distributable reserves | 133 | €328,098 | €285,590 | -€42,508 | -13.0% |
| Profit (loss) carried forward | 14 | €31,414 | €31,414 | = | 0.0% |
| Investment grants | 15 | €680 | €3,724 | +€3,044 | +447.6% |
| Provisions and deferred taxes | 16 | €227 | €1,241 | +€1,015 | +447.6% |
| Deferred taxes | 168 | €227 | €1,241 | +€1,015 | +447.6% |
| Amounts payable | 17/49 | €380,428 | €538,503 | +€158,074 | +41.6% |
| Amounts payable after more than one year | 17 | €114,664 | €219,276 | +€104,612 | +91.2% |
| Financial debts | 170/4 | €80,257 | €203,963 | +€123,706 | +154.1% |
| Trade debts | 175 | €34,407 | €15,314 | -€19,094 | -55.5% |
| Amounts payable within one year | 42/48 | €265,743 | €318,561 | +€52,818 | +19.9% |
| Current portion of amounts payable after more than one year | 42 | €89,648 | €106,122 | +€16,474 | +18.4% |
| Financial debts | 43 | €3,721 | €3,709 | -€12 | -0.3% |
| Credit institutions | 430/8 | €3,721 | €3,709 | -€12 | -0.3% |
| Trade debts | 44 | €107,700 | €72,186 | -€35,514 | -33.0% |
| Suppliers | 440/4 | €107,700 | €72,186 | -€35,514 | -33.0% |
| Taxes, remuneration and social security | 45 | €63,630 | €72,415 | +€8,785 | +13.8% |
| Taxes | 450/3 | €33,696 | €25,806 | -€7,890 | -23.4% |
| Remuneration and social security | 454/9 | €29,934 | €46,609 | +€16,675 | +55.7% |
| Other amounts payable | 47/48 | €1,044 | €64,129 | +€63,085 | +6042.0% |
| Accrued charges and deferred income | 492/3 | €21 | €665 | +€644 | +3068.3% |
| Non-recurring operating income | 76A | €0 | €27,885 | +€27,885 | |
| Remuneration, social security and pensions | 62 | €172,661 | €255,978 | +€83,317 | +48.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €127,649 | €131,251 | +€3,602 | +2.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,380 | €7,969 | +€6,589 | +477.5% |
| Other operating charges | 640/8 | €12,389 | €19,349 | +€6,959 | +56.2% |
| Gross operating margin | 9900 | €369,182 | €444,482 | +€75,300 | +20.4% |
| Operating profit (loss) | 9901 | €55,102 | €29,935 | -€25,167 | -45.7% |
| Financial income | 75/76B | €2,266 | €3,128 | +€862 | +38.0% |
| Recurring financial income | 75 | €2,266 | €3,128 | +€862 | +38.0% |
| Financial charges | 65/66B | €7,762 | €11,558 | +€3,796 | +48.9% |
| Recurring financial charges | 65 | €7,762 | €11,558 | +€3,796 | +48.9% |
| Profit (loss) for the period before taxes | 9903 | €49,607 | €21,506 | -€28,101 | -56.6% |
| Transfer from deferred taxes | 780 | €447 | €493 | +€46 | +10.4% |
| Income taxes | 67/77 | €13,797 | €2,146 | -€11,652 | -84.4% |
| Profit (loss) for the period | 9904 | €36,256 | €19,853 | -€16,403 | -45.2% |
| Profit (loss) for the period to be appropriated | 9905 | €36,256 | €19,853 | -€16,403 | -45.2% |
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 11 October 2026 via checked.be.