JESBA: what changed
Two fiscal 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.
JESBA
Largest movements
- Tangible fixed assets +€933,278
up €933,278 (+124.7%), from €748,175 to €1.7m
of which Assets under construction and advance payments: +€798,172
- Cash +€122,129
up €122,129 (+1547.8%), from €7,890 to €130,020
mainly Debts after one year (+€1.1m) and Current portion of long-term debt (+€73,620)
- Receivables within one year -€32,701
down €32,701 (-58.6%), from €55,836 to €23,136
of which Other amounts receivable: -€20,720
- Debts after one year +€1.1m
up €1.1m (+741.7%), from €150,800 to €1.3m
- Trade debts -€149,134
down €149,134 (-64.0%), from €232,984 to €83,850
- Current portion of long-term debt +€73,620
new in 2025: €73,620
- Tax, wage and social debts -€71,630
down €71,630 (-91.3%), from €78,453 to €6,822
- Reserves +€57,544
up €57,544 (+14.2%), from €406,371 to €463,914
- Gross operating margin -€85,034
down €85,034 (-38.4%), from €221,173 to €136,140
- Taxes -€24,852
down €24,852 (-47.9%), from €51,862 to €27,010
- Financial charges +€18,658
up €18,658 (+1369.0%), from €1,363 to €20,020
- Other operating charges +€18,249
up €18,249 (+695.3%), from €2,624 to €20,873
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 | €911,520 | €1,921,684 | +€1.0m | +110.8% |
| Fixed assets | 21/28 | €766,815 | €1,700,093 | +€933,278 | +121.7% |
| Tangible fixed assets | 22/27 | €748,175 | €1,681,453 | +€933,278 | +124.7% |
| Land and buildings | 22 | €128,722 | €263,828 | +€135,106 | +105.0% |
| Assets under construction and advance payments | 27 | €619,453 | €1,417,625 | +€798,172 | +128.9% |
| Financial fixed assets | 28 | €18,640 | €18,640 | = | 0.0% |
| Current assets | 29/58 | €144,705 | €221,591 | +€76,887 | +53.1% |
| Amounts receivable after more than one year | 29 | €80,000 | €67,113 | -€12,887 | -16.1% |
| Other amounts receivable | 291 | €80,000 | €67,113 | -€12,887 | -16.1% |
| Amounts receivable within one year | 40/41 | €55,836 | €23,136 | -€32,701 | -58.6% |
| Trade receivables | 40 | €35,110 | €23,129 | -€11,981 | -34.1% |
| Other amounts receivable | 41 | €20,726 | €6 | -€20,720 | -100.0% |
| Cash at bank and in hand | 54/58 | €7,890 | €130,020 | +€122,129 | +1547.8% |
| Deferred charges and accrued income | 490/1 | €978 | €1,323 | +€344 | +35.2% |
| Total equity and liabilities | 10/49 | €911,520 | €1,921,684 | +€1.0m | +110.8% |
| Equity | 10/15 | €424,971 | €482,514 | +€57,544 | +13.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €406,371 | €463,914 | +€57,544 | +14.2% |
| Distributable reserves | 133 | €406,371 | €463,914 | +€57,544 | +14.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €486,549 | €1,439,170 | +€952,621 | +195.8% |
| Amounts payable after more than one year | 17 | €150,800 | €1,269,308 | +€1.1m | +741.7% |
| Financial debts | 170/4 | €150,800 | €1,269,308 | +€1.1m | +741.7% |
| Amounts payable within one year | 42/48 | €334,726 | €164,293 | -€170,434 | -50.9% |
| Current portion of amounts payable after more than one year | 42 | - | €73,620 | +€73,620 | |
| Trade debts | 44 | €232,984 | €83,850 | -€149,134 | -64.0% |
| Suppliers | 440/4 | €232,984 | €83,850 | -€149,134 | -64.0% |
| Taxes, remuneration and social security | 45 | €78,453 | €6,822 | -€71,630 | -91.3% |
| Taxes | 450/3 | €78,453 | €6,822 | -€71,630 | -91.3% |
| Other amounts payable | 47/48 | €23,290 | €0 | -€23,290 | -100.0% |
| Accrued charges and deferred income | 492/3 | €1,023 | €5,569 | +€4,546 | +444.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,894 | €4,894 | -€0 | 0.0% |
| Other operating charges | 640/8 | €2,624 | €20,873 | +€18,249 | +695.3% |
| Gross operating margin | 9900 | €221,173 | €136,140 | -€85,034 | -38.4% |
| Operating profit (loss) | 9901 | €213,654 | €110,372 | -€103,283 | -48.3% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €1,363 | €20,020 | +€18,658 | +1369.0% |
| Recurring financial charges | 65 | €1,363 | €20,020 | +€18,658 | +1369.0% |
| Profit (loss) for the period before taxes | 9903 | €212,292 | €90,351 | -€121,940 | -57.4% |
| Income taxes | 67/77 | €51,862 | €27,010 | -€24,852 | -47.9% |
| Profit (loss) for the period | 9904 | €160,429 | €63,341 | -€97,088 | -60.5% |
| Profit (loss) for the period to be appropriated | 9905 | €160,429 | €63,341 | -€97,088 | -60.5% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.