JNF construct: 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.
JNF construct
Largest movements
- Cash +€61,708
up €61,708 (+51.9%), from €119,009 to €180,717
mainly Net result for the year (+€146,749) and Other debts (+€115,229)
- Receivables within one year +€31,661
up €31,661 (+109.3%), from €28,955 to €60,617
of which Trade receivables: +€36,361
- Stocks and contracts +€16,572
new in 2025: €16,572
- Tangible fixed assets -€13,387
down €13,387 (-19.3%), from €69,405 to €56,017
of which Plant, machinery and equipment: -€10,740
- Other debts +€115,229
up €115,229 (+318.5%), from €36,173 to €151,403
- Debts after one year -€14,944
down €14,944 (-100.0%), from €14,944 to €0
- Current portion of long-term debt -€5,923
down €5,923 (-28.4%), from €20,867 to €14,944
- Tax, wage and social debts +€5,365
up €5,365 (+91.1%), from €5,890 to €11,255
of which Taxes: +€5,365
- Gross operating margin +€147,397
up €147,397 (+217.5%), from €67,779 to €215,176
- Taxes +€37,915
up €37,915 (+307.6%), from €12,326 to €50,240
- Depreciation -€3,177
down €3,177 (-15.3%), from €20,738 to €17,562
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 | €217,488 | €314,021 | +€96,533 | +44.4% |
| Fixed assets | 21/28 | €69,405 | €56,017 | -€13,387 | -19.3% |
| Tangible fixed assets | 22/27 | €69,405 | €56,017 | -€13,387 | -19.3% |
| Plant, machinery and equipment | 23 | €61,696 | €50,956 | -€10,740 | -17.4% |
| Furniture and vehicles | 24 | €5,073 | €1,860 | -€3,214 | -63.3% |
| Other tangible fixed assets | 26 | €2,635 | €3,202 | +€566 | +21.5% |
| Current assets | 29/58 | €148,083 | €258,004 | +€109,921 | +74.2% |
| Stocks and contracts in progress | 3 | - | €16,572 | +€16,572 | |
| Stocks | 30/36 | - | €16,572 | +€16,572 | |
| Amounts receivable within one year | 40/41 | €28,955 | €60,617 | +€31,661 | +109.3% |
| Trade receivables | 40 | €24,256 | €60,617 | +€36,361 | +149.9% |
| Other amounts receivable | 41 | €4,699 | €0 | -€4,699 | -100.0% |
| Cash at bank and in hand | 54/58 | €119,009 | €180,717 | +€61,708 | +51.9% |
| Deferred charges and accrued income | 490/1 | €119 | €98 | -€21 | -17.7% |
| Total equity and liabilities | 10/49 | €217,488 | €314,021 | +€96,533 | +44.4% |
| Equity | 10/15 | €132,069 | €131,430 | -€639 | -0.5% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €122,614 | €122,614 | = | 0.0% |
| Distributable reserves | 133 | €122,614 | €122,614 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Investment grants | 15 | €3,455 | €2,817 | -€639 | -18.5% |
| Amounts payable | 17/49 | €85,419 | €182,591 | +€97,172 | +113.8% |
| Amounts payable after more than one year | 17 | €14,944 | €0 | -€14,944 | -100.0% |
| Financial debts | 170/4 | €14,944 | €0 | -€14,944 | -100.0% |
| Amounts payable within one year | 42/48 | €70,242 | €182,591 | +€112,349 | +159.9% |
| Current portion of amounts payable after more than one year | 42 | €20,867 | €14,944 | -€5,923 | -28.4% |
| Trade debts | 44 | €7,311 | €4,989 | -€2,322 | -31.8% |
| Suppliers | 440/4 | €7,311 | €4,989 | -€2,322 | -31.8% |
| Taxes, remuneration and social security | 45 | €5,890 | €11,255 | +€5,365 | +91.1% |
| Taxes | 450/3 | €2,890 | €8,255 | +€5,365 | +185.6% |
| Remuneration and social security | 454/9 | €3,000 | €3,000 | = | 0.0% |
| Other amounts payable | 47/48 | €36,173 | €151,403 | +€115,229 | +318.5% |
| Accrued charges and deferred income | 492/3 | €233 | €0 | -€233 | -100.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,738 | €17,562 | -€3,177 | -15.3% |
| Other operating charges | 640/8 | €763 | €1,838 | +€1,075 | +140.8% |
| Gross operating margin | 9900 | €67,779 | €215,176 | +€147,397 | +217.5% |
| Operating profit (loss) | 9901 | €46,277 | €195,776 | +€149,499 | +323.0% |
| Financial income | 75/76B | €1,901 | €3,665 | +€1,765 | +92.9% |
| Recurring financial income | 75 | €1,901 | €3,665 | +€1,765 | +92.9% |
| Financial charges | 65/66B | €645 | €2,453 | +€1,808 | +280.3% |
| Recurring financial charges | 65 | €645 | €2,453 | +€1,808 | +280.3% |
| Profit (loss) for the period before taxes | 9903 | €47,533 | €196,989 | +€149,456 | +314.4% |
| Income taxes | 67/77 | €12,326 | €50,240 | +€37,915 | +307.6% |
| Profit (loss) for the period | 9904 | €35,207 | €146,749 | +€111,542 | +316.8% |
| Profit (loss) for the period to be appropriated | 9905 | €35,207 | €146,749 | +€111,542 | +316.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.