JO-AX: 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.
JO-AX
Largest movements
- Tangible fixed assets -€26,106
down €26,106 (-13.0%), from €201,193 to €175,087
of which Plant, machinery and equipment: -€16,212
- Cash +€20,702
up €20,702 (+36.1%), from €57,310 to €78,012
mainly Depreciation (+€51,950) and Net result for the year (+€46,639)
- Intangible fixed assets -€5,000
down €5,000 (-40.0%), from €12,493 to €7,493
- Receivables within one year +€3,506
up €3,506 (+151%), from €2,321 to €5,827
of which Trade receivables: +€3,454
- Profit (loss) carried forward +€46,639
new in 2025: €46,639
- Debts after one year -€36,106
down €36,106 (-65.8%), from €54,860 to €18,754
- Other debts -€15,068
down €15,068 (-20.7%), from €72,728 to €57,660
- Tax, wage and social debts -€10,692
down €10,692 (-41.6%), from €25,701 to €15,008
of which Taxes: -€13,303
- Trade debts +€9,909
up €9,909 (+51.4%), from €19,266 to €29,175
- Gross operating margin +€46,022
up €46,022 (+29.5%), from €156,040 to €202,062
- Staff costs +€13,877
up €13,877 (+18.4%), from €75,357 to €89,234
- Financial charges +€3,224
up €3,224 (+157%), from €2,051 to €5,275
- Taxes +€2,422
up €2,422 (+31.4%), from €7,720 to €10,142
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 | €282,736 | €277,892 | -€4,844 | -1.7% |
| Fixed assets | 21/28 | €213,686 | €182,580 | -€31,106 | -14.6% |
| Intangible fixed assets | 21 | €12,493 | €7,493 | -€5,000 | -40.0% |
| Tangible fixed assets | 22/27 | €201,193 | €175,087 | -€26,106 | -13.0% |
| Plant, machinery and equipment | 23 | €176,261 | €160,049 | -€16,212 | -9.2% |
| Furniture and vehicles | 24 | €2,712 | €1,711 | -€1,001 | -36.9% |
| Leasing and similar rights | 25 | €22,220 | €13,327 | -€8,893 | -40.0% |
| Current assets | 29/58 | €69,050 | €95,312 | +€26,262 | +38.0% |
| Stocks and contracts in progress | 3 | €7,852 | €9,852 | +€2,000 | +25.5% |
| Stocks | 30/36 | €7,852 | €9,852 | +€2,000 | +25.5% |
| Amounts receivable within one year | 40/41 | €2,321 | €5,827 | +€3,506 | +151% |
| Trade receivables | 40 | €442 | €3,896 | +€3,454 | +781% |
| Other amounts receivable | 41 | €1,878 | €1,931 | +€52 | +2.8% |
| Cash at bank and in hand | 54/58 | €57,310 | €78,012 | +€20,702 | +36.1% |
| Deferred charges and accrued income | 490/1 | €1,568 | €1,622 | +€54 | +3.4% |
| Total equity and liabilities | 10/49 | €282,736 | €277,892 | -€4,844 | -1.7% |
| Equity | 10/15 | €74,185 | €120,825 | +€46,639 | +62.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €69,185 | €69,185 | = | 0.0% |
| Distributable reserves | 133 | €69,185 | €69,185 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €46,639 | +€46,639 | |
| Amounts payable | 17/49 | €208,551 | €157,067 | -€51,484 | -24.7% |
| Amounts payable after more than one year | 17 | €54,860 | €18,754 | -€36,106 | -65.8% |
| Financial debts | 170/4 | €54,860 | €18,754 | -€36,106 | -65.8% |
| Amounts payable within one year | 42/48 | €152,436 | €137,949 | -€14,487 | -9.5% |
| Current portion of amounts payable after more than one year | 42 | €29,710 | €31,003 | +€1,294 | +4.4% |
| Financial debts | 43 | €5,032 | €5,103 | +€70 | +1.4% |
| Other loans | 439 | €5,032 | €5,103 | +€70 | +1.4% |
| Trade debts | 44 | €19,266 | €29,175 | +€9,909 | +51.4% |
| Suppliers | 440/4 | €19,266 | €29,175 | +€9,909 | +51.4% |
| Taxes, remuneration and social security | 45 | €25,701 | €15,008 | -€10,692 | -41.6% |
| Taxes | 450/3 | €16,456 | €3,153 | -€13,303 | -80.8% |
| Remuneration and social security | 454/9 | €9,245 | €11,855 | +€2,611 | +28.2% |
| Other amounts payable | 47/48 | €72,728 | €57,660 | -€15,068 | -20.7% |
| Accrued charges and deferred income | 492/3 | €1,255 | €364 | -€891 | -71.0% |
| Remuneration, social security and pensions | 62 | €75,357 | €89,234 | +€13,877 | +18.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,639 | €51,950 | +€1,311 | +2.6% |
| Other operating charges | 640/8 | €1,470 | €1,113 | -€357 | -24.3% |
| Gross operating margin | 9900 | €156,040 | €202,062 | +€46,022 | +29.5% |
| Operating profit (loss) | 9901 | €28,574 | €59,765 | +€31,191 | +109% |
| Financial income | 75/76B | €684 | €2,291 | +€1,607 | +235% |
| Recurring financial income | 75 | €684 | €2,291 | +€1,607 | +235% |
| Financial charges | 65/66B | €2,051 | €5,275 | +€3,224 | +157% |
| Recurring financial charges | 65 | €2,051 | €5,275 | +€3,224 | +157% |
| Profit (loss) for the period before taxes | 9903 | €27,207 | €56,781 | +€29,574 | +109% |
| Income taxes | 67/77 | €7,720 | €10,142 | +€2,422 | +31.4% |
| Profit (loss) for the period | 9904 | €19,487 | €46,639 | +€27,153 | +139% |
| Profit (loss) for the period to be appropriated | 9905 | €19,487 | €46,639 | +€27,153 | +139% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.