JO & KO: 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.
JO & KO
Largest movements
- Tangible fixed assets -€26,244
down €26,244 (-18.6%), from €141,057 to €114,813
of which Other tangible fixed assets: -€19,795
- Stocks and contracts -€21,995
down €21,995 (-39.2%), from €56,139 to €34,143
- Cash +€3,941
up €3,941 (+94.9%), from €4,155 to €8,096
mainly Depreciation (+€29,046) and Stocks and contracts (+€21,995)
- Other debts -€19,649
down €19,649 (-15.9%), from €123,705 to €104,056
- Current portion of long-term debt -€10,464
down €10,464 (-100.0%), from €10,464 to €0
- Debts after one year -€9,979
down €9,979 (-7.8%), from €127,749 to €117,770
- Short-term financial debts +€8,241
new in 2025: €8,241
- Trade debts -€6,671
down €6,671 (-20.4%), from €32,764 to €26,093
- Gross operating margin -€7,810
down €7,810 (-4.6%), from €169,657 to €161,847
- Staff costs +€6,424
up €6,424 (+5.4%), from €119,887 to €126,310
- Depreciation +€4,520
up €4,520 (+18.4%), from €24,526 to €29,046
- Taxes -€2,638
down €2,638 (-75.6%), from €3,488 to €851
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 | €372,805 | €327,447 | -€45,358 | -12.2% |
| Fixed assets | 21/28 | €141,058 | €114,814 | -€26,244 | -18.6% |
| Tangible fixed assets | 22/27 | €141,057 | €114,813 | -€26,244 | -18.6% |
| Plant, machinery and equipment | 23 | €3,417 | €3,244 | -€173 | -5.1% |
| Furniture and vehicles | 24 | €18,722 | €12,446 | -€6,276 | -33.5% |
| Other tangible fixed assets | 26 | €118,918 | €99,123 | -€19,795 | -16.6% |
| Financial fixed assets | 28 | €1 | €1 | = | 0.0% |
| Current assets | 29/58 | €231,747 | €212,633 | -€19,114 | -8.2% |
| Stocks and contracts in progress | 3 | €56,139 | €34,143 | -€21,995 | -39.2% |
| Stocks | 30/36 | €56,139 | €34,143 | -€21,995 | -39.2% |
| Amounts receivable within one year | 40/41 | €171,453 | €168,608 | -€2,846 | -1.7% |
| Trade receivables | 40 | €12,740 | €9,334 | -€3,406 | -26.7% |
| Other amounts receivable | 41 | €158,713 | €159,274 | +€561 | +0.4% |
| Cash at bank and in hand | 54/58 | €4,155 | €8,096 | +€3,941 | +94.9% |
| Deferred charges and accrued income | 490/1 | - | €1,786 | +€1,786 | |
| Total equity and liabilities | 10/49 | €372,805 | €327,447 | -€45,358 | -12.2% |
| Equity | 10/15 | €55,664 | €54,270 | -€1,394 | -2.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €37,064 | €35,670 | -€1,394 | -3.8% |
| Amounts payable | 17/49 | €317,141 | €273,177 | -€43,964 | -13.9% |
| Amounts payable after more than one year | 17 | €127,749 | €117,770 | -€9,979 | -7.8% |
| Financial debts | 170/4 | €127,749 | €117,770 | -€9,979 | -7.8% |
| Amounts payable within one year | 42/48 | €189,391 | €155,406 | -€33,985 | -17.9% |
| Current portion of amounts payable after more than one year | 42 | €10,464 | €0 | -€10,464 | -100.0% |
| Financial debts | 43 | - | €8,241 | +€8,241 | |
| Credit institutions | 430/8 | - | €8,241 | +€8,241 | |
| Trade debts | 44 | €32,764 | €26,093 | -€6,671 | -20.4% |
| Suppliers | 440/4 | €32,764 | €26,093 | -€6,671 | -20.4% |
| Advances received on contracts in progress | 46 | €3,809 | €0 | -€3,809 | -100.0% |
| Taxes, remuneration and social security | 45 | €18,650 | €17,016 | -€1,633 | -8.8% |
| Taxes | 450/3 | €12,046 | €10,965 | -€1,081 | -9.0% |
| Remuneration and social security | 454/9 | €6,604 | €6,051 | -€552 | -8.4% |
| Other amounts payable | 47/48 | €123,705 | €104,056 | -€19,649 | -15.9% |
| Remuneration, social security and pensions | 62 | €119,887 | €126,310 | +€6,424 | +5.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,526 | €29,046 | +€4,520 | +18.4% |
| Other operating charges | 640/8 | €1,483 | €2,089 | +€606 | +40.9% |
| Gross operating margin | 9900 | €169,657 | €161,847 | -€7,810 | -4.6% |
| Operating profit (loss) | 9901 | €23,762 | €4,402 | -€19,360 | -81.5% |
| Financial income | 75/76B | €39 | €49 | +€10 | +26.0% |
| Recurring financial income | 75 | €39 | €49 | +€10 | +26.0% |
| Financial charges | 65/66B | €5,849 | €4,994 | -€855 | -14.6% |
| Recurring financial charges | 65 | €5,849 | €4,994 | -€855 | -14.6% |
| Profit (loss) for the period before taxes | 9903 | €17,953 | -€543 | -€18,496 | |
| Income taxes | 67/77 | €3,488 | €851 | -€2,638 | -75.6% |
| Profit (loss) for the period | 9904 | €14,464 | -€1,394 | -€15,858 | |
| Profit (loss) for the period to be appropriated | 9905 | €14,464 | -€1,394 | -€15,858 |
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 5 October 2026 via checked.be.