JO'RENOV: 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'RENOV
Largest movements
- Receivables within one year -€34,347
down €34,347 (-12.0%), from €285,761 to €251,414
of which Trade receivables: -€50,878
- Tangible fixed assets +€20,546
up €20,546 (+114%), from €17,954 to €38,500
of which Furniture and vehicles: +€22,997
- Cash -€4,171
down €4,171 (-18.7%), from €22,300 to €18,129
mainly Investment in fixed assets (net) (-€32,712) and Tax, wage and social debts (-€20,802)
- Tax, wage and social debts -€20,802
down €20,802 (-40.5%), from €51,390 to €30,588
of which Remuneration and social security: -€32,202
- Current portion of long-term debt +€12,900
up €12,900 (+117%), from €11,000 to €23,900
- Debts after one year +€11,648
up €11,648 (+44.1%), from €26,400 to €38,048
- Profit (loss) carried forward -€9,986
down €9,986 (-34.6%), from €28,889 to €18,903
- Short-term financial debts -€9,210
down €9,210 (-23.5%), from €39,210 to €30,000
- Gross operating margin -€50,184
down €50,184 (-34.0%), from €147,774 to €97,590
- Taxes -€7,586
down €7,586 (-92.2%), from €8,230 to €644
- Depreciation +€7,382
up €7,382 (+105%), from €7,054 to €14,436
- Staff costs +€3,949
up €3,949 (+4.9%), from €81,244 to €85,193
- Financial income +€2,264
up €2,264 (+103%), from €2,188 to €4,452
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 | €348,578 | €328,868 | -€19,710 | -5.7% |
| Fixed assets | 21/28 | €40,517 | €58,793 | +€18,276 | +45.1% |
| Intangible fixed assets | 21 | €22,479 | €19,479 | -€3,000 | -13.3% |
| Tangible fixed assets | 22/27 | €17,954 | €38,500 | +€20,546 | +114% |
| Plant, machinery and equipment | 23 | €8,091 | €6,870 | -€1,221 | -15.1% |
| Furniture and vehicles | 24 | €4,485 | €27,482 | +€22,997 | +513% |
| Leasing and similar rights | 25 | €5,378 | €4,148 | -€1,230 | -22.9% |
| Financial fixed assets | 28 | €84 | €814 | +€730 | +869% |
| Current assets | 29/58 | €308,061 | €270,075 | -€37,986 | -12.3% |
| Amounts receivable within one year | 40/41 | €285,761 | €251,414 | -€34,347 | -12.0% |
| Trade receivables | 40 | €210,623 | €159,745 | -€50,878 | -24.2% |
| Other amounts receivable | 41 | €75,138 | €91,669 | +€16,531 | +22.0% |
| Cash at bank and in hand | 54/58 | €22,300 | €18,129 | -€4,171 | -18.7% |
| Deferred charges and accrued income | 490/1 | - | €532 | +€532 | |
| Total equity and liabilities | 10/49 | €348,578 | €328,868 | -€19,710 | -5.7% |
| Equity | 10/15 | €33,889 | €23,903 | -€9,986 | -29.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €28,889 | €18,903 | -€9,986 | -34.6% |
| Amounts payable | 17/49 | €314,689 | €304,965 | -€9,724 | -3.1% |
| Amounts payable after more than one year | 17 | €26,400 | €38,048 | +€11,648 | +44.1% |
| Financial debts | 170/4 | €26,400 | €38,048 | +€11,648 | +44.1% |
| Amounts payable within one year | 42/48 | €287,681 | €266,917 | -€20,764 | -7.2% |
| Current portion of amounts payable after more than one year | 42 | €11,000 | €23,900 | +€12,900 | +117% |
| Financial debts | 43 | €39,210 | €30,000 | -€9,210 | -23.5% |
| Credit institutions | 430/8 | €39,210 | €30,000 | -€9,210 | -23.5% |
| Trade debts | 44 | €186,081 | €182,429 | -€3,652 | -2.0% |
| Suppliers | 440/4 | €186,081 | €182,429 | -€3,652 | -2.0% |
| Taxes, remuneration and social security | 45 | €51,390 | €30,588 | -€20,802 | -40.5% |
| Taxes | 450/3 | €15,026 | €26,426 | +€11,400 | +75.9% |
| Remuneration and social security | 454/9 | €36,364 | €4,162 | -€32,202 | -88.6% |
| Accrued charges and deferred income | 492/3 | €608 | - | -€608 | |
| Remuneration, social security and pensions | 62 | €81,244 | €85,193 | +€3,949 | +4.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,054 | €14,436 | +€7,382 | +105% |
| Other operating charges | 640/8 | €2,895 | €1,745 | -€1,150 | -39.7% |
| Non-recurring operating charges | 66A | - | €250 | +€250 | |
| Gross operating margin | 9900 | €147,774 | €97,590 | -€50,184 | -34.0% |
| Operating profit (loss) | 9901 | €56,581 | -€4,034 | -€60,615 | |
| Financial income | 75/76B | €2,188 | €4,452 | +€2,264 | +103% |
| Recurring financial income | 75 | €2,188 | €4,452 | +€2,264 | +103% |
| Financial charges | 65/66B | €11,151 | €9,760 | -€1,391 | -12.5% |
| Recurring financial charges | 65 | €11,151 | €9,760 | -€1,391 | -12.5% |
| Profit (loss) for the period before taxes | 9903 | €47,618 | -€9,342 | -€56,960 | |
| Income taxes | 67/77 | €8,230 | €644 | -€7,586 | -92.2% |
| Profit (loss) for the period | 9904 | €39,388 | -€9,986 | -€49,374 | |
| Profit (loss) for the period to be appropriated | 9905 | €39,388 | -€9,986 | -€49,374 |
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 28 October 2026 via checked.be.