JOALEX: 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.
JOALEX
Largest movements
- Tangible fixed assets +€54,686
up €54,686 (+4.0%), from €1.4m to €1.4m
of which Land and buildings: +€55,095
- Reserves +€121,939
up €121,939 (+23.0%), from €531,156 to €653,095
of which Distributable reserves: +€124,536
- Debts after one year -€70,049
down €70,049 (-12.1%), from €578,545 to €508,495
- Trade debts -€27,779
no longer reported in 2025 (was €27,779)
- Other debts +€21,426
up €21,426 (+5.5%), from €387,399 to €408,826
- Gross operating margin -€23,073
down €23,073 (-7.4%), from €312,293 to €289,221
- Taxes -€6,733
down €6,733 (-14.4%), from €46,764 to €40,031
- Financial charges -€4,319
down €4,319 (-9.6%), from €44,851 to €40,532
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 | €1,790,306 | €1,832,104 | +€41,798 | +2.3% |
| Fixed assets | 21/28 | €1,372,438 | €1,427,124 | +€54,686 | +4.0% |
| Tangible fixed assets | 22/27 | €1,372,438 | €1,427,124 | +€54,686 | +4.0% |
| Land and buildings | 22 | €1,369,520 | €1,424,615 | +€55,095 | +4.0% |
| Plant, machinery and equipment | 23 | €2,918 | €2,509 | -€409 | -14.0% |
| Current assets | 29/58 | €417,868 | €404,980 | -€12,888 | -3.1% |
| Amounts receivable within one year | 40/41 | €148,110 | €141,355 | -€6,755 | -4.6% |
| Trade receivables | 40 | €906 | €1,688 | +€782 | +86.4% |
| Other amounts receivable | 41 | €147,205 | €139,668 | -€7,537 | -5.1% |
| Cash at bank and in hand | 54/58 | €269,074 | €262,909 | -€6,165 | -2.3% |
| Deferred charges and accrued income | 490/1 | €684 | €716 | +€32 | +4.7% |
| Total equity and liabilities | 10/49 | €1,790,306 | €1,832,104 | +€41,798 | +2.3% |
| Equity | 10/15 | €671,156 | €793,095 | +€121,939 | +18.2% |
| Contributions | 10/11 | €140,000 | €140,000 | = | 0.0% |
| Reserves | 13 | €531,156 | €653,095 | +€121,939 | +23.0% |
| Tax-exempt reserves | 132 | €46,156 | €43,559 | -€2,597 | -5.6% |
| Distributable reserves | 133 | €485,000 | €609,536 | +€124,536 | +25.7% |
| Provisions and deferred taxes | 16 | €15,385 | €14,520 | -€866 | -5.6% |
| Deferred taxes | 168 | €15,385 | €14,520 | -€866 | -5.6% |
| Amounts payable | 17/49 | €1,103,765 | €1,024,489 | -€79,276 | -7.2% |
| Amounts payable after more than one year | 17 | €578,545 | €508,495 | -€70,049 | -12.1% |
| Financial debts | 170/4 | €578,545 | €508,495 | -€70,049 | -12.1% |
| Amounts payable within one year | 42/48 | €494,611 | €488,126 | -€6,485 | -1.3% |
| Current portion of amounts payable after more than one year | 42 | €68,697 | €70,049 | +€1,353 | +2.0% |
| Trade debts | 44 | €27,779 | - | -€27,779 | |
| Suppliers | 440/4 | €27,779 | - | -€27,779 | |
| Taxes, remuneration and social security | 45 | €10,736 | €9,251 | -€1,485 | -13.8% |
| Taxes | 450/3 | €10,736 | €9,251 | -€1,485 | -13.8% |
| Other amounts payable | 47/48 | €387,399 | €408,826 | +€21,426 | +5.5% |
| Accrued charges and deferred income | 492/3 | €30,609 | €27,868 | -€2,741 | -9.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €78,991 | €81,739 | +€2,748 | +3.5% |
| Other operating charges | 640/8 | €9,997 | €10,204 | +€208 | +2.1% |
| Gross operating margin | 9900 | €312,293 | €289,221 | -€23,073 | -7.4% |
| Operating profit (loss) | 9901 | €223,306 | €197,277 | -€26,028 | -11.7% |
| Financial income | 75/76B | €4,232 | €4,359 | +€127 | +3.0% |
| Recurring financial income | 75 | €4,232 | €4,359 | +€127 | +3.0% |
| Financial charges | 65/66B | €44,851 | €40,532 | -€4,319 | -9.6% |
| Recurring financial charges | 65 | €44,851 | €40,532 | -€4,319 | -9.6% |
| Profit (loss) for the period before taxes | 9903 | €182,687 | €161,104 | -€21,582 | -11.8% |
| Transfer from deferred taxes | 780 | €866 | €866 | = | 0.0% |
| Income taxes | 67/77 | €46,764 | €40,031 | -€6,733 | -14.4% |
| Profit (loss) for the period | 9904 | €136,788 | €121,939 | -€14,849 | -10.9% |
| Transfer from tax-exempt reserves | 789 | €2,597 | €2,597 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €139,385 | €124,536 | -€14,849 | -10.7% |
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 10 October 2026 via checked.be.