JOAR INVEST: what changed
What changed
JOAR INVEST
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
-€74,500
2024 · -€87,556+€13,056
Equity
€22,432
2024 · €96,931-€74,500
Cash
€21,951
2024 · €18,309+€3,642
Balance sheet total
€2.3m
2024 · €2.5m-€118,169
Largest movements
Assets
- Tangible fixed assets -€97,665
down €97,665 (-4.5%), from €2.2m to €2.1m
of which Land and buildings: -€78,675
Equity and liabilities
- Reserves -€74,500
down €74,500 (-81.0%), from €91,931 to €17,432
- Debts after one year -€56,161
down €56,161 (-3.0%), from €1.8m to €1.8m
of which Financial debts: -€58,597
- Tax, wage and social debts +€38,017
up €38,017 (+123%), from €30,842 to €68,860
of which Taxes: +€38,017
- Current portion of long-term debt -€35,281
down €35,281 (-37.6%), from €93,878 to €58,597
Income statement
- Gross operating margin +€42,219
up €42,219 (+42.3%), from €99,833 to €142,052
- Depreciation +€27,633
up €27,633 (+38.3%), from €72,137 to €99,770
- Financial charges +€22,136
up €22,136 (+32.9%), from €67,348 to €89,484
- Taxes +€11,223
up €11,223 (+55.6%), from €20,189 to €31,411
- Other operating charges +€1,545
up €1,545 (+62.1%), from €2,487 to €4,032
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
-€87,556
Gross operating margin
+€42,219
Depreciation
-€27,633
Other operating charges
-€1,545
Other operating items
+€31,881
Financial income
+€1,493
Financial charges
-€22,136
Taxes
-€11,223
Result 2025
-€74,500
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€97,579
Investment
-€2,495
Financing
-€91,442
Cash 2024
€18,309
From operations (derived)
+€97,579
Net result for the year
-€74,500
Depreciation
+€99,770
Receivables after one year
-€4,025
Receivables within one year
+€24,124
Deferred charges and accrued income
+€4,436
Trade debts
+€9,738
Tax, wage and social debts
+€38,017
Advances received
-€13,943
Other debts
+€13,929
Accrued charges and deferred income
+€31
Investment (derived)
-€2,495
Current investments
-€2,495
Financing
-€91,442
Debts after one year
-€56,161
Current portion of long-term debt
-€35,281
Cash 2025
€21,951
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,460,280 | €2,342,111 | -€118,169 | -4.8% |
| Fixed assets | 21/28 | €2,166,769 | €2,066,999 | -€99,770 | -4.6% |
| Intangible fixed assets | 21 | €4,703 | €2,597 | -€2,105 | -44.8% |
| Tangible fixed assets | 22/27 | €2,162,066 | €2,064,402 | -€97,665 | -4.5% |
| Land and buildings | 22 | €2,083,437 | €2,004,762 | -€78,675 | -3.8% |
| Furniture and vehicles | 24 | €78,629 | €59,639 | -€18,990 | -24.2% |
| Current assets | 29/58 | €293,511 | €275,112 | -€18,399 | -6.3% |
| Amounts receivable after more than one year | 29 | €123,500 | €127,525 | +€4,025 | +3.3% |
| Other amounts receivable | 291 | €123,500 | €127,525 | +€4,025 | +3.3% |
| Amounts receivable within one year | 40/41 | €77,347 | €53,223 | -€24,124 | -31.2% |
| Trade receivables | 40 | €2,222 | €52,223 | +€50,001 | +2,251% |
| Other amounts receivable | 41 | €75,125 | €1,000 | -€74,125 | -98.7% |
| Current investments | 50/53 | €62,426 | €64,922 | +€2,495 | +4.0% |
| Cash at bank and in hand | 54/58 | €18,309 | €21,951 | +€3,642 | +19.9% |
| Deferred charges and accrued income | 490/1 | €11,929 | €7,492 | -€4,436 | -37.2% |
| Total equity and liabilities | 10/49 | €2,460,280 | €2,342,111 | -€118,169 | -4.8% |
| Equity | 10/15 | €96,931 | €22,432 | -€74,500 | -76.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €91,931 | €17,432 | -€74,500 | -81.0% |
| Distributable reserves | 133 | €91,931 | €17,432 | -€74,500 | -81.0% |
| Amounts payable | 17/49 | €2,363,348 | €2,319,679 | -€43,669 | -1.8% |
| Amounts payable after more than one year | 17 | €1,845,299 | €1,789,137 | -€56,161 | -3.0% |
| Financial debts | 170/4 | €1,845,299 | €1,786,701 | -€58,597 | -3.2% |
| Other amounts payable | 178/9 | - | €2,436 | +€2,436 | |
| Amounts payable within one year | 42/48 | €477,010 | €489,470 | +€12,460 | +2.6% |
| Current portion of amounts payable after more than one year | 42 | €93,878 | €58,597 | -€35,281 | -37.6% |
| Trade debts | 44 | €3,828 | €13,566 | +€9,738 | +254% |
| Suppliers | 440/4 | €3,828 | €13,566 | +€9,738 | +254% |
| Advances received on contracts in progress | 46 | €13,943 | €0 | -€13,943 | -100% |
| Taxes, remuneration and social security | 45 | €30,842 | €68,860 | +€38,017 | +123% |
| Taxes | 450/3 | €27,892 | €65,910 | +€38,017 | +136% |
| Remuneration and social security | 454/9 | €2,950 | €2,950 | = | 0.0% |
| Other amounts payable | 47/48 | €334,518 | €348,447 | +€13,929 | +4.2% |
| Accrued charges and deferred income | 492/3 | €41,040 | €41,071 | +€31 | +0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €72,137 | €99,770 | +€27,633 | +38.3% |
| Other operating charges | 640/8 | €2,487 | €4,032 | +€1,545 | +62.1% |
| Non-recurring operating charges | 66A | €31,881 | €0 | -€31,881 | -100% |
| Gross operating margin | 9900 | €99,833 | €142,052 | +€42,219 | +42.3% |
| Operating profit (loss) | 9901 | -€6,672 | €38,250 | +€44,922 | |
| Financial income | 75/76B | €6,653 | €8,146 | +€1,493 | +22.4% |
| Recurring financial income | 75 | €6,653 | €8,146 | +€1,493 | +22.4% |
| Financial charges | 65/66B | €67,348 | €89,484 | +€22,136 | +32.9% |
| Recurring financial charges | 65 | €67,348 | €89,484 | +€22,136 | +32.9% |
| Profit (loss) for the period before taxes | 9903 | -€67,367 | -€43,088 | +€24,279 | +36.0% |
| Income taxes | 67/77 | €20,189 | €31,411 | +€11,223 | +55.6% |
| Profit (loss) for the period | 9904 | -€87,556 | -€74,500 | +€13,056 | +14.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€87,556 | -€74,500 | +€13,056 | +14.9% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.