JOAX: 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.
JOAX
Largest movements
- Tangible fixed assets -€205,702
down €205,702 (-56.1%), from €366,888 to €161,186
of which Land and buildings: -€183,912
- Stocks and contracts +€123,125
up €123,125 (+19.6%), from €629,623 to €752,749
- Receivables within one year -€21,909
down €21,909 (-18.9%), from €115,625 to €93,715
of which Trade receivables: -€24,472
- Cash -€13,369
down €13,369 (-24.1%), from €55,468 to €42,099
mainly Stocks and contracts (-€123,125) and Contributions, distributions and other (-€109,000)
- Other debts +€93,530
up €93,530 (+339.8%), from €27,521 to €121,052
- Reserves -€93,310
down €93,310 (-26.2%), from €355,507 to €262,196
- Trade debts -€82,999
down €82,999 (-80.7%), from €102,821 to €19,822
- Debts after one year -€29,555
down €29,555 (-8.1%), from €363,592 to €334,037
- Gross operating margin -€16,748
down €16,748 (-14.5%), from €115,154 to €98,406
- Financial charges +€15,855
up €15,855 (+113.3%), from €13,989 to €29,844
- Depreciation -€11,985
down €11,985 (-31.5%), from €38,046 to €26,061
- Taxes -€5,449
down €5,449 (-41.0%), from €13,285 to €7,836
- Staff costs +€1,652
up €1,652 (+15.9%), from €10,410 to €12,062
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 | €1,174,884 | €1,054,514 | -€120,370 | -10.2% |
| Fixed assets | 21/28 | €366,888 | €161,186 | -€205,702 | -56.1% |
| Tangible fixed assets | 22/27 | €366,888 | €161,186 | -€205,702 | -56.1% |
| Land and buildings | 22 | €326,793 | €142,881 | -€183,912 | -56.3% |
| Plant, machinery and equipment | 23 | €5,149 | €2,634 | -€2,515 | -48.8% |
| Furniture and vehicles | 24 | €34,946 | €15,671 | -€19,275 | -55.2% |
| Current assets | 29/58 | €807,996 | €893,328 | +€85,332 | +10.6% |
| Stocks and contracts in progress | 3 | €629,623 | €752,749 | +€123,125 | +19.6% |
| Stocks | 30/36 | €629,623 | €752,749 | +€123,125 | +19.6% |
| Amounts receivable within one year | 40/41 | €115,625 | €93,715 | -€21,909 | -18.9% |
| Trade receivables | 40 | €115,427 | €90,954 | -€24,472 | -21.2% |
| Other amounts receivable | 41 | €198 | €2,761 | +€2,563 | +1293.1% |
| Cash at bank and in hand | 54/58 | €55,468 | €42,099 | -€13,369 | -24.1% |
| Deferred charges and accrued income | 490/1 | €7,280 | €4,765 | -€2,515 | -34.6% |
| Total equity and liabilities | 10/49 | €1,174,884 | €1,054,514 | -€120,370 | -10.2% |
| Equity | 10/15 | €375,967 | €282,656 | -€93,310 | -24.8% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €355,507 | €262,196 | -€93,310 | -26.2% |
| Distributable reserves | 133 | €355,507 | €262,196 | -€93,310 | -26.2% |
| Amounts payable | 17/49 | €798,917 | €771,858 | -€27,060 | -3.4% |
| Amounts payable after more than one year | 17 | €363,592 | €334,037 | -€29,555 | -8.1% |
| Financial debts | 170/4 | €363,592 | €334,037 | -€29,555 | -8.1% |
| Amounts payable within one year | 42/48 | €433,331 | €428,685 | -€4,645 | -1.1% |
| Current portion of amounts payable after more than one year | 42 | €42,444 | €34,641 | -€7,802 | -18.4% |
| Financial debts | 43 | €175,000 | €175,000 | = | 0.0% |
| Credit institutions | 430/8 | €175,000 | €175,000 | = | 0.0% |
| Trade debts | 44 | €102,821 | €19,822 | -€82,999 | -80.7% |
| Suppliers | 440/4 | €102,821 | €19,822 | -€82,999 | -80.7% |
| Taxes, remuneration and social security | 45 | €85,545 | €78,170 | -€7,374 | -8.6% |
| Taxes | 450/3 | €83,458 | €76,054 | -€7,404 | -8.9% |
| Remuneration and social security | 454/9 | €2,087 | €2,116 | +€30 | +1.4% |
| Other amounts payable | 47/48 | €27,521 | €121,052 | +€93,530 | +339.8% |
| Accrued charges and deferred income | 492/3 | €1,995 | €9,136 | +€7,141 | +358.0% |
| Remuneration, social security and pensions | 62 | €10,410 | €12,062 | +€1,652 | +15.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,046 | €26,061 | -€11,985 | -31.5% |
| Other operating charges | 640/8 | €7,626 | €6,913 | -€713 | -9.3% |
| Gross operating margin | 9900 | €115,154 | €98,406 | -€16,748 | -14.5% |
| Operating profit (loss) | 9901 | €59,071 | €53,370 | -€5,701 | -9.7% |
| Financial income | 75/76B | €314 | - | -€314 | |
| Recurring financial income | 75 | €314 | - | -€314 | |
| Financial charges | 65/66B | €13,989 | €29,844 | +€15,855 | +113.3% |
| Recurring financial charges | 65 | €13,989 | €29,844 | +€15,855 | +113.3% |
| Profit (loss) for the period before taxes | 9903 | €45,397 | €23,526 | -€21,871 | -48.2% |
| Income taxes | 67/77 | €13,285 | €7,836 | -€5,449 | -41.0% |
| Profit (loss) for the period | 9904 | €32,112 | €15,690 | -€16,422 | -51.1% |
| Profit (loss) for the period to be appropriated | 9905 | €32,112 | €15,690 | -€16,422 | -51.1% |
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 7 October 2026 via checked.be.