JOE: 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.
JOE
Largest movements
- Cash -€64,718
down €64,718 (-52.1%), from €124,105 to €59,387
mainly Contributions, distributions and other (-€64,000) and Investment in fixed assets (net) (-€59,010)
- Tangible fixed assets +€54,320
up €54,320 (+687.7%), from €7,899 to €62,219
- Receivables within one year -€22,624
down €22,624 (-77.9%), from €29,043 to €6,418
of which Trade receivables: -€26,660
- Stocks and contracts +€2,000
up €2,000 (+11.1%), from €18,000 to €20,000
- Contributions -€36,000
down €36,000 (-64.3%), from €56,000 to €20,000
- Trade debts -€6,898
down €6,898 (-73.8%), from €9,345 to €2,446
- Reserves +€6,000
up €6,000 (+5.7%), from €105,130 to €111,130
- Other debts +€5,284
up €5,284 (+65.1%), from €8,117 to €13,400
- Gross operating margin -€28,910
down €28,910 (-33.6%), from €86,017 to €57,107
- Taxes -€5,741
down €5,741 (-24.7%), from €23,223 to €17,482
- Depreciation +€1,508
up €1,508 (+47.4%), from €3,183 to €4,691
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 | €180,164 | €149,165 | -€30,999 | -17.2% |
| Fixed assets | 21/28 | €7,899 | €62,219 | +€54,320 | +687.7% |
| Tangible fixed assets | 22/27 | €7,899 | €62,219 | +€54,320 | +687.7% |
| Furniture and vehicles | 24 | €7,899 | €62,219 | +€54,320 | +687.7% |
| Current assets | 29/58 | €172,265 | €86,947 | -€85,319 | -49.5% |
| Stocks and contracts in progress | 3 | €18,000 | €20,000 | +€2,000 | +11.1% |
| Contracts in progress | 37 | €18,000 | €20,000 | +€2,000 | +11.1% |
| Amounts receivable within one year | 40/41 | €29,043 | €6,418 | -€22,624 | -77.9% |
| Trade receivables | 40 | €26,660 | €0 | -€26,660 | -100.0% |
| Other amounts receivable | 41 | €2,383 | €6,418 | +€4,036 | +169.4% |
| Current investments | 50/53 | €250 | €250 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €124,105 | €59,387 | -€64,718 | -52.1% |
| Deferred charges and accrued income | 490/1 | €867 | €891 | +€23 | +2.7% |
| Total equity and liabilities | 10/49 | €180,164 | €149,165 | -€30,999 | -17.2% |
| Equity | 10/15 | €161,920 | €132,014 | -€29,906 | -18.5% |
| Contributions | 10/11 | €56,000 | €20,000 | -€36,000 | -64.3% |
| Reserves | 13 | €105,130 | €111,130 | +€6,000 | +5.7% |
| Distributable reserves | 133 | €105,130 | €111,130 | +€6,000 | +5.7% |
| Profit (loss) carried forward | 14 | €790 | €884 | +€94 | +11.9% |
| Amounts payable | 17/49 | €18,244 | €17,151 | -€1,093 | -6.0% |
| Amounts payable within one year | 42/48 | €18,244 | €17,151 | -€1,093 | -6.0% |
| Trade debts | 44 | €9,345 | €2,446 | -€6,898 | -73.8% |
| Suppliers | 440/4 | €9,345 | €2,446 | -€6,898 | -73.8% |
| Taxes, remuneration and social security | 45 | €783 | €1,305 | +€521 | +66.6% |
| Taxes | 450/3 | €783 | €1,305 | +€521 | +66.6% |
| Other amounts payable | 47/48 | €8,117 | €13,400 | +€5,284 | +65.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,183 | €4,691 | +€1,508 | +47.4% |
| Other operating charges | 640/8 | €1,789 | €1,511 | -€278 | -15.5% |
| Gross operating margin | 9900 | €86,017 | €57,107 | -€28,910 | -33.6% |
| Operating profit (loss) | 9901 | €81,045 | €50,905 | -€30,140 | -37.2% |
| Financial income | 75/76B | €628 | €874 | +€246 | +39.2% |
| Recurring financial income | 75 | €628 | €874 | +€246 | +39.2% |
| Financial charges | 65/66B | €87 | €204 | +€117 | +133.8% |
| Recurring financial charges | 65 | €87 | €204 | +€117 | +133.8% |
| Profit (loss) for the period before taxes | 9903 | €81,586 | €51,576 | -€30,010 | -36.8% |
| Income taxes | 67/77 | €23,223 | €17,482 | -€5,741 | -24.7% |
| Profit (loss) for the period | 9904 | €58,363 | €34,094 | -€24,269 | -41.6% |
| Profit (loss) for the period to be appropriated | 9905 | €58,363 | €34,094 | -€24,269 | -41.6% |
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.