JOËL: 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.
JOËL
Largest movements
- Tangible fixed assets -€9,867
down €9,867 (-3.3%), from €296,416 to €286,549
- Other debts -€11,313
down €11,313 (-21.1%), from €53,678 to €42,365
- Profit (loss) carried forward -€8,622
down €8,622 (-25.0%), from -€34,450 to -€43,072
- Debts after one year +€7,707
up €7,707 (+4.8%), from €162,128 to €169,835
- Trade debts +€5,431
up €5,431 (+329%), from €1,650 to €7,081
- Current portion of long-term debt -€4,215
down €4,215 (-21.7%), from €19,430 to €15,216
- Gross operating margin -€14,964
down €14,964 (-64.1%), from €23,344 to €8,380
- Other operating charges +€4,199
up €4,199 (+1,084%), from €387 to €4,587
- Financial charges -€633
down €633 (-19.9%), from €3,181 to €2,548
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 | €297,564 | €286,553 | -€11,011 | -3.7% |
| Fixed assets | 21/28 | €296,416 | €286,549 | -€9,867 | -3.3% |
| Tangible fixed assets | 22/27 | €296,416 | €286,549 | -€9,867 | -3.3% |
| Land and buildings | 22 | €296,416 | €286,549 | -€9,867 | -3.3% |
| Current assets | 29/58 | €1,148 | €4 | -€1,144 | -99.7% |
| Amounts receivable within one year | 40/41 | €697 | - | -€697 | |
| Other amounts receivable | 41 | €697 | - | -€697 | |
| Cash at bank and in hand | 54/58 | €451 | €4 | -€447 | -99.2% |
| Total equity and liabilities | 10/49 | €297,564 | €286,553 | -€11,011 | -3.7% |
| Equity | 10/15 | €60,678 | €52,057 | -€8,622 | -14.2% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €33,155 | €33,155 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €26,955 | €26,955 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€34,450 | -€43,072 | -€8,622 | -25.0% |
| Amounts payable | 17/49 | €236,886 | €234,496 | -€2,390 | -1.0% |
| Amounts payable after more than one year | 17 | €162,128 | €169,835 | +€7,707 | +4.8% |
| Financial debts | 170/4 | €162,128 | €169,835 | +€7,707 | +4.8% |
| Amounts payable within one year | 42/48 | €74,758 | €64,661 | -€10,097 | -13.5% |
| Current portion of amounts payable after more than one year | 42 | €19,430 | €15,216 | -€4,215 | -21.7% |
| Trade debts | 44 | €1,650 | €7,081 | +€5,431 | +329% |
| Suppliers | 440/4 | €1,650 | €7,081 | +€5,431 | +329% |
| Other amounts payable | 47/48 | €53,678 | €42,365 | -€11,313 | -21.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,867 | €9,867 | = | 0.0% |
| Other operating charges | 640/8 | €387 | €4,587 | +€4,199 | +1,084% |
| Gross operating margin | 9900 | €23,344 | €8,380 | -€14,964 | -64.1% |
| Operating profit (loss) | 9901 | €13,089 | -€6,074 | -€19,163 | |
| Financial income | 75/76B | €11 | - | -€11 | |
| Recurring financial income | 75 | €11 | - | -€11 | |
| Financial charges | 65/66B | €3,181 | €2,548 | -€633 | -19.9% |
| Recurring financial charges | 65 | €3,181 | €2,548 | -€633 | -19.9% |
| Profit (loss) for the period before taxes | 9903 | €9,919 | -€8,622 | -€18,541 | |
| Profit (loss) for the period | 9904 | €9,919 | -€8,622 | -€18,541 | |
| Profit (loss) for the period to be appropriated | 9905 | €9,919 | -€8,622 | -€18,541 |
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 21 October 2026 via checked.be.