JOEL: 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.
JOEL
Largest movements
- Cash +€24,125
up €24,125 (+30.3%), from €79,597 to €103,722
mainly Net result for the year (+€60,873) and Tax, wage and social debts (+€5,691)
- Receivables within one year +€18,630
up €18,630 (+51.7%), from €36,040 to €54,670
of which Trade receivables: +€18,652
- Reserves +€60,873
up €60,873 (+62.8%), from €96,942 to €157,816
- Other debts -€15,769
down €15,769 (-37.7%), from €41,792 to €26,023
- Debts after one year -€10,434
down €10,434 (-48.9%), from €21,341 to €10,908
- Tax, wage and social debts +€5,691
up €5,691 (+158%), from €3,600 to €9,291
- Financial charges -€41,415
down €41,415 (-91.8%), from €45,107 to €3,692
- Gross operating margin +€12,393
up €12,393 (+17.0%), from €72,839 to €85,232
- Taxes +€8,996
up €8,996 (+103%), from €8,695 to €17,691
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.
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 | €180,986 | €221,590 | +€40,604 | +22.4% |
| Fixed assets | 21/28 | €64,789 | €63,198 | -€1,591 | -2.5% |
| Tangible fixed assets | 22/27 | €4,339 | €2,748 | -€1,591 | -36.7% |
| Furniture and vehicles | 24 | €3,742 | €2,340 | -€1,402 | -37.5% |
| Other tangible fixed assets | 26 | €596 | €408 | -€189 | -31.6% |
| Financial fixed assets | 28 | €60,450 | €60,450 | = | 0.0% |
| Current assets | 29/58 | €116,198 | €158,392 | +€42,195 | +36.3% |
| Amounts receivable within one year | 40/41 | €36,040 | €54,670 | +€18,630 | +51.7% |
| Trade receivables | 40 | €32,270 | €50,922 | +€18,652 | +57.8% |
| Other amounts receivable | 41 | €3,771 | €3,748 | -€23 | -0.6% |
| Cash at bank and in hand | 54/58 | €79,597 | €103,722 | +€24,125 | +30.3% |
| Deferred charges and accrued income | 490/1 | €560 | €0 | -€560 | -100% |
| Total equity and liabilities | 10/49 | €180,986 | €221,590 | +€40,604 | +22.4% |
| Equity | 10/15 | €99,942 | €160,816 | +€60,873 | +60.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €96,942 | €157,816 | +€60,873 | +62.8% |
| Distributable reserves | 133 | €96,942 | €157,816 | +€60,873 | +62.8% |
| Amounts payable | 17/49 | €81,044 | €60,774 | -€20,269 | -25.0% |
| Amounts payable after more than one year | 17 | €21,341 | €10,908 | -€10,434 | -48.9% |
| Financial debts | 170/4 | €21,341 | €10,908 | -€10,434 | -48.9% |
| Amounts payable within one year | 42/48 | €59,702 | €49,867 | -€9,836 | -16.5% |
| Current portion of amounts payable after more than one year | 42 | €9,980 | €10,434 | +€453 | +4.5% |
| Financial debts | 43 | €3,000 | €3,000 | = | 0.0% |
| Credit institutions | 430/8 | €3,000 | €3,000 | = | 0.0% |
| Trade debts | 44 | €1,330 | €1,119 | -€211 | -15.9% |
| Suppliers | 440/4 | €1,330 | €1,119 | -€211 | -15.9% |
| Taxes, remuneration and social security | 45 | €3,600 | €9,291 | +€5,691 | +158% |
| Taxes | 450/3 | €3,600 | €9,291 | +€5,691 | +158% |
| Other amounts payable | 47/48 | €41,792 | €26,023 | -€15,769 | -37.7% |
| Non-recurring operating income | 76A | €14,041 | €0 | -€14,041 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,286 | €1,591 | +€305 | +23.7% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €1,228 | €1,386 | +€158 | +12.9% |
| Gross operating margin | 9900 | €72,839 | €85,232 | +€12,393 | +17.0% |
| Operating profit (loss) | 9901 | €70,325 | €82,256 | +€11,930 | +17.0% |
| Financial income | 75/76B | €0 | €1 | +€1 | +2,275% |
| Recurring financial income | 75 | €0 | €1 | +€1 | +2,275% |
| Financial charges | 65/66B | €45,107 | €3,692 | -€41,415 | -91.8% |
| Recurring financial charges | 65 | €45,107 | €3,692 | -€41,415 | -91.8% |
| Profit (loss) for the period before taxes | 9903 | €25,219 | €78,565 | +€53,346 | +212% |
| Income taxes | 67/77 | €8,695 | €17,691 | +€8,996 | +103% |
| Profit (loss) for the period | 9904 | €16,523 | €60,873 | +€44,350 | +268% |
| Profit (loss) for the period to be appropriated | 9905 | €16,523 | €60,873 | +€44,350 | +268% |
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 22 October 2026 via checked.be.