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 +€54,773
up €54,773 (+1,177%), from €4,652 to €59,425
mainly Net result for the year (+€115,867) and Tax, wage and social debts (+€5,748)
- Reserves +€114,403
new in 2026: €114,403
- Debts after one year -€34,733
down €34,733 (-8.3%), from €419,373 to €384,640
- Other debts -€32,736
down €32,736 (-99.3%), from €32,966 to €230
- Financial income +€90,200
new in 2026: €90,200
- Gross operating margin +€36,309
up €36,309 (+1,463%), from €2,482 to €38,791
- Taxes +€6,693
new in 2026: €6,693
- Financial charges +€1,652
up €1,652 (+46.9%), from €3,522 to €5,174
- Depreciation +€987
up €987 (+665%), from €148 to €1,136
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €538,972 | €593,762 | +€54,790 | +10.2% |
| Fixed assets | 21/28 | €534,320 | €534,169 | -€151 | 0.0% |
| Tangible fixed assets | 22/27 | €4,965 | €4,814 | -€151 | -3.0% |
| Plant, machinery and equipment | 23 | - | €872 | +€872 | |
| Furniture and vehicles | 24 | €4,965 | €3,942 | -€1,023 | -20.6% |
| Financial fixed assets | 28 | €529,355 | €529,355 | = | 0.0% |
| Current assets | 29/58 | €4,652 | €59,593 | +€54,941 | +1,181% |
| Cash at bank and in hand | 54/58 | €4,652 | €59,425 | +€54,773 | +1,177% |
| Deferred charges and accrued income | 490/1 | - | €168 | +€168 | |
| Total equity and liabilities | 10/49 | €538,972 | €593,762 | +€54,790 | +10.2% |
| Equity | 10/15 | €48,536 | €164,403 | +€115,867 | +239% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | - | €114,403 | +€114,403 | |
| Distributable reserves | 133 | - | €114,403 | +€114,403 | |
| Profit (loss) carried forward | 14 | -€1,464 | €0 | +€1,464 | |
| Amounts payable | 17/49 | €490,435 | €429,358 | -€61,077 | -12.5% |
| Amounts payable after more than one year | 17 | €419,373 | €384,640 | -€34,733 | -8.3% |
| Financial debts | 170/4 | €419,373 | €384,640 | -€34,733 | -8.3% |
| Amounts payable within one year | 42/48 | €71,063 | €44,718 | -€26,344 | -37.1% |
| Current portion of amounts payable after more than one year | 42 | €34,102 | €34,733 | +€631 | +1.9% |
| Financial debts | 43 | - | €180 | +€180 | |
| Credit institutions | 430/8 | - | €180 | +€180 | |
| Trade debts | 44 | €666 | €499 | -€167 | -25.1% |
| Suppliers | 440/4 | €666 | €499 | -€167 | -25.1% |
| Taxes, remuneration and social security | 45 | €3,328 | €9,077 | +€5,748 | +173% |
| Taxes | 450/3 | €3,328 | €9,077 | +€5,748 | +173% |
| Other amounts payable | 47/48 | €32,966 | €230 | -€32,736 | -99.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €148 | €1,136 | +€987 | +665% |
| Other operating charges | 640/8 | €275 | €120 | -€155 | -56.3% |
| Gross operating margin | 9900 | €2,482 | €38,791 | +€36,309 | +1,463% |
| Operating profit (loss) | 9901 | €2,058 | €37,535 | +€35,476 | +1,723% |
| Financial income | 75/76B | - | €90,200 | +€90,200 | |
| Recurring financial income | 75 | - | €90,200 | +€90,200 | |
| Financial charges | 65/66B | €3,522 | €5,174 | +€1,652 | +46.9% |
| Recurring financial charges | 65 | €3,522 | €5,174 | +€1,652 | +46.9% |
| Profit (loss) for the period before taxes | 9903 | -€1,464 | €122,560 | +€124,024 | |
| Income taxes | 67/77 | - | €6,693 | +€6,693 | |
| Profit (loss) for the period | 9904 | -€1,464 | €115,867 | +€117,331 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,464 | €115,867 | +€117,331 |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.