JOELCO: 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.
JOELCO
Largest movements
- Cash +€227,969
up €227,969 (+9,685%), from €2,354 to €230,322
mainly Contributions, distributions and other (+€408,262) and Depreciation (+€15,411)
- Tangible fixed assets +€69,967
up €69,967 (+16.2%), from €431,207 to €501,174
of which Land and buildings: +€216,458
- Receivables within one year -€14,856
down €14,856 (-44.2%), from €33,619 to €18,764
of which Trade receivables: -€21,933
- Contributions +€375,000
up €375,000 (+605%), from €62,000 to €437,000
- Other debts -€115,984
down €115,984 (-100%), from €115,984 to €0
- Investment grants +€33,262
new in 2025: €33,262
- Debts after one year -€12,439
down €12,439 (-5.3%), from €232,996 to €220,557
- Gross operating margin -€19,190
down €19,190 (-51.6%), from €37,210 to €18,020
- Taxes -€9,464
down €9,464 (-100%), from €9,464 to €0
- Financial income +€1,117
new in 2025: €1,117
- Financial charges -€786
down €786 (-18.5%), from €4,254 to €3,468
- Depreciation +€720
up €720 (+4.9%), from €14,691 to €15,411
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 | €468,028 | €751,135 | +€283,107 | +60.5% |
| Fixed assets | 21/28 | €431,207 | €501,174 | +€69,967 | +16.2% |
| Tangible fixed assets | 22/27 | €431,207 | €501,174 | +€69,967 | +16.2% |
| Land and buildings | 22 | €283,226 | €499,684 | +€216,458 | +76.4% |
| Plant, machinery and equipment | 23 | - | €1,490 | +€1,490 | |
| Other tangible fixed assets | 26 | €147,981 | €0 | -€147,981 | -100% |
| Current assets | 29/58 | €36,821 | €249,961 | +€213,140 | +579% |
| Amounts receivable within one year | 40/41 | €33,619 | €18,764 | -€14,856 | -44.2% |
| Trade receivables | 40 | €31,119 | €9,186 | -€21,933 | -70.5% |
| Other amounts receivable | 41 | €2,500 | €9,578 | +€7,078 | +283% |
| Cash at bank and in hand | 54/58 | €2,354 | €230,322 | +€227,969 | +9,685% |
| Deferred charges and accrued income | 490/1 | €848 | €875 | +€27 | +3.2% |
| Total equity and liabilities | 10/49 | €468,028 | €751,135 | +€283,107 | +60.5% |
| Equity | 10/15 | €89,235 | €494,847 | +€405,612 | +455% |
| Contributions | 10/11 | €62,000 | €437,000 | +€375,000 | +605% |
| Capital | 10 | €62,000 | €437,000 | +€375,000 | +605% |
| Issued capital | 100 | €62,000 | €437,000 | +€375,000 | +605% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €21,035 | €18,385 | -€2,650 | -12.6% |
| Investment grants | 15 | - | €33,262 | +€33,262 | |
| Amounts payable | 17/49 | €378,793 | €256,288 | -€122,505 | -32.3% |
| Amounts payable after more than one year | 17 | €232,996 | €220,557 | -€12,439 | -5.3% |
| Financial debts | 170/4 | €232,996 | €220,557 | -€12,439 | -5.3% |
| Amounts payable within one year | 42/48 | €144,095 | €35,409 | -€108,685 | -75.4% |
| Current portion of amounts payable after more than one year | 42 | €12,242 | €13,467 | +€1,225 | +10.0% |
| Trade debts | 44 | €15,869 | €21,942 | +€6,073 | +38.3% |
| Suppliers | 440/4 | €15,869 | €21,942 | +€6,073 | +38.3% |
| Other amounts payable | 47/48 | €115,984 | €0 | -€115,984 | -100% |
| Accrued charges and deferred income | 492/3 | €1,703 | €322 | -€1,380 | -81.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,691 | €15,411 | +€720 | +4.9% |
| Other operating charges | 640/8 | €3,037 | €2,908 | -€129 | -4.2% |
| Gross operating margin | 9900 | €37,210 | €18,020 | -€19,190 | -51.6% |
| Operating profit (loss) | 9901 | €19,482 | -€300 | -€19,782 | |
| Financial income | 75/76B | - | €1,117 | +€1,117 | |
| Recurring financial income | 75 | - | €1,117 | +€1,117 | |
| Financial charges | 65/66B | €4,254 | €3,468 | -€786 | -18.5% |
| Recurring financial charges | 65 | €4,254 | €3,468 | -€786 | -18.5% |
| Profit (loss) for the period before taxes | 9903 | €15,229 | -€2,650 | -€17,879 | |
| Income taxes | 67/77 | €9,464 | €0 | -€9,464 | -100% |
| Profit (loss) for the period | 9904 | €5,765 | -€2,650 | -€8,415 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,765 | -€2,650 | -€8,415 |
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 13 October 2026 via checked.be.