JOELS: what changed
Two fiscal 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.
JOELS
Largest movements
- Tangible fixed assets -€49,880
down €49,880 (-3.3%), from €1.5m to €1.5m
of which Land and buildings: -€48,564
- Debts after one year -€34,503
down €34,503 (-2.4%), from €1.4m to €1.4m
of which Financial debts: -€76,566
- Gross operating margin +€13,192
up €13,192 (+14.6%), from €90,567 to €103,759
- Depreciation +€7,065
up €7,065 (+14.0%), from €50,533 to €57,598
- Other operating charges -€1,075
down €1,075 (-10.7%), from €10,041 to €8,966
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 | €1,521,507 | €1,488,090 | -€33,417 | -2.2% |
| Fixed assets | 21/28 | €1,511,815 | €1,461,935 | -€49,880 | -3.3% |
| Tangible fixed assets | 22/27 | €1,511,815 | €1,461,935 | -€49,880 | -3.3% |
| Land and buildings | 22 | €1,504,666 | €1,456,101 | -€48,564 | -3.2% |
| Plant, machinery and equipment | 23 | €7,150 | €5,834 | -€1,316 | -18.4% |
| Current assets | 29/58 | €9,692 | €26,154 | +€16,463 | +169.9% |
| Amounts receivable within one year | 40/41 | €7,921 | €20,082 | +€12,161 | +153.5% |
| Trade receivables | 40 | €7,921 | €20,082 | +€12,161 | +153.5% |
| Cash at bank and in hand | 54/58 | €1,770 | €6,072 | +€4,302 | +243.0% |
| Total equity and liabilities | 10/49 | €1,521,507 | €1,488,090 | -€33,417 | -2.2% |
| Equity | 10/15 | €26,016 | €31,218 | +€5,202 | +20.0% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€73,984 | -€68,782 | +€5,202 | +7.0% |
| Amounts payable | 17/49 | €1,495,491 | €1,456,872 | -€38,619 | -2.6% |
| Amounts payable after more than one year | 17 | €1,409,069 | €1,374,566 | -€34,503 | -2.4% |
| Financial debts | 170/4 | €1,023,259 | €946,693 | -€76,566 | -7.5% |
| Other amounts payable | 178/9 | €385,810 | €427,873 | +€42,063 | +10.9% |
| Amounts payable within one year | 42/48 | €86,422 | €82,306 | -€4,116 | -4.8% |
| Current portion of amounts payable after more than one year | 42 | €74,762 | €76,566 | +€1,804 | +2.4% |
| Financial debts | 43 | - | €2,247 | +€2,247 | |
| Credit institutions | 430/8 | - | €2,247 | +€2,247 | |
| Trade debts | 44 | €10,066 | €1,885 | -€8,181 | -81.3% |
| Suppliers | 440/4 | €10,066 | €1,885 | -€8,181 | -81.3% |
| Taxes, remuneration and social security | 45 | €1,594 | €1,608 | +€14 | +0.9% |
| Taxes | 450/3 | €1,594 | €1,608 | +€14 | +0.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,533 | €57,598 | +€7,065 | +14.0% |
| Other operating charges | 640/8 | €10,041 | €8,966 | -€1,075 | -10.7% |
| Gross operating margin | 9900 | €90,567 | €103,759 | +€13,192 | +14.6% |
| Operating profit (loss) | 9901 | €29,993 | €37,196 | +€7,203 | +24.0% |
| Financial charges | 65/66B | €32,388 | €31,994 | -€394 | -1.2% |
| Recurring financial charges | 65 | €32,388 | €31,994 | -€394 | -1.2% |
| Profit (loss) for the period before taxes | 9903 | -€2,395 | €5,202 | +€7,597 | |
| Profit (loss) for the period | 9904 | -€2,395 | €5,202 | +€7,597 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,395 | €5,202 | +€7,597 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.