JOERA: 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.
JOERA
Largest movements
- Receivables after one year -€6.0m
no longer reported in 2025 (was €6.0m)
- Cash +€2.8m
up €2.8m (+143.5%), from €2.0m to €4.8m
mainly Receivables after one year (+€6.0m) and Net result for the year (+€1.4m)
- Receivables within one year +€2.2m
up €2.2m (+30.8%), from €7.0m to €9.2m
of which Other amounts receivable: +€2.2m
- Tangible fixed assets -€1.3m
down €1.3m (-14.8%), from €8.5m to €7.3m
of which Land and buildings: -€1.3m
- Current investments +€825,000
up €825,000 (+11.5%), from €7.2m to €8.0m
- Accrued charges and deferred income -€692,489
down €692,489 (-34.2%), from €2.0m to €1.3m
- Debts after one year -€472,920
down €472,920 (-13.5%), from €3.5m to €3.0m
- Other debts -€330,500
down €330,500 (-1.6%), from €20.7m to €20.4m
- Gross operating margin +€465,803
up €465,803 (+26.4%), from €1.8m to €2.2m
- Financial income -€337,789
down €337,789 (-56.1%), from €601,794 to €264,005
- Taxes -€116,051
down €116,051 (-19.4%), from €597,143 to €481,091
- Other operating charges +€98,230
up €98,230 (+113.4%), from €86,614 to €184,844
- Depreciation -€38,262
down €38,262 (-8.4%), from €456,936 to €418,674
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 | €30,774,983 | €29,300,403 | -€1.5m | -4.8% |
| Fixed assets | 21/28 | €8,548,531 | €7,284,971 | -€1.3m | -14.8% |
| Tangible fixed assets | 22/27 | €8,543,393 | €7,279,834 | -€1.3m | -14.8% |
| Land and buildings | 22 | €8,445,091 | €7,139,393 | -€1.3m | -15.5% |
| Plant, machinery and equipment | 23 | €495 | €366 | -€129 | -26.1% |
| Furniture and vehicles | 24 | €14,670 | €11,932 | -€2,738 | -18.7% |
| Other tangible fixed assets | 26 | €83,138 | €128,143 | +€45,005 | +54.1% |
| Financial fixed assets | 28 | €5,138 | €5,138 | = | 0.0% |
| Current assets | 29/58 | €22,226,452 | €22,015,432 | -€211,021 | -0.9% |
| Amounts receivable after more than one year | 29 | €6,025,000 | - | -€6.0m | |
| Other amounts receivable | 291 | €6,025,000 | - | -€6.0m | |
| Amounts receivable within one year | 40/41 | €7,043,024 | €9,209,129 | +€2.2m | +30.8% |
| Trade receivables | 40 | €5,053 | €6,063 | +€1,011 | +20.0% |
| Other amounts receivable | 41 | €7,037,972 | €9,203,065 | +€2.2m | +30.8% |
| Current investments | 50/53 | €7,175,000 | €8,000,000 | +€825,000 | +11.5% |
| Cash at bank and in hand | 54/58 | €1,968,651 | €4,793,683 | +€2.8m | +143.5% |
| Deferred charges and accrued income | 490/1 | €14,777 | €12,620 | -€2,157 | -14.6% |
| Total equity and liabilities | 10/49 | €30,774,983 | €29,300,403 | -€1.5m | -4.8% |
| Equity | 10/15 | €3,059,991 | €3,000,870 | -€59,122 | -1.9% |
| Contributions | 10/11 | €247,894 | €247,894 | = | 0.0% |
| Capital | 10 | €247,894 | €247,894 | = | 0.0% |
| Issued capital | 100 | €247,894 | €247,894 | = | 0.0% |
| Revaluation surpluses | 12 | €2,153 | €2,153 | = | 0.0% |
| Reserves | 13 | €2,809,945 | €2,750,823 | -€59,122 | -2.1% |
| Non-distributable reserves | 130/1 | €24,789 | €24,789 | = | 0.0% |
| Legal reserve | 130 | €24,789 | €24,789 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,785,156 | €2,726,034 | -€59,122 | -2.1% |
| Provisions and deferred taxes | 16 | €945,052 | €925,345 | -€19,707 | -2.1% |
| Deferred taxes | 168 | €945,052 | €925,345 | -€19,707 | -2.1% |
| Amounts payable | 17/49 | €26,769,940 | €25,374,189 | -€1.4m | -5.2% |
| Amounts payable after more than one year | 17 | €3,501,889 | €3,028,969 | -€472,920 | -13.5% |
| Financial debts | 170/4 | €3,501,889 | €3,028,969 | -€472,920 | -13.5% |
| Amounts payable within one year | 42/48 | €21,241,977 | €21,011,634 | -€230,343 | -1.1% |
| Current portion of amounts payable after more than one year | 42 | €472,920 | €472,920 | = | 0.0% |
| Trade debts | 44 | €17,776 | €12,982 | -€4,794 | -27.0% |
| Suppliers | 440/4 | €17,776 | €12,982 | -€4,794 | -27.0% |
| Taxes, remuneration and social security | 45 | €12,129 | €117,080 | +€104,951 | +865.3% |
| Taxes | 450/3 | €12,129 | €117,080 | +€104,951 | +865.3% |
| Other amounts payable | 47/48 | €20,739,152 | €20,408,652 | -€330,500 | -1.6% |
| Accrued charges and deferred income | 492/3 | €2,026,075 | €1,333,586 | -€692,489 | -34.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €456,936 | €418,674 | -€38,262 | -8.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €11,682 | -€19,381 | -€31,063 | |
| Other operating charges | 640/8 | €86,614 | €184,844 | +€98,230 | +113.4% |
| Gross operating margin | 9900 | €1,763,838 | €2,229,641 | +€465,803 | +26.4% |
| Operating profit (loss) | 9901 | €1,208,606 | €1,645,504 | +€436,898 | +36.1% |
| Financial income | 75/76B | €601,794 | €264,005 | -€337,789 | -56.1% |
| Recurring financial income | 75 | €601,794 | €264,005 | -€337,789 | -56.1% |
| Financial charges | 65/66B | €93,111 | €72,139 | -€20,972 | -22.5% |
| Recurring financial charges | 65 | €93,111 | €72,139 | -€20,972 | -22.5% |
| Profit (loss) for the period before taxes | 9903 | €1,717,290 | €1,837,370 | +€120,081 | +7.0% |
| Transfer from deferred taxes | 780 | €161,244 | €179,594 | +€18,350 | +11.4% |
| Transfer to deferred taxes | 680 | - | €159,887 | +€159,887 | |
| Income taxes | 67/77 | €597,143 | €481,091 | -€116,051 | -19.4% |
| Profit (loss) for the period | 9904 | €1,281,391 | €1,375,986 | +€94,595 | +7.4% |
| Transfer from tax-exempt reserves | 789 | €483,731 | €538,782 | +€55,050 | +11.4% |
| Transfer to tax-exempt reserves | 689 | - | €479,660 | +€479,660 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,765,122 | €1,435,108 | -€330,015 | -18.7% |
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 11 October 2026 via checked.be.