JOETRON: 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.
JOETRON
Largest movements
- Tangible fixed assets -€1.0m
down €1.0m (-55.5%), from €1.8m to €801,800
of which Land and buildings: -€971,659
- Cash +€732,149
up €732,149 (+173%), from €423,516 to €1.2m
mainly Net result for the year (+€986,046) and Investment in fixed assets (net) (+€832,218)
- Current investments -€630,000
down €630,000 (-64.0%), from €984,110 to €354,110
- Stocks and contracts +€292,767
up €292,767 (+13.0%), from €2.3m to €2.6m
- Receivables within one year +€289,061
up €289,061 (+14.8%), from €2.0m to €2.2m
of which Trade receivables: +€267,075
- Profit (loss) carried forward -€633,293
down €633,293 (-14.9%), from €4.2m to €3.6m
- Other debts +€295,441
up €295,441 (+1,984%), from €14,893 to €310,335
- Reserves +€169,012
up €169,012 (+9.6%), from €1.8m to €1.9m
- Debts after one year -€92,779
down €92,779 (-10.7%), from €869,294 to €776,515
- Gross operating margin +€542,719
up €542,719 (+35.2%), from €1.5m to €2.1m
- Taxes +€188,947
up €188,947 (+74.4%), from €254,001 to €442,948
- Financial income +€48,725
up €48,725 (+243%), from €20,050 to €68,775
- Depreciation -€20,937
down €20,937 (-10.6%), from €196,648 to €175,711
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 | €7,463,337 | €7,156,487 | -€306,849 | -4.1% |
| Fixed assets | 21/28 | €1,816,129 | €808,200 | -€1.0m | -55.5% |
| Intangible fixed assets | 21 | €6,437 | - | -€6,437 | |
| Tangible fixed assets | 22/27 | €1,803,292 | €801,800 | -€1.0m | -55.5% |
| Land and buildings | 22 | €1,537,381 | €565,722 | -€971,659 | -63.2% |
| Plant, machinery and equipment | 23 | €71,589 | €41,962 | -€29,627 | -41.4% |
| Furniture and vehicles | 24 | €141,418 | €165,047 | +€23,629 | +16.7% |
| Other tangible fixed assets | 26 | €52,904 | €29,069 | -€23,835 | -45.1% |
| Financial fixed assets | 28 | €6,400 | €6,400 | = | 0.0% |
| Current assets | 29/58 | €5,647,208 | €6,348,287 | +€701,080 | +12.4% |
| Stocks and contracts in progress | 3 | €2,260,389 | €2,553,156 | +€292,767 | +13.0% |
| Stocks | 30/36 | €2,260,389 | €2,553,156 | +€292,767 | +13.0% |
| Amounts receivable within one year | 40/41 | €1,953,806 | €2,242,867 | +€289,061 | +14.8% |
| Trade receivables | 40 | €110,741 | €377,816 | +€267,075 | +241% |
| Other amounts receivable | 41 | €1,843,065 | €1,865,051 | +€21,986 | +1.2% |
| Current investments | 50/53 | €984,110 | €354,110 | -€630,000 | -64.0% |
| Cash at bank and in hand | 54/58 | €423,516 | €1,155,665 | +€732,149 | +173% |
| Deferred charges and accrued income | 490/1 | €25,387 | €42,489 | +€17,102 | +67.4% |
| Total equity and liabilities | 10/49 | €7,463,337 | €7,156,487 | -€306,849 | -4.1% |
| Equity | 10/15 | €6,028,823 | €5,561,765 | -€467,059 | -7.7% |
| Contributions | 10/11 | €18,600 | €15,823 | -€2,777 | -14.9% |
| Reserves | 13 | €1,768,714 | €1,937,726 | +€169,012 | +9.6% |
| Distributable reserves | 133 | €1,768,714 | €1,937,726 | +€169,012 | +9.6% |
| Profit (loss) carried forward | 14 | €4,241,509 | €3,608,216 | -€633,293 | -14.9% |
| Amounts payable | 17/49 | €1,434,513 | €1,594,723 | +€160,209 | +11.2% |
| Amounts payable after more than one year | 17 | €869,294 | €776,515 | -€92,779 | -10.7% |
| Financial debts | 170/4 | €869,294 | €776,515 | -€92,779 | -10.7% |
| Amounts payable within one year | 42/48 | €565,219 | €814,973 | +€249,754 | +44.2% |
| Current portion of amounts payable after more than one year | 42 | €90,315 | €98,503 | +€8,188 | +9.1% |
| Trade debts | 44 | €153,261 | €146,277 | -€6,984 | -4.6% |
| Suppliers | 440/4 | €153,261 | €146,277 | -€6,984 | -4.6% |
| Taxes, remuneration and social security | 45 | €306,751 | €259,858 | -€46,893 | -15.3% |
| Taxes | 450/3 | €273,599 | €224,664 | -€48,934 | -17.9% |
| Remuneration and social security | 454/9 | €33,152 | €35,194 | +€2,042 | +6.2% |
| Other amounts payable | 47/48 | €14,893 | €310,335 | +€295,441 | +1,984% |
| Accrued charges and deferred income | 492/3 | - | €3,234 | +€3,234 | |
| Remuneration, social security and pensions | 62 | €476,386 | €479,309 | +€2,924 | +0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €196,648 | €175,711 | -€20,937 | -10.6% |
| Other operating charges | 640/8 | €28,756 | €26,089 | -€2,667 | -9.3% |
| Non-recurring operating charges | 66A | €13,149 | - | -€13,149 | |
| Gross operating margin | 9900 | €1,539,643 | €2,082,362 | +€542,719 | +35.2% |
| Operating profit (loss) | 9901 | €824,705 | €1,401,253 | +€576,548 | +69.9% |
| Financial income | 75/76B | €20,050 | €68,775 | +€48,725 | +243% |
| Recurring financial income | 75 | €20,050 | €68,775 | +€48,725 | +243% |
| Financial charges | 65/66B | €49,956 | €41,034 | -€8,922 | -17.9% |
| Recurring financial charges | 65 | €49,956 | €41,034 | -€8,922 | -17.9% |
| Profit (loss) for the period before taxes | 9903 | €794,799 | €1,428,994 | +€634,195 | +79.8% |
| Income taxes | 67/77 | €254,001 | €442,948 | +€188,947 | +74.4% |
| Profit (loss) for the period | 9904 | €540,798 | €986,046 | +€445,247 | +82.3% |
| Profit (loss) for the period to be appropriated | 9905 | €540,798 | €986,046 | +€445,247 | +82.3% |
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 23 October 2026 via checked.be.