JOETZ: 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.
JOETZ
Largest movements
- Receivables within one year +€242,992
up €242,992 (+46.0%), from €527,998 to €770,989
of which Trade receivables: +€234,817
- Cash -€195,306
down €195,306 (-31.4%), from €621,577 to €426,271
mainly Receivables within one year (-€242,992) and Net result for the year (-€117,445)
- Deferred charges and accrued income +€28,379
up €28,379 (+53.9%), from €52,684 to €81,063
- Tangible fixed assets -€21,202
down €21,202 (-65.5%), from €32,377 to €11,175
of which Furniture and vehicles: -€19,343
- Debts within one year +€136,447
up €136,447 (+24.1%), from €567,265 to €703,713
of which Trade debts: +€198,442
- Profit (loss) carried forward -€117,445
down €117,445 (-37.6%), from €312,025 to €194,580
- Accrued charges and deferred income +€35,861
up €35,861 (+9.8%), from €364,353 to €400,214
- Staff costs -€28,561
down €28,561 (-1.4%), from €2.0m to €2.0m
- Gross operating margin +€25,580
up €25,580 (+1.3%), from €1.9m to €1.9m
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 | €1,234,635 | €1,289,499 | +€54,863 | +4.4% |
| Fixed assets | 21/28 | €32,377 | €11,175 | -€21,202 | -65.5% |
| Tangible fixed assets | 22/27 | €32,377 | €11,175 | -€21,202 | -65.5% |
| Plant, machinery and equipment | 23 | €591 | €339 | -€252 | -42.6% |
| Furniture and vehicles | 24 | €27,303 | €7,961 | -€19,343 | -70.8% |
| Other tangible fixed assets | 26 | €4,482 | €2,875 | -€1,607 | -35.9% |
| Current assets | 29/58 | €1,202,259 | €1,278,324 | +€76,065 | +6.3% |
| Amounts receivable within one year | 40/41 | €527,998 | €770,989 | +€242,992 | +46.0% |
| Trade receivables | 40 | €503,533 | €738,350 | +€234,817 | +46.6% |
| Other amounts receivable | 41 | €24,464 | €32,639 | +€8,175 | +33.4% |
| Cash at bank and in hand | 54/58 | €621,577 | €426,271 | -€195,306 | -31.4% |
| Deferred charges and accrued income | 490/1 | €52,684 | €81,063 | +€28,379 | +53.9% |
| Total equity and liabilities | 10/49 | €1,234,635 | €1,289,499 | +€54,863 | +4.4% |
| Equity | 10/15 | €303,017 | €185,572 | -€117,445 | -38.8% |
| Contributions | 10/11 | -€9,008 | -€9,008 | = | 0.0% |
| Capital | 10 | -€9,008 | -€9,008 | = | 0.0% |
| Profit (loss) carried forward | 14 | €312,025 | €194,580 | -€117,445 | -37.6% |
| Amounts payable | 17/49 | €931,619 | €1,103,927 | +€172,308 | +18.5% |
| Amounts payable within one year | 42/48 | €567,265 | €703,713 | +€136,447 | +24.1% |
| Financial debts | 43 | €24 | - | -€24 | |
| Credit institutions | 430/8 | €24 | - | -€24 | |
| Trade debts | 44 | €236,280 | €434,722 | +€198,442 | +84.0% |
| Suppliers | 440/4 | €236,280 | €434,722 | +€198,442 | +84.0% |
| Taxes, remuneration and social security | 45 | €320,734 | €268,967 | -€51,767 | -16.1% |
| Taxes | 450/3 | €57,031 | €50,650 | -€6,381 | -11.2% |
| Remuneration and social security | 454/9 | €263,703 | €218,317 | -€45,387 | -17.2% |
| Accrued charges and deferred income | 492/3 | €364,353 | €400,214 | +€35,861 | +9.8% |
| Non-recurring operating income | 76A | - | €2,000 | +€2,000 | |
| Remuneration, social security and pensions | 62 | €2,047,954 | €2,019,393 | -€28,561 | -1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,217 | €9,938 | -€8,279 | -45.4% |
| Other operating charges | 640/8 | €3,431 | €5,218 | +€1,787 | +52.1% |
| Non-recurring operating charges | 66A | - | €1 | +€1 | |
| Gross operating margin | 9900 | €1,897,567 | €1,923,147 | +€25,580 | +1.3% |
| Operating profit (loss) | 9901 | -€172,034 | -€111,402 | +€60,633 | +35.2% |
| Financial income | 75/76B | €24 | €34 | +€11 | +45.1% |
| Recurring financial income | 75 | €24 | €34 | +€11 | +45.1% |
| Financial charges | 65/66B | €5,959 | €6,077 | +€119 | +2.0% |
| Recurring financial charges | 65 | €5,959 | €6,077 | +€119 | +2.0% |
| Profit (loss) for the period before taxes | 9903 | -€177,970 | -€117,445 | +€60,525 | +34.0% |
| Profit (loss) for the period | 9904 | -€177,970 | -€117,445 | +€60,525 | +34.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€177,970 | -€117,445 | +€60,525 | +34.0% |
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 4 October 2026 via checked.be.