JOGA CONCEPT: 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.
JOGA CONCEPT
Largest movements
- Tangible fixed assets +€655,919
up €655,919 (+287%), from €228,259 to €884,178
of which Land and buildings: +€643,629
- Stocks and contracts -€152,664
down €152,664 (-33.4%), from €457,001 to €304,337
- Receivables within one year -€45,016
down €45,016 (-59.1%), from €76,173 to €31,157
of which Trade receivables: -€46,583
- Debts after one year +€493,717
up €493,717 (+351%), from €140,798 to €634,515
of which Financial debts: +€490,817
- Profit (loss) carried forward -€140,286
down €140,286 (-71.4%), from €196,475 to €56,189
- Revaluation surpluses +€75,287
new in 2025: €75,287
- Trade debts -€25,598
down €25,598 (-16.4%), from €156,223 to €130,625
- Current portion of long-term debt +€22,190
up €22,190 (+88.0%), from €25,227 to €47,417
- Provisions +€38,222
no longer reported in 2025 (was -€38,222)
- Gross operating margin -€37,009
down €37,009 (-37.7%), from €98,282 to €61,273
- Staff costs +€19,006
up €19,006 (+18.1%), from €105,087 to €124,094
- Depreciation +€18,485
up €18,485 (+121%), from €15,292 to €33,777
- Financial charges +€13,503
up €13,503 (+97.6%), from €13,834 to €27,338
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 | €799,157 | €1,254,186 | +€455,029 | +56.9% |
| Fixed assets | 21/28 | €228,410 | €884,329 | +€655,919 | +287% |
| Tangible fixed assets | 22/27 | €228,259 | €884,178 | +€655,919 | +287% |
| Land and buildings | 22 | €217,921 | €861,549 | +€643,629 | +295% |
| Plant, machinery and equipment | 23 | €1,777 | €3,380 | +€1,603 | +90.2% |
| Furniture and vehicles | 24 | €8,561 | €19,249 | +€10,687 | +125% |
| Financial fixed assets | 28 | €151 | €151 | = | 0.0% |
| Current assets | 29/58 | €570,747 | €369,857 | -€200,890 | -35.2% |
| Stocks and contracts in progress | 3 | €457,001 | €304,337 | -€152,664 | -33.4% |
| Stocks | 30/36 | €457,001 | €304,337 | -€152,664 | -33.4% |
| Amounts receivable within one year | 40/41 | €76,173 | €31,157 | -€45,016 | -59.1% |
| Trade receivables | 40 | €58,607 | €12,024 | -€46,583 | -79.5% |
| Other amounts receivable | 41 | €17,566 | €19,133 | +€1,567 | +8.9% |
| Cash at bank and in hand | 54/58 | €37,573 | €33,305 | -€4,268 | -11.4% |
| Deferred charges and accrued income | 490/1 | - | €1,057 | +€1,057 | |
| Total equity and liabilities | 10/49 | €799,157 | €1,254,186 | +€455,029 | +56.9% |
| Equity | 10/15 | €233,825 | €168,825 | -€64,999 | -27.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Revaluation surpluses | 12 | - | €75,287 | +€75,287 | |
| Reserves | 13 | €31,150 | €31,150 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €19,290 | €19,290 | = | 0.0% |
| Distributable reserves | 133 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €196,475 | €56,189 | -€140,286 | -71.4% |
| Amounts payable | 17/49 | €565,333 | €1,085,360 | +€520,028 | +92.0% |
| Amounts payable after more than one year | 17 | €140,798 | €634,515 | +€493,717 | +351% |
| Financial debts | 170/4 | €134,198 | €625,015 | +€490,817 | +366% |
| Other amounts payable | 178/9 | €6,600 | €9,500 | +€2,900 | +43.9% |
| Amounts payable within one year | 42/48 | €424,534 | €450,845 | +€26,311 | +6.2% |
| Current portion of amounts payable after more than one year | 42 | €25,227 | €47,417 | +€22,190 | +88.0% |
| Financial debts | 43 | €48,803 | €49,937 | +€1,134 | +2.3% |
| Credit institutions | 430/8 | €48,803 | €49,937 | +€1,134 | +2.3% |
| Trade debts | 44 | €156,223 | €130,625 | -€25,598 | -16.4% |
| Suppliers | 440/4 | €156,223 | €130,625 | -€25,598 | -16.4% |
| Advances received on contracts in progress | 46 | - | €8,000 | +€8,000 | |
| Taxes, remuneration and social security | 45 | €135,221 | €138,621 | +€3,400 | +2.5% |
| Taxes | 450/3 | €50,337 | €42,106 | -€8,231 | -16.4% |
| Remuneration and social security | 454/9 | €84,883 | €96,515 | +€11,631 | +13.7% |
| Other amounts payable | 47/48 | €59,060 | €76,245 | +€17,185 | +29.1% |
| Remuneration, social security and pensions | 62 | €105,087 | €124,094 | +€19,006 | +18.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,292 | €33,777 | +€18,485 | +121% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€38,222 | - | +€38,222 | |
| Other operating charges | 640/8 | €7,161 | €12,833 | +€5,672 | +79.2% |
| Non-recurring operating charges | 66A | - | €6,287 | +€6,287 | |
| Gross operating margin | 9900 | €98,282 | €61,273 | -€37,009 | -37.7% |
| Operating profit (loss) | 9901 | €8,964 | -€115,717 | -€124,681 | |
| Financial income | 75/76B | €33 | €30 | -€3 | -10.2% |
| Recurring financial income | 75 | €33 | €30 | -€3 | -10.2% |
| Financial charges | 65/66B | €13,834 | €27,338 | +€13,503 | +97.6% |
| Recurring financial charges | 65 | €13,834 | €27,338 | +€13,503 | +97.6% |
| Profit (loss) for the period before taxes | 9903 | -€4,837 | -€143,025 | -€138,188 | -2,857% |
| Income taxes | 67/77 | €2,121 | -€1,542 | -€3,662 | |
| Profit (loss) for the period | 9904 | -€6,958 | -€141,483 | -€134,525 | -1,933% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,958 | -€141,483 | -€134,525 | -1,933% |
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 15 October 2026 via checked.be.