JOGACA: 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.
JOGACA
Largest movements
- Cash -€117,170
down €117,170 (-68.3%), from €171,671 to €54,501
mainly Investment in fixed assets (net) (-€159,819) and Current investments (-€38,519)
- Tangible fixed assets +€91,470
up €91,470 (+4.3%), from €2.1m to €2.2m
of which Land and buildings: +€89,106
No liability line moved by more than 1% of the balance sheet total.
- Financial income -€49,070
down €49,070 (-41.8%), from €117,343 to €68,273
- Depreciation +€13,521
up €13,521 (+24.7%), from €54,828 to €68,349
- Taxes -€10,956
down €10,956 (-68.2%), from €16,062 to €5,106
- Gross operating margin +€3,514
up €3,514 (+8.0%), from €43,805 to €47,319
- Other operating charges -€3,008
down €3,008 (-73.9%), from €4,069 to €1,060
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 | €4,255,866 | €4,273,535 | +€17,668 | +0.4% |
| Fixed assets | 21/28 | €2,146,717 | €2,238,187 | +€91,470 | +4.3% |
| Tangible fixed assets | 22/27 | €2,146,717 | €2,238,187 | +€91,470 | +4.3% |
| Land and buildings | 22 | €2,144,791 | €2,233,897 | +€89,106 | +4.2% |
| Plant, machinery and equipment | 23 | €1,927 | €2,601 | +€674 | +35.0% |
| Furniture and vehicles | 24 | - | €1,690 | +€1,690 | |
| Current assets | 29/58 | €2,109,149 | €2,035,347 | -€73,802 | -3.5% |
| Amounts receivable within one year | 40/41 | €8,551 | €13,400 | +€4,849 | +56.7% |
| Other amounts receivable | 41 | €8,551 | €13,400 | +€4,849 | +56.7% |
| Current investments | 50/53 | €1,928,926 | €1,967,446 | +€38,519 | +2.0% |
| Cash at bank and in hand | 54/58 | €171,671 | €54,501 | -€117,170 | -68.3% |
| Total equity and liabilities | 10/49 | €4,255,866 | €4,273,535 | +€17,668 | +0.4% |
| Equity | 10/15 | €4,116,254 | €4,146,712 | +€30,458 | +0.7% |
| Contributions | 10/11 | €3,177,200 | €3,177,200 | = | 0.0% |
| Reserves | 13 | €939,054 | €969,512 | +€30,458 | +3.2% |
| Tax-exempt reserves | 132 | €182,796 | €162,195 | -€20,601 | -11.3% |
| Distributable reserves | 133 | €756,258 | €807,317 | +€51,058 | +6.8% |
| Provisions and deferred taxes | 16 | €60,932 | €54,065 | -€6,867 | -11.3% |
| Deferred taxes | 168 | €60,932 | €54,065 | -€6,867 | -11.3% |
| Amounts payable | 17/49 | €78,680 | €72,758 | -€5,922 | -7.5% |
| Amounts payable within one year | 42/48 | €71,815 | €67,995 | -€3,820 | -5.3% |
| Trade debts | 44 | €1,308 | €3,938 | +€2,630 | +201.0% |
| Suppliers | 440/4 | €1,308 | €3,938 | +€2,630 | +201.0% |
| Other amounts payable | 47/48 | €70,507 | €64,057 | -€6,450 | -9.1% |
| Accrued charges and deferred income | 492/3 | €6,865 | €4,764 | -€2,102 | -30.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,828 | €68,349 | +€13,521 | +24.7% |
| Other operating charges | 640/8 | €4,069 | €1,060 | -€3,008 | -73.9% |
| Gross operating margin | 9900 | €43,805 | €47,319 | +€3,514 | +8.0% |
| Operating profit (loss) | 9901 | -€15,092 | -€22,090 | -€6,999 | -46.4% |
| Financial income | 75/76B | €117,343 | €68,273 | -€49,070 | -41.8% |
| Recurring financial income | 75 | €117,343 | €68,273 | -€49,070 | -41.8% |
| Financial charges | 65/66B | €14,677 | €17,486 | +€2,809 | +19.1% |
| Recurring financial charges | 65 | €14,677 | €17,486 | +€2,809 | +19.1% |
| Profit (loss) for the period before taxes | 9903 | €87,574 | €28,696 | -€58,877 | -67.2% |
| Transfer from deferred taxes | 780 | €4,989 | €6,867 | +€1,878 | +37.6% |
| Income taxes | 67/77 | €16,062 | €5,106 | -€10,956 | -68.2% |
| Profit (loss) for the period | 9904 | €76,501 | €30,458 | -€46,043 | -60.2% |
| Transfer from tax-exempt reserves | 789 | €14,968 | €20,601 | +€5,633 | +37.6% |
| Profit (loss) for the period to be appropriated | 9905 | €91,469 | €51,058 | -€40,411 | -44.2% |
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 30 September 2026 via checked.be.