JOINCO: 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.
JOINCO
Largest movements
- Tangible fixed assets -€21,599
down €21,599 (-4.8%), from €452,818 to €431,219
of which Land and buildings: -€21,296
- Profit (loss) carried forward +€36,713
up €36,713 (+13.5%), from €272,378 to €309,091
- Current portion of long-term debt -€33,367
down €33,367 (-57.1%), from €58,452 to €25,085
- Debts after one year -€23,387
down €23,387 (-23.8%), from €98,201 to €74,814
- Trade debts +€12,143
up €12,143 (+15.0%), from €80,919 to €93,062
- Accrued charges and deferred income -€10,175
down €10,175 (-100%), from €10,175 to €0
- Gross operating margin +€4,073
up €4,073 (+4.6%), from €88,013 to €92,086
- Financial charges -€1,594
down €1,594 (-35.9%), from €4,436 to €2,842
- Taxes +€1,424
up €1,424 (+11.9%), from €11,915 to €13,339
- Depreciation -€1,375
down €1,375 (-6.0%), from €22,974 to €21,599
- Other operating charges +€1,279
up €1,279 (+7.8%), from €16,314 to €17,593
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 | €668,375 | €655,246 | -€13,129 | -2.0% |
| Fixed assets | 21/28 | €452,818 | €431,219 | -€21,599 | -4.8% |
| Tangible fixed assets | 22/27 | €452,818 | €431,219 | -€21,599 | -4.8% |
| Land and buildings | 22 | €452,515 | €431,219 | -€21,296 | -4.7% |
| Plant, machinery and equipment | 23 | €302 | €0 | -€302 | -100% |
| Current assets | 29/58 | €215,557 | €224,027 | +€8,470 | +3.9% |
| Amounts receivable within one year | 40/41 | €212,729 | €219,299 | +€6,570 | +3.1% |
| Trade receivables | 40 | €15,812 | €50,271 | +€34,459 | +218% |
| Other amounts receivable | 41 | €196,917 | €169,028 | -€27,889 | -14.2% |
| Cash at bank and in hand | 54/58 | €2,829 | €4,728 | +€1,900 | +67.2% |
| Total equity and liabilities | 10/49 | €668,375 | €655,246 | -€13,129 | -2.0% |
| Equity | 10/15 | €407,963 | €444,676 | +€36,713 | +9.0% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €74,085 | €74,085 | -€0 | 0.0% |
| Non-distributable reserves | 130/1 | €17,835 | €17,835 | -€0 | 0.0% |
| Legal reserve | 130 | €17,835 | €17,835 | -€0 | 0.0% |
| Tax-exempt reserves | 132 | €56,250 | €56,250 | = | 0.0% |
| Profit (loss) carried forward | 14 | €272,378 | €309,091 | +€36,713 | +13.5% |
| Amounts payable | 17/49 | €260,412 | €210,570 | -€49,842 | -19.1% |
| Amounts payable after more than one year | 17 | €98,201 | €74,814 | -€23,387 | -23.8% |
| Financial debts | 170/4 | €98,201 | €74,814 | -€23,387 | -23.8% |
| Amounts payable within one year | 42/48 | €152,036 | €135,756 | -€16,280 | -10.7% |
| Current portion of amounts payable after more than one year | 42 | €58,452 | €25,085 | -€33,367 | -57.1% |
| Trade debts | 44 | €80,919 | €93,062 | +€12,143 | +15.0% |
| Suppliers | 440/4 | €80,919 | €93,062 | +€12,143 | +15.0% |
| Taxes, remuneration and social security | 45 | €11,915 | €16,859 | +€4,944 | +41.5% |
| Taxes | 450/3 | €11,915 | €16,859 | +€4,944 | +41.5% |
| Other amounts payable | 47/48 | €750 | €750 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €10,175 | €0 | -€10,175 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,974 | €21,599 | -€1,375 | -6.0% |
| Other operating charges | 640/8 | €16,314 | €17,593 | +€1,279 | +7.8% |
| Gross operating margin | 9900 | €88,013 | €92,086 | +€4,073 | +4.6% |
| Operating profit (loss) | 9901 | €48,725 | €52,894 | +€4,169 | +8.6% |
| Financial income | 75/76B | €359 | - | -€359 | |
| Recurring financial income | 75 | €359 | - | -€359 | |
| Financial charges | 65/66B | €4,436 | €2,842 | -€1,594 | -35.9% |
| Recurring financial charges | 65 | €4,436 | €2,842 | -€1,594 | -35.9% |
| Profit (loss) for the period before taxes | 9903 | €44,648 | €50,052 | +€5,404 | +12.1% |
| Income taxes | 67/77 | €11,915 | €13,339 | +€1,424 | +11.9% |
| Profit (loss) for the period | 9904 | €32,732 | €36,713 | +€3,981 | +12.2% |
| Profit (loss) for the period to be appropriated | 9905 | €32,732 | €36,713 | +€3,981 | +12.2% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.