JORESCO: 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.
JORESCO
Largest movements
- Tangible fixed assets +€1.5m
up €1.5m (+97.3%), from €1.5m to €3.0m
- Stocks and contracts -€642,253
no longer reported in 2025 (was €642,253)
- Debts after one year +€1.1m
up €1.1m (+100%), from €1.1m to €2.2m
of which Financial debts: +€1.1m
- Short-term financial debts -€296,000
no longer reported in 2025 (was €296,000)
- Reserves +€84,420
up €84,420 (+155%), from €54,522 to €138,942
of which Distributable reserves: +€86,895
- Other debts -€55,981
down €55,981 (-8.2%), from €680,098 to €624,117
- Current portion of long-term debt +€39,838
up €39,838 (+99.6%), from €39,980 to €79,818
- Gross operating margin +€190,246
up €190,246 (+148%), from €128,510 to €318,756
- Other operating charges +€65,184
up €65,184 (+1,101%), from €5,919 to €71,103
- Depreciation +€33,433
up €33,433 (+59.9%), from €55,806 to €89,239
- Financial charges +€30,139
up €30,139 (+66.5%), from €45,327 to €75,465
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 | €2,217,477 | €3,054,022 | +€836,545 | +37.7% |
| Fixed assets | 21/28 | €1,541,019 | €3,039,801 | +€1.5m | +97.3% |
| Tangible fixed assets | 22/27 | €1,541,019 | €3,039,801 | +€1.5m | +97.3% |
| Land and buildings | 22 | €1,541,019 | €3,039,801 | +€1.5m | +97.3% |
| Current assets | 29/58 | €676,457 | €14,221 | -€662,237 | -97.9% |
| Stocks and contracts in progress | 3 | €642,253 | - | -€642,253 | |
| Stocks | 30/36 | €642,253 | - | -€642,253 | |
| Amounts receivable within one year | 40/41 | €20,767 | €309 | -€20,457 | -98.5% |
| Trade receivables | 40 | €20,767 | €309 | -€20,457 | -98.5% |
| Cash at bank and in hand | 54/58 | €13,169 | €7,680 | -€5,489 | -41.7% |
| Deferred charges and accrued income | 490/1 | €270 | €6,231 | +€5,962 | +2,211% |
| Total equity and liabilities | 10/49 | €2,217,477 | €3,054,022 | +€836,545 | +37.7% |
| Equity | 10/15 | €73,522 | €157,942 | +€84,420 | +115% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €54,522 | €138,942 | +€84,420 | +155% |
| Tax-exempt reserves | 132 | €50,944 | €48,469 | -€2,475 | -4.9% |
| Distributable reserves | 133 | €3,578 | €90,473 | +€86,895 | +2,429% |
| Provisions and deferred taxes | 16 | €26,244 | €24,969 | -€1,275 | -4.9% |
| Deferred taxes | 168 | €26,244 | €24,969 | -€1,275 | -4.9% |
| Amounts payable | 17/49 | €2,117,711 | €2,871,112 | +€753,400 | +35.6% |
| Amounts payable after more than one year | 17 | €1,080,175 | €2,164,907 | +€1.1m | +100% |
| Financial debts | 170/4 | €1,072,600 | €2,161,307 | +€1.1m | +102% |
| Other amounts payable | 178/9 | €7,575 | €3,600 | -€3,975 | -52.5% |
| Amounts payable within one year | 42/48 | €1,033,856 | €706,205 | -€327,651 | -31.7% |
| Current portion of amounts payable after more than one year | 42 | €39,980 | €79,818 | +€39,838 | +99.6% |
| Financial debts | 43 | €296,000 | - | -€296,000 | |
| Credit institutions | 430/8 | €296,000 | - | -€296,000 | |
| Trade debts | 44 | €17,779 | €2,270 | -€15,508 | -87.2% |
| Suppliers | 440/4 | €17,779 | €2,270 | -€15,508 | -87.2% |
| Other amounts payable | 47/48 | €680,098 | €624,117 | -€55,981 | -8.2% |
| Accrued charges and deferred income | 492/3 | €3,680 | - | -€3,680 | |
| Non-recurring operating income | 76A | €144,291 | €142,871 | -€1,420 | -1.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,806 | €89,239 | +€33,433 | +59.9% |
| Other operating charges | 640/8 | €5,919 | €71,103 | +€65,184 | +1,101% |
| Gross operating margin | 9900 | €128,510 | €318,756 | +€190,246 | +148% |
| Operating profit (loss) | 9901 | €66,786 | €158,414 | +€91,628 | +137% |
| Financial income | 75/76B | €152 | €196 | +€44 | +28.9% |
| Recurring financial income | 75 | €152 | €196 | +€44 | +28.9% |
| Financial charges | 65/66B | €45,327 | €75,465 | +€30,139 | +66.5% |
| Recurring financial charges | 65 | €45,327 | €75,465 | +€30,139 | +66.5% |
| Profit (loss) for the period before taxes | 9903 | €21,611 | €83,145 | +€61,534 | +285% |
| Transfer from deferred taxes | 780 | €1,275 | €1,275 | = | 0.0% |
| Profit (loss) for the period | 9904 | €22,886 | €84,420 | +€61,534 | +269% |
| Transfer from tax-exempt reserves | 789 | €2,475 | €2,475 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €25,361 | €86,895 | +€61,534 | +243% |
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 27 October 2026 via checked.be.