JORNAVAN: 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.
JORNAVAN
Largest movements
- Stocks and contracts +€38,338
up €38,338 (+30.9%), from €123,918 to €162,257
- Cash -€13,504
down €13,504 (-63.9%), from €21,124 to €7,621
mainly Stocks and contracts (-€38,338) and Trade debts (-€29,854)
- Receivables within one year -€3,601
down €3,601 (-10.0%), from €36,037 to €32,436
of which Trade receivables: -€3,811
- Reserves +€48,663
up €48,663 (+83.0%), from €58,658 to €107,321
of which Distributable reserves: +€48,663
- Trade debts -€29,854
down €29,854 (-66.4%), from €44,955 to €15,101
- Tax, wage and social debts +€9,586
up €9,586 (+112.6%), from €8,512 to €18,098
of which Taxes: +€8,355
- Other debts -€9,129
down €9,129 (-6.7%), from €136,711 to €127,582
- Gross operating margin +€21,417
up €21,417 (+32.4%), from €66,006 to €87,423
- Taxes +€7,325
up €7,325 (+72.0%), from €10,174 to €17,499
- Financial income +€6,394
up €6,394 (+893.6%), from €716 to €7,110
- Financial charges -€1,631
down €1,631 (-24.8%), from €6,576 to €4,945
- Depreciation +€1,317
up €1,317 (+7.5%), from €17,535 to €18,852
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 | €337,114 | €359,128 | +€22,014 | +6.5% |
| Fixed assets | 21/28 | €156,034 | €156,814 | +€780 | +0.5% |
| Tangible fixed assets | 22/27 | €154,934 | €155,714 | +€780 | +0.5% |
| Land and buildings | 22 | €141,698 | €145,635 | +€3,936 | +2.8% |
| Plant, machinery and equipment | 23 | €9,906 | €7,631 | -€2,274 | -23.0% |
| Furniture and vehicles | 24 | €3,330 | €2,448 | -€882 | -26.5% |
| Financial fixed assets | 28 | €1,100 | €1,100 | = | 0.0% |
| Current assets | 29/58 | €181,080 | €202,314 | +€21,234 | +11.7% |
| Stocks and contracts in progress | 3 | €123,918 | €162,257 | +€38,338 | +30.9% |
| Stocks | 30/36 | €123,918 | €162,257 | +€38,338 | +30.9% |
| Amounts receivable within one year | 40/41 | €36,037 | €32,436 | -€3,601 | -10.0% |
| Trade receivables | 40 | €36,037 | €32,226 | -€3,811 | -10.6% |
| Other amounts receivable | 41 | €0 | €210 | +€210 | |
| Cash at bank and in hand | 54/58 | €21,124 | €7,621 | -€13,504 | -63.9% |
| Total equity and liabilities | 10/49 | €337,114 | €359,128 | +€22,014 | +6.5% |
| Equity | 10/15 | €128,658 | €177,321 | +€48,663 | +37.8% |
| Contributions | 10/11 | €70,000 | €70,000 | = | 0.0% |
| Reserves | 13 | €58,658 | €107,321 | +€48,663 | +83.0% |
| Tax-exempt reserves | 132 | €75 | €75 | = | 0.0% |
| Distributable reserves | 133 | €58,583 | €107,246 | +€48,663 | +83.1% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €208,456 | €181,806 | -€26,649 | -12.8% |
| Amounts payable after more than one year | 17 | €8,372 | €7,892 | -€479 | -5.7% |
| Financial debts | 170/4 | €8,372 | €7,892 | -€479 | -5.7% |
| Amounts payable within one year | 42/48 | €200,084 | €173,914 | -€26,170 | -13.1% |
| Current portion of amounts payable after more than one year | 42 | €9,906 | €10,603 | +€696 | +7.0% |
| Financial debts | 43 | - | €2,531 | +€2,531 | |
| Credit institutions | 430/8 | - | €2,531 | +€2,531 | |
| Trade debts | 44 | €44,955 | €15,101 | -€29,854 | -66.4% |
| Suppliers | 440/4 | €44,955 | €15,101 | -€29,854 | -66.4% |
| Taxes, remuneration and social security | 45 | €8,512 | €18,098 | +€9,586 | +112.6% |
| Taxes | 450/3 | €8,512 | €16,867 | +€8,355 | +98.1% |
| Remuneration and social security | 454/9 | - | €1,231 | +€1,231 | |
| Other amounts payable | 47/48 | €136,711 | €127,582 | -€9,129 | -6.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,535 | €18,852 | +€1,317 | +7.5% |
| Other operating charges | 640/8 | €4,444 | €4,573 | +€129 | +2.9% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €66,006 | €87,423 | +€21,417 | +32.4% |
| Operating profit (loss) | 9901 | €44,028 | €63,998 | +€19,971 | +45.4% |
| Financial income | 75/76B | €716 | €7,110 | +€6,394 | +893.6% |
| Recurring financial income | 75 | €716 | €7,110 | +€6,394 | +893.6% |
| Financial charges | 65/66B | €6,576 | €4,945 | -€1,631 | -24.8% |
| Recurring financial charges | 65 | €6,576 | €4,945 | -€1,631 | -24.8% |
| Profit (loss) for the period before taxes | 9903 | €38,167 | €66,163 | +€27,996 | +73.4% |
| Income taxes | 67/77 | €10,174 | €17,499 | +€7,325 | +72.0% |
| Profit (loss) for the period | 9904 | €27,992 | €48,663 | +€20,671 | +73.8% |
| Profit (loss) for the period to be appropriated | 9905 | €27,992 | €48,663 | +€20,671 | +73.8% |
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 12 October 2026 via checked.be.