JORU: 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.
JORU
Largest movements
- Receivables after one year +€10.9m
up €10.9m (+35.7%), from €30.4m to €41.3m
- Receivables within one year -€8.1m
down €8.1m (-85.4%), from €9.4m to €1.4m
of which Other amounts receivable: -€8.1m
- Financial fixed assets +€1.6m
up €1.6m (+120.9%), from €1.4m to €3.0m
- Cash -€1.3m
down €1.3m (-57.4%), from €2.3m to €998,038
mainly Receivables after one year (-€10.9m) and Investment in fixed assets (net) (-€2.1m)
- Other debts +€2.5m
up €2.5m (+107.2%), from €2.3m to €4.8m
- Reserves +€703,015
up €703,015 (+1.6%), from €45.0m to €45.7m
of which Distributable reserves: +€712,492
- Gross operating margin +€246,180
up €246,180, from -€22,315 to €223,865
- Financial income -€101,157
down €101,157 (-6.6%), from €1.5m to €1.4m
- Taxes +€44,169
up €44,169 (+18.4%), from €240,500 to €284,669
- Financial charges +€20,612
up €20,612 (+7.4%), from €280,121 to €300,733
- Other operating charges -€5,923
down €5,923 (-31.4%), from €18,851 to €12,928
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 | €48,073,871 | €51,428,277 | +€3.4m | +7.0% |
| Fixed assets | 21/28 | €5,063,387 | €6,768,637 | +€1.7m | +33.7% |
| Intangible fixed assets | 21 | €90,000 | €75,000 | -€15,000 | -16.7% |
| Tangible fixed assets | 22/27 | €3,611,337 | €3,685,327 | +€73,990 | +2.0% |
| Land and buildings | 22 | €3,196,473 | €2,887,965 | -€308,508 | -9.7% |
| Plant, machinery and equipment | 23 | €11,631 | €648 | -€10,983 | -94.4% |
| Furniture and vehicles | 24 | €31,150 | €47,079 | +€15,929 | +51.1% |
| Other tangible fixed assets | 26 | €19,507 | €14,790 | -€4,717 | -24.2% |
| Assets under construction and advance payments | 27 | €352,577 | €734,846 | +€382,269 | +108.4% |
| Financial fixed assets | 28 | €1,362,050 | €3,008,310 | +€1.6m | +120.9% |
| Current assets | 29/58 | €43,010,484 | €44,659,639 | +€1.6m | +3.8% |
| Amounts receivable after more than one year | 29 | €30,400,573 | €41,253,885 | +€10.9m | +35.7% |
| Other amounts receivable | 291 | €30,400,573 | €41,253,885 | +€10.9m | +35.7% |
| Amounts receivable within one year | 40/41 | €9,424,958 | €1,372,975 | -€8.1m | -85.4% |
| Trade receivables | 40 | €21,423 | €38,643 | +€17,219 | +80.4% |
| Other amounts receivable | 41 | €9,403,535 | €1,334,332 | -€8.1m | -85.8% |
| Current investments | 50/53 | €112,663 | €91,934 | -€20,729 | -18.4% |
| Cash at bank and in hand | 54/58 | €2,344,940 | €998,038 | -€1.3m | -57.4% |
| Deferred charges and accrued income | 490/1 | €727,350 | €942,807 | +€215,456 | +29.6% |
| Total equity and liabilities | 10/49 | €48,073,871 | €51,428,277 | +€3.4m | +7.0% |
| Equity | 10/15 | €44,992,541 | €45,695,555 | +€703,015 | +1.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €44,980,141 | €45,683,155 | +€703,015 | +1.6% |
| Tax-exempt reserves | 132 | €84,282 | €74,805 | -€9,477 | -11.2% |
| Distributable reserves | 133 | €44,895,859 | €45,608,350 | +€712,492 | +1.6% |
| Provisions and deferred taxes | 16 | €35,403 | €31,422 | -€3,981 | -11.2% |
| Deferred taxes | 168 | €35,403 | €31,422 | -€3,981 | -11.2% |
| Amounts payable | 17/49 | €3,045,928 | €5,701,300 | +€2.7m | +87.2% |
| Amounts payable after more than one year | 17 | €300,000 | €300,000 | = | 0.0% |
| Other amounts payable | 178/9 | €300,000 | €300,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €2,519,717 | €4,928,678 | +€2.4m | +95.6% |
| Trade debts | 44 | €46,992 | €37,334 | -€9,658 | -20.6% |
| Suppliers | 440/4 | €46,992 | €37,334 | -€9,658 | -20.6% |
| Taxes, remuneration and social security | 45 | €135,025 | €48,015 | -€87,010 | -64.4% |
| Taxes | 450/3 | €135,025 | €48,015 | -€87,010 | -64.4% |
| Other amounts payable | 47/48 | €2,337,699 | €4,843,329 | +€2.5m | +107.2% |
| Accrued charges and deferred income | 492/3 | €226,212 | €472,622 | +€246,410 | +108.9% |
| Non-recurring operating income | 76A | - | €6,885 | +€6,885 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €360,714 | €361,074 | +€359 | +0.1% |
| Other operating charges | 640/8 | €18,851 | €12,928 | -€5,923 | -31.4% |
| Non-recurring operating charges | 66A | - | €2,907 | +€2,907 | |
| Gross operating margin | 9900 | -€22,315 | €223,865 | +€246,180 | |
| Operating profit (loss) | 9901 | -€401,880 | -€153,044 | +€248,836 | +61.9% |
| Financial income | 75/76B | €1,538,636 | €1,437,479 | -€101,157 | -6.6% |
| Recurring financial income | 75 | €1,538,636 | €1,437,479 | -€101,157 | -6.6% |
| Financial charges | 65/66B | €280,121 | €300,733 | +€20,612 | +7.4% |
| Recurring financial charges | 65 | €280,121 | €300,733 | +€20,612 | +7.4% |
| Profit (loss) for the period before taxes | 9903 | €856,635 | €983,702 | +€127,067 | +14.8% |
| Transfer from deferred taxes | 780 | €3,981 | €3,981 | = | 0.0% |
| Income taxes | 67/77 | €240,500 | €284,669 | +€44,169 | +18.4% |
| Profit (loss) for the period | 9904 | €620,116 | €703,015 | +€82,898 | +13.4% |
| Transfer from tax-exempt reserves | 789 | €9,477 | €9,477 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €629,594 | €712,492 | +€82,898 | +13.2% |
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 9 October 2026 via checked.be.