JOSECO: 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.
JOSECO
Largest movements
No asset line moved by more than 1% of the balance sheet total.
- Debts after one year -€66,772
down €66,772 (-10.1%), from €662,236 to €595,464
- Reserves +€44,000
up €44,000 (+21354.0%), from €206 to €44,206
of which Distributable reserves: +€44,000
- Gross operating margin +€75,235
up €75,235 (+268.3%), from €28,043 to €103,278
- Taxes +€20,143
up €20,143 (+2236.5%), from €901 to €21,044
- Financial charges +€8,823
up €8,823 (+48.8%), from €18,083 to €26,906
- Depreciation +€1,494
up €1,494 (+17.1%), from €8,761 to €10,255
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €808,027 | €794,650 | -€13,377 | -1.7% |
| Fixed assets | 21/28 | €791,923 | €784,338 | -€7,585 | -1.0% |
| Tangible fixed assets | 22/27 | €51,723 | €44,138 | -€7,585 | -14.7% |
| Plant, machinery and equipment | 23 | €175 | €52 | -€123 | -70.5% |
| Furniture and vehicles | 24 | €48,955 | €42,857 | -€6,098 | -12.5% |
| Other tangible fixed assets | 26 | €2,593 | €1,229 | -€1,364 | -52.6% |
| Financial fixed assets | 28 | €740,200 | €740,200 | = | 0.0% |
| Current assets | 29/58 | €16,103 | €10,312 | -€5,791 | -36.0% |
| Amounts receivable within one year | 40/41 | €6,500 | €1,000 | -€5,500 | -84.6% |
| Other amounts receivable | 41 | €6,500 | €1,000 | -€5,500 | -84.6% |
| Cash at bank and in hand | 54/58 | €9,068 | €9,055 | -€13 | -0.1% |
| Deferred charges and accrued income | 490/1 | €535 | €257 | -€278 | -52.0% |
| Total equity and liabilities | 10/49 | €808,027 | €794,650 | -€13,377 | -1.7% |
| Equity | 10/15 | €14,075 | €58,735 | +€44,660 | +317.3% |
| Contributions | 10/11 | €14,103 | €14,103 | = | 0.0% |
| Reserves | 13 | €206 | €44,206 | +€44,000 | +21354.0% |
| Tax-exempt reserves | 132 | €206 | €206 | = | 0.0% |
| Distributable reserves | 133 | - | €44,000 | +€44,000 | |
| Profit (loss) carried forward | 14 | -€235 | €426 | +€660 | |
| Amounts payable | 17/49 | €793,952 | €735,915 | -€58,037 | -7.3% |
| Amounts payable after more than one year | 17 | €662,236 | €595,464 | -€66,772 | -10.1% |
| Financial debts | 170/4 | €662,236 | €595,464 | -€66,772 | -10.1% |
| Amounts payable within one year | 42/48 | €129,256 | €136,270 | +€7,013 | +5.4% |
| Current portion of amounts payable after more than one year | 42 | €64,617 | €66,772 | +€2,155 | +3.3% |
| Financial debts | 43 | €6,230 | €12,833 | +€6,603 | +106.0% |
| Credit institutions | 430/8 | €6,230 | €12,833 | +€6,603 | +106.0% |
| Trade debts | 44 | €1,362 | €1,278 | -€85 | -6.2% |
| Suppliers | 440/4 | €1,362 | €1,278 | -€85 | -6.2% |
| Advances received on contracts in progress | 46 | €4,500 | - | -€4,500 | |
| Taxes, remuneration and social security | 45 | €8,518 | €5,028 | -€3,491 | -41.0% |
| Taxes | 450/3 | €8,518 | €5,028 | -€3,491 | -41.0% |
| Other amounts payable | 47/48 | €44,028 | €50,359 | +€6,331 | +14.4% |
| Accrued charges and deferred income | 492/3 | €2,460 | €4,182 | +€1,722 | +70.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,761 | €10,255 | +€1,494 | +17.1% |
| Other operating charges | 640/8 | €536 | €413 | -€123 | -23.0% |
| Gross operating margin | 9900 | €28,043 | €103,278 | +€75,235 | +268.3% |
| Operating profit (loss) | 9901 | €18,745 | €92,609 | +€73,864 | +394.0% |
| Financial income | 75/76B | €160 | - | -€160 | |
| Recurring financial income | 75 | €160 | - | -€160 | |
| Financial charges | 65/66B | €18,083 | €26,906 | +€8,823 | +48.8% |
| Recurring financial charges | 65 | €18,083 | €26,906 | +€8,823 | +48.8% |
| Profit (loss) for the period before taxes | 9903 | €823 | €65,704 | +€64,881 | +7886.9% |
| Income taxes | 67/77 | €901 | €21,044 | +€20,143 | +2236.5% |
| Profit (loss) for the period | 9904 | -€78 | €44,660 | +€44,738 | |
| Profit (loss) for the period to be appropriated | 9905 | -€78 | €44,660 | +€44,738 |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.