JOSEPHA: 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.
JOSEPHA
Largest movements
- Receivables within one year -€468,330
down €468,330 (-23.3%), from €2.0m to €1.5m
of which Other amounts receivable: -€468,041
- Cash +€459,592
up €459,592 (+269%), from €170,616 to €630,208
mainly Receivables within one year (+€468,330) and Receivables after one year (+€169,380)
- Current investments +€244,916
up €244,916 (+242%), from €101,081 to €345,996
- Receivables after one year -€169,380
down €169,380 (-75.3%), from €225,000 to €55,620
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin +€86,400
up €86,400 (+118%), from €73,170 to €159,570
- Taxes +€14,756
up €14,756 (+263%), from €5,605 to €20,361
- Financial charges -€11,954
down €11,954 (-8.4%), from €142,413 to €130,459
- Financial income -€9,906
down €9,906 (-8.8%), from €112,830 to €102,923
- Write-downs -€5,818
down €5,818 (-100%), from €5,818 to €0
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 | €4,292,517 | €4,320,382 | +€27,865 | +0.6% |
| Fixed assets | 21/28 | €1,774,123 | €1,745,041 | -€29,082 | -1.6% |
| Tangible fixed assets | 22/27 | €1,773,843 | €1,744,761 | -€29,082 | -1.6% |
| Land and buildings | 22 | €1,768,373 | €1,676,792 | -€91,581 | -5.2% |
| Plant, machinery and equipment | 23 | €2,247 | €8,062 | +€5,815 | +259% |
| Furniture and vehicles | 24 | €3,223 | €59,907 | +€56,684 | +1,759% |
| Financial fixed assets | 28 | €280 | €280 | = | 0.0% |
| Current assets | 29/58 | €2,518,394 | €2,575,341 | +€56,947 | +2.3% |
| Amounts receivable after more than one year | 29 | €225,000 | €55,620 | -€169,380 | -75.3% |
| Other amounts receivable | 291 | €225,000 | €55,620 | -€169,380 | -75.3% |
| Amounts receivable within one year | 40/41 | €2,009,491 | €1,541,162 | -€468,330 | -23.3% |
| Trade receivables | 40 | €2,384 | €2,095 | -€289 | -12.1% |
| Other amounts receivable | 41 | €2,007,108 | €1,539,067 | -€468,041 | -23.3% |
| Current investments | 50/53 | €101,081 | €345,996 | +€244,916 | +242% |
| Cash at bank and in hand | 54/58 | €170,616 | €630,208 | +€459,592 | +269% |
| Deferred charges and accrued income | 490/1 | €12,207 | €2,355 | -€9,851 | -80.7% |
| Total equity and liabilities | 10/49 | €4,292,517 | €4,320,382 | +€27,865 | +0.6% |
| Equity | 10/15 | €2,290,635 | €2,323,077 | +€32,442 | +1.4% |
| Contributions | 10/11 | €568,502 | €568,502 | = | 0.0% |
| Capital | 10 | €568,502 | €568,502 | = | 0.0% |
| Issued capital | 100 | €568,502 | €568,502 | = | 0.0% |
| Reserves | 13 | €1,722,132 | €1,754,574 | +€32,442 | +1.9% |
| Non-distributable reserves | 130/1 | €54,173 | €54,173 | = | 0.0% |
| Legal reserve | 130 | €54,173 | €54,173 | = | 0.0% |
| Tax-exempt reserves | 132 | €62,928 | €56,889 | -€6,039 | -9.6% |
| Distributable reserves | 133 | €1,605,032 | €1,643,512 | +€38,481 | +2.4% |
| Provisions and deferred taxes | 16 | €20,976 | €18,963 | -€2,013 | -9.6% |
| Deferred taxes | 168 | €20,976 | €18,963 | -€2,013 | -9.6% |
| Amounts payable | 17/49 | €1,980,907 | €1,978,343 | -€2,564 | -0.1% |
| Amounts payable after more than one year | 17 | €2,500 | €0 | -€2,500 | -100% |
| Financial debts | 170/4 | €2,500 | €0 | -€2,500 | -100% |
| Amounts payable within one year | 42/48 | €1,978,407 | €1,978,343 | -€64 | 0.0% |
| Current portion of amounts payable after more than one year | 42 | €30,000 | €2,500 | -€27,500 | -91.7% |
| Trade debts | 44 | €576 | €410 | -€166 | -28.8% |
| Suppliers | 440/4 | €576 | €410 | -€166 | -28.8% |
| Taxes, remuneration and social security | 45 | €2,983 | €2,225 | -€758 | -25.4% |
| Taxes | 450/3 | €2,983 | €2,225 | -€758 | -25.4% |
| Other amounts payable | 47/48 | €1,944,848 | €1,973,208 | +€28,360 | +1.5% |
| Non-recurring operating income | 76A | €33,729 | €128,237 | +€94,508 | +280% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,693 | €62,097 | -€1,597 | -2.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €5,818 | €0 | -€5,818 | -100% |
| Other operating charges | 640/8 | €22,155 | €19,148 | -€3,007 | -13.6% |
| Gross operating margin | 9900 | €73,170 | €159,570 | +€86,400 | +118% |
| Operating profit (loss) | 9901 | -€18,497 | €78,325 | +€96,822 | |
| Financial income | 75/76B | €112,830 | €102,923 | -€9,906 | -8.8% |
| Recurring financial income | 75 | €112,830 | €102,923 | -€9,906 | -8.8% |
| Financial charges | 65/66B | €142,413 | €130,459 | -€11,954 | -8.4% |
| Recurring financial charges | 65 | €142,413 | €130,459 | -€11,954 | -8.4% |
| Profit (loss) for the period before taxes | 9903 | -€48,080 | €50,790 | +€98,870 | |
| Transfer from deferred taxes | 780 | €15,826 | €2,013 | -€13,813 | -87.3% |
| Income taxes | 67/77 | €5,605 | €20,361 | +€14,756 | +263% |
| Profit (loss) for the period | 9904 | -€37,860 | €32,442 | +€70,302 | |
| Transfer from tax-exempt reserves | 789 | €47,080 | €6,039 | -€41,041 | -87.2% |
| Profit (loss) for the period to be appropriated | 9905 | €9,221 | €38,481 | +€29,260 | +317% |
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 26 October 2026 via checked.be.