JOSEPHINE: 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.
What changed
JOSEPHINE
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€633,265
2024 · €414,773+€218,492
Equity
€8.5m
2024 · €7.9m+€633,265
Cash
€272,717
2024 · €865,449-€592,732
Balance sheet total
€19.7m
2024 · €20.3m-€576,856
Largest movements
Assets
- Tangible fixed assets -€737,554
down €737,554 (-3.8%), from €19.3m to €18.6m
of which Land and buildings: -€736,156
- Cash -€592,732
down €592,732 (-68.5%), from €865,449 to €272,717
mainly Debts after one year (-€1.1m) and Current investments (-€500,000)
- Current investments +€500,000
new in 2025: €500,000
- Receivables within one year +€254,552
up €254,552 (+237%), from €107,387 to €361,939
of which Other amounts receivable: +€248,258
Equity and liabilities
- Debts after one year -€1.1m
down €1.1m (-10.4%), from €10.3m to €9.3m
of which Financial debts: -€1.1m
- Profit (loss) carried forward +€701,681
up €701,681 (+143%), from €491,722 to €1.2m
Income statement
- Gross operating margin +€222,052
up €222,052 (+11.8%), from €1.9m to €2.1m
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.
Result 2024
€414,773
Gross operating margin
+€222,052
Depreciation
+€407
Other operating charges
+€15,041
Financial income
+€3,121
Financial charges
-€3,250
Taxes
-€18,879
Result 2025
€633,265
raises the resultlowers the result
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.
From operations
+€1.1m
Investment
-€502,691
Financing
-€1.2m
Cash 2024
€865,449
From operations (derived)
+€1.1m
Net result for the year
+€633,265
Depreciation
+€740,245
Receivables within one year
-€254,552
Deferred charges and accrued income
+€1,122
Provisions
-€22,805
Trade debts
-€12,087
Tax, wage and social debts
-€28,682
Accrued charges and deferred income
+€42,952
Investment (derived)
-€502,691
Investment in fixed assets (net)
-€2,691
Current investments
-€500,000
Financing
-€1.2m
Debts after one year
-€1.1m
Current portion of long-term debt
-€115,521
Short-term financial debts
-€644
Cash 2025
€272,717
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €20,313,615 | €19,736,759 | -€576,856 | -2.8% |
| Fixed assets | 21/28 | €19,323,192 | €18,585,638 | -€737,554 | -3.8% |
| Tangible fixed assets | 22/27 | €19,323,192 | €18,585,638 | -€737,554 | -3.8% |
| Land and buildings | 22 | €19,303,097 | €18,566,941 | -€736,156 | -3.8% |
| Plant, machinery and equipment | 23 | €230 | €0 | -€230 | -100% |
| Furniture and vehicles | 24 | €1,072 | €2,930 | +€1,857 | +173% |
| Other tangible fixed assets | 26 | €18,792 | €15,767 | -€3,025 | -16.1% |
| Current assets | 29/58 | €990,424 | €1,151,121 | +€160,698 | +16.2% |
| Amounts receivable within one year | 40/41 | €107,387 | €361,939 | +€254,552 | +237% |
| Trade receivables | 40 | - | €6,294 | +€6,294 | |
| Other amounts receivable | 41 | €107,387 | €355,645 | +€248,258 | +231% |
| Current investments | 50/53 | - | €500,000 | +€500,000 | |
| Cash at bank and in hand | 54/58 | €865,449 | €272,717 | -€592,732 | -68.5% |
| Deferred charges and accrued income | 490/1 | €17,587 | €16,466 | -€1,122 | -6.4% |
| Total equity and liabilities | 10/49 | €20,313,615 | €19,736,759 | -€576,856 | -2.8% |
| Equity | 10/15 | €7,909,720 | €8,542,985 | +€633,265 | +8.0% |
| Contributions | 10/11 | €2,393,000 | €2,393,000 | = | 0.0% |
| Capital | 10 | €2,393,000 | €2,393,000 | = | 0.0% |
| Issued capital | 100 | €2,393,000 | €2,393,000 | = | 0.0% |
| Reserves | 13 | €5,024,999 | €4,956,582 | -€68,416 | -1.4% |
| Non-distributable reserves | 130/1 | €247,577 | €247,577 | = | 0.0% |
| Legal reserve | 130 | €247,577 | €247,577 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,574,282 | €1,505,866 | -€68,416 | -4.3% |
| Distributable reserves | 133 | €3,203,140 | €3,203,140 | = | 0.0% |
| Profit (loss) carried forward | 14 | €491,722 | €1,193,403 | +€701,681 | +143% |
| Provisions and deferred taxes | 16 | €524,094 | €501,289 | -€22,805 | -4.4% |
| Deferred taxes | 168 | €524,094 | €501,289 | -€22,805 | -4.4% |
| Amounts payable | 17/49 | €11,879,801 | €10,692,486 | -€1.2m | -10.0% |
| Amounts payable after more than one year | 17 | €10,343,603 | €9,270,270 | -€1.1m | -10.4% |
| Financial debts | 170/4 | €10,333,603 | €9,260,270 | -€1.1m | -10.4% |
| Other amounts payable | 178/9 | €10,000 | €10,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,473,776 | €1,316,842 | -€156,934 | -10.6% |
| Current portion of amounts payable after more than one year | 42 | €1,222,500 | €1,106,979 | -€115,521 | -9.4% |
| Financial debts | 43 | €950 | €307 | -€644 | -67.7% |
| Credit institutions | 430/8 | €950 | €307 | -€644 | -67.7% |
| Trade debts | 44 | €14,136 | €2,049 | -€12,087 | -85.5% |
| Suppliers | 440/4 | €14,136 | €2,049 | -€12,087 | -85.5% |
| Taxes, remuneration and social security | 45 | €28,682 | €0 | -€28,682 | -100% |
| Taxes | 450/3 | €28,682 | €0 | -€28,682 | -100% |
| Other amounts payable | 47/48 | €207,508 | €207,508 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €62,422 | €105,374 | +€42,952 | +68.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €740,652 | €740,245 | -€407 | -0.1% |
| Other operating charges | 640/8 | €143,048 | €128,007 | -€15,041 | -10.5% |
| Gross operating margin | 9900 | €1,884,592 | €2,106,644 | +€222,052 | +11.8% |
| Operating profit (loss) | 9901 | €1,000,892 | €1,238,392 | +€237,500 | +23.7% |
| Financial income | 75/76B | €8,021 | €11,142 | +€3,121 | +38.9% |
| Recurring financial income | 75 | €8,021 | €11,142 | +€3,121 | +38.9% |
| Financial charges | 65/66B | €400,748 | €403,998 | +€3,250 | +0.8% |
| Recurring financial charges | 65 | €400,748 | €403,998 | +€3,250 | +0.8% |
| Profit (loss) for the period before taxes | 9903 | €608,164 | €845,535 | +€237,371 | +39.0% |
| Transfer from deferred taxes | 780 | €22,805 | €22,805 | = | 0.0% |
| Income taxes | 67/77 | €216,197 | €235,076 | +€18,879 | +8.7% |
| Profit (loss) for the period | 9904 | €414,773 | €633,265 | +€218,492 | +52.7% |
| Transfer from tax-exempt reserves | 789 | €260,056 | €68,416 | -€191,640 | -73.7% |
| Profit (loss) for the period to be appropriated | 9905 | €674,829 | €701,681 | +€26,852 | +4.0% |
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 18 October 2026 via checked.be.