Joséphine: 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.
Joséphine
Largest movements
- Cash +€39,656
up €39,656 (+55.1%), from €71,918 to €111,574
mainly Short-term financial debts (+€100,000) and Depreciation (+€25,274)
- Stocks and contracts +€37,395
up €37,395 (+7.5%), from €500,966 to €538,362
- Tangible fixed assets -€25,274
down €25,274 (-21.7%), from €116,609 to €91,335
- Short-term financial debts +€100,000
new in 2025: €100,000
- Other debts -€18,564
down €18,564 (-13.5%), from €137,046 to €118,482
- Tax, wage and social debts -€14,843
down €14,843 (-50.6%), from €29,337 to €14,494
- Reserves +€13,221
up €13,221 (+3.0%), from €439,661 to €452,882
- Debts after one year -€11,882
down €11,882 (-29.6%), from €40,192 to €28,310
- Gross operating margin -€31,000
down €31,000 (-39.7%), from €78,155 to €47,155
- Taxes -€7,209
down €7,209 (-65.4%), from €11,026 to €3,817
- Depreciation +€5,513
up €5,513 (+27.9%), from €19,762 to €25,274
- Financial charges -€3,174
down €3,174 (-55.3%), from €5,744 to €2,570
- Other operating charges -€1,106
down €1,106 (-43.5%), from €2,545 to €1,439
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 | €730,060 | €787,516 | +€57,456 | +7.9% |
| Fixed assets | 21/28 | €116,609 | €91,335 | -€25,274 | -21.7% |
| Tangible fixed assets | 22/27 | €116,609 | €91,335 | -€25,274 | -21.7% |
| Furniture and vehicles | 24 | €116,609 | €91,335 | -€25,274 | -21.7% |
| Current assets | 29/58 | €613,451 | €696,181 | +€82,730 | +13.5% |
| Stocks and contracts in progress | 3 | €500,966 | €538,362 | +€37,395 | +7.5% |
| Stocks | 30/36 | €500,966 | €538,362 | +€37,395 | +7.5% |
| Amounts receivable within one year | 40/41 | €40,567 | €46,245 | +€5,679 | +14.0% |
| Trade receivables | 40 | €40,491 | €32,987 | -€7,505 | -18.5% |
| Other amounts receivable | 41 | €75 | €13,259 | +€13,183 | +17510.0% |
| Cash at bank and in hand | 54/58 | €71,918 | €111,574 | +€39,656 | +55.1% |
| Total equity and liabilities | 10/49 | €730,060 | €787,516 | +€57,456 | +7.9% |
| Equity | 10/15 | €458,261 | €471,482 | +€13,221 | +2.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €439,661 | €452,882 | +€13,221 | +3.0% |
| Distributable reserves | 133 | €439,661 | €452,882 | +€13,221 | +3.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €271,799 | €316,034 | +€44,235 | +16.3% |
| Amounts payable after more than one year | 17 | €40,192 | €28,310 | -€11,882 | -29.6% |
| Financial debts | 170/4 | €40,192 | €28,310 | -€11,882 | -29.6% |
| Amounts payable within one year | 42/48 | €202,507 | €258,624 | +€56,117 | +27.7% |
| Current portion of amounts payable after more than one year | 42 | €11,472 | €11,882 | +€410 | +3.6% |
| Financial debts | 43 | - | €100,000 | +€100,000 | |
| Credit institutions | 430/8 | - | €100,000 | +€100,000 | |
| Trade debts | 44 | €24,653 | €13,766 | -€10,887 | -44.2% |
| Suppliers | 440/4 | €24,653 | €13,766 | -€10,887 | -44.2% |
| Taxes, remuneration and social security | 45 | €29,337 | €14,494 | -€14,843 | -50.6% |
| Taxes | 450/3 | €29,337 | €14,494 | -€14,843 | -50.6% |
| Other amounts payable | 47/48 | €137,046 | €118,482 | -€18,564 | -13.5% |
| Accrued charges and deferred income | 492/3 | €29,100 | €29,100 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,762 | €25,274 | +€5,513 | +27.9% |
| Other operating charges | 640/8 | €2,545 | €1,439 | -€1,106 | -43.5% |
| Gross operating margin | 9900 | €78,155 | €47,155 | -€31,000 | -39.7% |
| Operating profit (loss) | 9901 | €55,848 | €20,442 | -€35,406 | -63.4% |
| Financial income | 75/76B | €0 | €0 | +€0 | |
| Recurring financial income | 75 | €0 | €0 | +€0 | |
| Financial charges | 65/66B | €5,744 | €2,570 | -€3,174 | -55.3% |
| Recurring financial charges | 65 | €5,744 | €2,570 | -€3,174 | -55.3% |
| Profit (loss) for the period before taxes | 9903 | €50,104 | €17,871 | -€32,232 | -64.3% |
| Income taxes | 67/77 | €11,026 | €3,817 | -€7,209 | -65.4% |
| Profit (loss) for the period | 9904 | €39,077 | €14,054 | -€25,023 | -64.0% |
| Profit (loss) for the period to be appropriated | 9905 | €39,077 | €14,054 | -€25,023 | -64.0% |
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 10 October 2026 via checked.be.