JOTHERM: 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.
JOTHERM
Largest movements
- Receivables within one year +€26,676
up €26,676 (+17.4%), from €153,465 to €180,141
of which Trade receivables: +€26,676
- Stocks and contracts -€22,606
down €22,606 (-5.7%), from €394,835 to €372,229
- Tangible fixed assets -€11,590
down €11,590 (-10.7%), from €108,761 to €97,171
of which Land and buildings: -€11,345
- Short-term financial debts -€9,022
down €9,022 (-23.0%), from €39,192 to €30,170
- Tax, wage and social debts +€7,364
up €7,364 (+12.2%), from €60,448 to €67,812
of which Taxes: +€10,818
- Gross operating margin +€260,562
up €260,562 (+752%), from €34,663 to €295,225
- Staff costs -€69,456
down €69,456 (-44.8%), from €155,040 to €85,584
- Other operating charges +€13,095
up €13,095 (+5,196%), from €252 to €13,347
- Taxes +€8,541
new in 2025: €8,541
- Financial charges +€5,224
up €5,224 (+60.5%), from €8,628 to €13,852
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 | €675,091 | €672,954 | -€2,137 | -0.3% |
| Fixed assets | 21/28 | €108,761 | €97,171 | -€11,590 | -10.7% |
| Tangible fixed assets | 22/27 | €108,761 | €97,171 | -€11,590 | -10.7% |
| Land and buildings | 22 | €108,516 | €97,171 | -€11,345 | -10.5% |
| Furniture and vehicles | 24 | €245 | - | -€245 | |
| Current assets | 29/58 | €566,330 | €575,783 | +€9,453 | +1.7% |
| Stocks and contracts in progress | 3 | €394,835 | €372,229 | -€22,606 | -5.7% |
| Stocks | 30/36 | €394,835 | €372,229 | -€22,606 | -5.7% |
| Amounts receivable within one year | 40/41 | €153,465 | €180,141 | +€26,676 | +17.4% |
| Trade receivables | 40 | €151,387 | €178,063 | +€26,676 | +17.6% |
| Other amounts receivable | 41 | €2,078 | €2,078 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €14,578 | €20,355 | +€5,777 | +39.6% |
| Deferred charges and accrued income | 490/1 | €3,452 | €3,058 | -€394 | -11.4% |
| Total equity and liabilities | 10/49 | €675,091 | €672,954 | -€2,137 | -0.3% |
| Equity | 10/15 | €40,538 | €39,526 | -€1,012 | -2.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €20,078 | €19,066 | -€1,012 | -5.0% |
| Amounts payable | 17/49 | €634,553 | €633,428 | -€1,125 | -0.2% |
| Amounts payable after more than one year | 17 | €88,904 | €82,990 | -€5,914 | -6.7% |
| Financial debts | 170/4 | €65,105 | €59,191 | -€5,914 | -9.1% |
| Other amounts payable | 178/9 | €23,799 | €23,799 | = | 0.0% |
| Amounts payable within one year | 42/48 | €545,649 | €550,438 | +€4,789 | +0.9% |
| Current portion of amounts payable after more than one year | 42 | €5,825 | €5,914 | +€89 | +1.5% |
| Financial debts | 43 | €39,192 | €30,170 | -€9,022 | -23.0% |
| Credit institutions | 430/8 | €39,192 | €30,170 | -€9,022 | -23.0% |
| Trade debts | 44 | €40,029 | €42,642 | +€2,613 | +6.5% |
| Suppliers | 440/4 | €40,029 | €42,642 | +€2,613 | +6.5% |
| Taxes, remuneration and social security | 45 | €60,448 | €67,812 | +€7,364 | +12.2% |
| Taxes | 450/3 | €30,810 | €41,628 | +€10,818 | +35.1% |
| Remuneration and social security | 454/9 | €29,638 | €26,184 | -€3,454 | -11.7% |
| Other amounts payable | 47/48 | €400,155 | €403,900 | +€3,745 | +0.9% |
| Remuneration, social security and pensions | 62 | €155,040 | €85,584 | -€69,456 | -44.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,478 | €12,946 | -€3,532 | -21.4% |
| Other operating charges | 640/8 | €252 | €13,347 | +€13,095 | +5,196% |
| Non-recurring operating charges | 66A | €4,600 | €163,382 | +€158,782 | +3,452% |
| Gross operating margin | 9900 | €34,663 | €295,225 | +€260,562 | +752% |
| Operating profit (loss) | 9901 | -€141,707 | €19,966 | +€161,673 | |
| Financial income | 75/76B | €522 | €1,415 | +€893 | +171% |
| Recurring financial income | 75 | €522 | €1,415 | +€893 | +171% |
| Financial charges | 65/66B | €8,628 | €13,852 | +€5,224 | +60.5% |
| Recurring financial charges | 65 | €8,628 | €13,852 | +€5,224 | +60.5% |
| Profit (loss) for the period before taxes | 9903 | -€149,813 | €7,529 | +€157,342 | |
| Income taxes | 67/77 | - | €8,541 | +€8,541 | |
| Profit (loss) for the period | 9904 | -€149,813 | -€1,012 | +€148,801 | +99.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€149,813 | -€1,012 | +€148,801 | +99.3% |
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.