Jozeph: 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.
Jozeph
Largest movements
- Receivables after one year -€300,000
down €300,000 (-60.0%), from €500,000 to €200,000
- Cash +€297,015
up €297,015 (+683%), from €43,492 to €340,507
mainly Receivables after one year (+€300,000) and Net result for the year (+€121,437)
- Current investments -€92,514
down €92,514 (-10.9%), from €852,184 to €759,670
- Tangible fixed assets +€91,727
up €91,727 (+10.0%), from €917,286 to €1.0m
of which Assets under construction and advance payments: +€111,579
- Reserves +€121,437
up €121,437 (+5.7%), from €2.1m to €2.3m
of which Distributable reserves: +€121,437
- Other debts -€85,623
down €85,623 (-97.5%), from €87,826 to €2,203
- Trade debts -€38,493
down €38,493 (-96.2%), from €39,994 to €1,501
- Financial charges +€43,598
up €43,598, from -€5,157 to €38,441
- Financial income +€26,093
up €26,093 (+63.3%), from €41,226 to €67,320
- Gross operating margin -€23,950
down €23,950 (-9.0%), from €267,203 to €243,253
- Depreciation +€23,195
up €23,195 (+52.4%), from €44,257 to €67,452
- Taxes -€16,614
down €16,614 (-23.5%), from €70,686 to €54,072
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 | €2,393,857 | €2,394,423 | +€566 | 0.0% |
| Fixed assets | 21/28 | €917,286 | €1,009,014 | +€91,727 | +10.0% |
| Tangible fixed assets | 22/27 | €917,286 | €1,009,014 | +€91,727 | +10.0% |
| Land and buildings | 22 | €756,872 | €770,886 | +€14,014 | +1.9% |
| Plant, machinery and equipment | 23 | €91,091 | €69,005 | -€22,086 | -24.2% |
| Furniture and vehicles | 24 | €36,826 | €25,046 | -€11,781 | -32.0% |
| Assets under construction and advance payments | 27 | €32,498 | €144,077 | +€111,579 | +343% |
| Current assets | 29/58 | €1,476,570 | €1,385,409 | -€91,161 | -6.2% |
| Amounts receivable after more than one year | 29 | €500,000 | €200,000 | -€300,000 | -60.0% |
| Other amounts receivable | 291 | €500,000 | €200,000 | -€300,000 | -60.0% |
| Stocks and contracts in progress | 3 | €46,664 | €41,322 | -€5,342 | -11.4% |
| Stocks | 30/36 | €46,664 | €41,322 | -€5,342 | -11.4% |
| Amounts receivable within one year | 40/41 | €21,160 | €31,037 | +€9,877 | +46.7% |
| Trade receivables | 40 | €15,711 | €11,627 | -€4,085 | -26.0% |
| Other amounts receivable | 41 | €5,449 | €19,410 | +€13,962 | +256% |
| Current investments | 50/53 | €852,184 | €759,670 | -€92,514 | -10.9% |
| Cash at bank and in hand | 54/58 | €43,492 | €340,507 | +€297,015 | +683% |
| Deferred charges and accrued income | 490/1 | €13,070 | €12,873 | -€197 | -1.5% |
| Total equity and liabilities | 10/49 | €2,393,857 | €2,394,423 | +€566 | 0.0% |
| Equity | 10/15 | €2,245,868 | €2,367,305 | +€121,437 | +5.4% |
| Contributions | 10/11 | €115,498 | €115,498 | = | 0.0% |
| Capital | 10 | €115,498 | €115,498 | = | 0.0% |
| Issued capital | 100 | €115,498 | €115,498 | = | 0.0% |
| Reserves | 13 | €2,130,370 | €2,251,807 | +€121,437 | +5.7% |
| Non-distributable reserves | 130/1 | €11,550 | €11,550 | = | 0.0% |
| Legal reserve | 130 | €11,550 | €11,550 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,164 | €18,164 | = | 0.0% |
| Distributable reserves | 133 | €2,100,657 | €2,222,094 | +€121,437 | +5.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €147,988 | €27,117 | -€120,871 | -81.7% |
| Amounts payable within one year | 42/48 | €147,478 | €26,607 | -€120,871 | -82.0% |
| Trade debts | 44 | €39,994 | €1,501 | -€38,493 | -96.2% |
| Suppliers | 440/4 | €39,994 | €1,501 | -€38,493 | -96.2% |
| Taxes, remuneration and social security | 45 | €19,658 | €22,903 | +€3,245 | +16.5% |
| Taxes | 450/3 | €19,658 | €22,903 | +€3,245 | +16.5% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €87,826 | €2,203 | -€85,623 | -97.5% |
| Accrued charges and deferred income | 492/3 | €510 | €510 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,257 | €67,452 | +€23,195 | +52.4% |
| Other operating charges | 640/8 | €27,992 | €29,171 | +€1,179 | +4.2% |
| Gross operating margin | 9900 | €267,203 | €243,253 | -€23,950 | -9.0% |
| Operating profit (loss) | 9901 | €194,954 | €146,630 | -€48,324 | -24.8% |
| Financial income | 75/76B | €41,226 | €67,320 | +€26,093 | +63.3% |
| Recurring financial income | 75 | €41,226 | €67,320 | +€26,093 | +63.3% |
| Financial charges | 65/66B | -€5,157 | €38,441 | +€43,598 | |
| Recurring financial charges | 65 | -€5,157 | €38,441 | +€43,598 | |
| Profit (loss) for the period before taxes | 9903 | €241,337 | €175,509 | -€65,829 | -27.3% |
| Income taxes | 67/77 | €70,686 | €54,072 | -€16,614 | -23.5% |
| Profit (loss) for the period | 9904 | €170,651 | €121,437 | -€49,214 | -28.8% |
| Profit (loss) for the period to be appropriated | 9905 | €170,651 | €121,437 | -€49,214 | -28.8% |
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 13 October 2026 via checked.be.