JPAL: 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.
JPAL
Largest movements
- Receivables within one year +€88,207
up €88,207 (+64.4%), from €136,935 to €225,142
of which Trade receivables: +€49,068
- Cash -€47,978
down €47,978 (-27.8%), from €172,395 to €124,417
mainly Net result for the year (-€109,909) and Receivables within one year (-€88,207)
- Tangible fixed assets -€7,275
down €7,275 (-29.6%), from €24,563 to €17,288
- Stocks and contracts +€6,766
up €6,766 (+15.8%), from €42,770 to €49,536
- Profit (loss) carried forward -€109,909
down €109,909 (-73.0%), from €150,514 to €40,605
- Tax, wage and social debts +€103,416
up €103,416 (+1136.1%), from €9,103 to €112,519
of which Remuneration and social security: +€88,351
- Other debts +€30,000
up €30,000 (+998.9%), from €3,003 to €33,003
- Trade debts +€12,180
up €12,180 (+155.8%), from €7,817 to €19,997
- Gross operating margin +€116,582
up €116,582 (+76.2%), from €153,076 to €269,657
- Staff costs +€36,988
up €36,988 (+11.3%), from €328,105 to €365,093
- Financial charges +€7,269
up €7,269, from -€2,948 to €4,321
- Other operating charges -€6,182
down €6,182 (-75.5%), from €8,187 to €2,005
- Depreciation -€4,691
down €4,691 (-36.0%), from €13,036 to €8,346
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 | €403,487 | €437,774 | +€34,287 | +8.5% |
| Fixed assets | 21/28 | €46,351 | €37,923 | -€8,428 | -18.2% |
| Tangible fixed assets | 22/27 | €24,563 | €17,288 | -€7,275 | -29.6% |
| Plant, machinery and equipment | 23 | €1,519 | €1,211 | -€308 | -20.3% |
| Furniture and vehicles | 24 | €8,437 | €4,868 | -€3,568 | -42.3% |
| Other tangible fixed assets | 26 | €14,607 | €11,208 | -€3,399 | -23.3% |
| Financial fixed assets | 28 | €21,788 | €20,635 | -€1,153 | -5.3% |
| Current assets | 29/58 | €357,137 | €399,851 | +€42,714 | +12.0% |
| Stocks and contracts in progress | 3 | €42,770 | €49,536 | +€6,766 | +15.8% |
| Stocks | 30/36 | €42,770 | €49,536 | +€6,766 | +15.8% |
| Amounts receivable within one year | 40/41 | €136,935 | €225,142 | +€88,207 | +64.4% |
| Trade receivables | 40 | €59,576 | €108,644 | +€49,068 | +82.4% |
| Other amounts receivable | 41 | €77,359 | €116,498 | +€39,139 | +50.6% |
| Cash at bank and in hand | 54/58 | €172,395 | €124,417 | -€47,978 | -27.8% |
| Deferred charges and accrued income | 490/1 | €5,038 | €756 | -€4,281 | -85.0% |
| Total equity and liabilities | 10/49 | €403,487 | €437,774 | +€34,287 | +8.5% |
| Equity | 10/15 | €378,054 | €268,145 | -€109,909 | -29.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €208,940 | €208,940 | = | 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% |
| Tax-exempt reserves | 132 | €207,080 | €207,080 | = | 0.0% |
| Profit (loss) carried forward | 14 | €150,514 | €40,605 | -€109,909 | -73.0% |
| Amounts payable | 17/49 | €25,434 | €169,629 | +€144,195 | +566.9% |
| Amounts payable within one year | 42/48 | €25,434 | €169,629 | +€144,195 | +566.9% |
| Current portion of amounts payable after more than one year | 42 | €5,510 | €4,110 | -€1,400 | -25.4% |
| Trade debts | 44 | €7,817 | €19,997 | +€12,180 | +155.8% |
| Suppliers | 440/4 | €7,817 | €19,997 | +€12,180 | +155.8% |
| Taxes, remuneration and social security | 45 | €9,103 | €112,519 | +€103,416 | +1136.1% |
| Taxes | 450/3 | €4,206 | €19,271 | +€15,065 | +358.2% |
| Remuneration and social security | 454/9 | €4,897 | €93,247 | +€88,351 | +1804.2% |
| Other amounts payable | 47/48 | €3,003 | €33,003 | +€30,000 | +998.9% |
| Remuneration, social security and pensions | 62 | €328,105 | €365,093 | +€36,988 | +11.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,036 | €8,346 | -€4,691 | -36.0% |
| Other operating charges | 640/8 | €8,187 | €2,005 | -€6,182 | -75.5% |
| Gross operating margin | 9900 | €153,076 | €269,657 | +€116,582 | +76.2% |
| Operating profit (loss) | 9901 | -€196,253 | -€105,785 | +€90,467 | +46.1% |
| Financial income | 75/76B | - | €197 | +€197 | |
| Recurring financial income | 75 | - | €197 | +€197 | |
| Financial charges | 65/66B | -€2,948 | €4,321 | +€7,269 | |
| Recurring financial charges | 65 | -€2,948 | €4,321 | +€7,269 | |
| Profit (loss) for the period before taxes | 9903 | -€193,305 | -€109,909 | +€83,396 | +43.1% |
| Income taxes | 67/77 | €282 | - | -€282 | |
| Profit (loss) for the period | 9904 | -€193,587 | -€109,909 | +€83,678 | +43.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€193,587 | -€109,909 | +€83,678 | +43.2% |
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.