JPB PABLO: what changed
Two fiscal 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.
JPB PABLO
Largest movements
- Stocks and contracts -€37,505
down €37,505 (-70.1%), from €53,507 to €16,002
- Receivables within one year -€9,355
down €9,355 (-78.4%), from €11,936 to €2,581
of which Trade receivables: -€8,337
- Cash -€7,711
down €7,711 (-54.3%), from €14,189 to €6,478
mainly Other debts (-€393,497) and Tax, wage and social debts (-€2,371)
- Tangible fixed assets -€4,398
down €4,398 (-1.5%), from €287,161 to €282,763
of which Land and buildings: -€4,093
- Other debts -€393,497
no longer reported in 2025 (was €393,497)
- Debts after one year +€338,275
up €338,275 (+534.1%), from €63,336 to €401,611
of which Other amounts payable: +€361,311
- Gross operating margin -€38,605
down €38,605 (-82.0%), from €47,054 to €8,449
- Depreciation -€13,424
down €13,424 (-75.3%), from €17,821 to €4,398
- Financial charges -€1,892
down €1,892 (-29.7%), from €6,367 to €4,475
- Other operating charges -€648
down €648 (-49.3%), from €1,313 to €666
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 | €366,793 | €307,824 | -€58,969 | -16.1% |
| Fixed assets | 21/28 | €287,161 | €282,763 | -€4,398 | -1.5% |
| Tangible fixed assets | 22/27 | €287,161 | €282,763 | -€4,398 | -1.5% |
| Land and buildings | 22 | €283,113 | €279,020 | -€4,093 | -1.4% |
| Furniture and vehicles | 24 | €1,320 | €1,098 | -€222 | -16.8% |
| Other tangible fixed assets | 26 | €2,728 | €2,645 | -€83 | -3.0% |
| Current assets | 29/58 | €79,633 | €25,061 | -€54,571 | -68.5% |
| Stocks and contracts in progress | 3 | €53,507 | €16,002 | -€37,505 | -70.1% |
| Stocks | 30/36 | €53,507 | €16,002 | -€37,505 | -70.1% |
| Amounts receivable within one year | 40/41 | €11,936 | €2,581 | -€9,355 | -78.4% |
| Trade receivables | 40 | €10,918 | €2,581 | -€8,337 | -76.4% |
| Other amounts receivable | 41 | €1,018 | - | -€1,018 | |
| Cash at bank and in hand | 54/58 | €14,189 | €6,478 | -€7,711 | -54.3% |
| Total equity and liabilities | 10/49 | €366,793 | €307,824 | -€58,969 | -16.1% |
| Equity | 10/15 | -€120,969 | -€121,791 | -€823 | -0.7% |
| Contributions | 10/11 | €12,450 | €12,450 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€133,419 | -€134,241 | -€823 | -0.6% |
| Amounts payable | 17/49 | €487,762 | €429,615 | -€58,146 | -11.9% |
| Amounts payable after more than one year | 17 | €63,336 | €401,611 | +€338,275 | +534.1% |
| Financial debts | 170/4 | €63,336 | €40,300 | -€23,036 | -36.4% |
| Other amounts payable | 178/9 | - | €361,311 | +€361,311 | |
| Amounts payable within one year | 42/48 | €424,426 | €27,970 | -€396,456 | -93.4% |
| Current portion of amounts payable after more than one year | 42 | €23,542 | €23,037 | -€506 | -2.1% |
| Trade debts | 44 | €2,394 | €2,311 | -€83 | -3.5% |
| Suppliers | 440/4 | €2,394 | €2,311 | -€83 | -3.5% |
| Taxes, remuneration and social security | 45 | €4,993 | €2,622 | -€2,371 | -47.5% |
| Taxes | 450/3 | €4,993 | €2,622 | -€2,371 | -47.5% |
| Other amounts payable | 47/48 | €393,497 | - | -€393,497 | |
| Accrued charges and deferred income | 492/3 | - | €34 | +€34 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,821 | €4,398 | -€13,424 | -75.3% |
| Other operating charges | 640/8 | €1,313 | €666 | -€648 | -49.3% |
| Gross operating margin | 9900 | €47,054 | €8,449 | -€38,605 | -82.0% |
| Operating profit (loss) | 9901 | €27,919 | €3,386 | -€24,534 | -87.9% |
| Financial income | 75/76B | €74 | €267 | +€192 | +258.4% |
| Recurring financial income | 75 | €74 | €267 | +€192 | +258.4% |
| Financial charges | 65/66B | €6,367 | €4,475 | -€1,892 | -29.7% |
| Recurring financial charges | 65 | €6,367 | €4,475 | -€1,892 | -29.7% |
| Profit (loss) for the period before taxes | 9903 | €21,627 | -€823 | -€22,449 | |
| Profit (loss) for the period | 9904 | €21,627 | -€823 | -€22,449 | |
| Profit (loss) for the period to be appropriated | 9905 | €21,627 | -€823 | -€22,449 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.