JPN PROJECTS: 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.
JPN PROJECTS
Largest movements
- Cash +€44,020
up €44,020 (+134.7%), from €32,677 to €76,696
mainly Other debts (+€59,931) and Net result for the year (+€38,777)
- Tangible fixed assets -€14,848
down €14,848 (-21.4%), from €69,420 to €54,572
of which Furniture and vehicles: -€14,363
- Receivables within one year +€3,926
up €3,926 (+7.4%), from €53,177 to €57,103
of which Other amounts receivable: +€14,298
- Other debts +€59,931
new in 2025: €59,931
- Reserves -€21,153
down €21,153 (-13.2%), from €160,321 to €139,168
- Debts after one year -€13,905
down €13,905 (-27.2%), from €51,133 to €37,228
- Tax, wage and social debts +€8,341
up €8,341 (+179.2%), from €4,654 to €12,995
- Depreciation +€10,268
up €10,268 (+224.1%), from €4,581 to €14,848
- Gross operating margin +€6,282
up €6,282 (+9.7%), from €64,643 to €70,925
- Taxes -€2,055
down €2,055 (-9.8%), from €21,009 to €18,954
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 | €247,226 | €279,919 | +€32,693 | +13.2% |
| Fixed assets | 21/28 | €69,420 | €54,572 | -€14,848 | -21.4% |
| Tangible fixed assets | 22/27 | €69,420 | €54,572 | -€14,848 | -21.4% |
| Plant, machinery and equipment | 23 | €1,672 | €1,449 | -€223 | -13.3% |
| Furniture and vehicles | 24 | €66,960 | €52,597 | -€14,363 | -21.4% |
| Other tangible fixed assets | 26 | €788 | €526 | -€263 | -33.3% |
| Current assets | 29/58 | €177,806 | €225,348 | +€47,541 | +26.7% |
| Amounts receivable after more than one year | 29 | €90,000 | €90,000 | = | 0.0% |
| Other amounts receivable | 291 | €90,000 | €90,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €53,177 | €57,103 | +€3,926 | +7.4% |
| Trade receivables | 40 | €28,434 | €18,062 | -€10,372 | -36.5% |
| Other amounts receivable | 41 | €24,743 | €39,041 | +€14,298 | +57.8% |
| Cash at bank and in hand | 54/58 | €32,677 | €76,696 | +€44,020 | +134.7% |
| Deferred charges and accrued income | 490/1 | €1,953 | €1,549 | -€404 | -20.7% |
| Total equity and liabilities | 10/49 | €247,226 | €279,919 | +€32,693 | +13.2% |
| Equity | 10/15 | €172,775 | €151,621 | -€21,153 | -12.2% |
| Contributions | 10/11 | €12,453 | €12,453 | = | 0.0% |
| Reserves | 13 | €160,321 | €139,168 | -€21,153 | -13.2% |
| Distributable reserves | 133 | €160,321 | €139,168 | -€21,153 | -13.2% |
| Amounts payable | 17/49 | €74,452 | €128,298 | +€53,846 | +72.3% |
| Amounts payable after more than one year | 17 | €51,133 | €37,228 | -€13,905 | -27.2% |
| Financial debts | 170/4 | €51,133 | €37,228 | -€13,905 | -27.2% |
| Amounts payable within one year | 42/48 | €23,319 | €91,070 | +€67,751 | +290.5% |
| Current portion of amounts payable after more than one year | 42 | €13,373 | €13,905 | +€531 | +4.0% |
| Financial debts | 43 | €4 | €4 | = | 0.0% |
| Credit institutions | 430/8 | €4 | €4 | = | 0.0% |
| Trade debts | 44 | €5,288 | €4,236 | -€1,052 | -19.9% |
| Suppliers | 440/4 | €5,288 | €4,236 | -€1,052 | -19.9% |
| Taxes, remuneration and social security | 45 | €4,654 | €12,995 | +€8,341 | +179.2% |
| Taxes | 450/3 | €4,654 | €12,995 | +€8,341 | +179.2% |
| Other amounts payable | 47/48 | - | €59,931 | +€59,931 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,581 | €14,848 | +€10,268 | +224.1% |
| Other operating charges | 640/8 | €180 | €180 | = | 0.0% |
| Non-recurring operating charges | 66A | - | €134 | +€134 | |
| Gross operating margin | 9900 | €64,643 | €70,925 | +€6,282 | +9.7% |
| Operating profit (loss) | 9901 | €59,882 | €55,762 | -€4,120 | -6.9% |
| Financial income | 75/76B | €4,788 | €4,918 | +€130 | +2.7% |
| Recurring financial income | 75 | €4,788 | €4,918 | +€130 | +2.7% |
| Financial charges | 65/66B | €3,184 | €2,948 | -€236 | -7.4% |
| Recurring financial charges | 65 | €3,109 | €2,908 | -€200 | -6.4% |
| Non-recurring financial charges | 66B | €75 | €40 | -€36 | -47.2% |
| Profit (loss) for the period before taxes | 9903 | €61,486 | €57,732 | -€3,754 | -6.1% |
| Income taxes | 67/77 | €21,009 | €18,954 | -€2,055 | -9.8% |
| Profit (loss) for the period | 9904 | €40,476 | €38,777 | -€1,699 | -4.2% |
| Profit (loss) for the period to be appropriated | 9905 | €40,476 | €38,777 | -€1,699 | -4.2% |
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 1 October 2026 via checked.be.