JPS: 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.
JPS
Largest movements
- Stocks and contracts -€3.8m
down €3.8m (-67.9%), from €5.7m to €1.8m
- Deferred charges and accrued income -€524,150
down €524,150 (-97.6%), from €537,247 to €13,097
- Cash +€237,632
up €237,632 (+277.7%), from €85,557 to €323,189
mainly Stocks and contracts (+€3.8m) and Deferred charges and accrued income (+€524,150)
- Debts after one year -€4.3m
down €4.3m (-74.1%), from €5.9m to €1.5m
of which Financial debts: -€4.0m
- Short-term financial debts +€298,931
up €298,931 (+85.1%), from €351,069 to €650,000
- Gross operating margin +€190,603
up €190,603, from -€7,681 to €182,922
- Financial charges +€88,338
up €88,338 (+240.3%), from €36,761 to €125,100
- Other operating charges -€4,074
down €4,074 (-11.7%), from €34,826 to €30,752
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 | €6,318,428 | €2,216,786 | -€4.1m | -64.9% |
| Fixed assets | 21/28 | €22,717 | €22,040 | -€677 | -3.0% |
| Tangible fixed assets | 22/27 | €4,117 | €3,440 | -€677 | -16.4% |
| Furniture and vehicles | 24 | €4,117 | €3,440 | -€677 | -16.4% |
| Financial fixed assets | 28 | €18,600 | €18,600 | = | 0.0% |
| Current assets | 29/58 | €6,295,711 | €2,194,746 | -€4.1m | -65.1% |
| Stocks and contracts in progress | 3 | €5,656,870 | €1,818,460 | -€3.8m | -67.9% |
| Stocks | 30/36 | €5,656,870 | €1,818,460 | -€3.8m | -67.9% |
| Amounts receivable within one year | 40/41 | €16,037 | €40,000 | +€23,963 | +149.4% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €16,037 | €40,000 | +€23,963 | +149.4% |
| Cash at bank and in hand | 54/58 | €85,557 | €323,189 | +€237,632 | +277.7% |
| Deferred charges and accrued income | 490/1 | €537,247 | €13,097 | -€524,150 | -97.6% |
| Total equity and liabilities | 10/49 | €6,318,428 | €2,216,786 | -€4.1m | -64.9% |
| Equity | 10/15 | €21,308 | €47,755 | +€26,447 | +124.1% |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Reserves | 13 | €6,000 | €6,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,000 | €6,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,000 | €6,000 | = | 0.0% |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | -€44,692 | -€18,245 | +€26,447 | +59.2% |
| Amounts payable | 17/49 | €6,297,120 | €2,169,031 | -€4.1m | -65.6% |
| Amounts payable after more than one year | 17 | €5,863,713 | €1,516,000 | -€4.3m | -74.1% |
| Financial debts | 170/4 | €5,460,713 | €1,433,000 | -€4.0m | -73.8% |
| Other amounts payable | 178/9 | €403,000 | €83,000 | -€320,000 | -79.4% |
| Amounts payable within one year | 42/48 | €433,407 | €653,031 | +€219,624 | +50.7% |
| Financial debts | 43 | €351,069 | €650,000 | +€298,931 | +85.1% |
| Credit institutions | 430/8 | €351,069 | €650,000 | +€298,931 | +85.1% |
| Trade debts | 44 | €65,120 | €2,915 | -€62,204 | -95.5% |
| Suppliers | 440/4 | €65,120 | €2,915 | -€62,204 | -95.5% |
| Taxes, remuneration and social security | 45 | €17,218 | €115 | -€17,103 | -99.3% |
| Taxes | 450/3 | €17,218 | €115 | -€17,103 | -99.3% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €677 | €677 | -€0 | 0.0% |
| Other operating charges | 640/8 | €34,826 | €30,752 | -€4,074 | -11.7% |
| Gross operating margin | 9900 | -€7,681 | €182,922 | +€190,603 | |
| Operating profit (loss) | 9901 | -€43,184 | €151,493 | +€194,677 | |
| Financial income | 75/76B | €80 | €169 | +€89 | +110.8% |
| Recurring financial income | 75 | €80 | €169 | +€89 | +110.8% |
| Financial charges | 65/66B | €36,761 | €125,100 | +€88,338 | +240.3% |
| Recurring financial charges | 65 | €36,761 | €125,100 | +€88,338 | +240.3% |
| Profit (loss) for the period before taxes | 9903 | -€79,865 | €26,562 | +€106,427 | |
| Income taxes | 67/77 | €629 | €115 | -€513 | -81.7% |
| Profit (loss) for the period | 9904 | -€80,494 | €26,447 | +€106,941 | |
| Profit (loss) for the period to be appropriated | 9905 | -€80,494 | €26,447 | +€106,941 |
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 6 October 2026 via checked.be.