JR BEHEER: 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.
JR BEHEER
Largest movements
- Current investments +€2.8m
up €2.8m (+90.8%), from €3.1m to €5.8m
- Cash -€971,713
down €971,713 (-39.6%), from €2.5m to €1.5m
mainly Current investments (-€2.8m) and Debts after one year (-€1.1m)
- Financial fixed assets +€422,541
up €422,541 (+45.2%), from €935,062 to €1.4m
- Tangible fixed assets +€359,020
up €359,020 (+17.5%), from €2.0m to €2.4m
- Receivables within one year +€164,698
up €164,698 (+293%), from €56,125 to €220,823
of which Other amounts receivable: +€164,834
- Reserves +€2.8m
up €2.8m (+40.6%), from €7.0m to €9.8m
of which Distributable reserves: +€2.8m
- Debts after one year -€1.1m
down €1.1m (-100%), from €1.1m to €0
- Current portion of long-term debt +€1.1m
new in 2025: €1.1m
- Gross operating margin +€969,437
up €969,437 (+41.9%), from €2.3m to €3.3m
- Financial income +€679,664
up €679,664 (+708%), from €95,980 to €775,644
of which Non-recurring financial income: +€472,381
- Taxes +€362,901
up €362,901 (+48.5%), from €748,840 to €1.1m
- Financial charges +€73,948
up €73,948 (+461%), from €16,041 to €89,989
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 | €8,553,662 | €11,310,054 | +€2.8m | +32.2% |
| Fixed assets | 21/28 | €2,983,126 | €3,764,687 | +€781,560 | +26.2% |
| Tangible fixed assets | 22/27 | €2,048,064 | €2,407,084 | +€359,020 | +17.5% |
| Land and buildings | 22 | €2,030,791 | €2,079,655 | +€48,864 | +2.4% |
| Plant, machinery and equipment | 23 | €1,947 | €1,648 | -€298 | -15.3% |
| Furniture and vehicles | 24 | €15,327 | €163,541 | +€148,214 | +967% |
| Other tangible fixed assets | 26 | - | €162,240 | +€162,240 | |
| Financial fixed assets | 28 | €935,062 | €1,357,603 | +€422,541 | +45.2% |
| Current assets | 29/58 | €5,570,536 | €7,545,368 | +€2.0m | +35.5% |
| Amounts receivable within one year | 40/41 | €56,125 | €220,823 | +€164,698 | +293% |
| Trade receivables | 40 | €34,293 | €34,157 | -€136 | -0.4% |
| Other amounts receivable | 41 | €21,832 | €186,666 | +€164,834 | +755% |
| Current investments | 50/53 | €3,058,023 | €5,834,745 | +€2.8m | +90.8% |
| Cash at bank and in hand | 54/58 | €2,453,265 | €1,481,552 | -€971,713 | -39.6% |
| Deferred charges and accrued income | 490/1 | €3,123 | €8,248 | +€5,125 | +164% |
| Total equity and liabilities | 10/49 | €8,553,662 | €11,310,054 | +€2.8m | +32.2% |
| Equity | 10/15 | €6,970,439 | €9,797,970 | +€2.8m | +40.6% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €6,969,439 | €9,796,970 | +€2.8m | +40.6% |
| Non-distributable reserves | 130/1 | €100 | €100 | = | 0.0% |
| Reserves not available under the articles | 1311 | €100 | €100 | = | 0.0% |
| Distributable reserves | 133 | €6,969,339 | €9,796,870 | +€2.8m | +40.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,583,223 | €1,512,085 | -€71,138 | -4.5% |
| Amounts payable after more than one year | 17 | €1,100,000 | €0 | -€1.1m | -100% |
| Financial debts | 170/4 | €1,100,000 | €0 | -€1.1m | -100% |
| Amounts payable within one year | 42/48 | €479,324 | €1,510,943 | +€1.0m | +215% |
| Current portion of amounts payable after more than one year | 42 | - | €1,100,000 | +€1.1m | |
| Trade debts | 44 | €1,306 | €602 | -€704 | -53.9% |
| Suppliers | 440/4 | €1,306 | €602 | -€704 | -53.9% |
| Taxes, remuneration and social security | 45 | €478,018 | €410,341 | -€67,677 | -14.2% |
| Taxes | 450/3 | €470,629 | €404,991 | -€65,638 | -13.9% |
| Remuneration and social security | 454/9 | €7,389 | €5,350 | -€2,039 | -27.6% |
| Accrued charges and deferred income | 492/3 | €3,899 | €1,141 | -€2,757 | -70.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,555 | €21,183 | +€1,628 | +8.3% |
| Other operating charges | 640/8 | €8,634 | €9,231 | +€597 | +6.9% |
| Gross operating margin | 9900 | €2,314,595 | €3,284,031 | +€969,437 | +41.9% |
| Operating profit (loss) | 9901 | €2,286,406 | €3,253,617 | +€967,211 | +42.3% |
| Financial income | 75/76B | €95,980 | €775,644 | +€679,664 | +708% |
| Recurring financial income | 75 | €95,980 | €303,263 | +€207,283 | +216% |
| Non-recurring financial income | 76B | - | €472,381 | +€472,381 | |
| Financial charges | 65/66B | €16,041 | €89,989 | +€73,948 | +461% |
| Recurring financial charges | 65 | €16,041 | €89,989 | +€73,948 | +461% |
| Profit (loss) for the period before taxes | 9903 | €2,366,344 | €3,939,271 | +€1.6m | +66.5% |
| Income taxes | 67/77 | €748,840 | €1,111,741 | +€362,901 | +48.5% |
| Profit (loss) for the period | 9904 | €1,617,504 | €2,827,530 | +€1.2m | +74.8% |
| Profit (loss) for the period to be appropriated | 9905 | €1,617,504 | €2,827,530 | +€1.2m | +74.8% |
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 25 October 2026 via checked.be.