JS PIANO'S: 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.
JS PIANO'S
Largest movements
- Stocks and contracts -€65,108
down €65,108 (-60.6%), from €107,397 to €42,289
- Cash +€37,887
up €37,887 (+25.8%), from €146,586 to €184,473
mainly Stocks and contracts (+€65,108) and Net result for the year (+€43,825)
- Tangible fixed assets +€28,978
up €28,978 (+123%), from €23,484 to €52,463
of which Furniture and vehicles: +€27,535
- Receivables within one year +€26,613
up €26,613 (+51.1%), from €52,083 to €78,696
of which Trade receivables: +€39,320
- Reserves +€18,946
up €18,946 (+7.2%), from €262,121 to €281,067
of which Distributable reserves: +€34,999
- Tax, wage and social debts +€11,988
up €11,988 (+55.2%), from €21,726 to €33,714
of which Taxes: +€11,298
- Trade debts -€6,301
down €6,301 (-79.1%), from €7,963 to €1,663
- Other debts +€4,772
up €4,772 (+26.0%), from €18,341 to €23,113
- Provisions -€4,013
down €4,013 (-73.0%), from €5,498 to €1,484
- Gross operating margin +€55,565
up €55,565 (+87.4%), from €63,549 to €119,114
- Write-downs -€16,738
down €16,738, from €9,203 to -€7,535
- Taxes +€12,873
up €12,873 (+2,240%), from €575 to €13,448
- Other operating charges -€9,086
down €9,086 (-58.1%), from €15,641 to €6,555
- Depreciation +€5,444
up €5,444 (+61.2%), from €8,895 to €14,339
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 | €334,249 | €359,641 | +€25,392 | +7.6% |
| Fixed assets | 21/28 | €23,763 | €52,742 | +€28,978 | +122% |
| Tangible fixed assets | 22/27 | €23,484 | €52,463 | +€28,978 | +123% |
| Plant, machinery and equipment | 23 | €12,177 | €18,698 | +€6,521 | +53.6% |
| Furniture and vehicles | 24 | - | €27,535 | +€27,535 | |
| Other tangible fixed assets | 26 | €11,308 | €6,230 | -€5,078 | -44.9% |
| Financial fixed assets | 28 | €279 | €279 | = | 0.0% |
| Current assets | 29/58 | €310,486 | €306,899 | -€3,587 | -1.2% |
| Amounts receivable after more than one year | 29 | €529 | - | -€529 | |
| Trade receivables | 290 | €529 | - | -€529 | |
| Stocks and contracts in progress | 3 | €107,397 | €42,289 | -€65,108 | -60.6% |
| Stocks | 30/36 | €107,397 | €42,289 | -€65,108 | -60.6% |
| Amounts receivable within one year | 40/41 | €52,083 | €78,696 | +€26,613 | +51.1% |
| Trade receivables | 40 | €30,351 | €69,670 | +€39,320 | +130% |
| Other amounts receivable | 41 | €21,733 | €9,026 | -€12,706 | -58.5% |
| Cash at bank and in hand | 54/58 | €146,586 | €184,473 | +€37,887 | +25.8% |
| Deferred charges and accrued income | 490/1 | €3,891 | €1,441 | -€2,449 | -63.0% |
| Total equity and liabilities | 10/49 | €334,249 | €359,641 | +€25,392 | +7.6% |
| Equity | 10/15 | €280,721 | €299,667 | +€18,946 | +6.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €262,121 | €281,067 | +€18,946 | +7.2% |
| Tax-exempt reserves | 132 | €21,990 | €5,937 | -€16,053 | -73.0% |
| Distributable reserves | 133 | €240,131 | €275,130 | +€34,999 | +14.6% |
| Provisions and deferred taxes | 16 | €5,498 | €1,484 | -€4,013 | -73.0% |
| Deferred taxes | 168 | €5,498 | €1,484 | -€4,013 | -73.0% |
| Amounts payable | 17/49 | €48,030 | €58,490 | +€10,460 | +21.8% |
| Amounts payable within one year | 42/48 | €48,030 | €58,490 | +€10,460 | +21.8% |
| Trade debts | 44 | €7,963 | €1,663 | -€6,301 | -79.1% |
| Suppliers | 440/4 | €7,963 | €1,663 | -€6,301 | -79.1% |
| Taxes, remuneration and social security | 45 | €21,726 | €33,714 | +€11,988 | +55.2% |
| Taxes | 450/3 | €14,154 | €25,453 | +€11,298 | +79.8% |
| Remuneration and social security | 454/9 | €7,571 | €8,261 | +€690 | +9.1% |
| Other amounts payable | 47/48 | €18,341 | €23,113 | +€4,772 | +26.0% |
| Non-recurring operating income | 76A | - | €21,922 | +€21,922 | |
| Remuneration, social security and pensions | 62 | €46,600 | €49,899 | +€3,299 | +7.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,895 | €14,339 | +€5,444 | +61.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €9,203 | -€7,535 | -€16,738 | |
| Other operating charges | 640/8 | €15,641 | €6,555 | -€9,086 | -58.1% |
| Non-recurring operating charges | 66A | €29,088 | - | -€29,088 | |
| Gross operating margin | 9900 | €63,549 | €119,114 | +€55,565 | +87.4% |
| Operating profit (loss) | 9901 | -€45,878 | €55,856 | +€101,734 | |
| Financial income | 75/76B | €3,604 | €1,513 | -€2,091 | -58.0% |
| Recurring financial income | 75 | €3,604 | €1,513 | -€2,091 | -58.0% |
| Financial charges | 65/66B | €1,584 | €4,109 | +€2,525 | +159% |
| Recurring financial charges | 65 | €1,584 | €4,109 | +€2,525 | +159% |
| Profit (loss) for the period before taxes | 9903 | -€43,858 | €53,260 | +€97,118 | |
| Transfer from deferred taxes | 780 | €1,602 | €4,013 | +€2,411 | +150% |
| Income taxes | 67/77 | €575 | €13,448 | +€12,873 | +2,240% |
| Profit (loss) for the period | 9904 | -€42,831 | €43,825 | +€86,656 | |
| Transfer from tax-exempt reserves | 789 | €6,409 | €16,053 | +€9,644 | +150% |
| Profit (loss) for the period to be appropriated | 9905 | -€36,422 | €59,879 | +€96,300 |
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 1 November 2026 via checked.be.