JSE: 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.
JSE
Largest movements
- Cash +€455,897
up €455,897 (+72.9%), from €625,726 to €1.1m
mainly Trade debts (+€324,171) and Net result for the year (+€125,214)
- Current investments +€112,500
up €112,500 (+157%), from €71,452 to €183,952
- Receivables within one year -€42,947
down €42,947 (-8.3%), from €519,350 to €476,403
of which Trade receivables: -€28,055
- Trade debts +€324,171
up €324,171 (+78.8%), from €411,508 to €735,679
- Profit (loss) carried forward +€125,214
up €125,214 (+53.6%), from €233,809 to €359,023
- Tax, wage and social debts +€49,216
up €49,216 (+86.6%), from €56,833 to €106,049
of which Taxes: +€54,056
- Accrued charges and deferred income +€41,459
up €41,459 (+10.9%), from €378,804 to €420,263
- Gross operating margin +€154,699
up €154,699 (+70.1%), from €220,714 to €375,413
- Staff costs +€98,868
up €98,868 (+74.1%), from €133,431 to €232,299
- Financial income +€48,752
up €48,752 (+1,111%), from €4,389 to €53,141
of which Financial income: +€39,009
- Taxes +€27,819
up €27,819 (+107%), from €25,966 to €53,786
- Financial charges +€7,064
up €7,064 (+187%), from €3,773 to €10,837
of which Financial charges: +€6,614
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 | €1,255,131 | €1,782,220 | +€527,088 | +42.0% |
| Fixed assets | 21/28 | €38,604 | €39,361 | +€757 | +2.0% |
| Tangible fixed assets | 22/27 | €35,854 | €36,911 | +€1,057 | +2.9% |
| Plant, machinery and equipment | 23 | €22,304 | €25,189 | +€2,885 | +12.9% |
| Furniture and vehicles | 24 | €13,550 | €11,722 | -€1,828 | -13.5% |
| Financial fixed assets | 28 | €2,750 | €2,450 | -€300 | -10.9% |
| Current assets | 29/58 | €1,216,528 | €1,742,859 | +€526,331 | +43.3% |
| Amounts receivable within one year | 40/41 | €519,350 | €476,403 | -€42,947 | -8.3% |
| Trade receivables | 40 | €332,306 | €304,251 | -€28,055 | -8.4% |
| Other amounts receivable | 41 | €187,044 | €172,152 | -€14,892 | -8.0% |
| Current investments | 50/53 | €71,452 | €183,952 | +€112,500 | +157% |
| Cash at bank and in hand | 54/58 | €625,726 | €1,081,623 | +€455,897 | +72.9% |
| Deferred charges and accrued income | 490/1 | - | €881 | +€881 | |
| Total equity and liabilities | 10/49 | €1,255,131 | €1,782,220 | +€527,088 | +42.0% |
| Equity | 10/15 | €234,309 | €359,523 | +€125,214 | +53.4% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €233,809 | €359,023 | +€125,214 | +53.6% |
| Amounts payable | 17/49 | €1,020,823 | €1,422,697 | +€401,874 | +39.4% |
| Amounts payable after more than one year | 17 | €7,967 | €2,169 | -€5,798 | -72.8% |
| Financial debts | 170/4 | €7,967 | €2,169 | -€5,798 | -72.8% |
| Amounts payable within one year | 42/48 | €634,052 | €1,000,264 | +€366,212 | +57.8% |
| Current portion of amounts payable after more than one year | 42 | €6,055 | €5,798 | -€258 | -4.3% |
| Financial debts | 43 | €100,000 | €100,000 | = | 0.0% |
| Other loans | 439 | €100,000 | €100,000 | = | 0.0% |
| Trade debts | 44 | €411,508 | €735,679 | +€324,171 | +78.8% |
| Suppliers | 440/4 | €411,508 | €735,679 | +€324,171 | +78.8% |
| Advances received on contracts in progress | 46 | €6,557 | - | -€6,557 | |
| Taxes, remuneration and social security | 45 | €56,833 | €106,049 | +€49,216 | +86.6% |
| Taxes | 450/3 | €36,280 | €90,336 | +€54,056 | +149% |
| Remuneration and social security | 454/9 | €20,553 | €15,712 | -€4,840 | -23.6% |
| Other amounts payable | 47/48 | €53,099 | €52,739 | -€360 | -0.7% |
| Accrued charges and deferred income | 492/3 | €378,804 | €420,263 | +€41,459 | +10.9% |
| Remuneration, social security and pensions | 62 | €133,431 | €232,299 | +€98,868 | +74.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,606 | €4,349 | +€744 | +20.6% |
| Other operating charges | 640/8 | €6,782 | €2,069 | -€4,713 | -69.5% |
| Gross operating margin | 9900 | €220,714 | €375,413 | +€154,699 | +70.1% |
| Operating profit (loss) | 9901 | €76,896 | €136,696 | +€59,800 | +77.8% |
| Financial income | 75/76B | €4,389 | €53,141 | +€48,752 | +1,111% |
| Recurring financial income | 75 | €4,389 | €43,398 | +€39,009 | +889% |
| Non-recurring financial income | 76B | - | €9,743 | +€9,743 | |
| Financial charges | 65/66B | €3,773 | €10,837 | +€7,064 | +187% |
| Recurring financial charges | 65 | €3,773 | €10,387 | +€6,614 | +175% |
| Non-recurring financial charges | 66B | - | €450 | +€450 | |
| Profit (loss) for the period before taxes | 9903 | €77,512 | €179,000 | +€101,489 | +131% |
| Income taxes | 67/77 | €25,966 | €53,786 | +€27,819 | +107% |
| Profit (loss) for the period | 9904 | €51,545 | €125,214 | +€73,669 | +143% |
| Profit (loss) for the period to be appropriated | 9905 | €51,545 | €125,214 | +€73,669 | +143% |
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 13 October 2026 via checked.be.