JSE: 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.
JSE
Largest movements
- Cash -€21,876
down €21,876 (-52.0%), from €42,038 to €20,162
mainly Investment in fixed assets (net) (-€16,498) and Net result for the year (-€16,352)
- Receivables within one year -€15,691
down €15,691 (-36.4%), from €43,158 to €27,467
of which Trade receivables: -€10,964
- Deferred charges and accrued income +€6,725
up €6,725 (+32.6%), from €20,597 to €27,321
- Tangible fixed assets +€6,002
up €6,002 (+12.8%), from €46,902 to €52,904
of which Furniture and vehicles: +€3,884
- Stocks and contracts +€4,752
up €4,752 (+95.0%), from €5,000 to €9,752
- Reserves -€16,352
down €16,352 (-21.6%), from €75,557 to €59,205
- Trade debts -€15,676
down €15,676 (-82.9%), from €18,917 to €3,241
- Accrued charges and deferred income +€7,269
new in 2025: €7,269
- Tax, wage and social debts +€5,257
up €5,257 (+28.0%), from €18,793 to €24,050
of which Remuneration and social security: +€3,385
- Gross operating margin -€79,371
down €79,371 (-61.2%), from €129,750 to €50,379
- Staff costs +€22,221
up €22,221 (+99.7%), from €22,297 to €44,518
- Taxes -€18,793
no longer reported in 2025 (was €18,793)
- Other operating charges +€8,405
up €8,405 (+810.4%), from €1,037 to €9,442
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 | €158,719 | €138,331 | -€20,388 | -12.8% |
| Fixed assets | 21/28 | €47,926 | €53,628 | +€5,702 | +11.9% |
| Intangible fixed assets | 21 | €1,025 | €725 | -€300 | -29.3% |
| Tangible fixed assets | 22/27 | €46,902 | €52,904 | +€6,002 | +12.8% |
| Plant, machinery and equipment | 23 | - | €2,118 | +€2,118 | |
| Furniture and vehicles | 24 | €46,902 | €50,786 | +€3,884 | +8.3% |
| Current assets | 29/58 | €110,793 | €84,702 | -€26,090 | -23.5% |
| Stocks and contracts in progress | 3 | €5,000 | €9,752 | +€4,752 | +95.0% |
| Stocks | 30/36 | €5,000 | €9,752 | +€4,752 | +95.0% |
| Amounts receivable within one year | 40/41 | €43,158 | €27,467 | -€15,691 | -36.4% |
| Trade receivables | 40 | €38,287 | €27,324 | -€10,964 | -28.6% |
| Other amounts receivable | 41 | €4,871 | €143 | -€4,728 | -97.1% |
| Cash at bank and in hand | 54/58 | €42,038 | €20,162 | -€21,876 | -52.0% |
| Deferred charges and accrued income | 490/1 | €20,597 | €27,321 | +€6,725 | +32.6% |
| Total equity and liabilities | 10/49 | €158,719 | €138,331 | -€20,388 | -12.8% |
| Equity | 10/15 | €80,557 | €64,205 | -€16,352 | -20.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €75,557 | €59,205 | -€16,352 | -21.6% |
| Distributable reserves | 133 | €75,557 | €59,205 | -€16,352 | -21.6% |
| Amounts payable | 17/49 | €78,162 | €74,126 | -€4,036 | -5.2% |
| Amounts payable after more than one year | 17 | €29,537 | €28,996 | -€541 | -1.8% |
| Financial debts | 170/4 | €29,537 | €28,996 | -€541 | -1.8% |
| Amounts payable within one year | 42/48 | €48,625 | €37,860 | -€10,764 | -22.1% |
| Current portion of amounts payable after more than one year | 42 | €8,575 | €7,432 | -€1,143 | -13.3% |
| Trade debts | 44 | €18,917 | €3,241 | -€15,676 | -82.9% |
| Suppliers | 440/4 | €18,917 | €3,241 | -€15,676 | -82.9% |
| Taxes, remuneration and social security | 45 | €18,793 | €24,050 | +€5,257 | +28.0% |
| Taxes | 450/3 | €18,793 | €20,665 | +€1,872 | +10.0% |
| Remuneration and social security | 454/9 | - | €3,385 | +€3,385 | |
| Other amounts payable | 47/48 | €2,340 | €3,138 | +€798 | +34.1% |
| Accrued charges and deferred income | 492/3 | - | €7,269 | +€7,269 | |
| Remuneration, social security and pensions | 62 | €22,297 | €44,518 | +€22,221 | +99.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,480 | €10,795 | +€315 | +3.0% |
| Other operating charges | 640/8 | €1,037 | €9,442 | +€8,405 | +810.4% |
| Gross operating margin | 9900 | €129,750 | €50,379 | -€79,371 | -61.2% |
| Operating profit (loss) | 9901 | €95,935 | -€14,377 | -€110,312 | |
| Financial income | 75/76B | €124 | €0 | -€124 | -100.0% |
| Recurring financial income | 75 | €124 | €0 | -€124 | -100.0% |
| Financial charges | 65/66B | €1,709 | €1,976 | +€266 | +15.6% |
| Recurring financial charges | 65 | €1,709 | €1,976 | +€266 | +15.6% |
| Profit (loss) for the period before taxes | 9903 | €94,350 | -€16,352 | -€110,702 | |
| Income taxes | 67/77 | €18,793 | - | -€18,793 | |
| Profit (loss) for the period | 9904 | €75,557 | -€16,352 | -€91,910 | |
| Profit (loss) for the period to be appropriated | 9905 | €75,557 | -€16,352 | -€91,910 |
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 3 October 2026 via checked.be.