JSEC: 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.
JSEC
Largest movements
- Tangible fixed assets +€43,430
up €43,430 (+7.7%), from €565,436 to €608,866
of which Land and buildings: +€29,225
- Cash -€34,072
down €34,072 (-50.0%), from €68,181 to €34,109
mainly Investment in fixed assets (net) (-€94,969) and Other debts (-€36,288)
- Receivables within one year -€25,966
down €25,966 (-50.0%), from €51,887 to €25,921
of which Other amounts receivable: -€25,966
- Current investments -€12,326
down €12,326 (-100.0%), from €12,326 to €0
- Other debts -€36,288
down €36,288 (-82.6%), from €43,942 to €7,653
- Reserves +€29,556
up €29,556 (+7.1%), from €416,610 to €446,166
of which Distributable reserves: +€29,556
- Debts after one year -€11,341
down €11,341 (-6.0%), from €189,936 to €178,595
- Gross operating margin -€7,345
down €7,345 (-6.6%), from €111,487 to €104,141
- Taxes -€4,383
down €4,383 (-24.8%), from €17,689 to €13,306
- Other operating charges +€2,558
up €2,558 (+98.2%), from €2,604 to €5,162
- Depreciation -€2,350
down €2,350 (-4.4%), from €53,890 to €51,539
- Financial charges +€1,563
up €1,563 (+58.0%), from €2,693 to €4,255
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 | €698,507 | €669,855 | -€28,652 | -4.1% |
| Fixed assets | 21/28 | €565,436 | €608,866 | +€43,430 | +7.7% |
| Tangible fixed assets | 22/27 | €565,436 | €608,866 | +€43,430 | +7.7% |
| Land and buildings | 22 | €520,719 | €549,943 | +€29,225 | +5.6% |
| Plant, machinery and equipment | 23 | €56 | €0 | -€56 | -100.0% |
| Furniture and vehicles | 24 | €44,662 | €58,923 | +€14,261 | +31.9% |
| Current assets | 29/58 | €133,070 | €60,989 | -€72,082 | -54.2% |
| Amounts receivable within one year | 40/41 | €51,887 | €25,921 | -€25,966 | -50.0% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €51,887 | €25,921 | -€25,966 | -50.0% |
| Current investments | 50/53 | €12,326 | €0 | -€12,326 | -100.0% |
| Cash at bank and in hand | 54/58 | €68,181 | €34,109 | -€34,072 | -50.0% |
| Deferred charges and accrued income | 490/1 | €677 | €959 | +€282 | +41.7% |
| Total equity and liabilities | 10/49 | €698,507 | €669,855 | -€28,652 | -4.1% |
| Equity | 10/15 | €422,810 | €452,366 | +€29,556 | +7.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €416,610 | €446,166 | +€29,556 | +7.1% |
| Tax-exempt reserves | 132 | €826 | €826 | = | 0.0% |
| Distributable reserves | 133 | €415,783 | €445,340 | +€29,556 | +7.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €275,697 | €217,489 | -€58,208 | -21.1% |
| Amounts payable after more than one year | 17 | €189,936 | €178,595 | -€11,341 | -6.0% |
| Financial debts | 170/4 | €189,936 | €178,595 | -€11,341 | -6.0% |
| Amounts payable within one year | 42/48 | €85,760 | €37,657 | -€48,104 | -56.1% |
| Current portion of amounts payable after more than one year | 42 | €12,962 | €12,365 | -€596 | -4.6% |
| Financial debts | 43 | €98 | €287 | +€189 | +192.7% |
| Credit institutions | 430/8 | €98 | €287 | +€189 | +192.7% |
| Trade debts | 44 | €11,120 | €5,395 | -€5,726 | -51.5% |
| Suppliers | 440/4 | €11,120 | €5,395 | -€5,726 | -51.5% |
| Taxes, remuneration and social security | 45 | €17,639 | €11,956 | -€5,682 | -32.2% |
| Taxes | 450/3 | €16,391 | €10,673 | -€5,718 | -34.9% |
| Remuneration and social security | 454/9 | €1,248 | €1,283 | +€35 | +2.8% |
| Other amounts payable | 47/48 | €43,942 | €7,653 | -€36,288 | -82.6% |
| Accrued charges and deferred income | 492/3 | - | €1,237 | +€1,237 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,890 | €51,539 | -€2,350 | -4.4% |
| Other operating charges | 640/8 | €2,604 | €5,162 | +€2,558 | +98.2% |
| Non-recurring operating charges | 66A | - | €1,773 | +€1,773 | |
| Gross operating margin | 9900 | €111,487 | €104,141 | -€7,345 | -6.6% |
| Operating profit (loss) | 9901 | €54,993 | €45,667 | -€9,326 | -17.0% |
| Financial income | 75/76B | €141 | €1,451 | +€1,309 | +926.0% |
| Recurring financial income | 75 | €141 | €1,451 | +€1,309 | +926.0% |
| Financial charges | 65/66B | €2,693 | €4,255 | +€1,563 | +58.0% |
| Recurring financial charges | 65 | €2,693 | €4,255 | +€1,563 | +58.0% |
| Profit (loss) for the period before taxes | 9903 | €52,441 | €42,862 | -€9,579 | -18.3% |
| Income taxes | 67/77 | €17,689 | €13,306 | -€4,383 | -24.8% |
| Profit (loss) for the period | 9904 | €34,752 | €29,556 | -€5,196 | -15.0% |
| Profit (loss) for the period to be appropriated | 9905 | €34,752 | €29,556 | -€5,196 | -15.0% |
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 28 September 2026 via checked.be.