JSTE: 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.
JSTE
Largest movements
- Receivables within one year -€347,434
down €347,434 (-92.8%), from €374,485 to €27,051
of which Other amounts receivable: -€356,713
- Tangible fixed assets +€237,960
up €237,960 (+126%), from €188,372 to €426,332
of which Assets under construction and advance payments: +€189,395
- Cash +€195,226
up €195,226 (+500%), from €39,045 to €234,271
mainly Receivables within one year (+€347,434) and Debts after one year (+€134,337)
- Deferred charges and accrued income -€57,414
down €57,414 (-49.1%), from €116,920 to €59,506
- Other debts -€205,246
down €205,246 (-71.4%), from €287,603 to €82,357
- Debts after one year +€134,337
up €134,337 (+92.5%), from €145,196 to €279,533
- Reserves +€49,874
up €49,874 (+19.3%), from €258,391 to €308,265
of which Distributable reserves: +€50,178
- Tax, wage and social debts +€27,232
up €27,232 (+71.5%), from €38,104 to €65,337
- Current portion of long-term debt +€14,583
up €14,583 (+85.8%), from €16,995 to €31,578
- Financial income -€33,646
down €33,646 (-93.2%), from €36,090 to €2,444
- Taxes -€22,498
down €22,498 (-51.8%), from €43,457 to €20,958
- Gross operating margin -€18,425
down €18,425 (-13.8%), from €133,672 to €115,247
- Depreciation +€2,983
up €2,983 (+14.6%), from €20,423 to €23,406
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 | €821,216 | €847,155 | +€25,938 | +3.2% |
| Fixed assets | 21/28 | €290,766 | €526,326 | +€235,560 | +81.0% |
| Tangible fixed assets | 22/27 | €188,372 | €426,332 | +€237,960 | +126% |
| Land and buildings | 22 | €136,057 | €201,224 | +€65,167 | +47.9% |
| Plant, machinery and equipment | 23 | €9,487 | €6,035 | -€3,451 | -36.4% |
| Furniture and vehicles | 24 | €42,829 | €29,678 | -€13,151 | -30.7% |
| Assets under construction and advance payments | 27 | - | €189,395 | +€189,395 | |
| Financial fixed assets | 28 | €102,394 | €99,994 | -€2,400 | -2.3% |
| Current assets | 29/58 | €530,450 | €320,829 | -€209,622 | -39.5% |
| Amounts receivable within one year | 40/41 | €374,485 | €27,051 | -€347,434 | -92.8% |
| Trade receivables | 40 | €13,983 | €23,263 | +€9,280 | +66.4% |
| Other amounts receivable | 41 | €360,501 | €3,788 | -€356,713 | -98.9% |
| Cash at bank and in hand | 54/58 | €39,045 | €234,271 | +€195,226 | +500% |
| Deferred charges and accrued income | 490/1 | €116,920 | €59,506 | -€57,414 | -49.1% |
| Total equity and liabilities | 10/49 | €821,216 | €847,155 | +€25,938 | +3.2% |
| Equity | 10/15 | €323,721 | €373,898 | +€50,178 | +15.5% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Reserves | 13 | €258,391 | €308,265 | +€49,874 | +19.3% |
| Tax-exempt reserves | 132 | €304 | - | -€304 | |
| Distributable reserves | 133 | €258,087 | €308,265 | +€50,178 | +19.4% |
| Profit (loss) carried forward | 14 | €64,830 | €65,133 | +€304 | +0.5% |
| Amounts payable | 17/49 | €497,495 | €473,256 | -€24,239 | -4.9% |
| Amounts payable after more than one year | 17 | €145,196 | €279,533 | +€134,337 | +92.5% |
| Financial debts | 170/4 | €145,196 | €279,533 | +€134,337 | +92.5% |
| Amounts payable within one year | 42/48 | €344,259 | €179,272 | -€164,988 | -47.9% |
| Current portion of amounts payable after more than one year | 42 | €16,995 | €31,578 | +€14,583 | +85.8% |
| Trade debts | 44 | €1,557 | - | -€1,557 | |
| Suppliers | 440/4 | €1,557 | - | -€1,557 | |
| Taxes, remuneration and social security | 45 | €38,104 | €65,337 | +€27,232 | +71.5% |
| Taxes | 450/3 | €38,104 | €65,337 | +€27,232 | +71.5% |
| Other amounts payable | 47/48 | €287,603 | €82,357 | -€205,246 | -71.4% |
| Accrued charges and deferred income | 492/3 | €8,040 | €14,452 | +€6,412 | +79.7% |
| Non-recurring operating income | 76A | - | €17,600 | +€17,600 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,423 | €23,406 | +€2,983 | +14.6% |
| Other operating charges | 640/8 | €1,073 | €1,292 | +€219 | +20.4% |
| Gross operating margin | 9900 | €133,672 | €115,247 | -€18,425 | -13.8% |
| Operating profit (loss) | 9901 | €112,177 | €90,550 | -€21,627 | -19.3% |
| Financial income | 75/76B | €36,090 | €2,444 | -€33,646 | -93.2% |
| Recurring financial income | 75 | €36,090 | €2,444 | -€33,646 | -93.2% |
| Financial charges | 65/66B | €21,810 | €21,857 | +€48 | +0.2% |
| Recurring financial charges | 65 | €21,810 | €21,857 | +€48 | +0.2% |
| Profit (loss) for the period before taxes | 9903 | €126,457 | €71,136 | -€55,321 | -43.7% |
| Income taxes | 67/77 | €43,457 | €20,958 | -€22,498 | -51.8% |
| Profit (loss) for the period | 9904 | €83,000 | €50,178 | -€32,823 | -39.5% |
| Transfer from tax-exempt reserves | 789 | - | €304 | +€304 | |
| Profit (loss) for the period to be appropriated | 9905 | €83,000 | €50,482 | -€32,519 | -39.2% |
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 19 October 2026 via checked.be.