JT: 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.
JT
Largest movements
- Receivables within one year +€49,866
up €49,866 (+34.7%), from €143,867 to €193,734
- Tangible fixed assets -€43,336
down €43,336 (-9.4%), from €460,146 to €416,810
of which Land and buildings: -€31,653
- Cash -€24,288
down €24,288 (-20.7%), from €117,058 to €92,770
mainly Receivables within one year (-€49,866) and Contributions, distributions and other (-€24,400)
- Debts after one year -€21,122
down €21,122 (-29.4%), from €71,930 to €50,807
- Reserves +€11,741
up €11,741 (+3.0%), from €397,101 to €408,842
of which Distributable reserves: +€19,946
- Current portion of long-term debt -€10,712
down €10,712 (-33.6%), from €31,834 to €21,122
- Tax, wage and social debts -€8,660
down €8,660 (-74.2%), from €11,670 to €3,010
- Gross operating margin +€18,417
up €18,417 (+18.5%), from €99,493 to €117,910
- Depreciation +€5,177
up €5,177 (+12.1%), from €42,957 to €48,134
- Taxes +€3,389
up €3,389 (+29.2%), from €11,619 to €15,008
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 | €729,514 | €707,132 | -€22,382 | -3.1% |
| Fixed assets | 21/28 | €460,146 | €416,810 | -€43,336 | -9.4% |
| Tangible fixed assets | 22/27 | €460,146 | €416,810 | -€43,336 | -9.4% |
| Land and buildings | 22 | €391,879 | €360,226 | -€31,653 | -8.1% |
| Plant, machinery and equipment | 23 | €13,837 | €13,613 | -€224 | -1.6% |
| Furniture and vehicles | 24 | €54,430 | €42,971 | -€11,459 | -21.1% |
| Current assets | 29/58 | €269,368 | €290,322 | +€20,954 | +7.8% |
| Amounts receivable within one year | 40/41 | €143,867 | €193,734 | +€49,866 | +34.7% |
| Other amounts receivable | 41 | €143,867 | €193,734 | +€49,866 | +34.7% |
| Cash at bank and in hand | 54/58 | €117,058 | €92,770 | -€24,288 | -20.7% |
| Deferred charges and accrued income | 490/1 | €8,443 | €3,819 | -€4,624 | -54.8% |
| Total equity and liabilities | 10/49 | €729,514 | €707,132 | -€22,382 | -3.1% |
| Equity | 10/15 | €447,101 | €458,842 | +€11,741 | +2.6% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €397,101 | €408,842 | +€11,741 | +3.0% |
| Non-distributable reserves | 130/1 | €5,000 | - | -€5,000 | |
| Reserves not available under the articles | 1311 | €5,000 | - | -€5,000 | |
| Tax-exempt reserves | 132 | €25,641 | €22,436 | -€3,205 | -12.5% |
| Distributable reserves | 133 | €366,460 | €386,405 | +€19,946 | +5.4% |
| Provisions and deferred taxes | 16 | €6,410 | €5,609 | -€801 | -12.5% |
| Deferred taxes | 168 | €6,410 | €5,609 | -€801 | -12.5% |
| Amounts payable | 17/49 | €276,003 | €242,681 | -€33,322 | -12.1% |
| Amounts payable after more than one year | 17 | €71,930 | €50,807 | -€21,122 | -29.4% |
| Financial debts | 170/4 | €71,930 | €50,807 | -€21,122 | -29.4% |
| Amounts payable within one year | 42/48 | €192,573 | €181,026 | -€11,547 | -6.0% |
| Current portion of amounts payable after more than one year | 42 | €31,834 | €21,122 | -€10,712 | -33.6% |
| Trade debts | 44 | €3,481 | €4,369 | +€888 | +25.5% |
| Suppliers | 440/4 | €3,481 | €4,369 | +€888 | +25.5% |
| Taxes, remuneration and social security | 45 | €11,670 | €3,010 | -€8,660 | -74.2% |
| Taxes | 450/3 | €11,670 | €3,010 | -€8,660 | -74.2% |
| Other amounts payable | 47/48 | €145,588 | €152,524 | +€6,937 | +4.8% |
| Accrued charges and deferred income | 492/3 | €11,501 | €10,848 | -€653 | -5.7% |
| Non-recurring operating income | 76A | - | €13,780 | +€13,780 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,957 | €48,134 | +€5,177 | +12.1% |
| Other operating charges | 640/8 | €5,247 | €5,638 | +€391 | +7.4% |
| Gross operating margin | 9900 | €99,493 | €117,910 | +€18,417 | +18.5% |
| Operating profit (loss) | 9901 | €51,290 | €64,138 | +€12,849 | +25.1% |
| Financial income | 75/76B | €1,039 | €656 | -€383 | -36.8% |
| Recurring financial income | 75 | €1,039 | €656 | -€383 | -36.8% |
| Financial charges | 65/66B | €15,320 | €14,447 | -€873 | -5.7% |
| Recurring financial charges | 65 | €15,320 | €14,447 | -€873 | -5.7% |
| Profit (loss) for the period before taxes | 9903 | €37,009 | €50,347 | +€13,339 | +36.0% |
| Transfer from deferred taxes | 780 | €803 | €801 | -€2 | -0.2% |
| Income taxes | 67/77 | €11,619 | €15,008 | +€3,389 | +29.2% |
| Profit (loss) for the period | 9904 | €26,193 | €36,141 | +€9,948 | +38.0% |
| Transfer from tax-exempt reserves | 789 | €3,213 | €3,205 | -€8 | -0.2% |
| Profit (loss) for the period to be appropriated | 9905 | €29,406 | €39,346 | +€9,940 | +33.8% |
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.