JTC: 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.
JTC
Largest movements
- Stocks and contracts +€110,439
up €110,439 (+38.9%), from €283,667 to €394,105
- Cash -€50,674
down €50,674 (-34.2%), from €148,315 to €97,641
mainly Stocks and contracts (-€110,439) and Contributions, distributions and other (-€47,572)
- Receivables within one year +€42,266
up €42,266 (+238.7%), from €17,705 to €59,970
of which Trade receivables: +€40,866
- Tangible fixed assets -€18,171
down €18,171 (-12.0%), from €151,454 to €133,283
of which Land and buildings: -€13,817
- Trade debts +€92,987
up €92,987 (+1719.3%), from €5,408 to €98,395
- Other debts -€16,559
down €16,559 (-60.6%), from €27,328 to €10,769
- Reserves +€10,083
up €10,083 (+2.0%), from €511,558 to €521,641
of which Distributable reserves: +€12,525
- Tax, wage and social debts -€7,241
down €7,241 (-61.1%), from €11,858 to €4,618
- Gross operating margin -€23,557
down €23,557 (-15.3%), from €154,114 to €130,556
- Other operating charges -€18,261
down €18,261 (-74.9%), from €24,389 to €6,128
- Taxes -€4,607
down €4,607 (-11.9%), from €38,692 to €34,085
- Provisions +€3,769
up €3,769 (+181.4%), from €2,077 to €5,847
- Financial charges +€2,404
up €2,404 (+36.5%), from €6,587 to €8,991
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 | €601,390 | €685,250 | +€83,860 | +13.9% |
| Fixed assets | 21/28 | €151,704 | €133,533 | -€18,171 | -12.0% |
| Tangible fixed assets | 22/27 | €151,454 | €133,283 | -€18,171 | -12.0% |
| Land and buildings | 22 | €137,704 | €123,887 | -€13,817 | -10.0% |
| Plant, machinery and equipment | 23 | €8,919 | €5,595 | -€3,323 | -37.3% |
| Furniture and vehicles | 24 | €4,831 | €3,801 | -€1,030 | -21.3% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €449,686 | €551,717 | +€102,031 | +22.7% |
| Stocks and contracts in progress | 3 | €283,667 | €394,105 | +€110,439 | +38.9% |
| Stocks | 30/36 | €283,667 | €394,105 | +€110,439 | +38.9% |
| Amounts receivable within one year | 40/41 | €17,705 | €59,970 | +€42,266 | +238.7% |
| Trade receivables | 40 | €17,705 | €58,570 | +€40,866 | +230.8% |
| Other amounts receivable | 41 | - | €1,400 | +€1,400 | |
| Cash at bank and in hand | 54/58 | €148,315 | €97,641 | -€50,674 | -34.2% |
| Total equity and liabilities | 10/49 | €601,390 | €685,250 | +€83,860 | +13.9% |
| Equity | 10/15 | €532,009 | €542,092 | +€10,083 | +1.9% |
| Contributions | 10/11 | €20,451 | €20,451 | = | 0.0% |
| Outside capital | 11 | €20,451 | €20,451 | = | 0.0% |
| Share premium | 1100/10 | €18,592 | €18,592 | = | 0.0% |
| Other | 1109/19 | €1,859 | €1,859 | = | 0.0% |
| Reserves | 13 | €511,558 | €521,641 | +€10,083 | +2.0% |
| Tax-exempt reserves | 132 | €26,860 | €24,418 | -€2,442 | -9.1% |
| Distributable reserves | 133 | €484,698 | €497,223 | +€12,525 | +2.6% |
| Provisions and deferred taxes | 16 | €24,786 | €29,376 | +€4,590 | +18.5% |
| Provisions for liabilities and charges | 160/5 | €10,956 | €16,803 | +€5,847 | +53.4% |
| Environmental obligations | 163 | €10,956 | €16,803 | +€5,847 | +53.4% |
| Deferred taxes | 168 | €13,831 | €12,573 | -€1,257 | -9.1% |
| Amounts payable | 17/49 | €44,595 | €113,782 | +€69,187 | +155.1% |
| Amounts payable within one year | 42/48 | €44,595 | €113,782 | +€69,187 | +155.1% |
| Trade debts | 44 | €5,408 | €98,395 | +€92,987 | +1719.3% |
| Suppliers | 440/4 | €5,408 | €98,395 | +€92,987 | +1719.3% |
| Taxes, remuneration and social security | 45 | €11,858 | €4,618 | -€7,241 | -61.1% |
| Taxes | 450/3 | €11,858 | €4,618 | -€7,241 | -61.1% |
| Other amounts payable | 47/48 | €27,328 | €10,769 | -€16,559 | -60.6% |
| Remuneration, social security and pensions | 62 | €163 | - | -€163 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,128 | €18,171 | +€43 | +0.2% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €2,077 | €5,847 | +€3,769 | +181.4% |
| Other operating charges | 640/8 | €24,389 | €6,128 | -€18,261 | -74.9% |
| Non-recurring operating charges | 66A | €591 | €1,664 | +€1,074 | +181.8% |
| Gross operating margin | 9900 | €154,114 | €130,556 | -€23,557 | -15.3% |
| Operating profit (loss) | 9901 | €108,765 | €98,746 | -€10,019 | -9.2% |
| Financial income | 75/76B | €148 | €727 | +€580 | +392.8% |
| Recurring financial income | 75 | €148 | €727 | +€580 | +392.8% |
| Financial charges | 65/66B | €6,587 | €8,991 | +€2,404 | +36.5% |
| Recurring financial charges | 65 | €6,587 | €8,991 | +€2,404 | +36.5% |
| Profit (loss) for the period before taxes | 9903 | €102,326 | €90,483 | -€11,843 | -11.6% |
| Transfer from deferred taxes | 780 | €1,257 | €1,257 | = | 0.0% |
| Income taxes | 67/77 | €38,692 | €34,085 | -€4,607 | -11.9% |
| Profit (loss) for the period | 9904 | €64,891 | €57,655 | -€7,236 | -11.2% |
| Transfer from tax-exempt reserves | 789 | €2,442 | €2,442 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €67,333 | €60,097 | -€7,236 | -10.7% |
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 8 October 2026 via checked.be.