JTD: 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.
JTD
Largest movements
- Stocks and contracts -€153,816
down €153,816 (-22.5%), from €682,367 to €528,551
- Receivables within one year +€58,078
up €58,078 (+1589.8%), from €3,653 to €61,732
of which Trade receivables: +€54,579
- Tangible fixed assets +€36,596
up €36,596 (+4.4%), from €835,556 to €872,152
of which Furniture and vehicles: +€32,986
- Financial fixed assets -€19,843
down €19,843 (-97.5%), from €20,343 to €500
- Other debts -€150,000
down €150,000 (-50.0%), from €300,000 to €150,000
- Reserves +€109,877
up €109,877 (+30.2%), from €363,699 to €473,575
of which Distributable reserves: +€109,877
- Debts after one year -€103,861
down €103,861 (-12.9%), from €805,114 to €701,252
- Tax, wage and social debts +€54,945
up €54,945 (+148.6%), from €36,978 to €91,923
of which Taxes: +€54,909
- Gross operating margin +€81,494
up €81,494 (+56.5%), from €144,314 to €225,808
- Taxes +€21,385
up €21,385 (+87.3%), from €24,488 to €45,873
- Depreciation +€9,960
up €9,960 (+37.7%), from €26,425 to €36,385
- Write-downs +€3,500
new in 2025: €3,500
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 | €1,563,382 | €1,474,459 | -€88,923 | -5.7% |
| Fixed assets | 21/28 | €855,899 | €872,652 | +€16,753 | +2.0% |
| Tangible fixed assets | 22/27 | €835,556 | €872,152 | +€36,596 | +4.4% |
| Land and buildings | 22 | €2,732 | €2,396 | -€336 | -12.3% |
| Plant, machinery and equipment | 23 | €15,412 | €19,923 | +€4,511 | +29.3% |
| Furniture and vehicles | 24 | €48,008 | €80,995 | +€32,986 | +68.7% |
| Other tangible fixed assets | 26 | €769,405 | €768,839 | -€566 | -0.1% |
| Financial fixed assets | 28 | €20,343 | €500 | -€19,843 | -97.5% |
| Current assets | 29/58 | €707,482 | €601,807 | -€105,676 | -14.9% |
| Stocks and contracts in progress | 3 | €682,367 | €528,551 | -€153,816 | -22.5% |
| Stocks | 30/36 | €682,367 | €528,551 | -€153,816 | -22.5% |
| Amounts receivable within one year | 40/41 | €3,653 | €61,732 | +€58,078 | +1589.8% |
| Trade receivables | 40 | €3,025 | €57,605 | +€54,579 | +1804.2% |
| Other amounts receivable | 41 | €628 | €4,127 | +€3,499 | +557.1% |
| Cash at bank and in hand | 54/58 | €21,462 | €11,524 | -€9,938 | -46.3% |
| Total equity and liabilities | 10/49 | €1,563,382 | €1,474,459 | -€88,923 | -5.7% |
| Equity | 10/15 | €382,299 | €492,175 | +€109,877 | +28.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €363,699 | €473,575 | +€109,877 | +30.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €28,006 | €28,006 | = | 0.0% |
| Distributable reserves | 133 | €333,832 | €443,709 | +€109,877 | +32.9% |
| Amounts payable | 17/49 | €1,181,083 | €982,283 | -€198,800 | -16.8% |
| Amounts payable after more than one year | 17 | €805,114 | €701,252 | -€103,861 | -12.9% |
| Financial debts | 170/4 | €805,114 | €701,252 | -€103,861 | -12.9% |
| Amounts payable within one year | 42/48 | €365,257 | €270,817 | -€94,440 | -25.9% |
| Current portion of amounts payable after more than one year | 42 | €23,490 | €23,861 | +€372 | +1.6% |
| Trade debts | 44 | €4,788 | €5,032 | +€244 | +5.1% |
| Suppliers | 440/4 | €4,788 | €5,032 | +€244 | +5.1% |
| Taxes, remuneration and social security | 45 | €36,978 | €91,923 | +€54,945 | +148.6% |
| Taxes | 450/3 | €31,031 | €85,940 | +€54,909 | +176.9% |
| Remuneration and social security | 454/9 | €5,948 | €5,984 | +€36 | +0.6% |
| Other amounts payable | 47/48 | €300,000 | €150,000 | -€150,000 | -50.0% |
| Accrued charges and deferred income | 492/3 | €10,713 | €10,215 | -€499 | -4.7% |
| Non-recurring operating income | 76A | €7,720 | €12,545 | +€4,825 | +62.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,425 | €36,385 | +€9,960 | +37.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €3,500 | +€3,500 | |
| Other operating charges | 640/8 | €3,574 | €4,740 | +€1,165 | +32.6% |
| Gross operating margin | 9900 | €144,314 | €225,808 | +€81,494 | +56.5% |
| Operating profit (loss) | 9901 | €114,314 | €181,183 | +€66,869 | +58.5% |
| Financial income | 75/76B | - | €13 | +€13 | |
| Recurring financial income | 75 | - | €13 | +€13 | |
| Financial charges | 65/66B | €26,632 | €25,446 | -€1,185 | -4.5% |
| Recurring financial charges | 65 | €26,632 | €25,446 | -€1,185 | -4.5% |
| Profit (loss) for the period before taxes | 9903 | €87,683 | €155,750 | +€68,067 | +77.6% |
| Income taxes | 67/77 | €24,488 | €45,873 | +€21,385 | +87.3% |
| Profit (loss) for the period | 9904 | €63,195 | €109,877 | +€46,682 | +73.9% |
| Profit (loss) for the period to be appropriated | 9905 | €63,195 | €109,877 | +€46,682 | +73.9% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.