JTK: 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.
JTK
Largest movements
- Receivables within one year +€246,040
up €246,040 (+44.7%), from €549,924 to €795,964
of which Trade receivables: +€246,109
- Cash -€170,795
down €170,795 (-98.8%), from €172,937 to €2,143
mainly Receivables within one year (-€246,040) and Debts after one year (-€181,212)
- Stocks and contracts +€78,665
up €78,665 (+6.2%), from €1.3m to €1.4m
- Tangible fixed assets -€52,740
down €52,740 (-2.9%), from €1.8m to €1.8m
of which Land and buildings: -€70,721
- Receivables after one year +€46,709
up €46,709 (+196.7%), from €23,752 to €70,460
- Short-term financial debts +€288,449
up €288,449 (+95.4%), from €302,362 to €590,811
- Reserves +€209,030
up €209,030 (+39.9%), from €524,004 to €733,033
of which Distributable reserves: +€209,030
- Debts after one year -€181,212
down €181,212 (-10.9%), from €1.7m to €1.5m
of which Financial debts: -€187,836
- Advances received -€149,744
down €149,744 (-78.9%), from €189,820 to €40,076
- Gross operating margin +€182,633
up €182,633 (+13.8%), from €1.3m to €1.5m
- Taxes +€66,930
up €66,930 (+364.4%), from €18,369 to €85,299
- Staff costs -€17,292
down €17,292 (-1.8%), from €962,289 to €944,997
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 | €3,888,617 | €4,020,574 | +€131,957 | +3.4% |
| Fixed assets | 21/28 | €1,832,969 | €1,770,126 | -€62,843 | -3.4% |
| Intangible fixed assets | 21 | €19,599 | €9,495 | -€10,103 | -51.6% |
| Tangible fixed assets | 22/27 | €1,810,870 | €1,758,130 | -€52,740 | -2.9% |
| Land and buildings | 22 | €1,579,950 | €1,509,229 | -€70,721 | -4.5% |
| Plant, machinery and equipment | 23 | €120,688 | €111,072 | -€9,616 | -8.0% |
| Furniture and vehicles | 24 | €110,232 | €137,829 | +€27,597 | +25.0% |
| Financial fixed assets | 28 | €2,500 | €2,500 | = | 0.0% |
| Current assets | 29/58 | €2,055,648 | €2,250,449 | +€194,800 | +9.5% |
| Amounts receivable after more than one year | 29 | €23,752 | €70,460 | +€46,709 | +196.7% |
| Other amounts receivable | 291 | €23,752 | €70,460 | +€46,709 | +196.7% |
| Stocks and contracts in progress | 3 | €1,273,612 | €1,352,277 | +€78,665 | +6.2% |
| Stocks | 30/36 | €1,273,612 | €1,352,277 | +€78,665 | +6.2% |
| Amounts receivable within one year | 40/41 | €549,924 | €795,964 | +€246,040 | +44.7% |
| Trade receivables | 40 | €541,591 | €787,700 | +€246,109 | +45.4% |
| Other amounts receivable | 41 | €8,333 | €8,265 | -€69 | -0.8% |
| Cash at bank and in hand | 54/58 | €172,937 | €2,143 | -€170,795 | -98.8% |
| Deferred charges and accrued income | 490/1 | €35,423 | €29,604 | -€5,819 | -16.4% |
| Total equity and liabilities | 10/49 | €3,888,617 | €4,020,574 | +€131,957 | +3.4% |
| Equity | 10/15 | €570,447 | €785,033 | +€214,586 | +37.6% |
| Contributions | 10/11 | €52,000 | €52,000 | = | 0.0% |
| Reserves | 13 | €524,004 | €733,033 | +€209,030 | +39.9% |
| Non-distributable reserves | 130/1 | €5,200 | €5,200 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,200 | €5,200 | = | 0.0% |
| Distributable reserves | 133 | €518,804 | €727,833 | +€209,030 | +40.3% |
| Profit (loss) carried forward | 14 | -€5,557 | €0 | +€5,557 | |
| Amounts payable | 17/49 | €3,318,170 | €3,235,541 | -€82,629 | -2.5% |
| Amounts payable after more than one year | 17 | €1,667,903 | €1,486,691 | -€181,212 | -10.9% |
| Financial debts | 170/4 | €1,597,903 | €1,410,067 | -€187,836 | -11.8% |
| Other amounts payable | 178/9 | €70,000 | €76,624 | +€6,624 | +9.5% |
| Amounts payable within one year | 42/48 | €1,650,267 | €1,748,850 | +€98,583 | +6.0% |
| Current portion of amounts payable after more than one year | 42 | €219,409 | €196,150 | -€23,260 | -10.6% |
| Financial debts | 43 | €302,362 | €590,811 | +€288,449 | +95.4% |
| Credit institutions | 430/8 | €302,362 | €590,811 | +€288,449 | +95.4% |
| Trade debts | 44 | €712,273 | €694,342 | -€17,931 | -2.5% |
| Suppliers | 440/4 | €712,273 | €694,342 | -€17,931 | -2.5% |
| Advances received on contracts in progress | 46 | €189,820 | €40,076 | -€149,744 | -78.9% |
| Taxes, remuneration and social security | 45 | €226,403 | €227,471 | +€1,068 | +0.5% |
| Taxes | 450/3 | €89,031 | €101,996 | +€12,964 | +14.6% |
| Remuneration and social security | 454/9 | €137,372 | €125,476 | -€11,896 | -8.7% |
| Non-recurring operating income | 76A | €10,773 | €0 | -€10,773 | -100.0% |
| Remuneration, social security and pensions | 62 | €962,289 | €944,997 | -€17,292 | -1.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €133,267 | €141,492 | +€8,225 | +6.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€175 | €3,975 | +€4,150 | |
| Other operating charges | 640/8 | €20,700 | €24,714 | +€4,014 | +19.4% |
| Non-recurring operating charges | 66A | €1,978 | €0 | -€1,978 | -100.0% |
| Gross operating margin | 9900 | €1,327,445 | €1,510,079 | +€182,633 | +13.8% |
| Operating profit (loss) | 9901 | €209,386 | €394,901 | +€185,515 | +88.6% |
| Financial income | 75/76B | €2,455 | €3,109 | +€654 | +26.6% |
| Recurring financial income | 75 | €2,455 | €3,109 | +€654 | +26.6% |
| Financial charges | 65/66B | €108,551 | €98,125 | -€10,426 | -9.6% |
| Recurring financial charges | 65 | €108,551 | €98,125 | -€10,426 | -9.6% |
| Profit (loss) for the period before taxes | 9903 | €103,291 | €299,885 | +€196,594 | +190.3% |
| Income taxes | 67/77 | €18,369 | €85,299 | +€66,930 | +364.4% |
| Profit (loss) for the period | 9904 | €84,922 | €214,586 | +€129,664 | +152.7% |
| Profit (loss) for the period to be appropriated | 9905 | €84,922 | €214,586 | +€129,664 | +152.7% |
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 1 October 2026 via checked.be.