JTR: 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.
JTR
Largest movements
- Cash -€1,210
no longer reported in 2025 (was €1,210)
mainly Net result for the year (-€17,668) and Investment in fixed assets (net) (-€12,115)
- Tangible fixed assets +€966
up €966 (+2.6%), from €37,230 to €38,196
of which Plant, machinery and equipment: +€23,495
- Debts after one year +€26,697
up €26,697 (+116%), from €23,105 to €49,802
of which Other amounts payable: +€26,697
- Profit (loss) carried forward -€17,228
down €17,228 (-134%), from -€12,891 to -€30,119
- Current portion of long-term debt -€7,461
no longer reported in 2025 (was €7,461)
- Reserves -€1,760
down €1,760 (-18.4%), from €9,587 to €7,827
of which Tax-exempt reserves: -€1,760
- Short-term financial debts -€498
down €498 (-12.6%), from €3,954 to €3,456
- Gross operating margin -€6,211
down €6,211, from €5,127 to -€1,084
- Depreciation -€1,782
down €1,782 (-13.8%), from €12,931 to €11,148
- Other operating charges +€634
up €634 (+68.3%), from €929 to €1,562
- Financial charges -€429
down €429 (-31.5%), from €1,364 to €935
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 | €39,915 | €39,054 | -€860 | -2.2% |
| Fixed assets | 21/28 | €37,230 | €38,196 | +€966 | +2.6% |
| Tangible fixed assets | 22/27 | €37,230 | €38,196 | +€966 | +2.6% |
| Plant, machinery and equipment | 23 | €769 | €24,265 | +€23,495 | +3,054% |
| Furniture and vehicles | 24 | €34,988 | €12,864 | -€22,124 | -63.2% |
| Other tangible fixed assets | 26 | €1,473 | €1,067 | -€405 | -27.5% |
| Current assets | 29/58 | €2,685 | €858 | -€1,827 | -68.0% |
| Stocks and contracts in progress | 3 | €946 | €613 | -€333 | -35.2% |
| Stocks | 30/36 | €946 | €613 | -€333 | -35.2% |
| Amounts receivable within one year | 40/41 | €403 | €245 | -€158 | -39.3% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €403 | €245 | -€158 | -39.3% |
| Cash at bank and in hand | 54/58 | €1,210 | - | -€1,210 | |
| Deferred charges and accrued income | 490/1 | €125 | - | -€125 | |
| Total equity and liabilities | 10/49 | €39,915 | €39,054 | -€860 | -2.2% |
| Equity | 10/15 | €2,896 | -€16,092 | -€18,988 | |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €9,587 | €7,827 | -€1,760 | -18.4% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €4,774 | €3,014 | -€1,760 | -36.9% |
| Distributable reserves | 133 | €4,813 | €4,813 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€12,891 | -€30,119 | -€17,228 | -134% |
| Provisions and deferred taxes | 16 | €1,193 | €753 | -€440 | -36.9% |
| Deferred taxes | 168 | €1,193 | €753 | -€440 | -36.9% |
| Amounts payable | 17/49 | €35,826 | €54,394 | +€18,568 | +51.8% |
| Amounts payable after more than one year | 17 | €23,105 | €49,802 | +€26,697 | +116% |
| Financial debts | 170/4 | €0 | - | = | |
| Other amounts payable | 178/9 | €23,105 | €49,802 | +€26,697 | +116% |
| Amounts payable within one year | 42/48 | €12,720 | €4,576 | -€8,145 | -64.0% |
| Current portion of amounts payable after more than one year | 42 | €7,461 | - | -€7,461 | |
| Financial debts | 43 | €3,954 | €3,456 | -€498 | -12.6% |
| Credit institutions | 430/8 | €3,954 | €3,456 | -€498 | -12.6% |
| Trade debts | 44 | €1,274 | €1,120 | -€154 | -12.1% |
| Suppliers | 440/4 | €1,274 | €1,120 | -€154 | -12.1% |
| Taxes, remuneration and social security | 45 | €31 | - | -€31 | |
| Taxes | 450/3 | €31 | - | -€31 | |
| Accrued charges and deferred income | 492/3 | €0 | €16 | +€16 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,931 | €11,148 | -€1,782 | -13.8% |
| Other operating charges | 640/8 | €929 | €1,562 | +€634 | +68.3% |
| Non-recurring operating charges | 66A | - | €4,707 | +€4,707 | |
| Gross operating margin | 9900 | €5,127 | -€1,084 | -€6,211 | |
| Operating profit (loss) | 9901 | -€8,733 | -€18,502 | -€9,770 | -112% |
| Financial income | 75/76B | €9 | €9 | -€0 | -1.2% |
| Recurring financial income | 75 | €9 | €9 | -€0 | -1.2% |
| Financial charges | 65/66B | €1,364 | €935 | -€429 | -31.5% |
| Recurring financial charges | 65 | €1,364 | €935 | -€429 | -31.5% |
| Profit (loss) for the period before taxes | 9903 | -€10,087 | -€19,428 | -€9,341 | -92.6% |
| Transfer from deferred taxes | 780 | €1,760 | €1,760 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€8,327 | -€17,668 | -€9,341 | -112% |
| Transfer from tax-exempt reserves | 789 | €440 | €440 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,887 | -€17,228 | -€9,341 | -118% |
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 18 October 2026 via checked.be.