JUBACE: 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.
JUBACE
Largest movements
- Tangible fixed assets -€213,037
down €213,037 (-39.1%), from €545,072 to €332,035
of which Land and buildings: -€210,486
- Debts after one year -€183,885
down €183,885 (-58.7%), from €313,216 to €129,331
- Current portion of long-term debt -€24,874
down €24,874 (-55.0%), from €45,266 to €20,392
- Short-term financial debts -€14,916
down €14,916 (-81.3%), from €18,346 to €3,430
- Reserves +€12,000
up €12,000 (+41.6%), from €28,860 to €40,860
- Accrued charges and deferred income -€7,768
no longer reported in 2025 (was €7,768)
- Financial income -€6,994
down €6,994 (-99.9%), from €7,001 to €6
of which Non-recurring financial income: -€7,000
- Depreciation -€6,493
down €6,493 (-31.5%), from €20,585 to €14,092
- Financial charges -€4,191
down €4,191 (-20.0%), from €21,008 to €16,817
- Taxes +€2,583
up €2,583 (+93.4%), from €2,766 to €5,349
- Gross operating margin -€897
down €897 (-1.5%), from €58,687 to €57,790
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €569,087 | €357,323 | -€211,764 | -37.2% |
| Formation expenses | 20 | €3,256 | €1,882 | -€1,375 | -42.2% |
| Fixed assets | 21/28 | €545,072 | €332,035 | -€213,037 | -39.1% |
| Tangible fixed assets | 22/27 | €545,072 | €332,035 | -€213,037 | -39.1% |
| Land and buildings | 22 | €528,713 | €318,227 | -€210,486 | -39.8% |
| Plant, machinery and equipment | 23 | €9,806 | €8,053 | -€1,753 | -17.9% |
| Other tangible fixed assets | 26 | €6,552 | €5,754 | -€798 | -12.2% |
| Current assets | 29/58 | €20,759 | €23,406 | +€2,647 | +12.8% |
| Stocks and contracts in progress | 3 | €14,095 | €14,713 | +€618 | +4.4% |
| Stocks | 30/36 | €14,095 | €14,713 | +€618 | +4.4% |
| Amounts receivable within one year | 40/41 | €1,361 | €386 | -€975 | -71.6% |
| Trade receivables | 40 | €1,361 | €386 | -€975 | -71.6% |
| Cash at bank and in hand | 54/58 | €4,498 | €8,306 | +€3,808 | +84.7% |
| Deferred charges and accrued income | 490/1 | €805 | - | -€805 | |
| Total equity and liabilities | 10/49 | €569,087 | €357,323 | -€211,764 | -37.2% |
| Equity | 10/15 | €66,966 | €80,181 | +€13,215 | +19.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €28,860 | €40,860 | +€12,000 | +41.6% |
| Distributable reserves | 133 | €28,860 | €40,860 | +€12,000 | +41.6% |
| Profit (loss) carried forward | 14 | €19,506 | €20,721 | +€1,215 | +6.2% |
| Amounts payable | 17/49 | €502,121 | €277,141 | -€224,979 | -44.8% |
| Amounts payable after more than one year | 17 | €313,216 | €129,331 | -€183,885 | -58.7% |
| Financial debts | 170/4 | €313,216 | €129,331 | -€183,885 | -58.7% |
| Amounts payable within one year | 42/48 | €181,136 | €147,810 | -€33,326 | -18.4% |
| Current portion of amounts payable after more than one year | 42 | €45,266 | €20,392 | -€24,874 | -55.0% |
| Financial debts | 43 | €18,346 | €3,430 | -€14,916 | -81.3% |
| Credit institutions | 430/8 | €18,346 | €3,430 | -€14,916 | -81.3% |
| Trade debts | 44 | €16,910 | €18,031 | +€1,121 | +6.6% |
| Suppliers | 440/4 | €16,910 | €18,031 | +€1,121 | +6.6% |
| Taxes, remuneration and social security | 45 | €8,928 | €11,027 | +€2,099 | +23.5% |
| Taxes | 450/3 | €7,468 | €10,673 | +€3,205 | +42.9% |
| Remuneration and social security | 454/9 | €1,460 | €353 | -€1,106 | -75.8% |
| Other amounts payable | 47/48 | €91,686 | €94,930 | +€3,245 | +3.5% |
| Accrued charges and deferred income | 492/3 | €7,768 | - | -€7,768 | |
| Remuneration, social security and pensions | 62 | €2,110 | €2,545 | +€435 | +20.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,585 | €14,092 | -€6,493 | -31.5% |
| Other operating charges | 640/8 | €5,013 | €5,778 | +€765 | +15.3% |
| Gross operating margin | 9900 | €58,687 | €57,790 | -€897 | -1.5% |
| Operating profit (loss) | 9901 | €30,979 | €35,375 | +€4,396 | +14.2% |
| Financial income | 75/76B | €7,001 | €6 | -€6,994 | -99.9% |
| Recurring financial income | 75 | €1 | €6 | +€6 | +917.7% |
| Non-recurring financial income | 76B | €7,000 | - | -€7,000 | |
| Financial charges | 65/66B | €21,008 | €16,817 | -€4,191 | -20.0% |
| Recurring financial charges | 65 | €21,008 | €16,817 | -€4,191 | -20.0% |
| Profit (loss) for the period before taxes | 9903 | €16,972 | €18,564 | +€1,593 | +9.4% |
| Income taxes | 67/77 | €2,766 | €5,349 | +€2,583 | +93.4% |
| Profit (loss) for the period | 9904 | €14,206 | €13,215 | -€991 | -7.0% |
| Profit (loss) for the period to be appropriated | 9905 | €14,206 | €13,215 | -€991 | -7.0% |
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 4 October 2026 via checked.be.