JUBEMA: 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.
JUBEMA
Largest movements
- Stocks and contracts +€122,813
up €122,813 (+37.9%), from €324,458 to €447,271
- Tangible fixed assets +€116,602
up €116,602 (+13.5%), from €866,016 to €982,618
of which Land and buildings: +€132,050
- Cash +€36,330
up €36,330 (+114%), from €31,852 to €68,183
mainly Short-term financial debts (+€198,947) and Debts after one year (+€149,995)
- Receivables within one year +€35,912
up €35,912 (+255%), from €14,088 to €50,000
of which Trade receivables: +€36,131
- Short-term financial debts +€198,947
up €198,947 (+183%), from €108,928 to €307,875
- Debts after one year +€149,995
up €149,995 (+17.8%), from €840,919 to €990,914
- Other debts -€76,880
down €76,880 (-99.8%), from €77,045 to €165
- Reserves +€35,364
up €35,364 (+62.9%), from €56,234 to €91,598
- Current portion of long-term debt +€18,940
up €18,940 (+20.3%), from €93,259 to €112,199
- Depreciation +€20,552
up €20,552 (+134%), from €15,306 to €35,858
- Gross operating margin +€19,710
up €19,710 (+18.5%), from €106,482 to €126,191
- Financial charges +€18,647
up €18,647 (+81.5%), from €22,866 to €41,512
- Taxes -€3,846
down €3,846 (-29.6%), from €13,002 to €9,156
- Other operating charges +€3,837
up €3,837 (+217%), from €1,771 to €5,608
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,238,731 | €1,557,011 | +€318,280 | +25.7% |
| Formation expenses | 20 | €1,131 | €562 | -€568 | -50.3% |
| Fixed assets | 21/28 | €866,016 | €982,618 | +€116,602 | +13.5% |
| Tangible fixed assets | 22/27 | €866,016 | €982,618 | +€116,602 | +13.5% |
| Land and buildings | 22 | €796,339 | €928,389 | +€132,050 | +16.6% |
| Plant, machinery and equipment | 23 | €910 | €701 | -€209 | -22.9% |
| Furniture and vehicles | 24 | €68,767 | €53,527 | -€15,240 | -22.2% |
| Current assets | 29/58 | €371,585 | €573,831 | +€202,246 | +54.4% |
| Stocks and contracts in progress | 3 | €324,458 | €447,271 | +€122,813 | +37.9% |
| Stocks | 30/36 | €324,458 | €447,271 | +€122,813 | +37.9% |
| Amounts receivable within one year | 40/41 | €14,088 | €50,000 | +€35,912 | +255% |
| Trade receivables | 40 | €13,869 | €50,000 | +€36,131 | +261% |
| Other amounts receivable | 41 | €219 | €0 | -€219 | -100% |
| Cash at bank and in hand | 54/58 | €31,852 | €68,183 | +€36,330 | +114% |
| Deferred charges and accrued income | 490/1 | €1,186 | €8,377 | +€7,191 | +606% |
| Total equity and liabilities | 10/49 | €1,238,731 | €1,557,011 | +€318,280 | +25.7% |
| Equity | 10/15 | €86,234 | €121,598 | +€35,364 | +41.0% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €56,234 | €91,598 | +€35,364 | +62.9% |
| Distributable reserves | 133 | €56,234 | €91,598 | +€35,364 | +62.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,152,497 | €1,435,413 | +€282,915 | +24.5% |
| Amounts payable after more than one year | 17 | €840,919 | €990,914 | +€149,995 | +17.8% |
| Financial debts | 170/4 | €840,919 | €990,914 | +€149,995 | +17.8% |
| Amounts payable within one year | 42/48 | €310,200 | €443,985 | +€133,785 | +43.1% |
| Current portion of amounts payable after more than one year | 42 | €93,259 | €112,199 | +€18,940 | +20.3% |
| Financial debts | 43 | €108,928 | €307,875 | +€198,947 | +183% |
| Credit institutions | 430/8 | €108,928 | €307,875 | +€198,947 | +183% |
| Trade debts | 44 | €16,467 | €10,834 | -€5,633 | -34.2% |
| Suppliers | 440/4 | €16,467 | €10,834 | -€5,633 | -34.2% |
| Taxes, remuneration and social security | 45 | €14,500 | €12,911 | -€1,589 | -11.0% |
| Taxes | 450/3 | €14,500 | €12,911 | -€1,589 | -11.0% |
| Other amounts payable | 47/48 | €77,045 | €165 | -€76,880 | -99.8% |
| Accrued charges and deferred income | 492/3 | €1,378 | €514 | -€865 | -62.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,306 | €35,858 | +€20,552 | +134% |
| Other operating charges | 640/8 | €1,771 | €5,608 | +€3,837 | +217% |
| Gross operating margin | 9900 | €106,482 | €126,191 | +€19,710 | +18.5% |
| Operating profit (loss) | 9901 | €89,405 | €84,726 | -€4,679 | -5.2% |
| Financial income | 75/76B | €420 | €1,307 | +€887 | +211% |
| Recurring financial income | 75 | €420 | €1,307 | +€887 | +211% |
| Financial charges | 65/66B | €22,866 | €41,512 | +€18,647 | +81.5% |
| Recurring financial charges | 65 | €22,866 | €41,512 | +€18,647 | +81.5% |
| Profit (loss) for the period before taxes | 9903 | €66,959 | €44,520 | -€22,439 | -33.5% |
| Income taxes | 67/77 | €13,002 | €9,156 | -€3,846 | -29.6% |
| Profit (loss) for the period | 9904 | €53,957 | €35,364 | -€18,593 | -34.5% |
| Profit (loss) for the period to be appropriated | 9905 | €53,957 | €35,364 | -€18,593 | -34.5% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.