JUELS: 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.
JUELS
Largest movements
- Receivables within one year -€32,054
down €32,054 (-32.6%), from €98,463 to €66,409
of which Trade receivables: -€33,440
- Tangible fixed assets -€10,506
down €10,506 (-18.3%), from €57,457 to €46,951
- Cash +€3,369
up €3,369 (+230.5%), from €1,461 to €4,830
mainly Net result for the year (+€122,206) and Receivables within one year (+€32,054)
- Deferred charges and accrued income +€2,682
up €2,682 (+85.0%), from €3,156 to €5,838
- Profit (loss) carried forward -€22,249
no longer reported in 2025 (was €22,249)
- Tax, wage and social debts -€14,868
down €14,868 (-48.0%), from €30,955 to €16,087
- Trade debts +€8,860
up €8,860 (+94.9%), from €9,335 to €18,195
- Other debts -€8,283
down €8,283 (-42.1%), from €19,655 to €11,372
- Depreciation +€8,621
up €8,621 (+139.3%), from €6,187 to €14,808
- Gross operating margin -€6,078
down €6,078 (-3.3%), from €183,251 to €177,173
- Taxes -€3,330
down €3,330 (-8.0%), from €41,877 to €38,547
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 | €160,538 | €124,028 | -€36,509 | -22.7% |
| Fixed assets | 21/28 | €57,457 | €46,951 | -€10,506 | -18.3% |
| Tangible fixed assets | 22/27 | €57,457 | €46,951 | -€10,506 | -18.3% |
| Furniture and vehicles | 24 | €57,457 | €46,951 | -€10,506 | -18.3% |
| Current assets | 29/58 | €103,081 | €77,078 | -€26,003 | -25.2% |
| Amounts receivable within one year | 40/41 | €98,463 | €66,409 | -€32,054 | -32.6% |
| Trade receivables | 40 | €98,391 | €64,951 | -€33,440 | -34.0% |
| Other amounts receivable | 41 | €71 | €1,458 | +€1,386 | +1941.8% |
| Cash at bank and in hand | 54/58 | €1,461 | €4,830 | +€3,369 | +230.5% |
| Deferred charges and accrued income | 490/1 | €3,156 | €5,838 | +€2,682 | +85.0% |
| Total equity and liabilities | 10/49 | €160,538 | €124,028 | -€36,509 | -22.7% |
| Equity | 10/15 | €100,572 | €78,323 | -€22,249 | -22.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €59,723 | €59,723 | = | 0.0% |
| Distributable reserves | 133 | €59,723 | €59,723 | = | 0.0% |
| Profit (loss) carried forward | 14 | €22,249 | - | -€22,249 | |
| Amounts payable | 17/49 | €59,965 | €45,705 | -€14,260 | -23.8% |
| Amounts payable within one year | 42/48 | €59,965 | €45,705 | -€14,260 | -23.8% |
| Financial debts | 43 | €20 | €51 | +€31 | +160.6% |
| Credit institutions | 430/8 | €20 | €51 | +€31 | +160.6% |
| Trade debts | 44 | €9,335 | €18,195 | +€8,860 | +94.9% |
| Suppliers | 440/4 | €9,335 | €18,195 | +€8,860 | +94.9% |
| Taxes, remuneration and social security | 45 | €30,955 | €16,087 | -€14,868 | -48.0% |
| Taxes | 450/3 | €30,955 | €16,087 | -€14,868 | -48.0% |
| Other amounts payable | 47/48 | €19,655 | €11,372 | -€8,283 | -42.1% |
| Non-recurring operating income | 76A | €3,000 | - | -€3,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,187 | €14,808 | +€8,621 | +139.3% |
| Other operating charges | 640/8 | €925 | €1,389 | +€464 | +50.2% |
| Gross operating margin | 9900 | €183,251 | €177,173 | -€6,078 | -3.3% |
| Operating profit (loss) | 9901 | €176,139 | €160,976 | -€15,162 | -8.6% |
| Financial income | 75/76B | €0 | €1 | +€0 | +445.5% |
| Recurring financial income | 75 | €0 | €1 | +€0 | +445.5% |
| Financial charges | 65/66B | €248 | €224 | -€24 | -9.8% |
| Recurring financial charges | 65 | €248 | €224 | -€24 | -9.8% |
| Profit (loss) for the period before taxes | 9903 | €175,891 | €160,753 | -€15,138 | -8.6% |
| Income taxes | 67/77 | €41,877 | €38,547 | -€3,330 | -8.0% |
| Profit (loss) for the period | 9904 | €134,014 | €122,206 | -€11,807 | -8.8% |
| Profit (loss) for the period to be appropriated | 9905 | €134,014 | €122,206 | -€11,807 | -8.8% |
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 7 October 2026 via checked.be.