JUL: 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.
JUL
Largest movements
- Tangible fixed assets -€43,732
down €43,732 (-39.7%), from €110,249 to €66,517
- Receivables after one year -€38,806
down €38,806 (-25.3%), from €153,544 to €114,738
- Receivables within one year +€26,280
up €26,280 (+15.9%), from €165,173 to €191,453
of which Other amounts receivable: +€25,817
- Reserves +€49,926
up €49,926 (+4.3%), from €1.2m to €1.2m
- Provisions -€34,983
no longer reported in 2025 (was €34,983)
- Current portion of long-term debt -€25,919
down €25,919 (-85.5%), from €30,313 to €4,394
- Revaluation surpluses -€19,673
down €19,673 (-100%), from €19,673 to €0
- Trade debts -€18,464
down €18,464 (-99.4%), from €18,584 to €120
- Financial charges -€19,056
down €19,056 (-58.8%), from €32,402 to €13,347
- Provisions -€17,492
down €17,492 (-100%), from -€17,492 to -€34,983
- Financial income -€17,194
down €17,194 (-52.9%), from €32,513 to €15,319
- Gross operating margin -€10,735
down €10,735 (-4.9%), from €219,943 to €209,208
- Depreciation -€3,093
down €3,093 (-6.6%), from €46,825 to €43,732
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 | €1,328,340 | €1,268,611 | -€59,730 | -4.5% |
| Fixed assets | 21/28 | €460,082 | €416,349 | -€43,732 | -9.5% |
| Tangible fixed assets | 22/27 | €110,249 | €66,517 | -€43,732 | -39.7% |
| Land and buildings | 22 | €110,249 | €66,517 | -€43,732 | -39.7% |
| Financial fixed assets | 28 | €349,832 | €349,832 | = | 0.0% |
| Current assets | 29/58 | €868,259 | €852,261 | -€15,997 | -1.8% |
| Amounts receivable after more than one year | 29 | €153,544 | €114,738 | -€38,806 | -25.3% |
| Other amounts receivable | 291 | €153,544 | €114,738 | -€38,806 | -25.3% |
| Amounts receivable within one year | 40/41 | €165,173 | €191,453 | +€26,280 | +15.9% |
| Trade receivables | 40 | €29,349 | €29,812 | +€463 | +1.6% |
| Other amounts receivable | 41 | €135,824 | €161,641 | +€25,817 | +19.0% |
| Current investments | 50/53 | €345,867 | €345,867 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €203,052 | €199,870 | -€3,182 | -1.6% |
| Deferred charges and accrued income | 490/1 | €622 | €333 | -€289 | -46.5% |
| Total equity and liabilities | 10/49 | €1,328,340 | €1,268,611 | -€59,730 | -4.5% |
| Equity | 10/15 | €1,193,902 | €1,224,155 | +€30,253 | +2.5% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Revaluation surpluses | 12 | €19,673 | €0 | -€19,673 | -100% |
| Reserves | 13 | €1,152,273 | €1,202,199 | +€49,926 | +4.3% |
| Distributable reserves | 133 | €1,152,273 | €1,202,199 | +€49,926 | +4.3% |
| Profit (loss) carried forward | 14 | €3,406 | €3,406 | = | 0.0% |
| Provisions and deferred taxes | 16 | €34,983 | - | -€34,983 | |
| Provisions for liabilities and charges | 160/5 | €34,983 | - | -€34,983 | |
| Other liabilities and charges | 164/5 | €34,983 | - | -€34,983 | |
| Amounts payable | 17/49 | €99,455 | €44,456 | -€55,000 | -55.3% |
| Amounts payable after more than one year | 17 | €4,434 | €40 | -€4,394 | -99.1% |
| Financial debts | 170/4 | €4,394 | €0 | -€4,394 | -100% |
| Other amounts payable | 178/9 | €40 | €40 | = | 0.0% |
| Amounts payable within one year | 42/48 | €95,021 | €44,416 | -€50,606 | -53.3% |
| Current portion of amounts payable after more than one year | 42 | €30,313 | €4,394 | -€25,919 | -85.5% |
| Financial debts | 43 | €7,084 | €0 | -€7,084 | -100% |
| Credit institutions | 430/8 | €7,084 | €0 | -€7,084 | -100% |
| Trade debts | 44 | €18,584 | €120 | -€18,464 | -99.4% |
| Suppliers | 440/4 | €18,584 | €120 | -€18,464 | -99.4% |
| Advances received on contracts in progress | 46 | €60 | €60 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €38,981 | €23,917 | -€15,064 | -38.6% |
| Taxes | 450/3 | €38,981 | €23,917 | -€15,064 | -38.6% |
| Other amounts payable | 47/48 | - | €15,925 | +€15,925 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,825 | €43,732 | -€3,093 | -6.6% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€17,492 | -€34,983 | -€17,492 | -100% |
| Other operating charges | 640/8 | €5,360 | €5,135 | -€225 | -4.2% |
| Gross operating margin | 9900 | €219,943 | €209,208 | -€10,735 | -4.9% |
| Operating profit (loss) | 9901 | €185,249 | €195,324 | +€10,074 | +5.4% |
| Financial income | 75/76B | €32,513 | €15,319 | -€17,194 | -52.9% |
| Recurring financial income | 75 | €32,513 | €15,319 | -€17,194 | -52.9% |
| Financial charges | 65/66B | €32,402 | €13,347 | -€19,056 | -58.8% |
| Recurring financial charges | 65 | €32,402 | €13,347 | -€19,056 | -58.8% |
| Profit (loss) for the period before taxes | 9903 | €185,360 | €197,296 | +€11,936 | +6.4% |
| Income taxes | 67/77 | €65,508 | €65,095 | -€413 | -0.6% |
| Profit (loss) for the period | 9904 | €119,853 | €132,202 | +€12,349 | +10.3% |
| Profit (loss) for the period to be appropriated | 9905 | €119,853 | €132,202 | +€12,349 | +10.3% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.