JULCO: 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.
JULCO
Largest movements
- Tangible fixed assets +€82,501
up €82,501 (+1.9%), from €4.5m to €4.5m
of which Land and buildings: +€97,920
- Cash -€70,259
down €70,259 (-57.9%), from €121,342 to €51,083
mainly Investment in fixed assets (net) (-€229,749) and Debts after one year (-€158,459)
- Debts after one year -€158,459
down €158,459 (-26.5%), from €598,839 to €440,380
- Other debts +€101,370
up €101,370 (+5.2%), from €2.0m to €2.1m
- Reserves +€53,102
up €53,102 (+3.1%), from €1.7m to €1.7m
of which Distributable reserves: +€61,849
- Gross operating margin -€36,698
down €36,698 (-11.1%), from €331,048 to €294,351
- Taxes +€12,313
up €12,313 (+51.0%), from €24,154 to €36,467
- Depreciation +€9,616
up €9,616 (+7.0%), from €137,632 to €147,248
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 | €4,590,279 | €4,596,795 | +€6,516 | +0.1% |
| Fixed assets | 21/28 | €4,457,304 | €4,539,805 | +€82,501 | +1.9% |
| Tangible fixed assets | 22/27 | €4,457,304 | €4,539,805 | +€82,501 | +1.9% |
| Land and buildings | 22 | €4,340,804 | €4,438,724 | +€97,920 | +2.3% |
| Plant, machinery and equipment | 23 | €29,053 | €33,604 | +€4,552 | +15.7% |
| Furniture and vehicles | 24 | €87,448 | €67,477 | -€19,971 | -22.8% |
| Current assets | 29/58 | €132,975 | €56,990 | -€75,985 | -57.1% |
| Amounts receivable within one year | 40/41 | €5,923 | €4,334 | -€1,589 | -26.8% |
| Trade receivables | 40 | €73 | €116 | +€43 | +59.2% |
| Other amounts receivable | 41 | €5,850 | €4,218 | -€1,632 | -27.9% |
| Cash at bank and in hand | 54/58 | €121,342 | €51,083 | -€70,259 | -57.9% |
| Deferred charges and accrued income | 490/1 | €5,710 | €1,573 | -€4,137 | -72.5% |
| Total equity and liabilities | 10/49 | €4,590,279 | €4,596,795 | +€6,516 | +0.1% |
| Equity | 10/15 | €1,737,648 | €1,790,751 | +€53,102 | +3.1% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €1,687,648 | €1,740,751 | +€53,102 | +3.1% |
| Tax-exempt reserves | 132 | €244,907 | €236,161 | -€8,747 | -3.6% |
| Distributable reserves | 133 | €1,442,741 | €1,504,590 | +€61,849 | +4.3% |
| Provisions and deferred taxes | 16 | €81,636 | €78,720 | -€2,916 | -3.6% |
| Deferred taxes | 168 | €81,636 | €78,720 | -€2,916 | -3.6% |
| Amounts payable | 17/49 | €2,770,995 | €2,727,324 | -€43,671 | -1.6% |
| Amounts payable after more than one year | 17 | €598,839 | €440,380 | -€158,459 | -26.5% |
| Financial debts | 170/4 | €598,839 | €440,380 | -€158,459 | -26.5% |
| Amounts payable within one year | 42/48 | €2,120,746 | €2,233,455 | +€112,710 | +5.3% |
| Current portion of amounts payable after more than one year | 42 | €157,063 | €158,459 | +€1,396 | +0.9% |
| Trade debts | 44 | €722 | €10,667 | +€9,945 | +1377.0% |
| Suppliers | 440/4 | €722 | €10,667 | +€9,945 | +1377.0% |
| Other amounts payable | 47/48 | €1,962,960 | €2,064,330 | +€101,370 | +5.2% |
| Accrued charges and deferred income | 492/3 | €51,410 | €53,488 | +€2,079 | +4.0% |
| Non-recurring operating income | 76A | €6,849 | - | -€6,849 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €137,632 | €147,248 | +€9,616 | +7.0% |
| Other operating charges | 640/8 | €5,409 | €5,067 | -€342 | -6.3% |
| Gross operating margin | 9900 | €331,048 | €294,351 | -€36,698 | -11.1% |
| Operating profit (loss) | 9901 | €188,008 | €142,036 | -€45,971 | -24.5% |
| Financial income | 75/76B | €13 | €12 | -€2 | -11.2% |
| Recurring financial income | 75 | €13 | €12 | -€2 | -11.2% |
| Financial charges | 65/66B | €55,115 | €55,394 | +€280 | +0.5% |
| Recurring financial charges | 65 | €55,115 | €55,394 | +€280 | +0.5% |
| Profit (loss) for the period before taxes | 9903 | €132,906 | €86,654 | -€46,252 | -34.8% |
| Transfer from deferred taxes | 780 | €2,916 | €2,916 | = | 0.0% |
| Income taxes | 67/77 | €24,154 | €36,467 | +€12,313 | +51.0% |
| Profit (loss) for the period | 9904 | €111,668 | €53,102 | -€58,566 | -52.4% |
| Transfer from tax-exempt reserves | 789 | €8,747 | €8,747 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €120,415 | €61,849 | -€58,566 | -48.6% |
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.