T.J.A.P.: 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.
T.J.A.P.
Largest movements
- Receivables within one year -€108,411
down €108,411 (-43.3%), from €250,630 to €142,219
of which Trade receivables: -€105,668
- Tangible fixed assets -€51,431
down €51,431 (-11.5%), from €446,609 to €395,178
of which Leasing and similar rights: -€29,763
- Cash -€28,501
down €28,501 (-87.4%), from €32,625 to €4,124
mainly Trade debts (-€164,180) and Debts after one year (-€35,334)
- Deferred charges and accrued income -€10,575
down €10,575 (-55.4%), from €19,072 to €8,497
- Trade debts -€164,180
down €164,180 (-59.5%), from €275,816 to €111,636
- Short-term financial debts +€39,327
new in 2025: €39,327
- Debts after one year -€35,334
down €35,334 (-12.4%), from €285,556 to €250,222
- Reserves -€15,846
down €15,846 (-15.0%), from €105,452 to €89,606
- Tax, wage and social debts -€12,535
down €12,535 (-50.6%), from €24,759 to €12,224
of which Taxes: -€8,090
- Gross operating margin -€24,241
down €24,241 (-5.4%), from €445,749 to €421,508
- Staff costs -€18,690
down €18,690 (-5.6%), from €332,831 to €314,141
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 | €753,692 | €559,074 | -€194,618 | -25.8% |
| Fixed assets | 21/28 | €447,365 | €399,434 | -€47,931 | -10.7% |
| Tangible fixed assets | 22/27 | €446,609 | €395,178 | -€51,431 | -11.5% |
| Land and buildings | 22 | €136,816 | €129,281 | -€7,536 | -5.5% |
| Plant, machinery and equipment | 23 | €60,760 | €49,093 | -€11,667 | -19.2% |
| Furniture and vehicles | 24 | €14,434 | €11,968 | -€2,466 | -17.1% |
| Leasing and similar rights | 25 | €234,599 | €204,836 | -€29,763 | -12.7% |
| Financial fixed assets | 28 | €756 | €4,256 | +€3,500 | +463% |
| Current assets | 29/58 | €306,327 | €159,640 | -€146,687 | -47.9% |
| Stocks and contracts in progress | 3 | €4,000 | €4,800 | +€800 | +20.0% |
| Stocks | 30/36 | €4,000 | €4,800 | +€800 | +20.0% |
| Amounts receivable within one year | 40/41 | €250,630 | €142,219 | -€108,411 | -43.3% |
| Trade receivables | 40 | €217,469 | €111,802 | -€105,668 | -48.6% |
| Other amounts receivable | 41 | €33,161 | €30,418 | -€2,743 | -8.3% |
| Cash at bank and in hand | 54/58 | €32,625 | €4,124 | -€28,501 | -87.4% |
| Deferred charges and accrued income | 490/1 | €19,072 | €8,497 | -€10,575 | -55.4% |
| Total equity and liabilities | 10/49 | €753,692 | €559,074 | -€194,618 | -25.8% |
| Equity | 10/15 | €106,611 | €95,806 | -€10,806 | -10.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €105,452 | €89,606 | -€15,846 | -15.0% |
| Distributable reserves | 133 | €105,452 | €89,606 | -€15,846 | -15.0% |
| Profit (loss) carried forward | 14 | -€5,041 | - | +€5,041 | |
| Amounts payable | 17/49 | €647,081 | €463,268 | -€183,812 | -28.4% |
| Amounts payable after more than one year | 17 | €285,556 | €250,222 | -€35,334 | -12.4% |
| Financial debts | 170/4 | €285,556 | €250,222 | -€35,334 | -12.4% |
| Amounts payable within one year | 42/48 | €361,525 | €213,046 | -€148,479 | -41.1% |
| Current portion of amounts payable after more than one year | 42 | €51,525 | €49,674 | -€1,851 | -3.6% |
| Financial debts | 43 | - | €39,327 | +€39,327 | |
| Credit institutions | 430/8 | - | €39,327 | +€39,327 | |
| Trade debts | 44 | €275,816 | €111,636 | -€164,180 | -59.5% |
| Suppliers | 440/4 | €275,816 | €111,636 | -€164,180 | -59.5% |
| Taxes, remuneration and social security | 45 | €24,759 | €12,224 | -€12,535 | -50.6% |
| Taxes | 450/3 | €8,930 | €840 | -€8,090 | -90.6% |
| Remuneration and social security | 454/9 | €15,829 | €11,384 | -€4,445 | -28.1% |
| Other amounts payable | 47/48 | €9,424 | €185 | -€9,239 | -98.0% |
| Non-recurring operating income | 76A | €14,000 | - | -€14,000 | |
| Remuneration, social security and pensions | 62 | €332,831 | €314,141 | -€18,690 | -5.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €84,732 | €82,551 | -€2,181 | -2.6% |
| Other operating charges | 640/8 | €13,983 | €13,501 | -€481 | -3.4% |
| Gross operating margin | 9900 | €445,749 | €421,508 | -€24,241 | -5.4% |
| Operating profit (loss) | 9901 | €14,203 | €11,315 | -€2,888 | -20.3% |
| Financial income | 75/76B | €177 | €931 | +€754 | +427% |
| Recurring financial income | 75 | €177 | €931 | +€754 | +427% |
| Financial charges | 65/66B | €19,419 | €22,909 | +€3,491 | +18.0% |
| Recurring financial charges | 65 | €19,419 | €22,909 | +€3,491 | +18.0% |
| Profit (loss) for the period before taxes | 9903 | -€5,039 | -€10,663 | -€5,624 | -112% |
| Income taxes | 67/77 | €2 | €143 | +€141 | +7,961% |
| Profit (loss) for the period | 9904 | -€5,041 | -€10,806 | -€5,765 | -114% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,041 | -€10,806 | -€5,765 | -114% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.