TJ: 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.
TJ
Largest movements
- Tangible fixed assets +€322,872
up €322,872 (+40.1%), from €805,107 to €1.1m
of which Land and buildings: +€322,981
- Cash -€25,490
down €25,490 (-66.2%), from €38,489 to €12,999
mainly Investment in fixed assets (net) (-€370,162) and Debts after one year (-€51,540)
- Deferred charges and accrued income +€14,895
up €14,895 (+887.9%), from €1,678 to €16,573
- Receivables within one year +€14,208
up €14,208 (+140.0%), from €10,152 to €24,360
of which Other amounts receivable: +€15,420
- Revaluation surpluses +€370,141
new in 2025: €370,141
- Debts after one year -€51,540
down €51,540 (-5.9%), from €873,908 to €822,368
- Reserves +€18,203
up €18,203 (+8939.7%), from €204 to €18,407
of which Distributable reserves: +€18,203
- Gross operating margin -€8,511
down €8,511 (-9.1%), from €93,199 to €84,688
- Financial charges +€6,358
up €6,358 (+53.1%), from €11,968 to €18,326
- Other operating charges +€3,360
up €3,360 (+99.0%), from €3,395 to €6,755
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 | €855,426 | €1,181,911 | +€326,485 | +38.2% |
| Fixed assets | 21/28 | €805,107 | €1,127,979 | +€322,872 | +40.1% |
| Tangible fixed assets | 22/27 | €805,107 | €1,127,979 | +€322,872 | +40.1% |
| Land and buildings | 22 | €804,998 | €1,127,979 | +€322,981 | +40.1% |
| Furniture and vehicles | 24 | €109 | €0 | -€109 | -100.0% |
| Current assets | 29/58 | €50,319 | €53,932 | +€3,613 | +7.2% |
| Amounts receivable within one year | 40/41 | €10,152 | €24,360 | +€14,208 | +140.0% |
| Trade receivables | 40 | €10,152 | €8,941 | -€1,211 | -11.9% |
| Other amounts receivable | 41 | - | €15,420 | +€15,420 | |
| Cash at bank and in hand | 54/58 | €38,489 | €12,999 | -€25,490 | -66.2% |
| Deferred charges and accrued income | 490/1 | €1,678 | €16,573 | +€14,895 | +887.9% |
| Total equity and liabilities | 10/49 | €855,426 | €1,181,911 | +€326,485 | +38.2% |
| Equity | 10/15 | -€88,872 | €291,118 | +€379,990 | |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Outside capital | 11 | €6,200 | €6,200 | = | 0.0% |
| Other | 1109/19 | €6,200 | €6,200 | = | 0.0% |
| Revaluation surpluses | 12 | - | €370,141 | +€370,141 | |
| Reserves | 13 | €204 | €18,407 | +€18,203 | +8939.7% |
| Non-distributable reserves | 130/1 | €204 | €204 | = | 0.0% |
| Reserves not available under the articles | 1311 | €204 | €204 | = | 0.0% |
| Distributable reserves | 133 | - | €18,203 | +€18,203 | |
| Profit (loss) carried forward | 14 | -€95,276 | -€103,629 | -€8,353 | -8.8% |
| Amounts payable | 17/49 | €944,298 | €890,793 | -€53,506 | -5.7% |
| Amounts payable after more than one year | 17 | €873,908 | €822,368 | -€51,540 | -5.9% |
| Financial debts | 170/4 | €873,908 | €822,368 | -€51,540 | -5.9% |
| Amounts payable within one year | 42/48 | €64,774 | €62,810 | -€1,963 | -3.0% |
| Current portion of amounts payable after more than one year | 42 | €50,621 | €51,540 | +€919 | +1.8% |
| Trade debts | 44 | €6,635 | €6,737 | +€101 | +1.5% |
| Suppliers | 440/4 | €6,635 | €6,737 | +€101 | +1.5% |
| Taxes, remuneration and social security | 45 | €3,977 | €4,534 | +€557 | +14.0% |
| Taxes | 450/3 | €3,977 | €4,534 | +€557 | +14.0% |
| Other amounts payable | 47/48 | €3,541 | - | -€3,541 | |
| Accrued charges and deferred income | 492/3 | €5,617 | €5,614 | -€3 | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,278 | €47,290 | +€12 | 0.0% |
| Other operating charges | 640/8 | €3,395 | €6,755 | +€3,360 | +99.0% |
| Gross operating margin | 9900 | €93,199 | €84,688 | -€8,511 | -9.1% |
| Operating profit (loss) | 9901 | €42,526 | €30,643 | -€11,884 | -27.9% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €11,968 | €18,326 | +€6,358 | +53.1% |
| Recurring financial charges | 65 | €11,968 | €18,326 | +€6,358 | +53.1% |
| Profit (loss) for the period before taxes | 9903 | €30,558 | €12,317 | -€18,241 | -59.7% |
| Income taxes | 67/77 | €678 | €671 | -€7 | -1.0% |
| Profit (loss) for the period | 9904 | €29,881 | €11,647 | -€18,234 | -61.0% |
| Profit (loss) for the period to be appropriated | 9905 | €29,881 | €11,647 | -€18,234 | -61.0% |
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 6 October 2026 via checked.be.