TJ: 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.
TJ
Largest movements
- Receivables within one year +€57,449
up €57,449 (+206%), from €27,851 to €85,300
of which Other amounts receivable: +€81,649
- Cash +€42,770
up €42,770 (+24.8%), from €172,562 to €215,333
mainly Net result for the year (+€175,399) and Advances received (+€90,750)
- Tangible fixed assets -€24,605
down €24,605 (-3.0%), from €810,598 to €785,993
of which Furniture and vehicles: -€28,362
- Reserves +€170,399
up €170,399 (+45.0%), from €378,298 to €548,697
- Advances received +€90,750
new in 2025: €90,750
- Debts after one year -€81,009
down €81,009 (-13.7%), from €590,926 to €509,916
- Other debts -€72,772
down €72,772 (-93.6%), from €77,772 to €5,000
- Short-term financial debts -€34,402
down €34,402 (-57.9%), from €59,461 to €25,059
- Gross operating margin +€92,921
up €92,921 (+63.7%), from €145,905 to €238,826
- Taxes +€24,860
up €24,860 (+79.3%), from €31,353 to €56,213
- Financial income -€13,509
down €13,509 (-18.0%), from €75,012 to €61,503
- Depreciation +€9,652
up €9,652 (+25.5%), from €37,860 to €47,511
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 | €1,238,723 | €1,311,626 | +€72,903 | +5.9% |
| Fixed assets | 21/28 | €1,035,598 | €1,010,993 | -€24,605 | -2.4% |
| Tangible fixed assets | 22/27 | €810,598 | €785,993 | -€24,605 | -3.0% |
| Land and buildings | 22 | €687,308 | €691,404 | +€4,096 | +0.6% |
| Plant, machinery and equipment | 23 | €1,479 | €1,140 | -€339 | -22.9% |
| Furniture and vehicles | 24 | €121,811 | €93,449 | -€28,362 | -23.3% |
| Financial fixed assets | 28 | €225,000 | €225,000 | = | 0.0% |
| Current assets | 29/58 | €203,124 | €300,632 | +€97,508 | +48.0% |
| Amounts receivable within one year | 40/41 | €27,851 | €85,300 | +€57,449 | +206% |
| Trade receivables | 40 | €24,200 | - | -€24,200 | |
| Other amounts receivable | 41 | €3,651 | €85,300 | +€81,649 | +2,237% |
| Cash at bank and in hand | 54/58 | €172,562 | €215,333 | +€42,770 | +24.8% |
| Deferred charges and accrued income | 490/1 | €2,712 | - | -€2,712 | |
| Total equity and liabilities | 10/49 | €1,238,723 | €1,311,626 | +€72,903 | +5.9% |
| Equity | 10/15 | €378,298 | €548,697 | +€170,399 | +45.0% |
| Reserves | 13 | €378,298 | €548,697 | +€170,399 | +45.0% |
| Distributable reserves | 133 | €378,298 | €548,697 | +€170,399 | +45.0% |
| Amounts payable | 17/49 | €860,425 | €762,929 | -€97,496 | -11.3% |
| Amounts payable after more than one year | 17 | €590,926 | €509,916 | -€81,009 | -13.7% |
| Financial debts | 170/4 | €590,926 | €509,916 | -€81,009 | -13.7% |
| Amounts payable within one year | 42/48 | €263,488 | €246,840 | -€16,649 | -6.3% |
| Current portion of amounts payable after more than one year | 42 | €78,884 | €81,009 | +€2,126 | +2.7% |
| Financial debts | 43 | €59,461 | €25,059 | -€34,402 | -57.9% |
| Credit institutions | 430/8 | €59,461 | €25,059 | -€34,402 | -57.9% |
| Trade debts | 44 | €464 | €2,753 | +€2,289 | +493% |
| Suppliers | 440/4 | €464 | €2,753 | +€2,289 | +493% |
| Advances received on contracts in progress | 46 | - | €90,750 | +€90,750 | |
| Taxes, remuneration and social security | 45 | €46,908 | €42,268 | -€4,640 | -9.9% |
| Taxes | 450/3 | €43,370 | €42,268 | -€1,101 | -2.5% |
| Remuneration and social security | 454/9 | €3,538 | - | -€3,538 | |
| Other amounts payable | 47/48 | €77,772 | €5,000 | -€72,772 | -93.6% |
| Accrued charges and deferred income | 492/3 | €6,011 | €6,173 | +€162 | +2.7% |
| Non-recurring operating income | 76A | €682 | - | -€682 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,860 | €47,511 | +€9,652 | +25.5% |
| Other operating charges | 640/8 | €4,050 | €4,930 | +€880 | +21.7% |
| Gross operating margin | 9900 | €145,905 | €238,826 | +€92,921 | +63.7% |
| Operating profit (loss) | 9901 | €103,994 | €186,384 | +€82,390 | +79.2% |
| Financial income | 75/76B | €75,012 | €61,503 | -€13,509 | -18.0% |
| Recurring financial income | 75 | €75,012 | €61,503 | -€13,509 | -18.0% |
| Financial charges | 65/66B | €15,965 | €16,275 | +€310 | +1.9% |
| Recurring financial charges | 65 | €15,965 | €16,275 | +€310 | +1.9% |
| Profit (loss) for the period before taxes | 9903 | €163,041 | €231,612 | +€68,571 | +42.1% |
| Income taxes | 67/77 | €31,353 | €56,213 | +€24,860 | +79.3% |
| Profit (loss) for the period | 9904 | €131,688 | €175,399 | +€43,710 | +33.2% |
| Profit (loss) for the period to be appropriated | 9905 | €131,688 | €175,399 | +€43,710 | +33.2% |
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 25 October 2026 via checked.be.