TPJE: 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.
TPJE
Largest movements
- Tangible fixed assets +€28.1m
up €28.1m (+1,727%), from €1.6m to €29.8m
of which Land and buildings: +€28.1m
- Receivables within one year -€9.3m
down €9.3m (-77.6%), from €11.9m to €2.7m
of which Other amounts receivable: -€9.3m
- Financial fixed assets +€2.4m
up €2.4m (+261%), from €926,000 to €3.3m
- Cash +€791,133
up €791,133 (+2,308%), from €34,280 to €825,413
mainly Contributions, distributions and other (+€15.5m) and Receivables within one year (+€9.3m)
- Current investments +€647,134
up €647,134, from €0 to €647,134
- Reserves +€12.5m
up €12.5m (+154%), from €8.1m to €20.6m
of which Tax-exempt reserves: +€6.5m
- Contributions +€4.6m
up €4.6m (+499%), from €925,819 to €5.5m
- Debts after one year +€3.4m
new in 2025: €3.4m
- Provisions +€2.5m
new in 2025: €2.5m
- Other debts -€790,826
down €790,826 (-16.3%), from €4.9m to €4.1m
- Gross operating margin +€3.0m
up €3.0m (+263%), from €1.1m to €4.1m
- Depreciation +€1.1m
up €1.1m (+404%), from €271,213 to €1.4m
- Financial income -€154,595
down €154,595 (-62.5%), from €247,293 to €92,699
- Taxes +€119,615
up €119,615 (+83.7%), from €142,973 to €262,588
- Other operating charges +€115,462
up €115,462 (+78.2%), from €147,609 to €263,071
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 | €14,548,476 | €37,373,513 | +€22.8m | +157% |
| Fixed assets | 21/28 | €2,555,516 | €33,105,339 | +€30.5m | +1,195% |
| Tangible fixed assets | 22/27 | €1,629,516 | €29,765,288 | +€28.1m | +1,727% |
| Land and buildings | 22 | €1,626,036 | €29,759,607 | +€28.1m | +1,730% |
| Plant, machinery and equipment | 23 | €3,480 | €3,327 | -€153 | -4.4% |
| Furniture and vehicles | 24 | - | €2,353 | +€2,353 | |
| Financial fixed assets | 28 | €926,000 | €3,340,052 | +€2.4m | +261% |
| Current assets | 29/58 | €11,992,960 | €4,268,174 | -€7.7m | -64.4% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Contracts in progress | 37 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €11,941,339 | €2,669,356 | -€9.3m | -77.6% |
| Trade receivables | 40 | €427,191 | €489,451 | +€62,260 | +14.6% |
| Other amounts receivable | 41 | €11,514,148 | €2,179,905 | -€9.3m | -81.1% |
| Current investments | 50/53 | €0 | €647,134 | +€647,134 | |
| Cash at bank and in hand | 54/58 | €34,280 | €825,413 | +€791,133 | +2,308% |
| Deferred charges and accrued income | 490/1 | €17,342 | €126,270 | +€108,928 | +628% |
| Total equity and liabilities | 10/49 | €14,548,476 | €37,373,513 | +€22.8m | +157% |
| Equity | 10/15 | €9,026,223 | €26,141,708 | +€17.1m | +190% |
| Contributions | 10/11 | €925,819 | €5,545,819 | +€4.6m | +499% |
| Capital | 10 | €925,819 | €5,545,819 | +€4.6m | +499% |
| Issued capital | 100 | €925,819 | €5,545,819 | +€4.6m | +499% |
| Reserves | 13 | €8,100,403 | €20,595,889 | +€12.5m | +154% |
| Non-distributable reserves | 130/1 | €92,582 | €554,582 | +€462,000 | +499% |
| Legal reserve | 130 | €92,582 | €554,582 | +€462,000 | +499% |
| Tax-exempt reserves | 132 | €317,040 | €6,789,865 | +€6.5m | +2,042% |
| Distributable reserves | 133 | €7,690,781 | €13,251,442 | +€5.6m | +72.3% |
| Provisions and deferred taxes | 16 | - | €2,515,960 | +€2.5m | |
| Deferred taxes | 168 | - | €2,515,960 | +€2.5m | |
| Amounts payable | 17/49 | €5,522,253 | €8,715,845 | +€3.2m | +57.8% |
| Amounts payable after more than one year | 17 | - | €3,400,000 | +€3.4m | |
| Financial debts | 170/4 | - | €3,400,000 | +€3.4m | |
| Amounts payable within one year | 42/48 | €5,056,971 | €4,849,423 | -€207,548 | -4.1% |
| Current portion of amounts payable after more than one year | 42 | - | €400,000 | +€400,000 | |
| Trade debts | 44 | €101,323 | €308,419 | +€207,096 | +204% |
| Suppliers | 440/4 | €101,323 | €308,419 | +€207,096 | +204% |
| Taxes, remuneration and social security | 45 | €105,320 | €81,502 | -€23,818 | -22.6% |
| Taxes | 450/3 | €85,941 | €68,502 | -€17,439 | -20.3% |
| Remuneration and social security | 454/9 | €19,378 | €13,000 | -€6,378 | -32.9% |
| Other amounts payable | 47/48 | €4,850,328 | €4,059,502 | -€790,826 | -16.3% |
| Accrued charges and deferred income | 492/3 | €465,282 | €466,422 | +€1,140 | +0.2% |
| Non-recurring operating income | 76A | - | €1,815,225 | +€1.8m | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €271,213 | €1,367,312 | +€1.1m | +404% |
| Other operating charges | 640/8 | €147,609 | €263,071 | +€115,462 | +78.2% |
| Gross operating margin | 9900 | €1,139,911 | €4,138,013 | +€3.0m | +263% |
| Operating profit (loss) | 9901 | €721,089 | €2,507,631 | +€1.8m | +248% |
| Financial income | 75/76B | €247,293 | €92,699 | -€154,595 | -62.5% |
| Recurring financial income | 75 | €247,293 | €92,699 | -€154,595 | -62.5% |
| Financial charges | 65/66B | €399,774 | €502,374 | +€102,600 | +25.7% |
| Recurring financial charges | 65 | €399,774 | €502,374 | +€102,600 | +25.7% |
| Profit (loss) for the period before taxes | 9903 | €568,609 | €2,097,955 | +€1.5m | +269% |
| Transfer from deferred taxes | 780 | - | €214,674 | +€214,674 | |
| Transfer to deferred taxes | 680 | - | €431,469 | +€431,469 | |
| Income taxes | 67/77 | €142,973 | €262,588 | +€119,615 | +83.7% |
| Profit (loss) for the period | 9904 | €425,636 | €1,618,572 | +€1.2m | +280% |
| Transfer from tax-exempt reserves | 789 | - | €461,872 | +€461,872 | |
| Transfer to tax-exempt reserves | 689 | - | €1,294,408 | +€1.3m | |
| Profit (loss) for the period to be appropriated | 9905 | €425,636 | €786,036 | +€360,400 | +84.7% |
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 20 October 2026 via checked.be.