Who killed Joe?: 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.
Who killed Joe?
Largest movements
- Cash +€208,702
up €208,702 (+289%), from €72,201 to €280,903
mainly Debts after one year (+€111,715) and Trade debts (+€51,819)
- Receivables within one year -€20,872
down €20,872 (-10.2%), from €205,518 to €184,647
of which Other amounts receivable: -€32,766
- Current investments +€13,223
up €13,223 (+2.2%), from €601,168 to €614,391
- Debts after one year +€111,715
up €111,715 (+55.2%), from €202,204 to €313,919
- Trade debts +€51,819
up €51,819 (+286%), from €18,130 to €69,950
- Reserves +€30,045
up €30,045 (+4.4%), from €689,669 to €719,714
of which Distributable reserves: +€30,045
- Gross operating margin -€203,249
down €203,249 (-67.5%), from €301,001 to €97,751
- Write-downs -€58,278
down €58,278, from €29,139 to -€29,139
- Taxes -€38,475
down €38,475 (-76.4%), from €50,364 to €11,889
- Financial income +€13,361
up €13,361 (+380%), from €3,512 to €16,872
of which Non-recurring financial income: +€8,098
- Financial charges +€11,039
up €11,039 (+120%), from €9,200 to €20,240
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 | €933,570 | €1,124,914 | +€191,344 | +20.5% |
| Fixed assets | 21/28 | €53,132 | €44,859 | -€8,273 | -15.6% |
| Tangible fixed assets | 22/27 | €53,132 | €44,859 | -€8,273 | -15.6% |
| Land and buildings | 22 | €36,575 | €34,883 | -€1,692 | -4.6% |
| Plant, machinery and equipment | 23 | €2,474 | €833 | -€1,641 | -66.3% |
| Furniture and vehicles | 24 | €10,027 | €5,087 | -€4,939 | -49.3% |
| Other tangible fixed assets | 26 | €4,056 | €4,056 | = | 0.0% |
| Current assets | 29/58 | €880,437 | €1,080,055 | +€199,617 | +22.7% |
| Amounts receivable within one year | 40/41 | €205,518 | €184,647 | -€20,872 | -10.2% |
| Trade receivables | 40 | €9,639 | €21,533 | +€11,895 | +123% |
| Other amounts receivable | 41 | €195,879 | €163,113 | -€32,766 | -16.7% |
| Current investments | 50/53 | €601,168 | €614,391 | +€13,223 | +2.2% |
| Cash at bank and in hand | 54/58 | €72,201 | €280,903 | +€208,702 | +289% |
| Deferred charges and accrued income | 490/1 | €1,550 | €114 | -€1,436 | -92.7% |
| Total equity and liabilities | 10/49 | €933,570 | €1,124,914 | +€191,344 | +20.5% |
| Equity | 10/15 | €708,219 | €738,264 | +€30,045 | +4.2% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €689,669 | €719,714 | +€30,045 | +4.4% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €687,814 | €717,859 | +€30,045 | +4.4% |
| Amounts payable | 17/49 | €225,351 | €386,650 | +€161,299 | +71.6% |
| Amounts payable after more than one year | 17 | €202,204 | €313,919 | +€111,715 | +55.2% |
| Financial debts | 170/4 | €202,204 | €313,919 | +€111,715 | +55.2% |
| Amounts payable within one year | 42/48 | €23,147 | €72,731 | +€49,584 | +214% |
| Trade debts | 44 | €18,130 | €69,950 | +€51,819 | +286% |
| Suppliers | 440/4 | €18,130 | €69,950 | +€51,819 | +286% |
| Taxes, remuneration and social security | 45 | €5,016 | €2,781 | -€2,235 | -44.6% |
| Taxes | 450/3 | €3,041 | €806 | -€2,235 | -73.5% |
| Remuneration and social security | 454/9 | €1,975 | €1,975 | = | 0.0% |
| Non-recurring operating income | 76A | - | €1,250 | +€1,250 | |
| Remuneration, social security and pensions | 62 | €14 | €42 | +€28 | +199% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,624 | €8,273 | -€2,351 | -22.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €29,139 | -€29,139 | -€58,278 | |
| Other operating charges | 640/8 | €69,940 | €73,272 | +€3,332 | +4.8% |
| Gross operating margin | 9900 | €301,001 | €97,751 | -€203,249 | -67.5% |
| Operating profit (loss) | 9901 | €191,284 | €45,302 | -€145,982 | -76.3% |
| Financial income | 75/76B | €3,512 | €16,872 | +€13,361 | +380% |
| Recurring financial income | 75 | €3,512 | €8,774 | +€5,262 | +150% |
| Non-recurring financial income | 76B | - | €8,098 | +€8,098 | |
| Financial charges | 65/66B | €9,200 | €20,240 | +€11,039 | +120% |
| Recurring financial charges | 65 | €9,200 | €20,240 | +€11,039 | +120% |
| Profit (loss) for the period before taxes | 9903 | €185,595 | €41,934 | -€143,661 | -77.4% |
| Income taxes | 67/77 | €50,364 | €11,889 | -€38,475 | -76.4% |
| Profit (loss) for the period | 9904 | €135,231 | €30,045 | -€105,186 | -77.8% |
| Profit (loss) for the period to be appropriated | 9905 | €135,231 | €30,045 | -€105,186 | -77.8% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.