JD+: 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.
JD+
Largest movements
- Current investments +€146,500
up €146,500 (+596%), from €24,600 to €171,100
- Receivables within one year -€18,540
no longer reported in 2025 (was €18,540)
- Cash -€13,347
down €13,347 (-21.7%), from €61,624 to €48,278
mainly Current investments (-€146,500) and Debts after one year (-€35,637)
- Reserves +€152,525
up €152,525 (+34.2%), from €445,831 to €598,357
- Debts after one year -€35,637
down €35,637 (-23.2%), from €153,454 to €117,817
- Current portion of long-term debt -€15,738
down €15,738 (-30.6%), from €51,375 to €35,637
- Tax, wage and social debts +€15,487
up €15,487 (+620%), from €2,498 to €17,985
- Short-term financial debts -€14,229
no longer reported in 2025 (was €14,229)
- Gross operating margin +€114,401
up €114,401 (+70.3%), from €162,655 to €277,056
- Taxes +€36,126
up €36,126 (+76.1%), from €47,498 to €83,624
- Financial income +€3,577
up €3,577 (+385%), from €930 to €4,507
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 | €702,495 | €806,554 | +€104,060 | +14.8% |
| Fixed assets | 21/28 | €588,302 | €580,482 | -€7,820 | -1.3% |
| Tangible fixed assets | 22/27 | €191,088 | €183,268 | -€7,820 | -4.1% |
| Land and buildings | 22 | €188,156 | €181,301 | -€6,855 | -3.6% |
| Plant, machinery and equipment | 23 | €532 | €170 | -€362 | -68.1% |
| Furniture and vehicles | 24 | €1,041 | €747 | -€294 | -28.3% |
| Other tangible fixed assets | 26 | €1,360 | €1,050 | -€310 | -22.8% |
| Financial fixed assets | 28 | €397,214 | €397,214 | = | 0.0% |
| Current assets | 29/58 | €114,193 | €226,073 | +€111,880 | +98.0% |
| Amounts receivable within one year | 40/41 | €18,540 | - | -€18,540 | |
| Other amounts receivable | 41 | €18,540 | - | -€18,540 | |
| Current investments | 50/53 | €24,600 | €171,100 | +€146,500 | +596% |
| Cash at bank and in hand | 54/58 | €61,624 | €48,278 | -€13,347 | -21.7% |
| Deferred charges and accrued income | 490/1 | €9,428 | €6,695 | -€2,733 | -29.0% |
| Total equity and liabilities | 10/49 | €702,495 | €806,554 | +€104,060 | +14.8% |
| Equity | 10/15 | €478,440 | €630,965 | +€152,525 | +31.9% |
| Contributions | 10/11 | €32,608 | €32,608 | = | 0.0% |
| Reserves | 13 | €445,831 | €598,357 | +€152,525 | +34.2% |
| Distributable reserves | 133 | €445,831 | €598,357 | +€152,525 | +34.2% |
| Amounts payable | 17/49 | €224,055 | €175,590 | -€48,465 | -21.6% |
| Amounts payable after more than one year | 17 | €153,454 | €117,817 | -€35,637 | -23.2% |
| Financial debts | 170/4 | €153,454 | €117,817 | -€35,637 | -23.2% |
| Amounts payable within one year | 42/48 | €70,601 | €57,773 | -€12,828 | -18.2% |
| Current portion of amounts payable after more than one year | 42 | €51,375 | €35,637 | -€15,738 | -30.6% |
| Financial debts | 43 | €14,229 | - | -€14,229 | |
| Credit institutions | 430/8 | €14,229 | - | -€14,229 | |
| Trade debts | 44 | €2,498 | €2,565 | +€66 | +2.7% |
| Suppliers | 440/4 | €2,498 | €2,565 | +€66 | +2.7% |
| Taxes, remuneration and social security | 45 | €2,498 | €17,985 | +€15,487 | +620% |
| Taxes | 450/3 | €2,498 | €17,985 | +€15,487 | +620% |
| Other amounts payable | 47/48 | - | €1,586 | +€1,586 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,334 | €7,820 | -€1,514 | -16.2% |
| Other operating charges | 640/8 | €1,839 | €1,861 | +€22 | +1.2% |
| Gross operating margin | 9900 | €162,655 | €277,056 | +€114,401 | +70.3% |
| Operating profit (loss) | 9901 | €151,482 | €267,375 | +€115,893 | +76.5% |
| Financial income | 75/76B | €930 | €4,507 | +€3,577 | +385% |
| Recurring financial income | 75 | €930 | €4,507 | +€3,577 | +385% |
| Financial charges | 65/66B | €6,650 | €9,187 | +€2,537 | +38.1% |
| Recurring financial charges | 65 | €6,650 | €9,187 | +€2,537 | +38.1% |
| Profit (loss) for the period before taxes | 9903 | €145,762 | €262,695 | +€116,933 | +80.2% |
| Income taxes | 67/77 | €47,498 | €83,624 | +€36,126 | +76.1% |
| Profit (loss) for the period | 9904 | €98,264 | €179,071 | +€80,807 | +82.2% |
| Profit (loss) for the period to be appropriated | 9905 | €98,264 | €179,071 | +€80,807 | +82.2% |
Source: filed annual accounts (NBB), financial years ended 31 May 2024 and 31 May 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.