JPZ: 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.
JPZ
Largest movements
- Intangible fixed assets -€64,026
down €64,026 (-12.6%), from €508,474 to €444,448
- Tangible fixed assets +€43,996
up €43,996 (+461%), from €9,546 to €53,542
of which Land and buildings: +€25,987
- Receivables within one year -€6,887
down €6,887 (-100%), from €6,887 to €0
of which Other amounts receivable: -€5,174
- Profit (loss) carried forward -€84,844
down €84,844 (-20.4%), from €414,988 to €330,144
- Other debts +€35,840
up €35,840 (+40.8%), from €87,774 to €123,614
- Debts after one year +€10,187
new in 2025: €10,187
- Current portion of long-term debt +€6,899
new in 2025: €6,899
- Gross operating margin -€43,113
down €43,113, from €31,162 to -€11,951
- Depreciation +€6,414
up €6,414 (+9.8%), from €65,539 to €71,953
- Taxes -€1,973
down €1,973 (-100%), from €1,973 to €0
- Other operating charges -€1,327
down €1,327 (-77.8%), from €1,706 to €378
- Financial charges +€483
up €483 (+609%), from €79 to €563
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 | €529,621 | €498,308 | -€31,312 | -5.9% |
| Fixed assets | 21/28 | €518,020 | €497,990 | -€20,029 | -3.9% |
| Intangible fixed assets | 21 | €508,474 | €444,448 | -€64,026 | -12.6% |
| Tangible fixed assets | 22/27 | €9,546 | €53,542 | +€43,996 | +461% |
| Land and buildings | 22 | - | €25,987 | +€25,987 | |
| Plant, machinery and equipment | 23 | - | €3,677 | +€3,677 | |
| Furniture and vehicles | 24 | €9,546 | €23,878 | +€14,332 | +150% |
| Current assets | 29/58 | €11,601 | €318 | -€11,283 | -97.3% |
| Amounts receivable within one year | 40/41 | €6,887 | €0 | -€6,887 | -100% |
| Trade receivables | 40 | €1,713 | €0 | -€1,713 | -100% |
| Other amounts receivable | 41 | €5,174 | €0 | -€5,174 | -100% |
| Cash at bank and in hand | 54/58 | €1,973 | €51 | -€1,922 | -97.4% |
| Deferred charges and accrued income | 490/1 | €2,741 | €267 | -€2,474 | -90.3% |
| Total equity and liabilities | 10/49 | €529,621 | €498,308 | -€31,312 | -5.9% |
| Equity | 10/15 | €435,739 | €350,895 | -€84,844 | -19.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,151 | €2,151 | = | 0.0% |
| Tax-exempt reserves | 132 | €291 | €291 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €414,988 | €330,144 | -€84,844 | -20.4% |
| Amounts payable | 17/49 | €93,882 | €147,414 | +€53,532 | +57.0% |
| Amounts payable after more than one year | 17 | - | €10,187 | +€10,187 | |
| Financial debts | 170/4 | - | €10,187 | +€10,187 | |
| Amounts payable within one year | 42/48 | €93,816 | €137,226 | +€43,410 | +46.3% |
| Current portion of amounts payable after more than one year | 42 | - | €6,899 | +€6,899 | |
| Trade debts | 44 | €2,687 | €334 | -€2,353 | -87.6% |
| Suppliers | 440/4 | €2,687 | €334 | -€2,353 | -87.6% |
| Taxes, remuneration and social security | 45 | €3,355 | €6,380 | +€3,025 | +90.2% |
| Taxes | 450/3 | €3,355 | €4,980 | +€1,625 | +48.4% |
| Remuneration and social security | 454/9 | - | €1,400 | +€1,400 | |
| Other amounts payable | 47/48 | €87,774 | €123,614 | +€35,840 | +40.8% |
| Accrued charges and deferred income | 492/3 | €66 | €0 | -€66 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,539 | €71,953 | +€6,414 | +9.8% |
| Other operating charges | 640/8 | €1,706 | €378 | -€1,327 | -77.8% |
| Gross operating margin | 9900 | €31,162 | -€11,951 | -€43,113 | |
| Operating profit (loss) | 9901 | -€36,083 | -€84,282 | -€48,199 | -134% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €79 | €563 | +€483 | +609% |
| Recurring financial charges | 65 | €79 | €563 | +€483 | +609% |
| Profit (loss) for the period before taxes | 9903 | -€36,162 | -€84,844 | -€48,682 | -135% |
| Income taxes | 67/77 | €1,973 | €0 | -€1,973 | -100% |
| Profit (loss) for the period | 9904 | -€38,135 | -€84,844 | -€46,709 | -122% |
| Profit (loss) for the period to be appropriated | 9905 | -€38,135 | -€84,844 | -€46,709 | -122% |
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 31 October 2026 via checked.be.