J.E.M.: what changed
Two fiscal 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.
J.E.M.
Largest movements
- Stocks and contracts +€18,914
up €18,914 (+21.6%), from €87,367 to €106,281
- Receivables within one year +€3,628
up €3,628 (+52.1%), from €6,963 to €10,591
of which Trade receivables: +€3,604
- Cash +€3,435
up €3,435 (+28.6%), from €12,022 to €15,457
mainly Other debts (+€30,705) and Depreciation (+€3,714)
- Tangible fixed assets -€2,138
down €2,138 (-13.6%), from €15,690 to €13,552
of which Plant, machinery and equipment: -€1,589
- Other debts +€30,705
up €30,705 (+64.2%), from €47,858 to €78,563
- Profit (loss) carried forward -€17,779
down €17,779 (-100.0%), from €17,779 to €0
- Reserves +€12,877
up €12,877 (+79.5%), from €16,190 to €29,068
- Debts after one year -€5,318
down €5,318 (-100.0%), from €5,318 to €0
- Tax, wage and social debts +€2,361
up €2,361 (+25.5%), from €9,267 to €11,628
- Gross operating margin -€19,574
down €19,574 (-81.7%), from €23,954 to €4,380
- Other operating charges -€526
down €526 (-49.0%), from €1,075 to €548
- Taxes +€451
up €451, from €0 to €451
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.
Cash bridge derived
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 | €122,966 | €146,384 | +€23,418 | +19.0% |
| Fixed assets | 21/28 | €15,690 | €13,552 | -€2,138 | -13.6% |
| Tangible fixed assets | 22/27 | €15,690 | €13,552 | -€2,138 | -13.6% |
| Plant, machinery and equipment | 23 | €5,168 | €3,579 | -€1,589 | -30.7% |
| Furniture and vehicles | 24 | €3,508 | €3,959 | +€451 | +12.9% |
| Other tangible fixed assets | 26 | €7,014 | €6,014 | -€1,000 | -14.3% |
| Current assets | 29/58 | €107,276 | €132,832 | +€25,556 | +23.8% |
| Stocks and contracts in progress | 3 | €87,367 | €106,281 | +€18,914 | +21.6% |
| Stocks | 30/36 | €87,367 | €106,281 | +€18,914 | +21.6% |
| Amounts receivable within one year | 40/41 | €6,963 | €10,591 | +€3,628 | +52.1% |
| Trade receivables | 40 | €6,784 | €10,388 | +€3,604 | +53.1% |
| Other amounts receivable | 41 | €179 | €203 | +€24 | +13.5% |
| Cash at bank and in hand | 54/58 | €12,022 | €15,457 | +€3,435 | +28.6% |
| Deferred charges and accrued income | 490/1 | €924 | €503 | -€421 | -45.6% |
| Total equity and liabilities | 10/49 | €122,966 | €146,384 | +€23,418 | +19.0% |
| Equity | 10/15 | €35,969 | €31,068 | -€4,902 | -13.6% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €16,190 | €29,068 | +€12,877 | +79.5% |
| Distributable reserves | 133 | €16,190 | €29,068 | +€12,877 | +79.5% |
| Profit (loss) carried forward | 14 | €17,779 | €0 | -€17,779 | -100.0% |
| Amounts payable | 17/49 | €86,996 | €115,316 | +€28,320 | +32.6% |
| Amounts payable after more than one year | 17 | €5,318 | €0 | -€5,318 | -100.0% |
| Financial debts | 170/4 | €5,318 | €0 | -€5,318 | -100.0% |
| Amounts payable within one year | 42/48 | €81,678 | €115,316 | +€33,639 | +41.2% |
| Current portion of amounts payable after more than one year | 42 | €5,154 | €5,318 | +€164 | +3.2% |
| Financial debts | 43 | €2,915 | €1,806 | -€1,110 | -38.1% |
| Other loans | 439 | €2,915 | €1,806 | -€1,110 | -38.1% |
| Trade debts | 44 | €14,689 | €16,207 | +€1,518 | +10.3% |
| Suppliers | 440/4 | €14,689 | €16,207 | +€1,518 | +10.3% |
| Advances received on contracts in progress | 46 | €1,794 | €1,794 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €9,267 | €11,628 | +€2,361 | +25.5% |
| Taxes | 450/3 | €9,267 | €11,628 | +€2,361 | +25.5% |
| Other amounts payable | 47/48 | €47,858 | €78,563 | +€30,705 | +64.2% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,948 | €3,714 | -€234 | -5.9% |
| Other operating charges | 640/8 | €1,075 | €548 | -€526 | -49.0% |
| Gross operating margin | 9900 | €23,954 | €4,380 | -€19,574 | -81.7% |
| Operating profit (loss) | 9901 | €18,931 | €117 | -€18,813 | -99.4% |
| Financial income | 75/76B | €171 | €103 | -€68 | -39.7% |
| Recurring financial income | 75 | €171 | €103 | -€68 | -39.7% |
| Financial charges | 65/66B | €1,322 | €1,180 | -€142 | -10.8% |
| Recurring financial charges | 65 | €1,322 | €1,180 | -€142 | -10.8% |
| Profit (loss) for the period before taxes | 9903 | €17,779 | -€960 | -€18,739 | |
| Income taxes | 67/77 | €0 | €451 | +€451 | |
| Profit (loss) for the period | 9904 | €17,779 | -€1,411 | -€19,190 | |
| Profit (loss) for the period to be appropriated | 9905 | €17,779 | -€1,411 | -€19,190 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.