J.S.M.: 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.
J.S.M.
Largest movements
- Cash -€28,582
down €28,582 (-44.8%), from €63,819 to €35,237
mainly Contributions, distributions and other (-€34,500) and Trade debts (-€15,340)
- Tangible fixed assets -€10,042
down €10,042 (-63.3%), from €15,852 to €5,810
of which Furniture and vehicles: -€9,800
- Stocks and contracts -€6,482
down €6,482 (-5.4%), from €120,040 to €113,558
- Receivables within one year -€3,086
down €3,086 (-14.4%), from €21,362 to €18,276
of which Other amounts receivable: -€1,968
- Reserves -€28,980
down €28,980 (-12.0%), from €241,033 to €212,053
- Other debts +€22,900
new in 2025: €22,900
- Trade debts -€15,340
down €15,340 (-62.7%), from €24,471 to €9,131
- Debts after one year -€11,522
no longer reported in 2025 (was €11,522)
- Current portion of long-term debt -€8,195
down €8,195 (-38.3%), from €21,415 to €13,221
- Gross operating margin -€35,352
down €35,352 (-55.9%), from €63,257 to €27,904
- Taxes -€7,794
down €7,794 (-72.2%), from €10,803 to €3,008
- Other operating charges -€6,661
down €6,661 (-67.2%), from €9,918 to €3,256
- Depreciation -€1,962
down €1,962 (-16.3%), from €12,004 to €10,042
- Financial income -€868
down €868 (-23.8%), from €3,651 to €2,784
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 | €221,573 | €173,381 | -€48,192 | -21.7% |
| Fixed assets | 21/28 | €16,352 | €6,310 | -€10,042 | -61.4% |
| Tangible fixed assets | 22/27 | €15,852 | €5,810 | -€10,042 | -63.3% |
| Plant, machinery and equipment | 23 | €242 | - | -€242 | |
| Furniture and vehicles | 24 | €15,611 | €5,810 | -€9,800 | -62.8% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €205,221 | €167,071 | -€38,150 | -18.6% |
| Stocks and contracts in progress | 3 | €120,040 | €113,558 | -€6,482 | -5.4% |
| Stocks | 30/36 | €120,040 | €113,558 | -€6,482 | -5.4% |
| Amounts receivable within one year | 40/41 | €21,362 | €18,276 | -€3,086 | -14.4% |
| Trade receivables | 40 | €11,559 | €10,440 | -€1,119 | -9.7% |
| Other amounts receivable | 41 | €9,803 | €7,836 | -€1,968 | -20.1% |
| Cash at bank and in hand | 54/58 | €63,819 | €35,237 | -€28,582 | -44.8% |
| Total equity and liabilities | 10/49 | €221,573 | €173,381 | -€48,192 | -21.7% |
| Equity | 10/15 | €141,760 | €112,780 | -€28,980 | -20.4% |
| Reserves | 13 | €241,033 | €212,053 | -€28,980 | -12.0% |
| Distributable reserves | 133 | €241,033 | €212,053 | -€28,980 | -12.0% |
| Profit (loss) carried forward | 14 | -€99,273 | -€99,273 | = | 0.0% |
| Amounts payable | 17/49 | €79,813 | €60,601 | -€19,212 | -24.1% |
| Amounts payable after more than one year | 17 | €11,522 | - | -€11,522 | |
| Financial debts | 170/4 | €11,522 | - | -€11,522 | |
| Amounts payable within one year | 42/48 | €68,291 | €60,601 | -€7,690 | -11.3% |
| Current portion of amounts payable after more than one year | 42 | €21,415 | €13,221 | -€8,195 | -38.3% |
| Trade debts | 44 | €24,471 | €9,131 | -€15,340 | -62.7% |
| Suppliers | 440/4 | €24,471 | €9,131 | -€15,340 | -62.7% |
| Taxes, remuneration and social security | 45 | €22,405 | €15,349 | -€7,056 | -31.5% |
| Taxes | 450/3 | €21,440 | €13,123 | -€8,317 | -38.8% |
| Remuneration and social security | 454/9 | €965 | €2,226 | +€1,261 | +131% |
| Other amounts payable | 47/48 | - | €22,900 | +€22,900 | |
| Remuneration, social security and pensions | 62 | €6,233 | €6,831 | +€598 | +9.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,004 | €10,042 | -€1,962 | -16.3% |
| Other operating charges | 640/8 | €9,918 | €3,256 | -€6,661 | -67.2% |
| Gross operating margin | 9900 | €63,257 | €27,904 | -€35,352 | -55.9% |
| Operating profit (loss) | 9901 | €35,102 | €7,775 | -€27,328 | -77.9% |
| Financial income | 75/76B | €3,651 | €2,784 | -€868 | -23.8% |
| Recurring financial income | 75 | €3,651 | €2,784 | -€868 | -23.8% |
| Financial charges | 65/66B | €2,090 | €2,030 | -€60 | -2.9% |
| Recurring financial charges | 65 | €2,090 | €2,030 | -€60 | -2.9% |
| Profit (loss) for the period before taxes | 9903 | €36,664 | €8,528 | -€28,135 | -76.7% |
| Income taxes | 67/77 | €10,803 | €3,008 | -€7,794 | -72.2% |
| Profit (loss) for the period | 9904 | €25,861 | €5,520 | -€20,341 | -78.7% |
| Profit (loss) for the period to be appropriated | 9905 | €25,861 | €5,520 | -€20,341 | -78.7% |
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 14 October 2026 via checked.be.