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 +€141,893
up €141,893 (+61.5%), from €230,651 to €372,544
mainly Receivables within one year (+€126,344) and Depreciation (+€54,406)
- Receivables within one year -€126,344
down €126,344 (-88.8%), from €142,289 to €15,945
of which Other amounts receivable: -€117,860
- Tangible fixed assets -€54,406
down €54,406 (-10.9%), from €501,346 to €446,941
- Debts after one year -€26,390
down €26,390 (-35.0%), from €75,402 to €49,011
of which Financial debts: -€26,390
- Trade debts -€11,878
down €11,878 (-96.1%), from €12,366 to €488
- Gross operating margin -€26,998
down €26,998 (-28.6%), from €94,515 to €67,518
- Taxes -€7,804
down €7,804 (-85.5%), from €9,123 to €1,318
- Financial income -€4,995
down €4,995 (-88.8%), from €5,626 to €630
- Financial charges -€1,066
down €1,066 (-27.9%), from €3,825 to €2,759
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 | €879,912 | €836,060 | -€43,852 | -5.0% |
| Fixed assets | 21/28 | €501,346 | €446,941 | -€54,406 | -10.9% |
| Tangible fixed assets | 22/27 | €501,346 | €446,941 | -€54,406 | -10.9% |
| Land and buildings | 22 | €501,346 | €446,941 | -€54,406 | -10.9% |
| Current assets | 29/58 | €378,566 | €389,119 | +€10,554 | +2.8% |
| Amounts receivable within one year | 40/41 | €142,289 | €15,945 | -€126,344 | -88.8% |
| Trade receivables | 40 | €8,484 | - | -€8,484 | |
| Other amounts receivable | 41 | €133,805 | €15,945 | -€117,860 | -88.1% |
| Cash at bank and in hand | 54/58 | €230,651 | €372,544 | +€141,893 | +61.5% |
| Deferred charges and accrued income | 490/1 | €5,626 | €630 | -€4,995 | -88.8% |
| Total equity and liabilities | 10/49 | €879,912 | €836,060 | -€43,852 | -5.0% |
| Equity | 10/15 | €756,215 | €760,170 | +€3,955 | +0.5% |
| Contributions | 10/11 | €235,000 | €235,000 | = | 0.0% |
| Reserves | 13 | €521,215 | €525,170 | +€3,955 | +0.8% |
| Distributable reserves | 133 | €521,215 | €525,170 | +€3,955 | +0.8% |
| Amounts payable | 17/49 | €123,697 | €75,890 | -€47,807 | -38.6% |
| Amounts payable after more than one year | 17 | €75,402 | €49,011 | -€26,390 | -35.0% |
| Financial debts | 170/4 | €73,602 | €47,211 | -€26,390 | -35.9% |
| Other amounts payable | 178/9 | €1,800 | €1,800 | = | 0.0% |
| Amounts payable within one year | 42/48 | €48,295 | €26,878 | -€21,417 | -44.3% |
| Current portion of amounts payable after more than one year | 42 | €31,906 | €26,390 | -€5,515 | -17.3% |
| Trade debts | 44 | €12,366 | €488 | -€11,878 | -96.1% |
| Suppliers | 440/4 | €12,366 | €488 | -€11,878 | -96.1% |
| Taxes, remuneration and social security | 45 | €4,023 | - | -€4,023 | |
| Taxes | 450/3 | €4,023 | - | -€4,023 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,406 | €54,406 | = | 0.0% |
| Other operating charges | 640/8 | €5,419 | €5,709 | +€291 | +5.4% |
| Gross operating margin | 9900 | €94,515 | €67,518 | -€26,998 | -28.6% |
| Operating profit (loss) | 9901 | €34,691 | €7,402 | -€27,288 | -78.7% |
| Financial income | 75/76B | €5,626 | €630 | -€4,995 | -88.8% |
| Recurring financial income | 75 | €5,626 | €630 | -€4,995 | -88.8% |
| Financial charges | 65/66B | €3,825 | €2,759 | -€1,066 | -27.9% |
| Recurring financial charges | 65 | €3,825 | €2,759 | -€1,066 | -27.9% |
| Profit (loss) for the period before taxes | 9903 | €36,491 | €5,273 | -€31,217 | -85.5% |
| Income taxes | 67/77 | €9,123 | €1,318 | -€7,804 | -85.5% |
| Profit (loss) for the period | 9904 | €27,368 | €3,955 | -€23,413 | -85.5% |
| Profit (loss) for the period to be appropriated | 9905 | €27,368 | €3,955 | -€23,413 | -85.5% |
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 19 October 2026 via checked.be.