JAHEMAX: 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.
JAHEMAX
Largest movements
- Tangible fixed assets -€103,422
down €103,422 (-6.9%), from €1.5m to €1.4m
of which Land and buildings: -€63,422
- Cash +€34,621
up €34,621 (+89.1%), from €38,851 to €73,472
mainly Depreciation (+€103,422) and Other debts (+€1,423)
- Debts after one year -€30,813
no longer reported in 2025 (was €30,813)
- Reserves -€23,390
down €23,390 (-10.2%), from €229,581 to €206,192
of which Tax-exempt reserves: -€23,390
- Gross operating margin -€6,384
down €6,384 (-7.4%), from €86,453 to €80,069
- Taxes -€4,111
no longer reported in 2025 (was €4,111)
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 | €1,549,206 | €1,479,669 | -€69,537 | -4.5% |
| Fixed assets | 21/28 | €1,508,015 | €1,404,593 | -€103,422 | -6.9% |
| Tangible fixed assets | 22/27 | €1,502,515 | €1,399,093 | -€103,422 | -6.9% |
| Land and buildings | 22 | €1,432,049 | €1,368,626 | -€63,422 | -4.4% |
| Plant, machinery and equipment | 23 | €66,667 | €26,667 | -€40,000 | -60.0% |
| Furniture and vehicles | 24 | €3,800 | €3,800 | = | 0.0% |
| Financial fixed assets | 28 | €5,500 | €5,500 | = | 0.0% |
| Current assets | 29/58 | €41,191 | €75,076 | +€33,886 | +82.3% |
| Amounts receivable within one year | 40/41 | €809 | - | -€809 | |
| Trade receivables | 40 | €809 | - | -€809 | |
| Cash at bank and in hand | 54/58 | €38,851 | €73,472 | +€34,621 | +89.1% |
| Deferred charges and accrued income | 490/1 | €1,530 | €1,604 | +€74 | +4.8% |
| Total equity and liabilities | 10/49 | €1,549,206 | €1,479,669 | -€69,537 | -4.5% |
| Equity | 10/15 | €728,788 | €707,044 | -€21,743 | -3.0% |
| Contributions | 10/11 | €518,600 | €518,600 | = | 0.0% |
| Reserves | 13 | €229,581 | €206,192 | -€23,390 | -10.2% |
| Non-distributable reserves | 130/1 | €13,014 | €13,014 | = | 0.0% |
| Reserves not available under the articles | 1311 | €13,014 | €13,014 | = | 0.0% |
| Tax-exempt reserves | 132 | €108,975 | €85,585 | -€23,390 | -21.5% |
| Distributable reserves | 133 | €107,592 | €107,592 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€19,394 | -€17,747 | +€1,646 | +8.5% |
| Provisions and deferred taxes | 16 | €52,874 | €45,078 | -€7,797 | -14.7% |
| Deferred taxes | 168 | €52,874 | €45,078 | -€7,797 | -14.7% |
| Amounts payable | 17/49 | €767,544 | €727,547 | -€39,997 | -5.2% |
| Amounts payable after more than one year | 17 | €30,813 | - | -€30,813 | |
| Financial debts | 170/4 | €30,813 | - | -€30,813 | |
| Amounts payable within one year | 42/48 | €736,731 | €727,547 | -€9,184 | -1.2% |
| Current portion of amounts payable after more than one year | 42 | €40,631 | €30,813 | -€9,819 | -24.2% |
| Trade debts | 44 | - | €968 | +€968 | |
| Suppliers | 440/4 | - | €968 | +€968 | |
| Taxes, remuneration and social security | 45 | €21,202 | €19,446 | -€1,756 | -8.3% |
| Taxes | 450/3 | €21,202 | €19,446 | -€1,756 | -8.3% |
| Other amounts payable | 47/48 | €674,898 | €676,321 | +€1,423 | +0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €103,457 | €103,422 | -€34 | 0.0% |
| Other operating charges | 640/8 | €5,097 | €5,260 | +€163 | +3.2% |
| Gross operating margin | 9900 | €86,453 | €80,069 | -€6,384 | -7.4% |
| Operating profit (loss) | 9901 | -€22,101 | -€28,613 | -€6,512 | -29.5% |
| Financial charges | 65/66B | €1,398 | €927 | -€471 | -33.7% |
| Recurring financial charges | 65 | €1,398 | €927 | -€471 | -33.7% |
| Profit (loss) for the period before taxes | 9903 | -€23,499 | -€29,540 | -€6,041 | -25.7% |
| Transfer from deferred taxes | 780 | €7,797 | €7,797 | = | 0.0% |
| Income taxes | 67/77 | €4,111 | - | -€4,111 | |
| Profit (loss) for the period | 9904 | -€19,814 | -€21,743 | -€1,930 | -9.7% |
| Transfer from tax-exempt reserves | 789 | €23,390 | €23,390 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €3,576 | €1,646 | -€1,930 | -54.0% |
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.