JALM: 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.
JALM
Largest movements
- Cash +€32,529
up €32,529 (+12.8%), from €254,661 to €287,190
mainly Other debts (+€84,822) and Depreciation (+€19,805)
- Receivables within one year +€22,781
up €22,781 (+10.8%), from €211,674 to €234,455
of which Trade receivables: +€23,208
- Other debts +€84,822
up €84,822 (+17.0%), from €498,354 to €583,176
- Profit (loss) carried forward -€55,709
down €55,709 (-91.5%), from -€60,854 to -€116,562
- Trade debts +€18,786
up €18,786 (+150.7%), from €12,465 to €31,251
- Short-term financial debts +€15,500
new in 2025: €15,500
- Debts after one year -€10,184
down €10,184 (-44.5%), from €22,889 to €12,705
- Staff costs +€27,367
up €27,367 (+41.2%), from €66,394 to €93,762
- Gross operating margin +€16,911
up €16,911 (+35.7%), from €47,321 to €64,232
- Write-downs -€13,113
down €13,113, from €9,474 to -€3,640
- Other operating charges +€3,949
up €3,949 (+458.7%), from €861 to €4,810
- Depreciation +€3,157
up €3,157 (+19.0%), from €16,649 to €19,805
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 | €530,776 | €586,792 | +€56,016 | +10.6% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €56,098 | €60,788 | +€4,691 | +8.4% |
| Intangible fixed assets | 21 | €34,236 | €38,970 | +€4,734 | +13.8% |
| Tangible fixed assets | 22/27 | €16,082 | €10,258 | -€5,823 | -36.2% |
| Furniture and vehicles | 24 | €12,084 | €7,463 | -€4,621 | -38.2% |
| Other tangible fixed assets | 26 | €3,998 | €2,795 | -€1,203 | -30.1% |
| Financial fixed assets | 28 | €5,780 | €11,560 | +€5,780 | +100.0% |
| Current assets | 29/58 | €474,678 | €526,004 | +€51,326 | +10.8% |
| Amounts receivable within one year | 40/41 | €211,674 | €234,455 | +€22,781 | +10.8% |
| Trade receivables | 40 | €211,248 | €234,455 | +€23,208 | +11.0% |
| Other amounts receivable | 41 | €427 | €0 | -€427 | -100.0% |
| Cash at bank and in hand | 54/58 | €254,661 | €287,190 | +€32,529 | +12.8% |
| Deferred charges and accrued income | 490/1 | €8,343 | €4,359 | -€3,984 | -47.7% |
| Total equity and liabilities | 10/49 | €530,776 | €586,792 | +€56,016 | +10.6% |
| Equity | 10/15 | -€39,607 | -€96,515 | -€56,909 | -143.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€60,854 | -€116,562 | -€55,709 | -91.5% |
| Investment grants | 15 | €2,647 | €1,447 | -€1,200 | -45.3% |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Deferred taxes | 168 | €0 | - | = | |
| Amounts payable | 17/49 | €570,382 | €683,307 | +€112,925 | +19.8% |
| Amounts payable after more than one year | 17 | €22,889 | €12,705 | -€10,184 | -44.5% |
| Financial debts | 170/4 | €22,889 | €12,705 | -€10,184 | -44.5% |
| Amounts payable within one year | 42/48 | €547,493 | €670,602 | +€123,109 | +22.5% |
| Current portion of amounts payable after more than one year | 42 | €15,347 | €19,350 | +€4,003 | +26.1% |
| Financial debts | 43 | - | €15,500 | +€15,500 | |
| Credit institutions | 430/8 | - | €15,500 | +€15,500 | |
| Trade debts | 44 | €12,465 | €31,251 | +€18,786 | +150.7% |
| Suppliers | 440/4 | €12,465 | €31,251 | +€18,786 | +150.7% |
| Taxes, remuneration and social security | 45 | €21,328 | €21,326 | -€2 | 0.0% |
| Taxes | 450/3 | €6,801 | €5,766 | -€1,035 | -15.2% |
| Remuneration and social security | 454/9 | €14,527 | €15,560 | +€1,033 | +7.1% |
| Other amounts payable | 47/48 | €498,354 | €583,176 | +€84,822 | +17.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €66,394 | €93,762 | +€27,367 | +41.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,649 | €19,805 | +€3,157 | +19.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €9,474 | -€3,640 | -€13,113 | |
| Other operating charges | 640/8 | €861 | €4,810 | +€3,949 | +458.7% |
| Gross operating margin | 9900 | €47,321 | €64,232 | +€16,911 | +35.7% |
| Operating profit (loss) | 9901 | -€46,057 | -€50,505 | -€4,448 | -9.7% |
| Financial income | 75/76B | €3,731 | €1,203 | -€2,528 | -67.8% |
| Recurring financial income | 75 | €3,731 | €1,203 | -€2,528 | -67.8% |
| Financial charges | 65/66B | €6,342 | €6,259 | -€82 | -1.3% |
| Recurring financial charges | 65 | €6,342 | €6,259 | -€82 | -1.3% |
| Profit (loss) for the period before taxes | 9903 | -€48,668 | -€55,562 | -€6,894 | -14.2% |
| Transfer from deferred taxes | 780 | €329 | €0 | -€329 | -100.0% |
| Income taxes | 67/77 | €126 | €147 | +€20 | +16.1% |
| Profit (loss) for the period | 9904 | -€48,465 | -€55,709 | -€7,243 | -14.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€48,465 | -€55,709 | -€7,243 | -14.9% |
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 4 October 2026 via checked.be.