JAM: 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.
JAM
Largest movements
- Cash -€15,108
down €15,108 (-26.5%), from €57,044 to €41,936
mainly Trade debts (-€26,793) and Tax, wage and social debts (-€22,963)
- Tangible fixed assets -€14,426
down €14,426 (-4.4%), from €324,736 to €310,310
of which Plant, machinery and equipment: -€8,165
- Stocks and contracts -€5,125
no longer reported in 2025 (was €5,125)
- Profit (loss) carried forward +€39,710
up €39,710 (+23.9%), from €166,208 to €205,918
- Trade debts -€26,793
down €26,793 (-65.5%), from €40,892 to €14,099
- Tax, wage and social debts -€22,963
down €22,963 (-58.8%), from €39,053 to €16,090
of which Remuneration and social security: -€18,438
- Debts after one year -€17,996
down €17,996 (-19.4%), from €92,637 to €74,641
- Other debts -€6,300
no longer reported in 2025 (was €6,300)
- Gross operating margin -€125,420
down €125,420 (-44.9%), from €279,157 to €153,737
- Staff costs -€110,903
down €110,903 (-55.2%), from €200,895 to €89,992
- Taxes -€13,870
no longer reported in 2025 (was €13,870)
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 | €387,588 | €352,246 | -€35,342 | -9.1% |
| Fixed assets | 21/28 | €324,736 | €310,310 | -€14,426 | -4.4% |
| Tangible fixed assets | 22/27 | €324,736 | €310,310 | -€14,426 | -4.4% |
| Land and buildings | 22 | €286,000 | €279,739 | -€6,261 | -2.2% |
| Plant, machinery and equipment | 23 | €38,736 | €30,571 | -€8,165 | -21.1% |
| Current assets | 29/58 | €62,852 | €41,936 | -€20,916 | -33.3% |
| Stocks and contracts in progress | 3 | €5,125 | - | -€5,125 | |
| Stocks | 30/36 | €5,125 | - | -€5,125 | |
| Amounts receivable within one year | 40/41 | €683 | - | -€683 | |
| Trade receivables | 40 | €683 | - | -€683 | |
| Cash at bank and in hand | 54/58 | €57,044 | €41,936 | -€15,108 | -26.5% |
| Total equity and liabilities | 10/49 | €387,588 | €352,246 | -€35,342 | -9.1% |
| Equity | 10/15 | €185,458 | €225,168 | +€39,710 | +21.4% |
| Contributions | 10/11 | €19,250 | €19,250 | = | 0.0% |
| Profit (loss) carried forward | 14 | €166,208 | €205,918 | +€39,710 | +23.9% |
| Amounts payable | 17/49 | €202,130 | €127,078 | -€75,052 | -37.1% |
| Amounts payable after more than one year | 17 | €92,637 | €74,641 | -€17,996 | -19.4% |
| Financial debts | 170/4 | €92,637 | €74,641 | -€17,996 | -19.4% |
| Amounts payable within one year | 42/48 | €103,443 | €47,387 | -€56,056 | -54.2% |
| Current portion of amounts payable after more than one year | 42 | €17,198 | €17,198 | = | 0.0% |
| Trade debts | 44 | €40,892 | €14,099 | -€26,793 | -65.5% |
| Suppliers | 440/4 | €40,892 | €14,099 | -€26,793 | -65.5% |
| Taxes, remuneration and social security | 45 | €39,053 | €16,090 | -€22,963 | -58.8% |
| Taxes | 450/3 | €4,525 | - | -€4,525 | |
| Remuneration and social security | 454/9 | €34,528 | €16,090 | -€18,438 | -53.4% |
| Other amounts payable | 47/48 | €6,300 | - | -€6,300 | |
| Accrued charges and deferred income | 492/3 | €6,050 | €5,050 | -€1,000 | -16.5% |
| Remuneration, social security and pensions | 62 | €200,895 | €89,992 | -€110,903 | -55.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,060 | €14,426 | -€634 | -4.2% |
| Other operating charges | 640/8 | €2,877 | €2,499 | -€378 | -13.1% |
| Gross operating margin | 9900 | €279,157 | €153,737 | -€125,420 | -44.9% |
| Operating profit (loss) | 9901 | €60,325 | €46,820 | -€13,505 | -22.4% |
| Financial charges | 65/66B | €7,313 | €7,110 | -€203 | -2.8% |
| Recurring financial charges | 65 | €7,313 | €7,110 | -€203 | -2.8% |
| Profit (loss) for the period before taxes | 9903 | €53,012 | €39,710 | -€13,302 | -25.1% |
| Income taxes | 67/77 | €13,870 | - | -€13,870 | |
| Profit (loss) for the period | 9904 | €39,142 | €39,710 | +€568 | +1.5% |
| Profit (loss) for the period to be appropriated | 9905 | €39,142 | €39,710 | +€568 | +1.5% |
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 24 October 2026 via checked.be.