JAM GROUP: 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.
What changed
JAM GROUP
NACE 42.220, Construction of utility projects for electricity and telecommunications
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€4.2m
2024 · €3.1m+€1.1m
Equity
€6.2m
2024 · €5.1m+€1.2m
Cash
€11.0m
2024 · €7.9m+€3.0m
Balance sheet total
€17.0m
2024 · €14.4m+€2.6m
Largest movements
Assets
- Cash +€3.0m
up €3.0m (+38.5%), from €7.9m to €11.0m
mainly Net result for the year (+€4.2m) and Other debts (+€3.0m)
- Receivables within one year -€676,543
down €676,543 (-12.5%), from €5.4m to €4.7m
of which Trade receivables: -€502,115
- Tangible fixed assets +€286,624
up €286,624 (+97.3%), from €294,553 to €581,177
Equity and liabilities
- Other debts +€3.0m
up €3.0m (+136.4%), from €2.2m to €5.2m
- Profit (loss) carried forward +€1.2m
up €1.2m (+25.8%), from €4.5m to €5.7m
- Tax, wage and social debts -€1.1m
down €1.1m (-44.2%), from €2.5m to €1.4m
of which Taxes: -€1.1m
- Trade debts -€444,267
down €444,267 (-9.6%), from €4.6m to €4.2m
Income statement
- Turnover -€1.9m
down €1.9m (-6.6%), from €28.4m to €26.5m
- Taxes -€1.7m
down €1.7m (-58.3%), from €2.9m to €1.2m
of which Taxes: -€1.5m
- Goods and materials -€1.4m
down €1.4m (-7.5%), from €18.3m to €16.9m
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.
Result 2024
€3.1m
Turnover
-€1.9m
Other operating income
+€76,296
Goods and materials
+€1.4m
Services and other goods
-€222,140
Staff costs
+€139,610
Depreciation
-€40,000
Other operating charges
+€4,017
Financial income
-€25,219
Financial charges
-€11,615
Taxes
+€1.7m
Result 2025
€4.2m
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.
From operations
+€6.4m
Investment
-€392,778
Financing
-€3.0m
Cash 2024
€7.9m
From operations (derived)
+€6.4m
Net result for the year
+€4.2m
Depreciation
+€106,154
Receivables after one year
+€50,000
Receivables within one year
+€676,543
Deferred charges and accrued income
-€23,862
Trade debts
-€444,267
Tax, wage and social debts
-€1.1m
Other debts
+€3.0m
Accrued charges and deferred income
+€8,053
Investment (derived)
-€392,778
Investment in fixed assets (net)
-€392,778
Financing
-€3.0m
Contributions, distributions and other
-€3.0m
Cash 2025
€11.0m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €14,396,574 | €17,030,130 | +€2.6m | +18.3% |
| Fixed assets | 21/28 | €295,019 | €581,643 | +€286,624 | +97.2% |
| Tangible fixed assets | 22/27 | €294,553 | €581,177 | +€286,624 | +97.3% |
| Land and buildings | 22 | €78,321 | €221,098 | +€142,777 | +182.3% |
| Plant, machinery and equipment | 23 | €89,295 | €197,873 | +€108,578 | +121.6% |
| Furniture and vehicles | 24 | €95,908 | €75,057 | -€20,851 | -21.7% |
| Other tangible fixed assets | 26 | €31,029 | €87,149 | +€56,121 | +180.9% |
| Financial fixed assets | 28 | €466 | €466 | = | 0.0% |
| Other financial fixed assets | 284/8 | €466 | €466 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €466 | €466 | = | 0.0% |
| Current assets | 29/58 | €14,101,554 | €16,448,487 | +€2.3m | +16.6% |
| Amounts receivable after more than one year | 29 | €768,933 | €718,933 | -€50,000 | -6.5% |
| Other amounts receivable | 291 | €768,933 | €718,933 | -€50,000 | -6.5% |
| Amounts receivable within one year | 40/41 | €5,409,038 | €4,732,495 | -€676,543 | -12.5% |
| Trade receivables | 40 | €4,947,664 | €4,445,549 | -€502,115 | -10.1% |
| Other amounts receivable | 41 | €461,374 | €286,946 | -€174,428 | -37.8% |
| Cash at bank and in hand | 54/58 | €7,923,584 | €10,973,198 | +€3.0m | +38.5% |
| Deferred charges and accrued income | 490/1 | - | €23,862 | +€23,862 | |
| Total equity and liabilities | 10/49 | €14,396,574 | €17,030,130 | +€2.6m | +18.3% |
| Equity | 10/15 | €5,079,545 | €6,247,609 | +€1.2m | +23.0% |
| Contributions | 10/11 | €221,568 | €221,568 | = | 0.0% |
| Reserves | 13 | €328,751 | €328,751 | = | 0.0% |
| Tax-exempt reserves | 132 | €34,728 | €34,728 | = | 0.0% |
| Distributable reserves | 133 | €294,023 | €294,023 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,529,226 | €5,697,290 | +€1.2m | +25.8% |
| Amounts payable | 17/49 | €9,317,028 | €10,782,521 | +€1.5m | +15.7% |
| Amounts payable within one year | 42/48 | €9,316,933 | €10,774,373 | +€1.5m | +15.6% |
| Trade debts | 44 | €4,631,555 | €4,187,288 | -€444,267 | -9.6% |
| Suppliers | 440/4 | €4,631,555 | €4,187,288 | -€444,267 | -9.6% |
| Taxes, remuneration and social security | 45 | €2,485,379 | €1,387,085 | -€1.1m | -44.2% |
| Taxes | 450/3 | €2,339,489 | €1,238,729 | -€1.1m | -47.1% |
| Remuneration and social security | 454/9 | €145,890 | €148,355 | +€2,466 | +1.7% |
| Other amounts payable | 47/48 | €2,200,000 | €5,200,000 | +€3.0m | +136.4% |
| Accrued charges and deferred income | 492/3 | €95 | €8,148 | +€8,053 | +8498.1% |
| Operating income | 70/76A | €28,506,020 | €26,691,074 | -€1.8m | -6.4% |
| Turnover | 70 | €28,440,799 | €26,549,557 | -€1.9m | -6.6% |
| Other operating income | 74 | €65,221 | €141,517 | +€76,296 | +117.0% |
| Operating charges | 60/66A | €22,550,785 | €21,295,421 | -€1.3m | -5.6% |
| Goods for resale, raw materials and consumables | 60 | €18,271,715 | €16,897,839 | -€1.4m | -7.5% |
| Purchases | 600/8 | €18,271,715 | €16,897,839 | -€1.4m | -7.5% |
| Services and other goods | 61 | €2,667,154 | €2,889,294 | +€222,140 | +8.3% |
| Remuneration, social security and pensions | 62 | €1,513,589 | €1,373,979 | -€139,610 | -9.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,154 | €106,154 | +€40,000 | +60.5% |
| Other operating charges | 640/8 | €32,172 | €28,154 | -€4,017 | -12.5% |
| Operating profit (loss) | 9901 | €5,955,236 | €5,395,653 | -€559,582 | -9.4% |
| Financial income | 75/76B | €25,219 | - | -€25,219 | |
| Recurring financial income | 75 | €25,219 | - | -€25,219 | |
| Income from current assets | 751 | €25,091 | - | -€25,091 | |
| Other financial income | 752/9 | €128 | - | -€128 | |
| Financial charges | 65/66B | €10,014 | €21,629 | +€11,615 | +116.0% |
| Recurring financial charges | 65 | €4,135 | €21,629 | +€17,494 | +423.1% |
| Debt charges | 650 | €2,568 | €20,502 | +€17,934 | +698.3% |
| Other financial charges | 652/9 | €1,567 | €1,127 | -€440 | -28.1% |
| Non-recurring financial charges | 66B | €5,879 | - | -€5,879 | |
| Profit (loss) for the period before taxes | 9903 | €5,970,441 | €5,374,024 | -€596,417 | -10.0% |
| Income taxes | 67/77 | €2,889,961 | €1,205,961 | -€1.7m | -58.3% |
| Taxes | 670/3 | €2,889,961 | €1,400,729 | -€1.5m | -51.5% |
| Tax adjustments and reversals of tax provisions | 77 | - | €194,769 | +€194,769 | |
| Profit (loss) for the period | 9904 | €3,080,480 | €4,168,064 | +€1.1m | +35.3% |
| Profit (loss) for the period to be appropriated | 9905 | €3,080,480 | €4,168,064 | +€1.1m | +35.3% |
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.