JAM-S: 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.
JAM-S
Largest movements
- Tangible fixed assets -€7,905
down €7,905 (-21.5%), from €36,848 to €28,943
- Receivables within one year +€4,028
up €4,028 (+50.6%), from €7,958 to €11,986
of which Trade receivables: +€2,316
- Deferred charges and accrued income -€3,160
no longer reported in 2025 (was €3,160)
- Cash -€1,086
down €1,086 (-14.7%), from €7,397 to €6,311
mainly Investment in fixed assets (net) (-€6,038) and Debts after one year (-€4,764)
- Debts after one year -€4,764
down €4,764 (-45.4%), from €10,493 to €5,728
- Trade debts -€3,067
down €3,067 (-89.0%), from €3,444 to €377
- Current portion of long-term debt -€2,559
down €2,559 (-32.6%), from €7,860 to €5,302
- Reserves +€1,300
up €1,300 (+6.3%), from €20,600 to €21,900
- Tax, wage and social debts +€559
up €559 (+19.1%), from €2,922 to €3,481
- Gross operating margin +€4,782
up €4,782 (+13.4%), from €35,611 to €40,393
- Financial charges +€3,188
up €3,188 (+16.7%), from €19,053 to €22,240
- Depreciation +€2,367
up €2,367 (+20.5%), from €11,575 to €13,943
- Other operating charges +€656
up €656 (+46.1%), from €1,422 to €2,078
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 | €55,364 | €47,240 | -€8,124 | -14.7% |
| Fixed assets | 21/28 | €36,848 | €28,943 | -€7,905 | -21.5% |
| Tangible fixed assets | 22/27 | €36,848 | €28,943 | -€7,905 | -21.5% |
| Furniture and vehicles | 24 | €36,848 | €28,943 | -€7,905 | -21.5% |
| Current assets | 29/58 | €18,516 | €18,297 | -€219 | -1.2% |
| Amounts receivable within one year | 40/41 | €7,958 | €11,986 | +€4,028 | +50.6% |
| Trade receivables | 40 | €5,472 | €7,787 | +€2,316 | +42.3% |
| Other amounts receivable | 41 | €2,487 | €4,198 | +€1,712 | +68.8% |
| Cash at bank and in hand | 54/58 | €7,397 | €6,311 | -€1,086 | -14.7% |
| Deferred charges and accrued income | 490/1 | €3,160 | - | -€3,160 | |
| Total equity and liabilities | 10/49 | €55,364 | €47,240 | -€8,124 | -14.7% |
| Equity | 10/15 | €30,126 | €31,491 | +€1,365 | +4.5% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €20,600 | €21,900 | +€1,300 | +6.3% |
| Distributable reserves | 133 | €20,600 | €21,900 | +€1,300 | +6.3% |
| Profit (loss) carried forward | 14 | €3,526 | €3,591 | +€65 | +1.9% |
| Amounts payable | 17/49 | €25,238 | €15,749 | -€9,489 | -37.6% |
| Amounts payable after more than one year | 17 | €10,493 | €5,728 | -€4,764 | -45.4% |
| Financial debts | 170/4 | €10,493 | €5,728 | -€4,764 | -45.4% |
| Amounts payable within one year | 42/48 | €14,745 | €10,021 | -€4,725 | -32.0% |
| Current portion of amounts payable after more than one year | 42 | €7,860 | €5,302 | -€2,559 | -32.6% |
| Trade debts | 44 | €3,444 | €377 | -€3,067 | -89.0% |
| Suppliers | 440/4 | €3,444 | €377 | -€3,067 | -89.0% |
| Taxes, remuneration and social security | 45 | €2,922 | €3,481 | +€559 | +19.1% |
| Taxes | 450/3 | €2,922 | €3,481 | +€559 | +19.1% |
| Other amounts payable | 47/48 | €519 | €861 | +€342 | +65.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,575 | €13,943 | +€2,367 | +20.5% |
| Other operating charges | 640/8 | €1,422 | €2,078 | +€656 | +46.1% |
| Gross operating margin | 9900 | €35,611 | €40,393 | +€4,782 | +13.4% |
| Operating profit (loss) | 9901 | €22,613 | €24,372 | +€1,759 | +7.8% |
| Financial income | 75/76B | €1 | €0 | -€1 | -74.7% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -74.7% |
| Financial charges | 65/66B | €19,053 | €22,240 | +€3,188 | +16.7% |
| Recurring financial charges | 65 | €19,053 | €22,240 | +€3,188 | +16.7% |
| Profit (loss) for the period before taxes | 9903 | €3,562 | €2,132 | -€1,430 | -40.1% |
| Income taxes | 67/77 | €1,142 | €832 | -€311 | -27.2% |
| Profit (loss) for the period | 9904 | €2,419 | €1,300 | -€1,119 | -46.2% |
| Profit (loss) for the period to be appropriated | 9905 | €2,419 | €1,300 | -€1,119 | -46.2% |
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 30 September 2026 via checked.be.