JAMA-PROJECT: 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.
JAMA-PROJECT
Largest movements
- Stocks and contracts +€371,828
up €371,828, from €0 to €371,828
- Cash +€95,184
up €95,184 (+233.9%), from €40,692 to €135,875
mainly Debts after one year (+€345,408) and Trade debts (+€136,736)
- Receivables within one year -€77,507
down €77,507 (-54.3%), from €142,842 to €65,334
of which Trade receivables: -€98,709
- Debts after one year +€345,408
up €345,408, from €0 to €345,408
- Trade debts +€136,736
up €136,736 (+757.9%), from €18,043 to €154,779
- Profit (loss) carried forward -€69,444
down €69,444 (-135.4%), from -€51,294 to -€120,738
- Tax, wage and social debts -€10,478
down €10,478 (-100.0%), from €10,478 to €0
of which Remuneration and social security: -€6,352
- Current portion of long-term debt -€6,452
down €6,452 (-6.1%), from €106,578 to €100,126
- Gross operating margin -€190,376
down €190,376, from €127,227 to -€63,149
- Financial charges -€15,582
down €15,582 (-86.2%), from €18,072 to €2,490
- Other operating charges -€8,525
down €8,525 (-76.8%), from €11,106 to €2,581
- Depreciation -€3,097
down €3,097 (-57.7%), from €5,363 to €2,266
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 | €188,683 | €579,587 | +€390,904 | +207.2% |
| Fixed assets | 21/28 | €5,007 | €6,370 | +€1,363 | +27.2% |
| Tangible fixed assets | 22/27 | €4,507 | €5,370 | +€863 | +19.2% |
| Plant, machinery and equipment | 23 | €2,915 | €1,995 | -€920 | -31.6% |
| Furniture and vehicles | 24 | €1,592 | €3,375 | +€1,783 | +112.1% |
| Financial fixed assets | 28 | €500 | €1,000 | +€500 | +100.0% |
| Current assets | 29/58 | €183,676 | €573,217 | +€389,541 | +212.1% |
| Stocks and contracts in progress | 3 | €0 | €371,828 | +€371,828 | |
| Stocks | 30/36 | €0 | €371,828 | +€371,828 | |
| Amounts receivable within one year | 40/41 | €142,842 | €65,334 | -€77,507 | -54.3% |
| Trade receivables | 40 | €99,964 | €1,255 | -€98,709 | -98.7% |
| Other amounts receivable | 41 | €42,878 | €64,079 | +€21,201 | +49.4% |
| Cash at bank and in hand | 54/58 | €40,692 | €135,875 | +€95,184 | +233.9% |
| Deferred charges and accrued income | 490/1 | €143 | €179 | +€37 | +25.8% |
| Total equity and liabilities | 10/49 | €188,683 | €579,587 | +€390,904 | +207.2% |
| Equity | 10/15 | -€1,294 | -€70,738 | -€69,444 | -5366.1% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€51,294 | -€120,738 | -€69,444 | -135.4% |
| Amounts payable | 17/49 | €189,977 | €650,325 | +€460,348 | +242.3% |
| Amounts payable after more than one year | 17 | €0 | €345,408 | +€345,408 | |
| Financial debts | 170/4 | €0 | €345,408 | +€345,408 | |
| Amounts payable within one year | 42/48 | €189,824 | €303,757 | +€113,933 | +60.0% |
| Current portion of amounts payable after more than one year | 42 | €106,578 | €100,126 | -€6,452 | -6.1% |
| Trade debts | 44 | €18,043 | €154,779 | +€136,736 | +757.9% |
| Suppliers | 440/4 | €18,043 | €154,779 | +€136,736 | +757.9% |
| Taxes, remuneration and social security | 45 | €10,478 | €0 | -€10,478 | -100.0% |
| Taxes | 450/3 | €4,126 | €0 | -€4,126 | -100.0% |
| Remuneration and social security | 454/9 | €6,352 | €0 | -€6,352 | -100.0% |
| Other amounts payable | 47/48 | €54,726 | €48,852 | -€5,874 | -10.7% |
| Accrued charges and deferred income | 492/3 | €153 | €1,160 | +€1,007 | +659.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,363 | €2,266 | -€3,097 | -57.7% |
| Other operating charges | 640/8 | €11,106 | €2,581 | -€8,525 | -76.8% |
| Gross operating margin | 9900 | €127,227 | -€63,149 | -€190,376 | |
| Operating profit (loss) | 9901 | €110,758 | -€67,996 | -€178,754 | |
| Financial income | 75/76B | €1,928 | €1,042 | -€886 | -46.0% |
| Recurring financial income | 75 | €1,928 | €1,042 | -€886 | -46.0% |
| Financial charges | 65/66B | €18,072 | €2,490 | -€15,582 | -86.2% |
| Recurring financial charges | 65 | €18,072 | €2,490 | -€15,582 | -86.2% |
| Profit (loss) for the period before taxes | 9903 | €94,614 | -€69,444 | -€164,058 | |
| Profit (loss) for the period | 9904 | €94,614 | -€69,444 | -€164,058 | |
| Profit (loss) for the period to be appropriated | 9905 | €94,614 | -€69,444 | -€164,058 |
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 2 October 2026 via checked.be.