JAMAR STEVEN: 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.
JAMAR STEVEN
Largest movements
- Tangible fixed assets +€34,977
up €34,977 (+20.4%), from €171,432 to €206,409
of which Leasing and similar rights: +€34,810
- Receivables within one year +€32,239
up €32,239 (+24.4%), from €131,969 to €164,208
of which Trade receivables: +€20,095
- Cash -€18,126
down €18,126 (-72.0%), from €25,158 to €7,033
mainly Investment in fixed assets (net) (-€49,803) and Receivables within one year (-€32,239)
- Trade debts +€20,918
up €20,918 (+160.2%), from €13,054 to €33,972
- Debts after one year +€18,073
up €18,073 (+14.7%), from €123,109 to €141,182
- Current portion of long-term debt +€9,619
up €9,619 (+98.4%), from €9,770 to €19,389
- Reserves +€4,545
up €4,545 (+13.5%), from €33,636 to €38,182
- Taxes -€10,170
down €10,170, from €7,560 to -€2,610
- Depreciation +€7,332
up €7,332 (+97.8%), from €7,494 to €14,826
- Financial charges +€2,839
up €2,839 (+93.9%), from €3,024 to €5,863
of which Financial charges: +€1,716
- Gross operating margin +€589
up €589 (+1.1%), from €54,722 to €55,311
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 | €369,559 | €422,231 | +€52,673 | +14.3% |
| Fixed assets | 21/28 | €171,432 | €206,409 | +€34,977 | +20.4% |
| Tangible fixed assets | 22/27 | €171,432 | €206,409 | +€34,977 | +20.4% |
| Land and buildings | 22 | €168,610 | €169,985 | +€1,375 | +0.8% |
| Plant, machinery and equipment | 23 | €956 | €1,615 | +€659 | +69.0% |
| Furniture and vehicles | 24 | €1,867 | €0 | -€1,867 | -100.0% |
| Leasing and similar rights | 25 | - | €34,810 | +€34,810 | |
| Current assets | 29/58 | €198,127 | €215,822 | +€17,695 | +8.9% |
| Amounts receivable after more than one year | 29 | €39,417 | €39,417 | = | 0.0% |
| Other amounts receivable | 291 | €39,417 | €39,417 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €131,969 | €164,208 | +€32,239 | +24.4% |
| Trade receivables | 40 | €54,581 | €74,676 | +€20,095 | +36.8% |
| Other amounts receivable | 41 | €77,388 | €89,532 | +€12,144 | +15.7% |
| Cash at bank and in hand | 54/58 | €25,158 | €7,033 | -€18,126 | -72.0% |
| Deferred charges and accrued income | 490/1 | €1,583 | €5,164 | +€3,582 | +226.3% |
| Total equity and liabilities | 10/49 | €369,559 | €422,231 | +€52,673 | +14.3% |
| Equity | 10/15 | €170,426 | €175,638 | +€5,212 | +3.1% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Reserves | 13 | €33,636 | €38,182 | +€4,545 | +13.5% |
| Distributable reserves | 133 | €33,636 | €38,182 | +€4,545 | +13.5% |
| Profit (loss) carried forward | 14 | €128,730 | €129,396 | +€666 | +0.5% |
| Amounts payable | 17/49 | €199,133 | €246,594 | +€47,461 | +23.8% |
| Amounts payable after more than one year | 17 | €123,109 | €141,182 | +€18,073 | +14.7% |
| Financial debts | 170/4 | €123,109 | €141,182 | +€18,073 | +14.7% |
| Amounts payable within one year | 42/48 | €72,223 | €100,189 | +€27,966 | +38.7% |
| Current portion of amounts payable after more than one year | 42 | €9,770 | €19,389 | +€9,619 | +98.4% |
| Trade debts | 44 | €13,054 | €33,972 | +€20,918 | +160.2% |
| Suppliers | 440/4 | €13,054 | €33,972 | +€20,918 | +160.2% |
| Taxes, remuneration and social security | 45 | €19,399 | €16,829 | -€2,571 | -13.3% |
| Taxes | 450/3 | €19,399 | €16,829 | -€2,571 | -13.3% |
| Other amounts payable | 47/48 | €30,000 | €30,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €3,800 | €5,222 | +€1,422 | +37.4% |
| Non-recurring operating income | 76A | - | €1,297 | +€1,297 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,494 | €14,826 | +€7,332 | +97.8% |
| Other operating charges | 640/8 | €2,347 | €2,053 | -€295 | -12.6% |
| Non-recurring operating charges | 66A | €235 | €431 | +€196 | +83.6% |
| Gross operating margin | 9900 | €54,722 | €55,311 | +€589 | +1.1% |
| Operating profit (loss) | 9901 | €44,647 | €38,002 | -€6,644 | -14.9% |
| Financial income | 75/76B | €63 | €463 | +€400 | +629.8% |
| Recurring financial income | 75 | €63 | €463 | +€400 | +629.8% |
| Financial charges | 65/66B | €3,024 | €5,863 | +€2,839 | +93.9% |
| Recurring financial charges | 65 | €3,024 | €4,740 | +€1,716 | +56.7% |
| Non-recurring financial charges | 66B | - | €1,123 | +€1,123 | |
| Profit (loss) for the period before taxes | 9903 | €41,686 | €32,602 | -€9,084 | -21.8% |
| Income taxes | 67/77 | €7,560 | -€2,610 | -€10,170 | |
| Profit (loss) for the period | 9904 | €34,126 | €35,212 | +€1,086 | +3.2% |
| Profit (loss) for the period to be appropriated | 9905 | €34,126 | €35,212 | +€1,086 | +3.2% |
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 11 October 2026 via checked.be.