JARMAX: 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.
JARMAX
Largest movements
- Tangible fixed assets +€19,039
up €19,039 (+203.8%), from €9,340 to €28,379
of which Furniture and vehicles: +€16,575
- Stocks and contracts +€4,609
up €4,609 (+11.6%), from €39,729 to €44,338
- Deferred charges and accrued income -€854
no longer reported in 2025 (was €854)
- Debts after one year +€48,719
up €48,719 (+41.4%), from €117,550 to €166,269
- Profit (loss) carried forward -€32,672
down €32,672 (-36.5%), from -€89,576 to -€122,248
- Trade debts +€4,300
up €4,300 (+66.1%), from €6,503 to €10,803
- Tax, wage and social debts +€2,785
up €2,785 (+132.1%), from €2,109 to €4,894
- Gross operating margin -€9,948
down €9,948 (-98.3%), from €10,120 to €172
- Depreciation +€1,602
up €1,602 (+28.3%), from €5,658 to €7,260
- Other operating charges -€1,007
down €1,007 (-35.7%), from €2,822 to €1,814
- Financial charges +€945
up €945 (+171.2%), from €552 to €1,497
- Taxes +€102
up €102 (+100.0%), from €102 to €205
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €55,186 | €78,318 | +€23,132 | +41.9% |
| Formation expenses | 20 | - | €0 | = | |
| Fixed assets | 21/28 | €9,846 | €28,885 | +€19,039 | +193.4% |
| Tangible fixed assets | 22/27 | €9,340 | €28,379 | +€19,039 | +203.8% |
| Plant, machinery and equipment | 23 | - | €3,010 | +€3,010 | |
| Furniture and vehicles | 24 | €8,794 | €25,369 | +€16,575 | +188.5% |
| Other tangible fixed assets | 26 | €546 | €0 | -€546 | -100.0% |
| Financial fixed assets | 28 | €506 | €506 | = | 0.0% |
| Current assets | 29/58 | €45,339 | €49,433 | +€4,094 | +9.0% |
| Stocks and contracts in progress | 3 | €39,729 | €44,338 | +€4,609 | +11.6% |
| Stocks | 30/36 | €39,729 | €44,338 | +€4,609 | +11.6% |
| Amounts receivable within one year | 40/41 | €844 | €1,597 | +€753 | +89.3% |
| Other amounts receivable | 41 | €844 | €1,597 | +€753 | +89.3% |
| Cash at bank and in hand | 54/58 | €3,913 | €3,498 | -€415 | -10.6% |
| Deferred charges and accrued income | 490/1 | €854 | - | -€854 | |
| Total equity and liabilities | 10/49 | €55,186 | €78,318 | +€23,132 | +41.9% |
| Equity | 10/15 | -€70,976 | -€103,648 | -€32,672 | -46.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€89,576 | -€122,248 | -€32,672 | -36.5% |
| Amounts payable | 17/49 | €126,162 | €181,966 | +€55,805 | +44.2% |
| Amounts payable after more than one year | 17 | €117,550 | €166,269 | +€48,719 | +41.4% |
| Other amounts payable | 178/9 | €117,550 | €166,269 | +€48,719 | +41.4% |
| Amounts payable within one year | 42/48 | €8,612 | €15,697 | +€7,086 | +82.3% |
| Trade debts | 44 | €6,503 | €10,803 | +€4,300 | +66.1% |
| Suppliers | 440/4 | €6,503 | €10,803 | +€4,300 | +66.1% |
| Taxes, remuneration and social security | 45 | €2,109 | €4,894 | +€2,785 | +132.1% |
| Taxes | 450/3 | €2,109 | €4,894 | +€2,785 | +132.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,658 | €7,260 | +€1,602 | +28.3% |
| Other operating charges | 640/8 | €2,822 | €1,814 | -€1,007 | -35.7% |
| Gross operating margin | 9900 | €10,120 | €172 | -€9,948 | -98.3% |
| Operating profit (loss) | 9901 | €1,641 | -€8,902 | -€10,543 | |
| Financial income | 75/76B | €32 | €4 | -€28 | -88.1% |
| Recurring financial income | 75 | €32 | €4 | -€28 | -88.1% |
| Financial charges | 65/66B | €552 | €1,497 | +€945 | +171.2% |
| Recurring financial charges | 65 | €552 | €1,497 | +€945 | +171.2% |
| Profit (loss) for the period before taxes | 9903 | €1,120 | -€10,396 | -€11,516 | |
| Income taxes | 67/77 | €102 | €205 | +€102 | +100.0% |
| Profit (loss) for the period | 9904 | €1,018 | -€10,600 | -€11,618 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,018 | -€10,600 | -€11,618 |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.