JELEM: 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.
JELEM
Largest movements
- Tangible fixed assets +€353,675
up €353,675 (+10.9%), from €3.2m to €3.6m
of which Other tangible fixed assets: +€353,783
- Cash +€58,590
up €58,590 (+256%), from €22,924 to €81,514
mainly Debts after one year (+€507,530) and Depreciation (+€123,949)
- Debts after one year +€507,530
up €507,530 (+34.5%), from €1.5m to €2.0m
of which Financial debts: +€507,530
- Trade debts -€274,186
down €274,186 (-55.2%), from €497,103 to €222,917
- Other debts +€109,214
up €109,214 (+12.5%), from €875,088 to €984,301
- Tax, wage and social debts +€70,685
up €70,685 (+82.8%), from €85,341 to €156,026
of which Taxes: +€37,685
- Depreciation +€46,656
up €46,656 (+60.4%), from €77,293 to €123,949
- Gross operating margin +€27,526
up €27,526 (+7.3%), from €378,569 to €406,095
- Other operating charges +€18,565
up €18,565 (+50.1%), from €37,082 to €55,648
- Taxes -€13,258
down €13,258 (-58.7%), from €22,573 to €9,314
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.
Derived cash bridge
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 | €5,145,349 | €5,582,943 | +€437,594 | +8.5% |
| Fixed assets | 21/28 | €3,250,766 | €3,604,441 | +€353,675 | +10.9% |
| Tangible fixed assets | 22/27 | €3,248,486 | €3,602,162 | +€353,675 | +10.9% |
| Plant, machinery and equipment | 23 | €322 | €215 | -€107 | -33.3% |
| Other tangible fixed assets | 26 | €3,248,164 | €3,601,947 | +€353,783 | +10.9% |
| Financial fixed assets | 28 | €2,279 | €2,279 | = | 0.0% |
| Current assets | 29/58 | €1,894,583 | €1,978,502 | +€83,919 | +4.4% |
| Stocks and contracts in progress | 3 | €1,257,507 | €1,257,507 | = | 0.0% |
| Stocks | 30/36 | €1,257,507 | €1,257,507 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €609,818 | €630,027 | +€20,209 | +3.3% |
| Trade receivables | 40 | €557,697 | €576,978 | +€19,281 | +3.5% |
| Other amounts receivable | 41 | €52,121 | €53,049 | +€928 | +1.8% |
| Cash at bank and in hand | 54/58 | €22,924 | €81,514 | +€58,590 | +256% |
| Deferred charges and accrued income | 490/1 | €4,334 | €9,454 | +€5,119 | +118% |
| Total equity and liabilities | 10/49 | €5,145,349 | €5,582,943 | +€437,594 | +8.5% |
| Equity | 10/15 | €609,850 | €633,218 | +€23,368 | +3.8% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €459,850 | €483,218 | +€23,368 | +5.1% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €441,100 | €464,468 | +€23,368 | +5.3% |
| Provisions and deferred taxes | 16 | €40,000 | €40,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €40,000 | €40,000 | = | 0.0% |
| Other liabilities and charges | 164/5 | €40,000 | €40,000 | = | 0.0% |
| Amounts payable | 17/49 | €4,495,499 | €4,909,726 | +€414,226 | +9.2% |
| Amounts payable after more than one year | 17 | €1,472,149 | €1,979,679 | +€507,530 | +34.5% |
| Financial debts | 170/4 | €1,469,359 | €1,976,889 | +€507,530 | +34.5% |
| Other amounts payable | 178/9 | €2,790 | €2,790 | = | 0.0% |
| Amounts payable within one year | 42/48 | €3,007,200 | €2,913,896 | -€93,304 | -3.1% |
| Current portion of amounts payable after more than one year | 42 | €120,175 | €156,048 | +€35,872 | +29.8% |
| Financial debts | 43 | €1,394,617 | €1,394,605 | -€12 | 0.0% |
| Credit institutions | 430/8 | €690,575 | €690,564 | -€12 | 0.0% |
| Other loans | 439 | €704,041 | €704,041 | = | 0.0% |
| Trade debts | 44 | €497,103 | €222,917 | -€274,186 | -55.2% |
| Suppliers | 440/4 | €497,103 | €222,917 | -€274,186 | -55.2% |
| Advances received on contracts in progress | 46 | €34,877 | - | -€34,877 | |
| Taxes, remuneration and social security | 45 | €85,341 | €156,026 | +€70,685 | +82.8% |
| Taxes | 450/3 | €85,341 | €123,026 | +€37,685 | +44.2% |
| Remuneration and social security | 454/9 | - | €33,000 | +€33,000 | |
| Other amounts payable | 47/48 | €875,088 | €984,301 | +€109,214 | +12.5% |
| Accrued charges and deferred income | 492/3 | €16,151 | €16,151 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,293 | €123,949 | +€46,656 | +60.4% |
| Other operating charges | 640/8 | €37,082 | €55,648 | +€18,565 | +50.1% |
| Gross operating margin | 9900 | €378,569 | €406,095 | +€27,526 | +7.3% |
| Operating profit (loss) | 9901 | €264,194 | €226,499 | -€37,695 | -14.3% |
| Financial income | 75/76B | €1,693 | €521 | -€1,172 | -69.2% |
| Recurring financial income | 75 | €1,693 | €521 | -€1,172 | -69.2% |
| Financial charges | 65/66B | €194,945 | €194,338 | -€607 | -0.3% |
| Recurring financial charges | 65 | €194,945 | €194,338 | -€607 | -0.3% |
| Profit (loss) for the period before taxes | 9903 | €70,943 | €32,682 | -€38,261 | -53.9% |
| Income taxes | 67/77 | €22,573 | €9,314 | -€13,258 | -58.7% |
| Profit (loss) for the period | 9904 | €48,370 | €23,368 | -€25,002 | -51.7% |
| Profit (loss) for the period to be appropriated | 9905 | €48,370 | €23,368 | -€25,002 | -51.7% |
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 23 October 2026 via checked.be.