JEMA: 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.
JEMA
Largest movements
- Cash -€80,967
down €80,967 (-77.1%), from €105,025 to €24,058
mainly Other debts (-€71,332) and Investment in fixed assets (net) (-€45,824)
- Receivables after one year -€70,407
down €70,407 (-24.3%), from €289,913 to €219,506
- Current investments +€17,206
up €17,206 (+5.3%), from €321,812 to €339,019
- Other debts -€71,332
no longer reported in 2025 (was €71,332)
- Reserves -€44,393
down €44,393 (-3.9%), from €1.1m to €1.1m
of which Distributable reserves: -€44,393
- Gross operating margin -€41,093
down €41,093, from €11,526 to -€29,567
- Other operating charges -€9,506
no longer reported in 2025 (was €9,506)
- Depreciation +€7,086
up €7,086 (+25.0%), from €28,398 to €35,483
- Financial income +€1,642
up €1,642 (+8.4%), from €19,468 to €21,110
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 | €1,248,934 | €1,133,296 | -€115,638 | -9.3% |
| Fixed assets | 21/28 | €505,285 | €515,627 | +€10,341 | +2.0% |
| Tangible fixed assets | 22/27 | €505,285 | €515,627 | +€10,341 | +2.0% |
| Land and buildings | 22 | €502,288 | €354,608 | -€147,679 | -29.4% |
| Plant, machinery and equipment | 23 | - | €161,018 | +€161,018 | |
| Furniture and vehicles | 24 | €2,998 | - | -€2,998 | |
| Current assets | 29/58 | €743,648 | €617,669 | -€125,979 | -16.9% |
| Amounts receivable after more than one year | 29 | €289,913 | €219,506 | -€70,407 | -24.3% |
| Other amounts receivable | 291 | €289,913 | €219,506 | -€70,407 | -24.3% |
| Amounts receivable within one year | 40/41 | €25,278 | €35,086 | +€9,809 | +38.8% |
| Other amounts receivable | 41 | €25,278 | €35,086 | +€9,809 | +38.8% |
| Current investments | 50/53 | €321,812 | €339,019 | +€17,206 | +5.3% |
| Cash at bank and in hand | 54/58 | €105,025 | €24,058 | -€80,967 | -77.1% |
| Deferred charges and accrued income | 490/1 | €1,620 | - | -€1,620 | |
| Total equity and liabilities | 10/49 | €1,248,934 | €1,133,296 | -€115,638 | -9.3% |
| Equity | 10/15 | €1,173,951 | €1,129,558 | -€44,393 | -3.8% |
| Contributions | 10/11 | €24,789 | €24,789 | = | 0.0% |
| Reserves | 13 | €1,149,162 | €1,104,768 | -€44,393 | -3.9% |
| Non-distributable reserves | 130/1 | €2,479 | €2,479 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,479 | €2,479 | = | 0.0% |
| Distributable reserves | 133 | €1,146,683 | €1,102,290 | -€44,393 | -3.9% |
| Amounts payable | 17/49 | €74,982 | €3,738 | -€71,244 | -95.0% |
| Amounts payable within one year | 42/48 | €72,692 | €3,738 | -€68,954 | -94.9% |
| Trade debts | 44 | €1,361 | €3,738 | +€2,377 | +174.7% |
| Suppliers | 440/4 | €1,361 | €3,738 | +€2,377 | +174.7% |
| Other amounts payable | 47/48 | €71,332 | - | -€71,332 | |
| Accrued charges and deferred income | 492/3 | €2,290 | - | -€2,290 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,398 | €35,483 | +€7,086 | +25.0% |
| Other operating charges | 640/8 | €9,506 | - | -€9,506 | |
| Gross operating margin | 9900 | €11,526 | -€29,567 | -€41,093 | |
| Operating profit (loss) | 9901 | -€26,377 | -€65,050 | -€38,673 | -146.6% |
| Financial income | 75/76B | €19,468 | €21,110 | +€1,642 | +8.4% |
| Recurring financial income | 75 | €19,468 | €21,110 | +€1,642 | +8.4% |
| Financial charges | 65/66B | €166 | €150 | -€16 | -9.8% |
| Recurring financial charges | 65 | €166 | €150 | -€16 | -9.8% |
| Profit (loss) for the period before taxes | 9903 | -€7,075 | -€44,090 | -€37,015 | -523.2% |
| Income taxes | 67/77 | €286 | €303 | +€17 | +6.1% |
| Profit (loss) for the period | 9904 | -€7,361 | -€44,393 | -€37,032 | -503.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,361 | -€44,393 | -€37,032 | -503.1% |
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 8 October 2026 via checked.be.