JEMAFEM: 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.
JEMAFEM
Largest movements
- Receivables within one year +€93,219
up €93,219 (+29.3%), from €318,182 to €411,401
of which Other amounts receivable: +€105,457
- Stocks and contracts +€55,744
up €55,744 (+21.0%), from €265,216 to €320,960
- Cash -€18,590
down €18,590 (-77.8%), from €23,908 to €5,318
mainly Other debts (-€115,522) and Receivables within one year (-€93,219)
- Other debts -€115,522
down €115,522 (-88.4%), from €130,619 to €15,097
- Debts after one year +€99,700
new in 2025: €99,700
- Current portion of long-term debt +€61,713
up €61,713 (+235.1%), from €26,254 to €87,968
- Reserves +€58,736
up €58,736 (+15.7%), from €373,334 to €432,069
of which Distributable reserves: +€58,736
- Tax, wage and social debts +€19,854
up €19,854 (+81.2%), from €24,451 to €44,305
- Gross operating margin -€21,652
down €21,652 (-10.1%), from €215,426 to €193,774
- Staff costs -€19,707
down €19,707 (-26.7%), from €73,937 to €54,230
- Financial charges +€9,481
up €9,481 (+216.5%), from €4,379 to €13,861
- Taxes -€4,597
down €4,597 (-13.3%), from €34,451 to €29,854
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 | €777,559 | €913,414 | +€135,855 | +17.5% |
| Fixed assets | 21/28 | €170,253 | €175,735 | +€5,482 | +3.2% |
| Tangible fixed assets | 22/27 | €169,875 | €175,357 | +€5,482 | +3.2% |
| Land and buildings | 22 | €77,237 | €67,101 | -€10,136 | -13.1% |
| Plant, machinery and equipment | 23 | €76,457 | €90,865 | +€14,408 | +18.8% |
| Furniture and vehicles | 24 | €3,065 | €1,837 | -€1,228 | -40.1% |
| Other tangible fixed assets | 26 | €13,116 | €15,555 | +€2,438 | +18.6% |
| Financial fixed assets | 28 | €378 | €378 | = | 0.0% |
| Current assets | 29/58 | €607,306 | €737,678 | +€130,373 | +21.5% |
| Stocks and contracts in progress | 3 | €265,216 | €320,960 | +€55,744 | +21.0% |
| Stocks | 30/36 | €265,216 | €320,960 | +€55,744 | +21.0% |
| Amounts receivable within one year | 40/41 | €318,182 | €411,401 | +€93,219 | +29.3% |
| Trade receivables | 40 | €12,734 | €495 | -€12,239 | -96.1% |
| Other amounts receivable | 41 | €305,448 | €410,906 | +€105,457 | +34.5% |
| Cash at bank and in hand | 54/58 | €23,908 | €5,318 | -€18,590 | -77.8% |
| Total equity and liabilities | 10/49 | €777,559 | €913,414 | +€135,855 | +17.5% |
| Equity | 10/15 | €391,926 | €450,661 | +€58,736 | +15.0% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €373,334 | €432,069 | +€58,736 | +15.7% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €371,475 | €430,210 | +€58,736 | +15.8% |
| Amounts payable | 17/49 | €385,633 | €462,752 | +€77,119 | +20.0% |
| Amounts payable after more than one year | 17 | - | €99,700 | +€99,700 | |
| Financial debts | 170/4 | - | €99,700 | +€99,700 | |
| Amounts payable within one year | 42/48 | €349,343 | €343,053 | -€6,290 | -1.8% |
| Current portion of amounts payable after more than one year | 42 | €26,254 | €87,968 | +€61,713 | +235.1% |
| Financial debts | 43 | - | €12,128 | +€12,128 | |
| Credit institutions | 430/8 | - | €12,128 | +€12,128 | |
| Trade debts | 44 | €168,019 | €183,555 | +€15,536 | +9.2% |
| Suppliers | 440/4 | €168,019 | €183,555 | +€15,536 | +9.2% |
| Taxes, remuneration and social security | 45 | €24,451 | €44,305 | +€19,854 | +81.2% |
| Taxes | 450/3 | €24,451 | €44,305 | +€19,854 | +81.2% |
| Other amounts payable | 47/48 | €130,619 | €15,097 | -€115,522 | -88.4% |
| Accrued charges and deferred income | 492/3 | €36,290 | €20,000 | -€16,290 | -44.9% |
| Remuneration, social security and pensions | 62 | €73,937 | €54,230 | -€19,707 | -26.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,238 | €36,195 | +€958 | +2.7% |
| Other operating charges | 640/8 | €2,628 | €1,004 | -€1,624 | -61.8% |
| Gross operating margin | 9900 | €215,426 | €193,774 | -€21,652 | -10.1% |
| Operating profit (loss) | 9901 | €103,623 | €102,345 | -€1,278 | -1.2% |
| Financial income | 75/76B | €905 | €105 | -€800 | -88.4% |
| Recurring financial income | 75 | €905 | €105 | -€800 | -88.4% |
| Financial charges | 65/66B | €4,379 | €13,861 | +€9,481 | +216.5% |
| Recurring financial charges | 65 | €4,379 | €13,861 | +€9,481 | +216.5% |
| Profit (loss) for the period before taxes | 9903 | €100,149 | €88,590 | -€11,559 | -11.5% |
| Income taxes | 67/77 | €34,451 | €29,854 | -€4,597 | -13.3% |
| Profit (loss) for the period | 9904 | €65,698 | €58,736 | -€6,963 | -10.6% |
| Profit (loss) for the period to be appropriated | 9905 | €65,698 | €58,736 | -€6,963 | -10.6% |
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 4 October 2026 via checked.be.