JEMARCO: 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.
What changed
JEMARCO
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€26,957
2024 · €40,450-€67,406
Equity
€2.6m
2024 · €2.6m-€26,957
Cash
€156,620
2024 · €120,552+€36,069
Balance sheet total
€3.0m
2024 · €3.1m-€76,923
Largest movements
Assets
- Receivables after one year -€47,183
down €47,183 (-41.9%), from €112,721 to €65,538
- Receivables within one year -€41,272
down €41,272 (-31.7%), from €130,333 to €89,062
of which Trade receivables: -€48,489
- Cash +€36,069
up €36,069 (+29.9%), from €120,552 to €156,620
mainly Receivables after one year (+€47,183) and Receivables within one year (+€41,272)
Equity and liabilities
No liability line moved by more than 1% of the balance sheet total.
Income statement
- Gross operating margin -€54,847
down €54,847 (-46.3%), from €118,424 to €63,577
- Taxes +€19,088
up €19,088 (+101%), from €18,955 to €38,043
- Other operating charges -€11,548
down €11,548 (-39.5%), from €29,242 to €17,694
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.
Result 2024
€40,450
Gross operating margin
-€54,847
Depreciation
+€189
Other operating charges
+€11,548
Financial income
-€471
Financial charges
-€1,132
Taxes
-€19,088
Deferred taxes and other
-€3,606
Result 2025
-€26,957
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€57,753
Investment
€0
Financing
-€21,685
Cash 2024
€120,552
From operations (derived)
+€57,753
Net result for the year
-€26,957
Depreciation
+€24,907
Receivables after one year
+€47,183
Receivables within one year
+€41,272
Deferred charges and accrued income
-€370
Provisions
-€470
Trade debts
-€6,035
Tax, wage and social debts
-€25,040
Other debts
+€1,751
Accrued charges and deferred income
+€1,512
Financing
-€21,685
Debts after one year
-€21,278
Current portion of long-term debt
-€406
Cash 2025
€156,620
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,081,139 | €3,004,216 | -€76,923 | -2.5% |
| Fixed assets | 21/28 | €2,703,356 | €2,678,449 | -€24,907 | -0.9% |
| Tangible fixed assets | 22/27 | €2,492,622 | €2,467,715 | -€24,907 | -1.0% |
| Land and buildings | 22 | €2,479,392 | €2,454,486 | -€24,907 | -1.0% |
| Plant, machinery and equipment | 23 | €6,668 | €6,668 | = | 0.0% |
| Furniture and vehicles | 24 | €6,562 | €6,562 | = | 0.0% |
| Financial fixed assets | 28 | €210,734 | €210,734 | = | 0.0% |
| Current assets | 29/58 | €377,783 | €325,767 | -€52,016 | -13.8% |
| Amounts receivable after more than one year | 29 | €112,721 | €65,538 | -€47,183 | -41.9% |
| Other amounts receivable | 291 | €112,721 | €65,538 | -€47,183 | -41.9% |
| Amounts receivable within one year | 40/41 | €130,333 | €89,062 | -€41,272 | -31.7% |
| Trade receivables | 40 | €59,017 | €10,528 | -€48,489 | -82.2% |
| Other amounts receivable | 41 | €71,316 | €78,534 | +€7,218 | +10.1% |
| Cash at bank and in hand | 54/58 | €120,552 | €156,620 | +€36,069 | +29.9% |
| Deferred charges and accrued income | 490/1 | €14,177 | €14,548 | +€370 | +2.6% |
| Total equity and liabilities | 10/49 | €3,081,139 | €3,004,216 | -€76,923 | -2.5% |
| Equity | 10/15 | €2,645,377 | €2,618,421 | -€26,957 | -1.0% |
| Contributions | 10/11 | €2,363,743 | €2,363,743 | = | 0.0% |
| Reserves | 13 | €105,277 | €103,868 | -€1,409 | -1.3% |
| Tax-exempt reserves | 132 | €41,877 | €40,468 | -€1,409 | -3.4% |
| Distributable reserves | 133 | €63,400 | €63,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | €176,357 | €150,809 | -€25,548 | -14.5% |
| Provisions and deferred taxes | 16 | €13,959 | €13,489 | -€470 | -3.4% |
| Deferred taxes | 168 | €13,959 | €13,489 | -€470 | -3.4% |
| Amounts payable | 17/49 | €421,802 | €372,306 | -€49,496 | -11.7% |
| Amounts payable after more than one year | 17 | €137,414 | €116,135 | -€21,278 | -15.5% |
| Financial debts | 170/4 | €137,414 | €116,135 | -€21,278 | -15.5% |
| Amounts payable within one year | 42/48 | €270,744 | €241,014 | -€29,730 | -11.0% |
| Current portion of amounts payable after more than one year | 42 | €21,685 | €21,278 | -€406 | -1.9% |
| Trade debts | 44 | €23,707 | €17,672 | -€6,035 | -25.5% |
| Suppliers | 440/4 | €23,707 | €17,672 | -€6,035 | -25.5% |
| Taxes, remuneration and social security | 45 | €25,352 | €312 | -€25,040 | -98.8% |
| Taxes | 450/3 | €25,352 | €312 | -€25,040 | -98.8% |
| Other amounts payable | 47/48 | €200,000 | €201,751 | +€1,751 | +0.9% |
| Accrued charges and deferred income | 492/3 | €13,645 | €15,157 | +€1,512 | +11.1% |
| Non-recurring operating income | 76A | €18,078 | €0 | -€18,078 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,096 | €24,907 | -€189 | -0.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €29,242 | €17,694 | -€11,548 | -39.5% |
| Gross operating margin | 9900 | €118,424 | €63,577 | -€54,847 | -46.3% |
| Operating profit (loss) | 9901 | €64,086 | €20,976 | -€43,110 | -67.3% |
| Financial income | 75/76B | €7,578 | €7,107 | -€471 | -6.2% |
| Recurring financial income | 75 | €7,578 | €7,107 | -€471 | -6.2% |
| Financial charges | 65/66B | €16,335 | €17,466 | +€1,132 | +6.9% |
| Recurring financial charges | 65 | €16,335 | €17,466 | +€1,132 | +6.9% |
| Profit (loss) for the period before taxes | 9903 | €55,329 | €10,617 | -€44,712 | -80.8% |
| Transfer from deferred taxes | 780 | €4,076 | €470 | -€3,606 | -88.5% |
| Income taxes | 67/77 | €18,955 | €38,043 | +€19,088 | +101% |
| Profit (loss) for the period | 9904 | €40,450 | -€26,957 | -€67,406 | |
| Transfer from tax-exempt reserves | 789 | €12,228 | €1,409 | -€10,819 | -88.5% |
| Profit (loss) for the period to be appropriated | 9905 | €52,678 | -€25,548 | -€78,226 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.