JEMAX PROJECTS: 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.
JEMAX PROJECTS
Largest movements
- Stocks and contracts +€478,566
up €478,566 (+130.7%), from €366,056 to €844,622
- Receivables within one year -€19,583
down €19,583 (-56.1%), from €34,905 to €15,322
of which Trade receivables: -€19,000
- Cash +€9,827
up €9,827 (+855.1%), from €1,149 to €10,976
mainly Debts after one year (+€533,463) and Trade debts (+€29,615)
- Debts after one year +€533,463
up €533,463 (+122.4%), from €435,778 to €969,242
- Profit (loss) carried forward -€75,949
down €75,949 (-88.3%), from -€86,036 to -€161,985
- Trade debts +€29,615
up €29,615 (+155.7%), from €19,018 to €48,632
- Accrued charges and deferred income -€18,318
no longer reported in 2025 (was €18,318)
- Gross operating margin +€20,175
up €20,175 (+30.6%), from -€66,025 to -€45,850
- Financial charges +€8,664
up €8,664 (+43.4%), from €19,971 to €28,635
- Other operating charges +€1,199
up €1,199 (+311.8%), from €384 to €1,583
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 | €402,110 | €870,920 | +€468,810 | +116.6% |
| Current assets | 29/58 | €402,110 | €870,920 | +€468,810 | +116.6% |
| Stocks and contracts in progress | 3 | €366,056 | €844,622 | +€478,566 | +130.7% |
| Contracts in progress | 37 | €366,056 | €844,622 | +€478,566 | +130.7% |
| Amounts receivable within one year | 40/41 | €34,905 | €15,322 | -€19,583 | -56.1% |
| Trade receivables | 40 | €19,000 | - | -€19,000 | |
| Other amounts receivable | 41 | €15,905 | €15,322 | -€583 | -3.7% |
| Cash at bank and in hand | 54/58 | €1,149 | €10,976 | +€9,827 | +855.1% |
| Total equity and liabilities | 10/49 | €402,110 | €870,920 | +€468,810 | +116.6% |
| Equity | 10/15 | -€71,036 | -€146,985 | -€75,949 | -106.9% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€86,036 | -€161,985 | -€75,949 | -88.3% |
| Amounts payable | 17/49 | €473,146 | €1,017,905 | +€544,760 | +115.1% |
| Amounts payable after more than one year | 17 | €435,778 | €969,242 | +€533,463 | +122.4% |
| Financial debts | 170/4 | €435,778 | €969,242 | +€533,463 | +122.4% |
| Amounts payable within one year | 42/48 | €19,049 | €48,664 | +€29,615 | +155.5% |
| Trade debts | 44 | €19,018 | €48,632 | +€29,615 | +155.7% |
| Suppliers | 440/4 | €19,018 | €48,632 | +€29,615 | +155.7% |
| Taxes, remuneration and social security | 45 | €32 | €32 | = | 0.0% |
| Taxes | 450/3 | €32 | €32 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €18,318 | - | -€18,318 | |
| Other operating charges | 640/8 | €384 | €1,583 | +€1,199 | +311.8% |
| Gross operating margin | 9900 | -€66,025 | -€45,850 | +€20,175 | +30.6% |
| Operating profit (loss) | 9901 | -€66,409 | -€47,433 | +€18,976 | +28.6% |
| Financial income | 75/76B | €344 | €119 | -€225 | -65.3% |
| Recurring financial income | 75 | €344 | €119 | -€225 | -65.3% |
| Financial charges | 65/66B | €19,971 | €28,635 | +€8,664 | +43.4% |
| Recurring financial charges | 65 | €19,971 | €28,635 | +€8,664 | +43.4% |
| Profit (loss) for the period before taxes | 9903 | -€86,036 | -€75,949 | +€10,087 | +11.7% |
| Profit (loss) for the period | 9904 | -€86,036 | -€75,949 | +€10,087 | +11.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€86,036 | -€75,949 | +€10,087 | +11.7% |
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 29 September 2026 via checked.be.