JEMCO: 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
JEMCO
NACE 25.110, Manufacture of metal structures and parts of structures
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€321,131
2024 · €45,187-€366,319
Equity
€1.7m
2024 · €2.0m-€299,559
Cash
€133,377
2024 · €225,856-€92,479
Balance sheet total
€5.9m
2024 · €4.6m+€1.3m
Largest movements
Assets
- Tangible fixed assets +€2.1m
up €2.1m (+102.3%), from €2.1m to €4.2m
of which Assets under construction and advance payments: +€1.9m
- Receivables within one year -€617,317
down €617,317 (-47.1%), from €1.3m to €693,283
of which Trade receivables: -€631,518
- Current investments -€251,205
down €251,205 (-100.0%), from €251,296 to €91
- Stocks and contracts +€119,372
up €119,372 (+18.2%), from €654,182 to €773,555
- Cash -€92,479
down €92,479 (-40.9%), from €225,856 to €133,377
mainly Investment in fixed assets (net) (-€2.4m) and Accrued charges and deferred income (-€464,732)
Equity and liabilities
- Debts after one year +€1.9m
up €1.9m (+245.6%), from €768,243 to €2.7m
- Accrued charges and deferred income -€464,732
down €464,732 (-62.7%), from €741,200 to €276,468
- Profit (loss) carried forward -€321,131
down €321,131, from €153,023 to -€168,108
- Current portion of long-term debt +€151,305
up €151,305 (+123.8%), from €122,177 to €273,481
- Short-term financial debts -€59,993
down €59,993 (-13.1%), from €456,375 to €396,382
Income statement
- Turnover -€807,909
down €807,909 (-17.0%), from €4.8m to €3.9m
- Goods and materials -€369,620
down €369,620 (-21.9%), from €1.7m to €1.3m
of which Change in stocks: decrease (increase): -€274,934
- Services and other goods +€110,184
up €110,184 (+9.3%), from €1.2m to €1.3m
- Staff costs +€71,077
up €71,077 (+4.7%), from €1.5m to €1.6m
- Financial charges +€59,523
up €59,523 (+79.3%), from €75,025 to €134,548
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
€45,187
Turnover
-€807,909
Other operating income
+€4,716
Goods and materials
+€369,620
Services and other goods
-€110,184
Staff costs
-€71,077
Depreciation
-€45,783
Write-downs
-€30,000
Other operating charges
-€2,011
Other operating items
+€355,254
Financial income
-€24,376
Financial charges
-€59,523
Taxes
+€54,955
Result 2025
-€321,131
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.
From operations
+€50,194
Investment
-€2.1m
Financing
+€2.0m
Cash 2024
€225,856
From operations (derived)
+€50,194
Net result for the year
-€321,131
Depreciation
+€235,603
Stocks and contracts
-€119,372
Receivables within one year
+€617,317
Deferred charges and accrued income
+€62,855
Trade debts
+€32,025
Tax, wage and social debts
+€7,631
Accrued charges and deferred income
-€464,732
Investment (derived)
-€2.1m
Investment in fixed assets (net)
-€2.4m
Current investments
+€251,205
Financing
+€2.0m
Debts after one year
+€1.9m
Current portion of long-term debt
+€151,305
Short-term financial debts
-€59,993
Contributions, distributions and other
+€21,572
Cash 2025
€133,377
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,609,580 | €5,862,758 | +€1.3m | +27.2% |
| Fixed assets | 21/28 | €2,075,964 | €4,233,626 | +€2.2m | +103.9% |
| Intangible fixed assets | 21 | - | €33,633 | +€33,633 | |
| Tangible fixed assets | 22/27 | €2,075,829 | €4,199,858 | +€2.1m | +102.3% |
| Land and buildings | 22 | €1,380,435 | €1,451,742 | +€71,307 | +5.2% |
| Plant, machinery and equipment | 23 | €559,945 | €752,907 | +€192,962 | +34.5% |
| Furniture and vehicles | 24 | €88,720 | €33,377 | -€55,342 | -62.4% |
| Leasing and similar rights | 25 | €46,728 | €94,916 | +€48,188 | +103.1% |
| Assets under construction and advance payments | 27 | - | €1,866,915 | +€1.9m | |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Other financial fixed assets | 284/8 | €135 | €135 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €2,533,616 | €1,629,133 | -€904,483 | -35.7% |
| Stocks and contracts in progress | 3 | €654,182 | €773,555 | +€119,372 | +18.2% |
| Stocks | 30/36 | €654,182 | €773,555 | +€119,372 | +18.2% |
| Work in progress | 32 | €100,821 | €185,875 | +€85,054 | +84.4% |
| Goods purchased for resale | 34 | €553,361 | €587,680 | +€34,318 | +6.2% |
| Amounts receivable within one year | 40/41 | €1,310,600 | €693,283 | -€617,317 | -47.1% |
| Trade receivables | 40 | €1,299,648 | €668,130 | -€631,518 | -48.6% |
| Other amounts receivable | 41 | €10,952 | €25,154 | +€14,202 | +129.7% |
| Current investments | 50/53 | €251,296 | €91 | -€251,205 | -100.0% |
| Other investments | 51/53 | €251,296 | €91 | -€251,205 | -100.0% |
| Cash at bank and in hand | 54/58 | €225,856 | €133,377 | -€92,479 | -40.9% |
| Deferred charges and accrued income | 490/1 | €91,682 | €28,827 | -€62,855 | -68.6% |
| Total equity and liabilities | 10/49 | €4,609,580 | €5,862,758 | +€1.3m | +27.2% |
| Equity | 10/15 | €2,040,345 | €1,740,786 | -€299,559 | -14.7% |
| Contributions | 10/11 | €99,157 | €99,157 | = | 0.0% |
| Capital | 10 | €99,157 | €99,157 | = | 0.0% |
| Issued capital | 100 | €99,157 | €99,157 | = | 0.0% |
| Revaluation surpluses | 12 | €1,231,746 | €1,231,746 | = | 0.0% |
| Reserves | 13 | €556,418 | €556,418 | = | 0.0% |
| Non-distributable reserves | 130/1 | €9,916 | €9,916 | = | 0.0% |
| Legal reserve | 130 | €9,916 | €9,916 | = | 0.0% |
| Distributable reserves | 133 | €546,503 | €546,503 | = | 0.0% |
| Profit (loss) carried forward | 14 | €153,023 | -€168,108 | -€321,131 | |
| Investment grants | 15 | - | €21,572 | +€21,572 | |
| Amounts payable | 17/49 | €2,569,235 | €4,121,972 | +€1.6m | +60.4% |
| Amounts payable after more than one year | 17 | €768,243 | €2,654,746 | +€1.9m | +245.6% |
| Financial debts | 170/4 | €768,243 | €2,654,746 | +€1.9m | +245.6% |
| Credit institutions | 173 | €768,243 | €2,654,746 | +€1.9m | +245.6% |
| Amounts payable within one year | 42/48 | €1,059,792 | €1,190,758 | +€130,967 | +12.4% |
| Current portion of amounts payable after more than one year | 42 | €122,177 | €273,481 | +€151,305 | +123.8% |
| Financial debts | 43 | €456,375 | €396,382 | -€59,993 | -13.1% |
| Credit institutions | 430/8 | €456,375 | €396,382 | -€59,993 | -13.1% |
| Trade debts | 44 | €275,354 | €307,378 | +€32,025 | +11.6% |
| Suppliers | 440/4 | €275,354 | €307,378 | +€32,025 | +11.6% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €205,886 | €213,517 | +€7,631 | +3.7% |
| Taxes | 450/3 | €23,445 | €17,315 | -€6,130 | -26.1% |
| Remuneration and social security | 454/9 | €182,441 | €196,201 | +€13,761 | +7.5% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €741,200 | €276,468 | -€464,732 | -62.7% |
| Operating income | 70/76A | €4,784,182 | €4,300,347 | -€483,835 | -10.1% |
| Turnover | 70 | €4,755,881 | €3,947,973 | -€807,909 | -17.0% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€22,763 | €172,845 | +€195,608 | |
| Own construction capitalised | 72 | - | €119,714 | +€119,714 | |
| Other operating income | 74 | €51,064 | €55,779 | +€4,716 | +9.2% |
| Non-recurring operating income | 76A | - | €4,036 | +€4,036 | |
| Operating charges | 60/66A | €4,637,759 | €4,491,298 | -€146,460 | -3.2% |
| Goods for resale, raw materials and consumables | 60 | €1,688,352 | €1,318,733 | -€369,620 | -21.9% |
| Purchases | 600/8 | €1,413,563 | €1,318,878 | -€94,685 | -6.7% |
| Change in stocks: decrease (increase) | 609 | €274,789 | -€145 | -€274,934 | |
| Services and other goods | 61 | €1,184,945 | €1,295,129 | +€110,184 | +9.3% |
| Remuneration, social security and pensions | 62 | €1,502,925 | €1,574,002 | +€71,077 | +4.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €189,820 | €235,603 | +€45,783 | +24.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €30,000 | +€30,000 | |
| Other operating charges | 640/8 | €32,655 | €34,666 | +€2,011 | +6.2% |
| Non-recurring operating charges | 66A | €39,061 | €3,165 | -€35,896 | -91.9% |
| Operating profit (loss) | 9901 | €146,423 | -€190,951 | -€337,374 | |
| Financial income | 75/76B | €29,876 | €5,500 | -€24,376 | -81.6% |
| Recurring financial income | 75 | €29,876 | €5,500 | -€24,376 | -81.6% |
| Income from current assets | 751 | €167 | €1,500 | +€1,333 | +800.0% |
| Other financial income | 752/9 | €29,710 | €4,000 | -€25,709 | -86.5% |
| Financial charges | 65/66B | €75,025 | €134,548 | +€59,523 | +79.3% |
| Recurring financial charges | 65 | €75,025 | €134,548 | +€59,523 | +79.3% |
| Debt charges | 650 | €72,966 | €131,194 | +€58,228 | +79.8% |
| Other financial charges | 652/9 | €2,059 | €3,354 | +€1,295 | +62.9% |
| Profit (loss) for the period before taxes | 9903 | €101,274 | -€319,999 | -€421,273 | |
| Income taxes | 67/77 | €56,087 | €1,132 | -€54,955 | -98.0% |
| Taxes | 670/3 | €56,087 | €1,132 | -€54,955 | -98.0% |
| Tax adjustments and reversals of tax provisions | 77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | €45,187 | -€321,131 | -€366,319 | |
| Profit (loss) for the period to be appropriated | 9905 | €45,187 | -€321,131 | -€366,319 |
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 11 October 2026 via checked.be.