JENNES PROJECT: 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.
JENNES PROJECT
Largest movements
- Stocks and contracts -€3.0m
down €3.0m (-70.7%), from €4.3m to €1.3m
- Cash -€438,356
down €438,356 (-70.0%), from €626,540 to €188,184
mainly Advances received (-€1.7m) and Other debts (-€749,850)
- Receivables within one year +€133,578
up €133,578 (+8.4%), from €1.6m to €1.7m
of which Trade receivables: +€227,842
- Advances received -€1.7m
down €1.7m (-67.4%), from €2.5m to €800,000
- Other debts -€749,850
down €749,850 (-41.3%), from €1.8m to €1.1m
- Short-term financial debts -€614,663
no longer reported in 2025 (was €614,663)
- Profit (loss) carried forward -€219,279
down €219,279 (-118.7%), from -€184,793 to -€404,072
- Tax, wage and social debts -€188,209
down €188,209 (-88.8%), from €211,845 to €23,636
- Gross operating margin -€113,815
down €113,815 (-462.2%), from -€24,624 to -€138,439
- Financial charges -€6,380
down €6,380 (-7.4%), from €86,174 to €79,793
- Other operating charges -€2,412
down €2,412 (-69.7%), from €3,459 to €1,047
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 | €6,519,553 | €3,175,829 | -€3.3m | -51.3% |
| Current assets | 29/58 | €6,519,553 | €3,175,829 | -€3.3m | -51.3% |
| Stocks and contracts in progress | 3 | €4,296,860 | €1,257,914 | -€3.0m | -70.7% |
| Stocks | 30/36 | €4,296,860 | €1,257,914 | -€3.0m | -70.7% |
| Amounts receivable within one year | 40/41 | €1,596,152 | €1,729,731 | +€133,578 | +8.4% |
| Trade receivables | 40 | €657,350 | €885,191 | +€227,842 | +34.7% |
| Other amounts receivable | 41 | €938,803 | €844,539 | -€94,264 | -10.0% |
| Cash at bank and in hand | 54/58 | €626,540 | €188,184 | -€438,356 | -70.0% |
| Total equity and liabilities | 10/49 | €6,519,553 | €3,175,829 | -€3.3m | -51.3% |
| Equity | 10/15 | €1,425,874 | €1,206,595 | -€219,279 | -15.4% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Reserves | 13 | €1,310,667 | €1,310,667 | = | 0.0% |
| Distributable reserves | 133 | €1,310,667 | €1,310,667 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€184,793 | -€404,072 | -€219,279 | -118.7% |
| Amounts payable | 17/49 | €5,093,679 | €1,969,234 | -€3.1m | -61.3% |
| Amounts payable within one year | 42/48 | €5,093,679 | €1,969,234 | -€3.1m | -61.3% |
| Financial debts | 43 | €614,663 | - | -€614,663 | |
| Credit institutions | 430/8 | €614,663 | - | -€614,663 | |
| Trade debts | 44 | €0 | €78,785 | +€78,785 | |
| Suppliers | 440/4 | €0 | €78,785 | +€78,785 | |
| Advances received on contracts in progress | 46 | €2,450,508 | €800,000 | -€1.7m | -67.4% |
| Taxes, remuneration and social security | 45 | €211,845 | €23,636 | -€188,209 | -88.8% |
| Taxes | 450/3 | €211,845 | €23,636 | -€188,209 | -88.8% |
| Other amounts payable | 47/48 | €1,816,663 | €1,066,813 | -€749,850 | -41.3% |
| Other operating charges | 640/8 | €3,459 | €1,047 | -€2,412 | -69.7% |
| Gross operating margin | 9900 | -€24,624 | -€138,439 | -€113,815 | -462.2% |
| Operating profit (loss) | 9901 | -€28,082 | -€139,486 | -€111,403 | -396.7% |
| Financial charges | 65/66B | €86,174 | €79,793 | -€6,380 | -7.4% |
| Recurring financial charges | 65 | €86,174 | €79,793 | -€6,380 | -7.4% |
| Profit (loss) for the period before taxes | 9903 | -€114,256 | -€219,279 | -€105,023 | -91.9% |
| Profit (loss) for the period | 9904 | -€114,256 | -€219,279 | -€105,023 | -91.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€114,256 | -€219,279 | -€105,023 | -91.9% |
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.