JERAM: 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
JERAM
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€320,519
2024 · €726,938-€406,419
Equity
€8.0m
2024 · €7.7m+€320,519
Cash
€230,369
2024 · €173,484+€56,885
Balance sheet total
€19.9m
2024 · €18.2m+€1.7m
Largest movements
Assets
- Current investments +€900,000
new in 2025: €900,000
- Tangible fixed assets +€708,913
up €708,913 (+3.9%), from €18.0m to €18.7m
of which Land and buildings: +€640,652
Equity and liabilities
- Debts after one year +€982,384
up €982,384 (+15.1%), from €6.5m to €7.5m
of which Financial debts: +€982,384
- Other debts +€331,600
up €331,600 (+10.7%), from €3.1m to €3.4m
- Reserves +€320,519
up €320,519 (+10.9%), from €3.0m to €3.3m
of which Distributable reserves: +€322,379
Income statement
- Depreciation +€330,022
up €330,022 (+33.2%), from €993,997 to €1.3m
- Gross operating margin -€321,343
down €321,343 (-11.3%), from €2.9m to €2.5m
- Taxes -€115,758
down €115,758 (-44.7%), from €258,817 to €143,058
- Financial charges -€82,063
down €82,063 (-15.5%), from €528,455 to €446,392
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
€726,938
Gross operating margin
-€321,343
Staff costs
-€7,284
Depreciation
-€330,022
Other operating charges
-€7,928
Other operating items
-€1,816
Financial income
+€5,845
Financial charges
+€82,063
Taxes
+€115,758
Deferred taxes and other
+€58,308
Result 2025
€320,519
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
+€1.9m
Investment
-€2.9m
Financing
+€1.1m
Cash 2024
€173,484
From operations (derived)
+€1.9m
Net result for the year
+€320,519
Depreciation
+€1.3m
Receivables within one year
-€79,726
Deferred charges and accrued income
+€16,065
Provisions
-€620
Trade debts
+€12,127
Tax, wage and social debts
-€33,985
Other debts
+€331,600
Accrued charges and deferred income
+€13,673
Investment (derived)
-€2.9m
Investment in fixed assets (net)
-€2.0m
Current investments
-€900,000
Financing
+€1.1m
Debts after one year
+€982,384
Current portion of long-term debt
+€103,762
Cash 2025
€230,369
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €18,164,790 | €19,894,249 | +€1.7m | +9.5% |
| Fixed assets | 21/28 | €17,951,715 | €18,660,628 | +€708,913 | +3.9% |
| Tangible fixed assets | 22/27 | €17,950,870 | €18,659,783 | +€708,913 | +3.9% |
| Land and buildings | 22 | €17,931,000 | €18,571,652 | +€640,652 | +3.6% |
| Plant, machinery and equipment | 23 | €4,644 | €3,673 | -€971 | -20.9% |
| Furniture and vehicles | 24 | €15,227 | €84,459 | +€69,232 | +455% |
| Financial fixed assets | 28 | €845 | €845 | = | 0.0% |
| Current assets | 29/58 | €213,075 | €1,233,621 | +€1.0m | +479% |
| Amounts receivable within one year | 40/41 | €16,747 | €96,473 | +€79,726 | +476% |
| Trade receivables | 40 | €1 | €410 | +€409 | +40,949% |
| Other amounts receivable | 41 | €16,746 | €96,063 | +€79,316 | +474% |
| Current investments | 50/53 | - | €900,000 | +€900,000 | |
| Cash at bank and in hand | 54/58 | €173,484 | €230,369 | +€56,885 | +32.8% |
| Deferred charges and accrued income | 490/1 | €22,844 | €6,779 | -€16,065 | -70.3% |
| Total equity and liabilities | 10/49 | €18,164,790 | €19,894,249 | +€1.7m | +9.5% |
| Equity | 10/15 | €7,716,624 | €8,037,143 | +€320,519 | +4.2% |
| Contributions | 10/11 | €4,500,000 | €4,500,000 | = | 0.0% |
| Capital | 10 | €4,500,000 | €4,500,000 | = | 0.0% |
| Issued capital | 100 | €4,500,000 | €4,500,000 | = | 0.0% |
| Revaluation surpluses | 12 | €70,379 | €70,379 | = | 0.0% |
| Reserves | 13 | €2,950,663 | €3,271,182 | +€320,519 | +10.9% |
| Non-distributable reserves | 130/1 | €450,000 | €450,000 | = | 0.0% |
| Legal reserve | 130 | €450,000 | €450,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €173,065 | €171,205 | -€1,860 | -1.1% |
| Distributable reserves | 133 | €2,327,598 | €2,649,977 | +€322,379 | +13.9% |
| Profit (loss) carried forward | 14 | €195,583 | €195,583 | = | 0.0% |
| Provisions and deferred taxes | 16 | €57,688 | €57,068 | -€620 | -1.1% |
| Deferred taxes | 168 | €57,688 | €57,068 | -€620 | -1.1% |
| Amounts payable | 17/49 | €10,390,478 | €11,800,037 | +€1.4m | +13.6% |
| Amounts payable after more than one year | 17 | €6,509,058 | €7,491,442 | +€982,384 | +15.1% |
| Financial debts | 170/4 | €3,509,058 | €4,491,442 | +€982,384 | +28.0% |
| Other amounts payable | 178/9 | €3,000,000 | €3,000,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €3,672,409 | €4,085,913 | +€413,503 | +11.3% |
| Current portion of amounts payable after more than one year | 42 | €397,188 | €500,950 | +€103,762 | +26.1% |
| Trade debts | 44 | €39,115 | €51,242 | +€12,127 | +31.0% |
| Suppliers | 440/4 | €39,115 | €51,242 | +€12,127 | +31.0% |
| Taxes, remuneration and social security | 45 | €144,208 | €110,223 | -€33,985 | -23.6% |
| Taxes | 450/3 | €117,143 | €73,576 | -€43,568 | -37.2% |
| Remuneration and social security | 454/9 | €27,065 | €36,648 | +€9,582 | +35.4% |
| Other amounts payable | 47/48 | €3,091,897 | €3,423,497 | +€331,600 | +10.7% |
| Accrued charges and deferred income | 492/3 | €209,010 | €222,683 | +€13,673 | +6.5% |
| Non-recurring operating income | 76A | €272,962 | €10,000 | -€262,962 | -96.3% |
| Remuneration, social security and pensions | 62 | €92,102 | €99,387 | +€7,284 | +7.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €993,997 | €1,324,018 | +€330,022 | +33.2% |
| Other operating charges | 640/8 | €196,803 | €204,731 | +€7,928 | +4.0% |
| Non-recurring operating charges | 66A | - | €1,816 | +€1,816 | |
| Gross operating margin | 9900 | €2,854,660 | €2,533,317 | -€321,343 | -11.3% |
| Operating profit (loss) | 9901 | €1,571,758 | €903,365 | -€668,393 | -42.5% |
| Financial income | 75/76B | €139 | €5,984 | +€5,845 | +4,195% |
| Recurring financial income | 75 | €139 | €4,794 | +€4,655 | +3,340% |
| Non-recurring financial income | 76B | - | €1,190 | +€1,190 | |
| Financial charges | 65/66B | €528,455 | €446,392 | -€82,063 | -15.5% |
| Recurring financial charges | 65 | €528,455 | €446,392 | -€82,063 | -15.5% |
| Profit (loss) for the period before taxes | 9903 | €1,043,443 | €462,957 | -€580,485 | -55.6% |
| Transfer from deferred taxes | 780 | €4,709 | €3,120 | -€1,589 | -33.7% |
| Transfer to deferred taxes | 680 | €62,397 | €2,500 | -€59,897 | -96.0% |
| Income taxes | 67/77 | €258,817 | €143,058 | -€115,758 | -44.7% |
| Profit (loss) for the period | 9904 | €726,938 | €320,519 | -€406,419 | -55.9% |
| Transfer from tax-exempt reserves | 789 | €14,126 | €9,360 | -€4,766 | -33.7% |
| Transfer to tax-exempt reserves | 689 | €187,191 | €7,500 | -€179,691 | -96.0% |
| Profit (loss) for the period to be appropriated | 9905 | €553,873 | €322,379 | -€231,494 | -41.8% |
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 29 October 2026 via checked.be.