JERARMI: 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.
JERARMI
Largest movements
- Tangible fixed assets -€24,802
down €24,802 (-13.8%), from €179,377 to €154,575
- Cash -€14,697
down €14,697 (-57.4%), from €25,585 to €10,887
mainly Net result for the year (-€35,219) and Debts after one year (-€30,320)
- Deferred charges and accrued income +€2,671
up €2,671 (+881.0%), from €303 to €2,974
- Formation expenses -€2,479
down €2,479 (-59.1%), from €4,198 to €1,718
- Trade debts +€43,728
up €43,728 (+509.7%), from €8,579 to €52,307
- Profit (loss) carried forward -€35,219
down €35,219 (-56.2%), from -€62,719 to -€97,937
- Debts after one year -€30,320
down €30,320 (-28.7%), from €105,772 to €75,452
- Tax, wage and social debts -€6,084
down €6,084 (-9.0%), from €67,794 to €61,710
of which Remuneration and social security: -€6,973
- Accrued charges and deferred income -€3,534
no longer reported in 2025 (was €3,534)
- Staff costs -€30,043
down €30,043 (-13.1%), from €230,096 to €200,053
- Gross operating margin -€12,609
down €12,609 (-5.6%), from €224,076 to €211,468
- Depreciation -€6,609
down €6,609 (-19.2%), from €34,436 to €27,827
- Financial charges -€5,984
down €5,984 (-30.2%), from €19,785 to €13,801
- Other operating charges +€2,471
up €2,471 (+41.8%), from €5,913 to €8,384
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 | €218,923 | €179,661 | -€39,261 | -17.9% |
| Formation expenses | 20 | €4,198 | €1,718 | -€2,479 | -59.1% |
| Fixed assets | 21/28 | €179,377 | €154,575 | -€24,802 | -13.8% |
| Tangible fixed assets | 22/27 | €179,377 | €154,575 | -€24,802 | -13.8% |
| Plant, machinery and equipment | 23 | €384 | €240 | -€144 | -37.6% |
| Furniture and vehicles | 24 | €16,355 | €11,164 | -€5,191 | -31.7% |
| Leasing and similar rights | 25 | €74,849 | €66,003 | -€8,846 | -11.8% |
| Other tangible fixed assets | 26 | €87,789 | €77,168 | -€10,621 | -12.1% |
| Current assets | 29/58 | €35,348 | €23,368 | -€11,980 | -33.9% |
| Stocks and contracts in progress | 3 | €8,700 | €8,700 | = | 0.0% |
| Stocks | 30/36 | €8,700 | €8,700 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €760 | €807 | +€47 | +6.1% |
| Trade receivables | 40 | €760 | €691 | -€69 | -9.1% |
| Other amounts receivable | 41 | - | €116 | +€116 | |
| Cash at bank and in hand | 54/58 | €25,585 | €10,887 | -€14,697 | -57.4% |
| Deferred charges and accrued income | 490/1 | €303 | €2,974 | +€2,671 | +881.0% |
| Total equity and liabilities | 10/49 | €218,923 | €179,661 | -€39,261 | -17.9% |
| Equity | 10/15 | -€20,252 | -€58,842 | -€38,590 | -190.6% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€62,719 | -€97,937 | -€35,219 | -56.2% |
| Investment grants | 15 | €27,467 | €24,096 | -€3,371 | -12.3% |
| Amounts payable | 17/49 | €239,174 | €238,503 | -€671 | -0.3% |
| Amounts payable after more than one year | 17 | €105,772 | €75,452 | -€30,320 | -28.7% |
| Financial debts | 170/4 | €105,772 | €75,452 | -€30,320 | -28.7% |
| Amounts payable within one year | 42/48 | €129,868 | €163,051 | +€33,183 | +25.6% |
| Current portion of amounts payable after more than one year | 42 | €34,648 | €31,817 | -€2,831 | -8.2% |
| Trade debts | 44 | €8,579 | €52,307 | +€43,728 | +509.7% |
| Suppliers | 440/4 | €8,579 | €52,307 | +€43,728 | +509.7% |
| Taxes, remuneration and social security | 45 | €67,794 | €61,710 | -€6,084 | -9.0% |
| Taxes | 450/3 | €17,425 | €18,314 | +€889 | +5.1% |
| Remuneration and social security | 454/9 | €50,369 | €43,396 | -€6,973 | -13.8% |
| Other amounts payable | 47/48 | €18,847 | €17,216 | -€1,631 | -8.7% |
| Accrued charges and deferred income | 492/3 | €3,534 | - | -€3,534 | |
| Remuneration, social security and pensions | 62 | €230,096 | €200,053 | -€30,043 | -13.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,436 | €27,827 | -€6,609 | -19.2% |
| Other operating charges | 640/8 | €5,913 | €8,384 | +€2,471 | +41.8% |
| Gross operating margin | 9900 | €224,076 | €211,468 | -€12,609 | -5.6% |
| Operating profit (loss) | 9901 | -€46,369 | -€24,796 | +€21,573 | +46.5% |
| Financial income | 75/76B | €3,436 | €3,378 | -€57 | -1.7% |
| Recurring financial income | 75 | €3,436 | €3,378 | -€57 | -1.7% |
| Financial charges | 65/66B | €19,785 | €13,801 | -€5,984 | -30.2% |
| Recurring financial charges | 65 | €19,785 | €13,801 | -€5,984 | -30.2% |
| Profit (loss) for the period before taxes | 9903 | -€62,719 | -€35,219 | +€27,500 | +43.8% |
| Profit (loss) for the period | 9904 | -€62,719 | -€35,219 | +€27,500 | +43.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€62,719 | -€35,219 | +€27,500 | +43.8% |
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 6 October 2026 via checked.be.