JERMU: 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.
JERMU
Largest movements
- Receivables within one year +€107,454
up €107,454 (+154.3%), from €69,652 to €177,106
of which Trade receivables: +€116,351
- Deferred charges and accrued income -€8,578
down €8,578 (-65.5%), from €13,097 to €4,518
- Cash +€7,128
up €7,128 (+11.8%), from €60,379 to €67,508
mainly Net result for the year (+€237,312) and Other debts (+€162,267)
- Tangible fixed assets -€3,723
down €3,723 (-39.6%), from €9,392 to €5,669
- Other debts +€162,267
up €162,267 (+202.8%), from €80,000 to €242,267
- Reserves -€55,000
down €55,000 (-100.0%), from €55,000 to €0
- Tax, wage and social debts -€2,779
down €2,779 (-24.7%), from €11,263 to €8,485
- Profit (loss) carried forward -€2,688
down €2,688 (-87.4%), from €3,074 to €386
- Gross operating margin +€205,696
up €205,696 (+172.8%), from €119,019 to €324,715
- Taxes +€53,055
up €53,055 (+229.3%), from €23,139 to €76,194
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 | €152,520 | €254,801 | +€102,281 | +67.1% |
| Fixed assets | 21/28 | €9,392 | €5,669 | -€3,723 | -39.6% |
| Tangible fixed assets | 22/27 | €9,392 | €5,669 | -€3,723 | -39.6% |
| Land and buildings | 22 | €1,889 | €853 | -€1,036 | -54.9% |
| Plant, machinery and equipment | 23 | €210 | €119 | -€91 | -43.3% |
| Furniture and vehicles | 24 | €1,634 | €850 | -€785 | -48.0% |
| Other tangible fixed assets | 26 | €5,659 | €3,848 | -€1,812 | -32.0% |
| Current assets | 29/58 | €143,128 | €249,132 | +€106,004 | +74.1% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €69,652 | €177,106 | +€107,454 | +154.3% |
| Trade receivables | 40 | €51,949 | €168,300 | +€116,351 | +224.0% |
| Other amounts receivable | 41 | €17,703 | €8,806 | -€8,898 | -50.3% |
| Cash at bank and in hand | 54/58 | €60,379 | €67,508 | +€7,128 | +11.8% |
| Deferred charges and accrued income | 490/1 | €13,097 | €4,518 | -€8,578 | -65.5% |
| Total equity and liabilities | 10/49 | €152,520 | €254,801 | +€102,281 | +67.1% |
| Equity | 10/15 | €60,574 | €2,886 | -€57,688 | -95.2% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €55,000 | €0 | -€55,000 | -100.0% |
| Distributable reserves | 133 | €55,000 | €0 | -€55,000 | -100.0% |
| Profit (loss) carried forward | 14 | €3,074 | €386 | -€2,688 | -87.4% |
| Amounts payable | 17/49 | €91,946 | €251,915 | +€159,969 | +174.0% |
| Amounts payable within one year | 42/48 | €91,585 | €251,253 | +€159,667 | +174.3% |
| Trade debts | 44 | €322 | €501 | +€180 | +55.8% |
| Suppliers | 440/4 | €322 | €501 | +€180 | +55.8% |
| Taxes, remuneration and social security | 45 | €11,263 | €8,485 | -€2,779 | -24.7% |
| Taxes | 450/3 | €11,263 | €8,485 | -€2,779 | -24.7% |
| Other amounts payable | 47/48 | €80,000 | €242,267 | +€162,267 | +202.8% |
| Accrued charges and deferred income | 492/3 | €361 | €662 | +€301 | +83.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,943 | €4,015 | +€72 | +1.8% |
| Other operating charges | 640/8 | €882 | €950 | +€68 | +7.7% |
| Gross operating margin | 9900 | €119,019 | €324,715 | +€205,696 | +172.8% |
| Operating profit (loss) | 9901 | €114,193 | €319,750 | +€205,557 | +180.0% |
| Financial income | 75/76B | €824 | €0 | -€824 | -100.0% |
| Recurring financial income | 75 | €824 | €0 | -€824 | -100.0% |
| Financial charges | 65/66B | €7,452 | €6,244 | -€1,208 | -16.2% |
| Recurring financial charges | 65 | €7,452 | €6,244 | -€1,208 | -16.2% |
| Profit (loss) for the period before taxes | 9903 | €107,565 | €313,506 | +€205,941 | +191.5% |
| Income taxes | 67/77 | €23,139 | €76,194 | +€53,055 | +229.3% |
| Profit (loss) for the period | 9904 | €84,426 | €237,312 | +€152,886 | +181.1% |
| Profit (loss) for the period to be appropriated | 9905 | €84,426 | €237,312 | +€152,886 | +181.1% |
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 10 October 2026 via checked.be.