JeS Projects: 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.
JeS Projects
Largest movements
- Cash -€31,821
down €31,821 (-48.8%), from €65,160 to €33,339
mainly Contributions, distributions and other (-€50,000) and Other debts (-€31,749)
- Tangible fixed assets -€13,617
down €13,617 (-2.3%), from €584,517 to €570,900
of which Land and buildings: -€18,587
- Other debts -€31,749
down €31,749 (-47.1%), from €67,440 to €35,691
- Debts after one year -€21,693
down €21,693 (-5.7%), from €377,376 to €355,683
- Gross operating margin +€49,970
up €49,970 (+85.1%), from €58,698 to €108,668
- Other operating charges -€16,738
down €16,738 (-89.0%), from €18,806 to €2,068
- Taxes +€12,283
up €12,283 (+568.6%), from €2,160 to €14,443
- Depreciation +€7,108
up €7,108 (+47.8%), from €14,880 to €21,988
- Financial charges +€3,223
up €3,223 (+20.5%), from €15,712 to €18,935
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 | €674,219 | €622,028 | -€52,192 | -7.7% |
| Fixed assets | 21/28 | €584,557 | €570,940 | -€13,617 | -2.3% |
| Tangible fixed assets | 22/27 | €584,517 | €570,900 | -€13,617 | -2.3% |
| Land and buildings | 22 | €565,531 | €546,944 | -€18,587 | -3.3% |
| Furniture and vehicles | 24 | €16,278 | €14,689 | -€1,589 | -9.8% |
| Other tangible fixed assets | 26 | €2,708 | €9,267 | +€6,559 | +242.2% |
| Financial fixed assets | 28 | €40 | €40 | = | 0.0% |
| Current assets | 29/58 | €89,662 | €51,087 | -€38,575 | -43.0% |
| Amounts receivable within one year | 40/41 | €14,393 | €10,658 | -€3,735 | -25.9% |
| Trade receivables | 40 | €14,273 | €10,634 | -€3,639 | -25.5% |
| Other amounts receivable | 41 | €120 | €25 | -€96 | -79.6% |
| Current investments | 50/53 | €9,000 | €6,500 | -€2,500 | -27.8% |
| Cash at bank and in hand | 54/58 | €65,160 | €33,339 | -€31,821 | -48.8% |
| Deferred charges and accrued income | 490/1 | €1,108 | €589 | -€519 | -46.8% |
| Total equity and liabilities | 10/49 | €674,219 | €622,028 | -€52,192 | -7.7% |
| Equity | 10/15 | €154,939 | €156,267 | +€1,328 | +0.9% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €152,000 | €154,000 | +€2,000 | +1.3% |
| Distributable reserves | 133 | €152,000 | €154,000 | +€2,000 | +1.3% |
| Profit (loss) carried forward | 14 | €939 | €267 | -€672 | -71.6% |
| Amounts payable | 17/49 | €519,280 | €465,761 | -€53,519 | -10.3% |
| Amounts payable after more than one year | 17 | €377,376 | €355,683 | -€21,693 | -5.7% |
| Financial debts | 170/4 | €377,376 | €355,683 | -€21,693 | -5.7% |
| Amounts payable within one year | 42/48 | €138,147 | €108,617 | -€29,529 | -21.4% |
| Current portion of amounts payable after more than one year | 42 | €20,844 | €21,693 | +€849 | +4.1% |
| Trade debts | 44 | €11,565 | €7,621 | -€3,944 | -34.1% |
| Suppliers | 440/4 | €11,565 | €7,621 | -€3,944 | -34.1% |
| Taxes, remuneration and social security | 45 | €38,298 | €43,613 | +€5,315 | +13.9% |
| Taxes | 450/3 | €38,298 | €43,613 | +€5,315 | +13.9% |
| Other amounts payable | 47/48 | €67,440 | €35,691 | -€31,749 | -47.1% |
| Accrued charges and deferred income | 492/3 | €3,757 | €1,461 | -€2,297 | -61.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,880 | €21,988 | +€7,108 | +47.8% |
| Other operating charges | 640/8 | €18,806 | €2,068 | -€16,738 | -89.0% |
| Gross operating margin | 9900 | €58,698 | €108,668 | +€49,970 | +85.1% |
| Operating profit (loss) | 9901 | €25,012 | €84,612 | +€59,600 | +238.3% |
| Financial income | 75/76B | €106 | €94 | -€11 | -10.8% |
| Recurring financial income | 75 | €106 | €94 | -€11 | -10.8% |
| Financial charges | 65/66B | €15,712 | €18,935 | +€3,223 | +20.5% |
| Recurring financial charges | 65 | €15,712 | €18,935 | +€3,223 | +20.5% |
| Profit (loss) for the period before taxes | 9903 | €9,405 | €65,771 | +€56,366 | +599.3% |
| Income taxes | 67/77 | €2,160 | €14,443 | +€12,283 | +568.6% |
| Profit (loss) for the period | 9904 | €7,245 | €51,328 | +€44,082 | +608.4% |
| Profit (loss) for the period to be appropriated | 9905 | €7,245 | €51,328 | +€44,082 | +608.4% |
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 28 September 2026 via checked.be.