JSA HOLDING: 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.
JSA HOLDING
Largest movements
- Financial fixed assets +€3.0m
up €3.0m (+4830.8%), from €62,101 to €3.1m
- Receivables after one year -€1.1m
down €1.1m (-91.1%), from €1.2m to €107,850
- Tangible fixed assets +€739,297
up €739,297 (+23.7%), from €3.1m to €3.9m
- Cash +€279,869
up €279,869 (+5169.3%), from €5,414 to €285,283
mainly Other debts (+€2.9m) and Receivables after one year (+€1.1m)
- Other debts +€2.9m
up €2.9m (+216.3%), from €1.3m to €4.2m
- Gross operating margin -€33,845
down €33,845 (-372.9%), from -€9,076 to -€42,920
- Financial charges +€31,065
up €31,065 (+215.6%), from €14,409 to €45,474
- Financial income -€19,687
down €19,687 (-24.8%), from €79,255 to €59,568
- Taxes +€2,411
up €2,411 (+26.1%), from €9,238 to €11,649
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 | €4,471,370 | €7,318,548 | +€2.8m | +63.7% |
| Fixed assets | 21/28 | €3,184,892 | €6,924,189 | +€3.7m | +117.4% |
| Tangible fixed assets | 22/27 | €3,122,791 | €3,862,088 | +€739,297 | +23.7% |
| Furniture and vehicles | 24 | €3,122,791 | €3,862,088 | +€739,297 | +23.7% |
| Financial fixed assets | 28 | €62,101 | €3,062,101 | +€3.0m | +4830.8% |
| Current assets | 29/58 | €1,286,478 | €394,359 | -€892,119 | -69.3% |
| Amounts receivable after more than one year | 29 | €1,207,850 | €107,850 | -€1.1m | -91.1% |
| Other amounts receivable | 291 | €1,207,850 | €107,850 | -€1.1m | -91.1% |
| Amounts receivable within one year | 40/41 | €65,709 | - | -€65,709 | |
| Trade receivables | 40 | €65,709 | - | -€65,709 | |
| Cash at bank and in hand | 54/58 | €5,414 | €285,283 | +€279,869 | +5169.3% |
| Deferred charges and accrued income | 490/1 | €7,506 | €1,226 | -€6,280 | -83.7% |
| Total equity and liabilities | 10/49 | €4,471,370 | €7,318,548 | +€2.8m | +63.7% |
| Equity | 10/15 | €3,137,916 | €3,096,442 | -€41,473 | -1.3% |
| Contributions | 10/11 | €2,289,351 | €2,289,351 | = | 0.0% |
| Capital | 10 | €2,289,351 | €2,289,351 | = | 0.0% |
| Issued capital | 100 | €2,289,351 | €2,289,351 | = | 0.0% |
| Reserves | 13 | €848,565 | €807,091 | -€41,473 | -4.9% |
| Non-distributable reserves | 130/1 | €53,246 | €53,246 | = | 0.0% |
| Legal reserve | 130 | €53,246 | €53,246 | = | 0.0% |
| Distributable reserves | 133 | €795,318 | €753,845 | -€41,473 | -5.2% |
| Amounts payable | 17/49 | €1,333,455 | €4,222,106 | +€2.9m | +216.6% |
| Amounts payable within one year | 42/48 | €1,333,455 | €4,222,106 | +€2.9m | +216.6% |
| Trade debts | 44 | €13,455 | €44,852 | +€31,398 | +233.4% |
| Suppliers | 440/4 | €13,455 | €44,852 | +€31,398 | +233.4% |
| Taxes, remuneration and social security | 45 | - | €2,253 | +€2,253 | |
| Taxes | 450/3 | - | €2,253 | +€2,253 | |
| Other amounts payable | 47/48 | €1,320,000 | €4,175,000 | +€2.9m | +216.3% |
| Other operating charges | 640/8 | €968 | €998 | +€31 | +3.2% |
| Gross operating margin | 9900 | -€9,076 | -€42,920 | -€33,845 | -372.9% |
| Operating profit (loss) | 9901 | -€10,043 | -€43,919 | -€33,875 | -337.3% |
| Financial income | 75/76B | €79,255 | €59,568 | -€19,687 | -24.8% |
| Recurring financial income | 75 | €79,255 | €59,568 | -€19,687 | -24.8% |
| Financial charges | 65/66B | €14,409 | €45,474 | +€31,065 | +215.6% |
| Recurring financial charges | 65 | €14,409 | €45,474 | +€31,065 | +215.6% |
| Profit (loss) for the period before taxes | 9903 | €54,803 | -€29,824 | -€84,628 | |
| Income taxes | 67/77 | €9,238 | €11,649 | +€2,411 | +26.1% |
| Profit (loss) for the period | 9904 | €45,565 | -€41,473 | -€87,039 | |
| Profit (loss) for the period to be appropriated | 9905 | €45,565 | -€41,473 | -€87,039 |
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 12 October 2026 via checked.be.