JSM: 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.
JSM
Largest movements
- Cash +€126,820
up €126,820 (+612%), from €20,720 to €147,540
mainly Net result for the year (+€178,418) and Receivables within one year (+€11,042)
- Receivables within one year -€11,042
down €11,042 (-4.9%), from €227,360 to €216,319
of which Other amounts receivable: -€11,933
- Reserves +€182,963
up €182,963 (+142%), from €129,286 to €312,249
- Debts after one year -€50,000
down €50,000 (-33.3%), from €150,000 to €100,000
- Tax, wage and social debts -€23,298
down €23,298 (-54.6%), from €42,700 to €19,402
of which Taxes: -€23,298
- Gross operating margin +€80,221
up €80,221 (+70.4%), from €113,901 to €194,122
- Taxes +€23,148
up €23,148 (+72.6%), from €31,870 to €55,018
- Financial income +€10,253
up €10,253 (+26.3%), from €38,917 to €49,169
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €888,925 | €1,003,418 | +€114,493 | +12.9% |
| Fixed assets | 21/28 | €639,847 | €638,503 | -€1,344 | -0.2% |
| Tangible fixed assets | 22/27 | €4,127 | €3,683 | -€444 | -10.8% |
| Plant, machinery and equipment | 23 | €4,127 | €3,683 | -€444 | -10.8% |
| Financial fixed assets | 28 | €635,720 | €634,820 | -€900 | -0.1% |
| Current assets | 29/58 | €249,078 | €364,915 | +€115,838 | +46.5% |
| Amounts receivable within one year | 40/41 | €227,360 | €216,319 | -€11,042 | -4.9% |
| Trade receivables | 40 | €944 | €1,835 | +€891 | +94.5% |
| Other amounts receivable | 41 | €226,417 | €214,483 | -€11,933 | -5.3% |
| Cash at bank and in hand | 54/58 | €20,720 | €147,540 | +€126,820 | +612% |
| Deferred charges and accrued income | 490/1 | €997 | €1,057 | +€60 | +6.0% |
| Total equity and liabilities | 10/49 | €888,925 | €1,003,418 | +€114,493 | +12.9% |
| Equity | 10/15 | €516,886 | €699,849 | +€182,963 | +35.4% |
| Contributions | 10/11 | €387,600 | €387,600 | = | 0.0% |
| Reserves | 13 | €129,286 | €312,249 | +€182,963 | +142% |
| Distributable reserves | 133 | €129,286 | €312,249 | +€182,963 | +142% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €372,039 | €303,569 | -€68,470 | -18.4% |
| Amounts payable after more than one year | 17 | €150,000 | €100,000 | -€50,000 | -33.3% |
| Financial debts | 170/4 | €150,000 | €100,000 | -€50,000 | -33.3% |
| Amounts payable within one year | 42/48 | €222,039 | €203,569 | -€18,470 | -8.3% |
| Current portion of amounts payable after more than one year | 42 | €50,000 | €50,000 | = | 0.0% |
| Financial debts | 43 | €6,362 | €8,425 | +€2,063 | +32.4% |
| Credit institutions | 430/8 | €6,362 | €8,425 | +€2,063 | +32.4% |
| Trade debts | 44 | €478 | €306 | -€172 | -35.9% |
| Suppliers | 440/4 | €478 | €306 | -€172 | -35.9% |
| Taxes, remuneration and social security | 45 | €42,700 | €19,402 | -€23,298 | -54.6% |
| Taxes | 450/3 | €39,200 | €15,902 | -€23,298 | -59.4% |
| Remuneration and social security | 454/9 | €3,500 | €3,500 | = | 0.0% |
| Other amounts payable | 47/48 | €122,500 | €125,436 | +€2,936 | +2.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €315 | €444 | +€129 | +40.9% |
| Other operating charges | 640/8 | €591 | €513 | -€78 | -13.1% |
| Gross operating margin | 9900 | €113,901 | €194,122 | +€80,221 | +70.4% |
| Operating profit (loss) | 9901 | €112,995 | €193,164 | +€80,169 | +70.9% |
| Financial income | 75/76B | €38,917 | €49,169 | +€10,253 | +26.3% |
| Recurring financial income | 75 | €38,917 | €49,169 | +€10,253 | +26.3% |
| Financial charges | 65/66B | €9,386 | €8,897 | -€489 | -5.2% |
| Recurring financial charges | 65 | €9,386 | €8,897 | -€489 | -5.2% |
| Profit (loss) for the period before taxes | 9903 | €142,526 | €233,436 | +€90,911 | +63.8% |
| Income taxes | 67/77 | €31,870 | €55,018 | +€23,148 | +72.6% |
| Profit (loss) for the period | 9904 | €110,655 | €178,418 | +€67,763 | +61.2% |
| Profit (loss) for the period to be appropriated | 9905 | €110,655 | €178,418 | +€67,763 | +61.2% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.