JSM: 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.
JSM
Largest movements
- Tangible fixed assets +€29,181
up €29,181 (+3982.4%), from €733 to €29,914
of which Plant, machinery and equipment: +€27,421
- Receivables within one year -€26,691
down €26,691 (-69.8%), from €38,225 to €11,533
of which Trade receivables: -€24,918
- Cash +€19,241
up €19,241 (+53.3%), from €36,123 to €55,363
mainly Net result for the year (+€44,700) and Receivables within one year (+€26,691)
- Reserves +€44,700
up €44,700 (+126.7%), from €35,281 to €79,982
- Trade debts -€23,960
down €23,960 (-81.5%), from €29,412 to €5,453
- Tax, wage and social debts +€4,929
up €4,929 (+77.5%), from €6,363 to €11,292
of which Taxes: +€5,979
- Other debts -€4,450
down €4,450 (-95.1%), from €4,677 to €227
- Gross operating margin +€45,590
up €45,590 (+94.4%), from €48,299 to €93,889
- Staff costs +€19,144
up €19,144 (+156.7%), from €12,213 to €31,357
- Taxes +€4,642
up €4,642 (+69.3%), from €6,702 to €11,344
- Depreciation +€3,896
up €3,896 (+417.5%), from €933 to €4,829
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 | €78,733 | €99,953 | +€21,220 | +27.0% |
| Formation expenses | 20 | €666 | €450 | -€216 | -32.5% |
| Fixed assets | 21/28 | €733 | €29,914 | +€29,181 | +3982.4% |
| Tangible fixed assets | 22/27 | €733 | €29,914 | +€29,181 | +3982.4% |
| Plant, machinery and equipment | 23 | €733 | €28,153 | +€27,421 | +3742.1% |
| Furniture and vehicles | 24 | - | €1,761 | +€1,761 | |
| Current assets | 29/58 | €77,334 | €69,590 | -€7,745 | -10.0% |
| Stocks and contracts in progress | 3 | €2,987 | €2,693 | -€294 | -9.8% |
| Stocks | 30/36 | €2,987 | €2,693 | -€294 | -9.8% |
| Amounts receivable within one year | 40/41 | €38,225 | €11,533 | -€26,691 | -69.8% |
| Trade receivables | 40 | €36,451 | €11,533 | -€24,918 | -68.4% |
| Other amounts receivable | 41 | €1,773 | - | -€1,773 | |
| Cash at bank and in hand | 54/58 | €36,123 | €55,363 | +€19,241 | +53.3% |
| Total equity and liabilities | 10/49 | €78,733 | €99,953 | +€21,220 | +27.0% |
| Equity | 10/15 | €38,281 | €82,982 | +€44,700 | +116.8% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Outside capital | 11 | €3,000 | €3,000 | = | 0.0% |
| Other | 1109/19 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €35,281 | €79,982 | +€44,700 | +126.7% |
| Distributable reserves | 133 | €35,281 | €79,982 | +€44,700 | +126.7% |
| Amounts payable | 17/49 | €40,452 | €16,972 | -€23,480 | -58.0% |
| Amounts payable within one year | 42/48 | €40,452 | €16,972 | -€23,480 | -58.0% |
| Trade debts | 44 | €29,412 | €5,453 | -€23,960 | -81.5% |
| Suppliers | 440/4 | €29,412 | €5,453 | -€23,960 | -81.5% |
| Taxes, remuneration and social security | 45 | €6,363 | €11,292 | +€4,929 | +77.5% |
| Taxes | 450/3 | €5,313 | €11,292 | +€5,979 | +112.5% |
| Remuneration and social security | 454/9 | €1,050 | - | -€1,050 | |
| Other amounts payable | 47/48 | €4,677 | €227 | -€4,450 | -95.1% |
| Remuneration, social security and pensions | 62 | €12,213 | €31,357 | +€19,144 | +156.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €933 | €4,829 | +€3,896 | +417.5% |
| Other operating charges | 640/8 | €1,287 | €633 | -€655 | -50.9% |
| Gross operating margin | 9900 | €48,299 | €93,889 | +€45,590 | +94.4% |
| Operating profit (loss) | 9901 | €33,866 | €57,071 | +€23,205 | +68.5% |
| Financial income | 75/76B | €0 | €285 | +€285 | +79141.7% |
| Recurring financial income | 75 | €0 | €285 | +€285 | +79141.7% |
| Financial charges | 65/66B | €476 | €1,312 | +€837 | +175.8% |
| Recurring financial charges | 65 | €476 | €1,312 | +€837 | +175.8% |
| Profit (loss) for the period before taxes | 9903 | €33,390 | €56,044 | +€22,654 | +67.8% |
| Income taxes | 67/77 | €6,702 | €11,344 | +€4,642 | +69.3% |
| Profit (loss) for the period | 9904 | €26,688 | €44,700 | +€18,012 | +67.5% |
| Profit (loss) for the period to be appropriated | 9905 | €26,688 | €44,700 | +€18,012 | +67.5% |
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 4 October 2026 via checked.be.