JSMG MANAGEMENT: 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.
JSMG MANAGEMENT
Largest movements
- Current investments +€400,000
up €400,000 (+4,645%), from €8,612 to €408,612
- Receivables within one year +€351,717
up €351,717 (+34.0%), from €1.0m to €1.4m
of which Other amounts receivable: +€971,190
- Cash -€205,947
down €205,947 (-48.5%), from €424,563 to €218,615
mainly Current investments (-€400,000) and Receivables within one year (-€351,717)
- Trade debts +€324,312
up €324,312 (+2,534%), from €12,800 to €337,111
- Other debts +€245,965
up €245,965 (+15.6%), from €1.6m to €1.8m
- Provisions -€107,998
down €107,998 (-51.8%), from €208,358 to €100,360
- Gross operating margin -€229,571
down €229,571 (-30.3%), from €758,341 to €528,770
- Financial charges -€104,384
down €104,384 (-23.3%), from €448,137 to €343,754
of which Non-recurring financial charges: -€335,905
- Staff costs -€89,760
down €89,760 (-40.0%), from €224,565 to €134,804
- Other operating charges +€69,196
up €69,196 (+2,726%), from €2,538 to €71,734
- Provisions -€46,011
down €46,011 (-74.2%), from -€61,987 to -€107,998
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 | €7,737,074 | €8,228,743 | +€491,669 | +6.4% |
| Fixed assets | 21/28 | €6,267,816 | €6,210,735 | -€57,081 | -0.9% |
| Tangible fixed assets | 22/27 | €325,799 | €268,718 | -€57,081 | -17.5% |
| Land and buildings | 22 | €325,799 | €268,718 | -€57,081 | -17.5% |
| Financial fixed assets | 28 | €5,942,017 | €5,942,017 | = | 0.0% |
| Current assets | 29/58 | €1,469,258 | €2,018,008 | +€548,750 | +37.3% |
| Amounts receivable within one year | 40/41 | €1,033,377 | €1,385,095 | +€351,717 | +34.0% |
| Trade receivables | 40 | €850,664 | €231,191 | -€619,473 | -72.8% |
| Other amounts receivable | 41 | €182,714 | €1,153,904 | +€971,190 | +532% |
| Current investments | 50/53 | €8,612 | €408,612 | +€400,000 | +4,645% |
| Cash at bank and in hand | 54/58 | €424,563 | €218,615 | -€205,947 | -48.5% |
| Deferred charges and accrued income | 490/1 | €2,706 | €5,686 | +€2,980 | +110% |
| Total equity and liabilities | 10/49 | €7,737,074 | €8,228,743 | +€491,669 | +6.4% |
| Equity | 10/15 | €5,800,878 | €5,821,785 | +€20,907 | +0.4% |
| Contributions | 10/11 | €4,793,817 | €4,793,817 | = | 0.0% |
| Revaluation surpluses | 12 | €126,598 | €126,598 | = | 0.0% |
| Reserves | 13 | €880,463 | €901,370 | +€20,907 | +2.4% |
| Distributable reserves | 133 | €880,463 | €901,370 | +€20,907 | +2.4% |
| Provisions and deferred taxes | 16 | €208,358 | €100,360 | -€107,998 | -51.8% |
| Provisions for liabilities and charges | 160/5 | €208,358 | €100,360 | -€107,998 | -51.8% |
| Other liabilities and charges | 164/5 | €208,358 | €100,360 | -€107,998 | -51.8% |
| Amounts payable | 17/49 | €1,727,838 | €2,306,598 | +€578,760 | +33.5% |
| Amounts payable within one year | 42/48 | €1,727,838 | €2,306,598 | +€578,760 | +33.5% |
| Trade debts | 44 | €12,800 | €337,111 | +€324,312 | +2,534% |
| Suppliers | 440/4 | €12,800 | €337,111 | +€324,312 | +2,534% |
| Taxes, remuneration and social security | 45 | €138,031 | €146,514 | +€8,483 | +6.1% |
| Taxes | 450/3 | €129,050 | €118,712 | -€10,338 | -8.0% |
| Remuneration and social security | 454/9 | €8,981 | €27,802 | +€18,821 | +210% |
| Other amounts payable | 47/48 | €1,577,008 | €1,822,973 | +€245,965 | +15.6% |
| Remuneration, social security and pensions | 62 | €224,565 | €134,804 | -€89,760 | -40.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €80,270 | €57,081 | -€23,189 | -28.9% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€61,987 | -€107,998 | -€46,011 | -74.2% |
| Other operating charges | 640/8 | €2,538 | €71,734 | +€69,196 | +2,726% |
| Gross operating margin | 9900 | €758,341 | €528,770 | -€229,571 | -30.3% |
| Operating profit (loss) | 9901 | €512,955 | €373,148 | -€139,806 | -27.3% |
| Financial income | 75/76B | €650 | €2,305 | +€1,655 | +255% |
| Recurring financial income | 75 | €650 | €2,305 | +€1,655 | +255% |
| Financial charges | 65/66B | €448,137 | €343,754 | -€104,384 | -23.3% |
| Recurring financial charges | 65 | €112,232 | €343,754 | +€231,521 | +206% |
| Non-recurring financial charges | 66B | €335,905 | - | -€335,905 | |
| Profit (loss) for the period before taxes | 9903 | €65,467 | €31,699 | -€33,768 | -51.6% |
| Income taxes | 67/77 | €28,548 | €10,792 | -€17,756 | -62.2% |
| Profit (loss) for the period | 9904 | €36,919 | €20,907 | -€16,012 | -43.4% |
| Profit (loss) for the period to be appropriated | 9905 | €36,919 | €20,907 | -€16,012 | -43.4% |
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 24 October 2026 via checked.be.