JSMS Construct: 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.
JSMS Construct
Largest movements
- Tangible fixed assets +€1.5m
up €1.5m (+28.1%), from €5.5m to €7.0m
- Debts after one year +€1.2m
up €1.2m (+26.3%), from €4.6m to €5.8m
- Other debts +€558,054
up €558,054 (+380.1%), from €146,822 to €704,875
- Profit (loss) carried forward -€166,486
down €166,486 (-85.6%), from -€194,474 to -€360,960
- Trade debts -€72,659
down €72,659 (-63.6%), from €114,320 to €41,661
- Depreciation +€69,715
up €69,715 (+58.1%), from €120,068 to €189,784
- Gross operating margin +€21,893
up €21,893 (+23.4%), from €93,704 to €115,598
- Financial charges +€14,033
up €14,033 (+22.0%), from €63,924 to €77,957
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 | €5,468,985 | €7,012,722 | +€1.5m | +28.2% |
| Fixed assets | 21/28 | €5,460,121 | €6,994,225 | +€1.5m | +28.1% |
| Tangible fixed assets | 22/27 | €5,460,121 | €6,994,225 | +€1.5m | +28.1% |
| Land and buildings | 22 | €5,460,121 | €6,994,225 | +€1.5m | +28.1% |
| Current assets | 29/58 | €8,864 | €18,497 | +€9,633 | +108.7% |
| Amounts receivable within one year | 40/41 | - | €1,114 | +€1,114 | |
| Trade receivables | 40 | - | €1,114 | +€1,114 | |
| Cash at bank and in hand | 54/58 | €5,687 | €11,087 | +€5,400 | +95.0% |
| Deferred charges and accrued income | 490/1 | €3,177 | €6,296 | +€3,119 | +98.2% |
| Total equity and liabilities | 10/49 | €5,468,985 | €7,012,722 | +€1.5m | +28.2% |
| Equity | 10/15 | €449,526 | €283,040 | -€166,486 | -37.0% |
| Contributions | 10/11 | €644,000 | €644,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€194,474 | -€360,960 | -€166,486 | -85.6% |
| Amounts payable | 17/49 | €5,019,459 | €6,729,682 | +€1.7m | +34.1% |
| Amounts payable after more than one year | 17 | €4,555,423 | €5,752,789 | +€1.2m | +26.3% |
| Financial debts | 170/4 | €4,555,423 | €5,752,789 | +€1.2m | +26.3% |
| Amounts payable within one year | 42/48 | €455,425 | €950,423 | +€494,998 | +108.7% |
| Current portion of amounts payable after more than one year | 42 | €194,283 | €197,334 | +€3,051 | +1.6% |
| Trade debts | 44 | €114,320 | €41,661 | -€72,659 | -63.6% |
| Suppliers | 440/4 | €114,320 | €41,661 | -€72,659 | -63.6% |
| Taxes, remuneration and social security | 45 | - | €6,552 | +€6,552 | |
| Taxes | 450/3 | - | €6,552 | +€6,552 | |
| Other amounts payable | 47/48 | €146,822 | €704,875 | +€558,054 | +380.1% |
| Accrued charges and deferred income | 492/3 | €8,611 | €26,470 | +€17,859 | +207.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €120,068 | €189,784 | +€69,715 | +58.1% |
| Other operating charges | 640/8 | €14,247 | €14,356 | +€109 | +0.8% |
| Gross operating margin | 9900 | €93,704 | €115,598 | +€21,893 | +23.4% |
| Operating profit (loss) | 9901 | -€40,610 | -€88,542 | -€47,932 | -118.0% |
| Financial income | 75/76B | €106 | €13 | -€92 | -87.6% |
| Recurring financial income | 75 | €106 | €13 | -€92 | -87.6% |
| Financial charges | 65/66B | €63,924 | €77,957 | +€14,033 | +22.0% |
| Recurring financial charges | 65 | €63,924 | €77,957 | +€14,033 | +22.0% |
| Profit (loss) for the period before taxes | 9903 | -€104,429 | -€166,486 | -€62,057 | -59.4% |
| Profit (loss) for the period | 9904 | -€104,429 | -€166,486 | -€62,057 | -59.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€104,429 | -€166,486 | -€62,057 | -59.4% |
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 7 October 2026 via checked.be.