JSRH: 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.
JSRH
Largest movements
- Stocks and contracts +€434,660
up €434,660 (+718.2%), from €60,519 to €495,179
of which Contracts in progress: +€388,058
- Cash -€213,744
down €213,744 (-93.1%), from €229,467 to €15,723
mainly Stocks and contracts (-€434,660) and Net result for the year (-€144,285)
- Tangible fixed assets -€129,349
down €129,349 (-11.2%), from €1.2m to €1.0m
of which Land and buildings: -€106,876
- Debts after one year +€227,044
up €227,044 (+15.1%), from €1.5m to €1.7m
- Profit (loss) carried forward -€144,285
down €144,285 (-141.9%), from -€101,684 to -€245,968
- Depreciation +€78,233
up €78,233 (+123.7%), from €63,251 to €141,483
- Gross operating margin +€43,892
up €43,892, from -€17,747 to €26,144
- Financial charges +€19,317
up €19,317 (+812.6%), from €2,377 to €21,694
- Other operating charges +€6,998
up €6,998 (+2262.6%), from €309 to €7,308
- Financial income +€274
new in 2025: €274
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 | €1,469,228 | €1,552,210 | +€82,982 | +5.6% |
| Fixed assets | 21/28 | €1,159,934 | €1,030,584 | -€129,349 | -11.2% |
| Tangible fixed assets | 22/27 | €1,159,934 | €1,030,584 | -€129,349 | -11.2% |
| Land and buildings | 22 | €1,084,288 | €977,412 | -€106,876 | -9.9% |
| Plant, machinery and equipment | 23 | €17,488 | €14,227 | -€3,260 | -18.6% |
| Furniture and vehicles | 24 | €58,158 | €38,945 | -€19,213 | -33.0% |
| Current assets | 29/58 | €309,294 | €521,625 | +€212,331 | +68.7% |
| Stocks and contracts in progress | 3 | €60,519 | €495,179 | +€434,660 | +718.2% |
| Stocks | 30/36 | - | €46,602 | +€46,602 | |
| Contracts in progress | 37 | €60,519 | €448,577 | +€388,058 | +641.2% |
| Amounts receivable within one year | 40/41 | €13,122 | €3,611 | -€9,511 | -72.5% |
| Trade receivables | 40 | - | €2,046 | +€2,046 | |
| Other amounts receivable | 41 | €13,122 | €1,565 | -€11,557 | -88.1% |
| Cash at bank and in hand | 54/58 | €229,467 | €15,723 | -€213,744 | -93.1% |
| Deferred charges and accrued income | 490/1 | €6,186 | €7,113 | +€927 | +15.0% |
| Total equity and liabilities | 10/49 | €1,469,228 | €1,552,210 | +€82,982 | +5.6% |
| Equity | 10/15 | -€100,684 | -€244,968 | -€144,285 | -143.3% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€101,684 | -€245,968 | -€144,285 | -141.9% |
| Amounts payable | 17/49 | €1,569,911 | €1,797,178 | +€227,267 | +14.5% |
| Amounts payable after more than one year | 17 | €1,506,380 | €1,733,424 | +€227,044 | +15.1% |
| Financial debts | 170/4 | €1,506,380 | €1,733,424 | +€227,044 | +15.1% |
| Amounts payable within one year | 42/48 | €60,966 | €60,169 | -€797 | -1.3% |
| Current portion of amounts payable after more than one year | 42 | €41,612 | €42,956 | +€1,344 | +3.2% |
| Trade debts | 44 | €8,216 | €1,728 | -€6,488 | -79.0% |
| Suppliers | 440/4 | €8,216 | €1,728 | -€6,488 | -79.0% |
| Taxes, remuneration and social security | 45 | €233 | €1,625 | +€1,393 | +598.6% |
| Taxes | 450/3 | €233 | €450 | +€218 | +93.6% |
| Remuneration and social security | 454/9 | - | €1,175 | +€1,175 | |
| Other amounts payable | 47/48 | €10,906 | €13,860 | +€2,954 | +27.1% |
| Accrued charges and deferred income | 492/3 | €2,565 | €3,585 | +€1,020 | +39.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,251 | €141,483 | +€78,233 | +123.7% |
| Other operating charges | 640/8 | €309 | €7,308 | +€6,998 | +2262.6% |
| Gross operating margin | 9900 | -€17,747 | €26,144 | +€43,892 | |
| Operating profit (loss) | 9901 | -€81,307 | -€122,647 | -€41,340 | -50.8% |
| Financial income | 75/76B | - | €274 | +€274 | |
| Recurring financial income | 75 | - | €274 | +€274 | |
| Financial charges | 65/66B | €2,377 | €21,694 | +€19,317 | +812.6% |
| Recurring financial charges | 65 | €2,377 | €21,694 | +€19,317 | +812.6% |
| Profit (loss) for the period before taxes | 9903 | -€83,685 | -€144,067 | -€60,382 | -72.2% |
| Income taxes | 67/77 | €233 | €218 | -€15 | -6.4% |
| Profit (loss) for the period | 9904 | -€83,917 | -€144,285 | -€60,368 | -71.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€83,917 | -€144,285 | -€60,368 | -71.9% |
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 30 September 2026 via checked.be.