JUSAM: 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.
JUSAM
Largest movements
- Tangible fixed assets -€17,639
down €17,639 (-37.7%), from €46,821 to €29,182
of which Land and buildings: -€9,084
- Cash -€11,093
down €11,093 (-3.9%), from €281,182 to €270,089
mainly Other debts (-€139,983) and Tax, wage and social debts (-€21,654)
- Receivables within one year -€6,445
down €6,445 (-38.1%), from €16,893 to €10,449
of which Trade receivables: -€7,406
- Stocks and contracts +€3,881
up €3,881 (+52.2%), from €7,430 to €11,311
- Reserves +€140,022
up €140,022 (+146.0%), from €95,903 to €235,924
- Other debts -€139,983
down €139,983 (-81.6%), from €171,543 to €31,560
- Tax, wage and social debts -€21,654
down €21,654 (-47.1%), from €45,973 to €24,319
of which Taxes: -€14,039
- Advances received -€6,015
down €6,015 (-86.2%), from €6,975 to €960
- Trade debts -€3,665
down €3,665 (-16.7%), from €21,933 to €18,267
- Staff costs +€41,429
up €41,429 (+18.9%), from €219,505 to €260,935
- Gross operating margin +€27,359
up €27,359 (+5.9%), from €461,259 to €488,619
- Taxes +€9,865
up €9,865 (+19.2%), from €51,356 to €61,220
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 | €352,326 | €321,030 | -€31,296 | -8.9% |
| Fixed assets | 21/28 | €46,821 | €29,182 | -€17,639 | -37.7% |
| Tangible fixed assets | 22/27 | €46,821 | €29,182 | -€17,639 | -37.7% |
| Land and buildings | 22 | €33,044 | €23,959 | -€9,084 | -27.5% |
| Plant, machinery and equipment | 23 | €12,261 | €4,718 | -€7,543 | -61.5% |
| Furniture and vehicles | 24 | €1,516 | €504 | -€1,011 | -66.7% |
| Current assets | 29/58 | €305,505 | €291,848 | -€13,657 | -4.5% |
| Stocks and contracts in progress | 3 | €7,430 | €11,311 | +€3,881 | +52.2% |
| Stocks | 30/36 | €7,430 | €11,311 | +€3,881 | +52.2% |
| Amounts receivable within one year | 40/41 | €16,893 | €10,449 | -€6,445 | -38.1% |
| Trade receivables | 40 | €12,351 | €4,944 | -€7,406 | -60.0% |
| Other amounts receivable | 41 | €4,543 | €5,504 | +€962 | +21.2% |
| Cash at bank and in hand | 54/58 | €281,182 | €270,089 | -€11,093 | -3.9% |
| Total equity and liabilities | 10/49 | €352,326 | €321,030 | -€31,296 | -8.9% |
| Equity | 10/15 | €105,903 | €245,924 | +€140,022 | +132.2% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €95,903 | €235,924 | +€140,022 | +146.0% |
| Distributable reserves | 133 | €95,903 | €235,924 | +€140,022 | +146.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €246,423 | €75,106 | -€171,317 | -69.5% |
| Amounts payable within one year | 42/48 | €246,423 | €75,106 | -€171,317 | -69.5% |
| Trade debts | 44 | €21,933 | €18,267 | -€3,665 | -16.7% |
| Suppliers | 440/4 | €21,933 | €18,267 | -€3,665 | -16.7% |
| Advances received on contracts in progress | 46 | €6,975 | €960 | -€6,015 | -86.2% |
| Taxes, remuneration and social security | 45 | €45,973 | €24,319 | -€21,654 | -47.1% |
| Taxes | 450/3 | €38,358 | €24,319 | -€14,039 | -36.6% |
| Remuneration and social security | 454/9 | €7,615 | €0 | -€7,615 | -100.0% |
| Other amounts payable | 47/48 | €171,543 | €31,560 | -€139,983 | -81.6% |
| Remuneration, social security and pensions | 62 | €219,505 | €260,935 | +€41,429 | +18.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,511 | €17,639 | -€1,873 | -9.6% |
| Other operating charges | 640/8 | €1,740 | €3,493 | +€1,752 | +100.7% |
| Gross operating margin | 9900 | €461,259 | €488,619 | +€27,359 | +5.9% |
| Operating profit (loss) | 9901 | €220,503 | €206,552 | -€13,950 | -6.3% |
| Financial income | 75/76B | €134 | €327 | +€193 | +144.2% |
| Recurring financial income | 75 | €134 | €327 | +€193 | +144.2% |
| Financial charges | 65/66B | €3,408 | €5,637 | +€2,230 | +65.4% |
| Recurring financial charges | 65 | €3,408 | €5,637 | +€2,230 | +65.4% |
| Profit (loss) for the period before taxes | 9903 | €217,229 | €201,242 | -€15,987 | -7.4% |
| Income taxes | 67/77 | €51,356 | €61,220 | +€9,865 | +19.2% |
| Profit (loss) for the period | 9904 | €165,873 | €140,022 | -€25,851 | -15.6% |
| Profit (loss) for the period to be appropriated | 9905 | €165,873 | €140,022 | -€25,851 | -15.6% |
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 10 October 2026 via checked.be.