SFAR-JMS: 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.
SFAR-JMS
Largest movements
- Cash +€16,317
up €16,317 (+57.6%), from €28,322 to €44,639
mainly Depreciation (+€18,920) and Tax, wage and social debts (+€13,143)
- Intangible fixed assets -€15,134
down €15,134 (-12.5%), from €121,068 to €105,935
- Tangible fixed assets +€10,866
up €10,866 (+187.0%), from €5,810 to €16,676
of which Furniture and vehicles: +€6,387
- Receivables within one year -€6,787
down €6,787 (-22.5%), from €30,206 to €23,420
of which Trade receivables: -€9,785
- Stocks and contracts +€2,777
up €2,777 (+22.5%), from €12,348 to €15,125
- Tax, wage and social debts +€13,143
up €13,143 (+26.5%), from €49,645 to €62,788
of which Taxes: +€10,994
- Profit (loss) carried forward +€9,936
up €9,936 (+56.3%), from -€17,636 to -€7,701
- Trade debts -€8,731
down €8,731 (-8.5%), from €103,133 to €94,403
- Other debts -€5,088
down €5,088 (-9.1%), from €55,792 to €50,703
- Current portion of long-term debt -€2,222
no longer reported in 2025 (was €2,222)
- Gross operating margin +€79,643
up €79,643 (+26.0%), from €306,846 to €386,489
- Staff costs +€54,678
up €54,678 (+18.6%), from €293,260 to €347,939
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 | €211,755 | €218,793 | +€7,037 | +3.3% |
| Fixed assets | 21/28 | €136,303 | €132,036 | -€4,267 | -3.1% |
| Intangible fixed assets | 21 | €121,068 | €105,935 | -€15,134 | -12.5% |
| Tangible fixed assets | 22/27 | €5,810 | €16,676 | +€10,866 | +187.0% |
| Plant, machinery and equipment | 23 | €3,754 | €8,233 | +€4,479 | +119.3% |
| Furniture and vehicles | 24 | €2,056 | €8,444 | +€6,387 | +310.6% |
| Financial fixed assets | 28 | €9,425 | €9,425 | = | 0.0% |
| Current assets | 29/58 | €75,452 | €86,757 | +€11,304 | +15.0% |
| Stocks and contracts in progress | 3 | €12,348 | €15,125 | +€2,777 | +22.5% |
| Stocks | 30/36 | €12,348 | €15,125 | +€2,777 | +22.5% |
| Amounts receivable within one year | 40/41 | €30,206 | €23,420 | -€6,787 | -22.5% |
| Trade receivables | 40 | €19,959 | €10,173 | -€9,785 | -49.0% |
| Other amounts receivable | 41 | €10,248 | €13,246 | +€2,999 | +29.3% |
| Cash at bank and in hand | 54/58 | €28,322 | €44,639 | +€16,317 | +57.6% |
| Deferred charges and accrued income | 490/1 | €4,575 | €3,573 | -€1,002 | -21.9% |
| Total equity and liabilities | 10/49 | €211,755 | €218,793 | +€7,037 | +3.3% |
| Equity | 10/15 | €964 | €10,899 | +€9,936 | +1031.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€17,636 | -€7,701 | +€9,936 | +56.3% |
| Amounts payable | 17/49 | €210,792 | €207,893 | -€2,899 | -1.4% |
| Amounts payable within one year | 42/48 | €210,792 | €207,893 | -€2,899 | -1.4% |
| Current portion of amounts payable after more than one year | 42 | €2,222 | - | -€2,222 | |
| Trade debts | 44 | €103,133 | €94,403 | -€8,731 | -8.5% |
| Suppliers | 440/4 | €103,133 | €94,403 | -€8,731 | -8.5% |
| Taxes, remuneration and social security | 45 | €49,645 | €62,788 | +€13,143 | +26.5% |
| Taxes | 450/3 | €22,995 | €33,989 | +€10,994 | +47.8% |
| Remuneration and social security | 454/9 | €26,650 | €28,799 | +€2,149 | +8.1% |
| Other amounts payable | 47/48 | €55,792 | €50,703 | -€5,088 | -9.1% |
| Remuneration, social security and pensions | 62 | €293,260 | €347,939 | +€54,678 | +18.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,269 | €18,920 | +€2,651 | +16.3% |
| Other operating charges | 640/8 | €4,739 | €6,232 | +€1,493 | +31.5% |
| Gross operating margin | 9900 | €306,846 | €386,489 | +€79,643 | +26.0% |
| Operating profit (loss) | 9901 | -€7,423 | €13,397 | +€20,820 | |
| Financial income | 75/76B | €78 | - | -€78 | |
| Recurring financial income | 75 | €78 | - | -€78 | |
| Financial charges | 65/66B | €3,048 | €3,205 | +€157 | +5.1% |
| Recurring financial charges | 65 | €3,048 | €3,205 | +€157 | +5.1% |
| Profit (loss) for the period before taxes | 9903 | -€10,393 | €10,193 | +€20,586 | |
| Income taxes | 67/77 | €238 | €257 | +€19 | +8.1% |
| Profit (loss) for the period | 9904 | -€10,631 | €9,936 | +€20,566 | |
| Profit (loss) for the period to be appropriated | 9905 | -€10,631 | €9,936 | +€20,566 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.