SJ construct: 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.
SJ construct
Largest movements
- Cash +€106,165
up €106,165 (+66.4%), from €159,810 to €265,975
mainly Net result for the year (+€104,793) and Other debts (+€87,183)
- Receivables within one year -€14,220
down €14,220 (-49.6%), from €28,685 to €14,465
of which Trade receivables: -€13,701
- Tangible fixed assets -€7,313
down €7,313 (-25.8%), from €28,371 to €21,058
of which Furniture and vehicles: -€6,025
- Other debts +€87,183
up €87,183 (+58.6%), from €148,835 to €236,018
- Trade debts -€6,835
down €6,835 (-65.4%), from €10,450 to €3,614
- Accrued charges and deferred income +€4,936
up €4,936 (+327.5%), from €1,507 to €6,443
- Gross operating margin +€44,727
up €44,727 (+39.4%), from €113,390 to €158,117
- Taxes +€18,234
up €18,234 (+99.7%), from €18,288 to €36,522
- Depreciation -€10,808
down €10,808 (-55.3%), from €19,538 to €8,730
- Financial income +€3,032
up €3,032 (+921.7%), from €329 to €3,361
- Financial charges +€2,553
up €2,553 (+57.1%), from €4,469 to €7,022
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 | €347,092 | €431,759 | +€84,668 | +24.4% |
| Fixed assets | 21/28 | €28,371 | €21,058 | -€7,313 | -25.8% |
| Tangible fixed assets | 22/27 | €28,371 | €21,058 | -€7,313 | -25.8% |
| Land and buildings | 22 | €1,596 | €1,258 | -€338 | -21.2% |
| Plant, machinery and equipment | 23 | €1,478 | €528 | -€950 | -64.3% |
| Furniture and vehicles | 24 | €25,297 | €19,272 | -€6,025 | -23.8% |
| Current assets | 29/58 | €318,721 | €410,701 | +€91,980 | +28.9% |
| Amounts receivable within one year | 40/41 | €28,685 | €14,465 | -€14,220 | -49.6% |
| Trade receivables | 40 | €21,973 | €8,272 | -€13,701 | -62.4% |
| Other amounts receivable | 41 | €6,712 | €6,193 | -€519 | -7.7% |
| Current investments | 50/53 | €129,971 | €129,971 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €159,810 | €265,975 | +€106,165 | +66.4% |
| Deferred charges and accrued income | 490/1 | €255 | €290 | +€35 | +13.7% |
| Total equity and liabilities | 10/49 | €347,092 | €431,759 | +€84,668 | +24.4% |
| Equity | 10/15 | €182,942 | €182,942 | = | 0.0% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €180,442 | €180,442 | = | 0.0% |
| Distributable reserves | 133 | €180,442 | €180,442 | = | 0.0% |
| Amounts payable | 17/49 | €164,150 | €248,818 | +€84,668 | +51.6% |
| Amounts payable within one year | 42/48 | €162,643 | €242,375 | +€79,732 | +49.0% |
| Trade debts | 44 | €10,450 | €3,614 | -€6,835 | -65.4% |
| Suppliers | 440/4 | €10,450 | €3,614 | -€6,835 | -65.4% |
| Advances received on contracts in progress | 46 | - | €182 | +€182 | |
| Taxes, remuneration and social security | 45 | €3,358 | €2,561 | -€797 | -23.7% |
| Taxes | 450/3 | €3,358 | €2,561 | -€797 | -23.7% |
| Other amounts payable | 47/48 | €148,835 | €236,018 | +€87,183 | +58.6% |
| Accrued charges and deferred income | 492/3 | €1,507 | €6,443 | +€4,936 | +327.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,538 | €8,730 | -€10,808 | -55.3% |
| Other operating charges | 640/8 | €843 | €543 | -€300 | -35.6% |
| Non-recurring operating charges | 66A | - | €3,867 | +€3,867 | |
| Gross operating margin | 9900 | €113,390 | €158,117 | +€44,727 | +39.4% |
| Operating profit (loss) | 9901 | €93,009 | €144,977 | +€51,968 | +55.9% |
| Financial income | 75/76B | €329 | €3,361 | +€3,032 | +921.7% |
| Recurring financial income | 75 | €329 | €3,361 | +€3,032 | +921.7% |
| Financial charges | 65/66B | €4,469 | €7,022 | +€2,553 | +57.1% |
| Recurring financial charges | 65 | €4,469 | €7,022 | +€2,553 | +57.1% |
| Profit (loss) for the period before taxes | 9903 | €88,869 | €141,315 | +€52,446 | +59.0% |
| Income taxes | 67/77 | €18,288 | €36,522 | +€18,234 | +99.7% |
| Profit (loss) for the period | 9904 | €70,581 | €104,793 | +€34,212 | +48.5% |
| Profit (loss) for the period to be appropriated | 9905 | €70,581 | €104,793 | +€34,212 | +48.5% |
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.