SJ PROJECTS: 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.
SJ PROJECTS
Largest movements
- Receivables within one year +€20,701
up €20,701 (+190.1%), from €10,889 to €31,590
of which Trade receivables: +€21,828
- Tangible fixed assets -€6,737
down €6,737 (-15.5%), from €43,523 to €36,786
of which Other tangible fixed assets: -€5,457
- Cash -€5,961
down €5,961 (-8.3%), from €71,776 to €65,815
mainly Receivables within one year (-€20,701) and Contributions, distributions and other (-€10,395)
- Other debts +€15,366
up €15,366 (+72.2%), from €21,276 to €36,641
- Reserves -€5,910
down €5,910 (-6.4%), from €91,751 to €85,841
- Gross operating margin -€9,846
down €9,846 (-34.9%), from €28,187 to €18,342
- Taxes -€3,351
down €3,351 (-53.6%), from €6,256 to €2,905
- Financial charges +€1,108
up €1,108 (+87.2%), from €1,271 to €2,379
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 | €131,963 | €139,947 | +€7,984 | +6.1% |
| Fixed assets | 21/28 | €43,523 | €36,786 | -€6,737 | -15.5% |
| Tangible fixed assets | 22/27 | €43,523 | €36,786 | -€6,737 | -15.5% |
| Plant, machinery and equipment | 23 | €3,980 | €3,440 | -€540 | -13.6% |
| Furniture and vehicles | 24 | €4,472 | €3,732 | -€740 | -16.5% |
| Other tangible fixed assets | 26 | €35,070 | €29,613 | -€5,457 | -15.6% |
| Current assets | 29/58 | €88,440 | €103,161 | +€14,721 | +16.6% |
| Stocks and contracts in progress | 3 | €4,043 | €3,898 | -€145 | -3.6% |
| Stocks | 30/36 | €4,043 | €3,898 | -€145 | -3.6% |
| Amounts receivable within one year | 40/41 | €10,889 | €31,590 | +€20,701 | +190.1% |
| Trade receivables | 40 | €7,509 | €29,337 | +€21,828 | +290.7% |
| Other amounts receivable | 41 | €3,380 | €2,253 | -€1,127 | -33.3% |
| Cash at bank and in hand | 54/58 | €71,776 | €65,815 | -€5,961 | -8.3% |
| Deferred charges and accrued income | 490/1 | €1,732 | €1,857 | +€125 | +7.2% |
| Total equity and liabilities | 10/49 | €131,963 | €139,947 | +€7,984 | +6.1% |
| Equity | 10/15 | €104,151 | €98,241 | -€5,910 | -5.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €91,751 | €85,841 | -€5,910 | -6.4% |
| Distributable reserves | 133 | €91,751 | €85,841 | -€5,910 | -6.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €27,811 | €41,706 | +€13,894 | +50.0% |
| Amounts payable within one year | 42/48 | €27,811 | €41,706 | +€13,894 | +50.0% |
| Trade debts | 44 | €988 | €575 | -€413 | -41.8% |
| Suppliers | 440/4 | €988 | €575 | -€413 | -41.8% |
| Taxes, remuneration and social security | 45 | €5,548 | €4,489 | -€1,059 | -19.1% |
| Taxes | 450/3 | €5,548 | €4,489 | -€1,059 | -19.1% |
| Other amounts payable | 47/48 | €21,276 | €36,641 | +€15,366 | +72.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,709 | €7,851 | +€142 | +1.8% |
| Other operating charges | 640/8 | €846 | €768 | -€78 | -9.3% |
| Non-recurring operating charges | 66A | - | €483 | +€483 | |
| Gross operating margin | 9900 | €28,187 | €18,342 | -€9,846 | -34.9% |
| Operating profit (loss) | 9901 | €19,633 | €9,240 | -€10,393 | -52.9% |
| Financial income | 75/76B | €426 | €529 | +€103 | +24.2% |
| Recurring financial income | 75 | €426 | €529 | +€103 | +24.2% |
| Financial charges | 65/66B | €1,271 | €2,379 | +€1,108 | +87.2% |
| Recurring financial charges | 65 | €1,271 | €2,379 | +€1,108 | +87.2% |
| Profit (loss) for the period before taxes | 9903 | €18,788 | €7,390 | -€11,398 | -60.7% |
| Income taxes | 67/77 | €6,256 | €2,905 | -€3,351 | -53.6% |
| Profit (loss) for the period | 9904 | €12,531 | €4,485 | -€8,046 | -64.2% |
| Profit (loss) for the period to be appropriated | 9905 | €12,531 | €4,485 | -€8,046 | -64.2% |
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 5 October 2026 via checked.be.