SJS INVEST: what changed
SJS INVEST
Largest movements
- Stocks and contracts -€800,278
no longer reported in 2025 (was €800,278)
- Tangible fixed assets +€790,567
up €790,567 (+171%), from €462,291 to €1.3m
of which Land and buildings: +€809,492
- Cash +€233,100
up €233,100 (+320%), from €72,875 to €305,975
mainly Stocks and contracts (+€800,278) and Debts after one year (+€623,442)
- Debts after one year +€623,442
up €623,442 (+209%), from €298,321 to €921,763
- Short-term financial debts -€615,999
no longer reported in 2025 (was €615,999)
- Reserves +€113,048
up €113,048 (+35.6%), from €317,215 to €430,263
- Current portion of long-term debt +€65,051
up €65,051 (+115%), from €56,507 to €121,558
- Other debts +€32,326
up €32,326 (+144%), from €22,441 to €54,767
- Gross operating margin +€168,571
up €168,571 (+105%), from €161,088 to €329,659
- Taxes +€53,863
up €53,863 (+312%), from €17,273 to €71,136
- Other operating charges -€12,466
down €12,466 (-43.4%), from €28,737 to €16,270
- Depreciation +€6,495
up €6,495 (+9.8%), from €66,023 to €72,518
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,339,230 | €1,559,817 | +€220,587 | +16.5% |
| Fixed assets | 21/28 | €462,291 | €1,252,858 | +€790,567 | +171% |
| Tangible fixed assets | 22/27 | €462,291 | €1,252,858 | +€790,567 | +171% |
| Land and buildings | 22 | €366,043 | €1,175,534 | +€809,492 | +221% |
| Furniture and vehicles | 24 | €96,249 | €77,324 | -€18,924 | -19.7% |
| Current assets | 29/58 | €876,939 | €306,958 | -€569,980 | -65.0% |
| Stocks and contracts in progress | 3 | €800,278 | - | -€800,278 | |
| Stocks | 30/36 | €800,278 | - | -€800,278 | |
| Amounts receivable within one year | 40/41 | €3,786 | €984 | -€2,802 | -74.0% |
| Trade receivables | 40 | €18 | €744 | +€727 | +4,068% |
| Other amounts receivable | 41 | €3,768 | €239 | -€3,528 | -93.6% |
| Cash at bank and in hand | 54/58 | €72,875 | €305,975 | +€233,100 | +320% |
| Total equity and liabilities | 10/49 | €1,339,230 | €1,559,817 | +€220,587 | +16.5% |
| Equity | 10/15 | €325,275 | €436,463 | +€111,188 | +34.2% |
| Contributions | 10/11 | €8,060 | €6,200 | -€1,860 | -23.1% |
| Reserves | 13 | €317,215 | €430,263 | +€113,048 | +35.6% |
| Distributable reserves | 133 | €317,215 | €430,263 | +€113,048 | +35.6% |
| Amounts payable | 17/49 | €1,013,955 | €1,123,354 | +€109,399 | +10.8% |
| Amounts payable after more than one year | 17 | €298,321 | €921,763 | +€623,442 | +209% |
| Financial debts | 170/4 | €298,321 | €921,763 | +€623,442 | +209% |
| Amounts payable within one year | 42/48 | €715,635 | €201,591 | -€514,044 | -71.8% |
| Current portion of amounts payable after more than one year | 42 | €56,507 | €121,558 | +€65,051 | +115% |
| Financial debts | 43 | €615,999 | - | -€615,999 | |
| Credit institutions | 430/8 | €615,999 | - | -€615,999 | |
| Trade debts | 44 | €11,897 | €1,247 | -€10,650 | -89.5% |
| Suppliers | 440/4 | €11,897 | €1,247 | -€10,650 | -89.5% |
| Taxes, remuneration and social security | 45 | €8,790 | €24,019 | +€15,229 | +173% |
| Taxes | 450/3 | €8,790 | €24,019 | +€15,229 | +173% |
| Other amounts payable | 47/48 | €22,441 | €54,767 | +€32,326 | +144% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,023 | €72,518 | +€6,495 | +9.8% |
| Other operating charges | 640/8 | €28,737 | €16,270 | -€12,466 | -43.4% |
| Gross operating margin | 9900 | €161,088 | €329,659 | +€168,571 | +105% |
| Operating profit (loss) | 9901 | €66,328 | €240,870 | +€174,542 | +263% |
| Financial income | 75/76B | €774 | €877 | +€102 | +13.2% |
| Recurring financial income | 75 | €774 | €877 | +€102 | +13.2% |
| Financial charges | 65/66B | €6,819 | €6,923 | +€104 | +1.5% |
| Recurring financial charges | 65 | €6,819 | €6,923 | +€104 | +1.5% |
| Profit (loss) for the period before taxes | 9903 | €60,284 | €234,824 | +€174,540 | +290% |
| Income taxes | 67/77 | €17,273 | €71,136 | +€53,863 | +312% |
| Profit (loss) for the period | 9904 | €43,011 | €163,688 | +€120,677 | +281% |
| Profit (loss) for the period to be appropriated | 9905 | €43,011 | €163,688 | +€120,677 | +281% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.