BMJ II: 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.
BMJ II
Largest movements
- Tangible fixed assets -€90,142
down €90,142 (-13.7%), from €655,637 to €565,495
of which Other tangible fixed assets: -€98,838
- Stocks and contracts -€48,034
down €48,034 (-17.3%), from €277,093 to €229,059
- Cash -€40,885
down €40,885 (-51.2%), from €79,861 to €38,975
mainly Net result for the year (-€408,609) and Debts after one year (-€50,966)
- Receivables within one year -€14,500
down €14,500 (-73.4%), from €19,767 to €5,267
- Profit (loss) carried forward -€408,609
down €408,609 (-151%), from -€270,174 to -€678,783
- Trade debts +€296,566
up €296,566 (+46.6%), from €635,889 to €932,455
- Debts after one year -€50,966
down €50,966 (-11.8%), from €433,506 to €382,540
- Tax, wage and social debts -€20,193
down €20,193 (-32.5%), from €62,098 to €41,904
of which Remuneration and social security: -€19,826
- Other debts -€12,045
down €12,045 (-10.7%), from €112,092 to €100,047
- Gross operating margin -€151,159
down €151,159 (-48.5%), from €311,444 to €160,285
- Staff costs +€72,484
up €72,484 (+21.7%), from €333,644 to €406,128
- Depreciation +€33,783
up €33,783 (+45.1%), from €74,918 to €108,702
- Financial charges +€14,578
up €14,578 (+38.5%), from €37,880 to €52,458
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.
Derived cash bridge
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 | €1,042,766 | €849,589 | -€193,177 | -18.5% |
| Fixed assets | 21/28 | €655,637 | €565,495 | -€90,142 | -13.7% |
| Tangible fixed assets | 22/27 | €655,637 | €565,495 | -€90,142 | -13.7% |
| Plant, machinery and equipment | 23 | €11,911 | €9,581 | -€2,330 | -19.6% |
| Furniture and vehicles | 24 | €3,015 | €14,040 | +€11,025 | +366% |
| Other tangible fixed assets | 26 | €640,711 | €541,873 | -€98,838 | -15.4% |
| Current assets | 29/58 | €387,129 | €284,095 | -€103,034 | -26.6% |
| Stocks and contracts in progress | 3 | €277,093 | €229,059 | -€48,034 | -17.3% |
| Stocks | 30/36 | €277,093 | €229,059 | -€48,034 | -17.3% |
| Amounts receivable within one year | 40/41 | €19,767 | €5,267 | -€14,500 | -73.4% |
| Other amounts receivable | 41 | €19,767 | €5,267 | -€14,500 | -73.4% |
| Cash at bank and in hand | 54/58 | €79,861 | €38,975 | -€40,885 | -51.2% |
| Deferred charges and accrued income | 490/1 | €10,408 | €10,793 | +€385 | +3.7% |
| Total equity and liabilities | 10/49 | €1,042,766 | €849,589 | -€193,177 | -18.5% |
| Equity | 10/15 | -€249,714 | -€658,323 | -€408,609 | -164% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€270,174 | -€678,783 | -€408,609 | -151% |
| Amounts payable | 17/49 | €1,292,480 | €1,507,913 | +€215,433 | +16.7% |
| Amounts payable after more than one year | 17 | €433,506 | €382,540 | -€50,966 | -11.8% |
| Financial debts | 170/4 | €433,506 | €382,540 | -€50,966 | -11.8% |
| Amounts payable within one year | 42/48 | €858,973 | €1,125,373 | +€266,399 | +31.0% |
| Current portion of amounts payable after more than one year | 42 | €48,895 | €50,966 | +€2,072 | +4.2% |
| Trade debts | 44 | €635,889 | €932,455 | +€296,566 | +46.6% |
| Suppliers | 440/4 | €635,889 | €932,455 | +€296,566 | +46.6% |
| Taxes, remuneration and social security | 45 | €62,098 | €41,904 | -€20,193 | -32.5% |
| Taxes | 450/3 | €1,219 | €851 | -€368 | -30.2% |
| Remuneration and social security | 454/9 | €60,879 | €41,053 | -€19,826 | -32.6% |
| Other amounts payable | 47/48 | €112,092 | €100,047 | -€12,045 | -10.7% |
| Remuneration, social security and pensions | 62 | €333,644 | €406,128 | +€72,484 | +21.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €74,918 | €108,702 | +€33,783 | +45.1% |
| Other operating charges | 640/8 | €4,293 | €1,395 | -€2,898 | -67.5% |
| Non-recurring operating charges | 66A | €248 | €0 | -€248 | -100% |
| Gross operating margin | 9900 | €311,444 | €160,285 | -€151,159 | -48.5% |
| Operating profit (loss) | 9901 | -€101,660 | -€355,940 | -€254,280 | -250% |
| Financial income | 75/76B | €88 | €3 | -€85 | -96.6% |
| Recurring financial income | 75 | €88 | €3 | -€85 | -96.6% |
| Financial charges | 65/66B | €37,880 | €52,458 | +€14,578 | +38.5% |
| Recurring financial charges | 65 | €37,880 | €52,458 | +€14,578 | +38.5% |
| Profit (loss) for the period before taxes | 9903 | -€139,452 | -€408,395 | -€268,943 | -193% |
| Income taxes | 67/77 | €212 | €214 | +€2 | +1.0% |
| Profit (loss) for the period | 9904 | -€139,664 | -€408,609 | -€268,945 | -193% |
| Profit (loss) for the period to be appropriated | 9905 | -€139,664 | -€408,609 | -€268,945 | -193% |
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 27 October 2026 via checked.be.