CMJ 54: 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.
CMJ 54
Largest movements
- Tangible fixed assets +€968,925
up €968,925 (+30.9%), from €3.1m to €4.1m
of which Land and buildings: +€964,525
- Receivables within one year +€246,937
up €246,937 (+148.8%), from €165,904 to €412,840
of which Trade receivables: +€150,000
- Cash -€181,922
down €181,922 (-66.6%), from €273,239 to €91,316
mainly Investment in fixed assets (net) (-€1.1m) and Contributions, distributions and other (-€775,000)
- Other debts +€620,066
up €620,066 (+1568.2%), from €39,541 to €659,607
- Debts after one year +€604,616
up €604,616 (+27.2%), from €2.2m to €2.8m
- Reserves -€266,701
down €266,701 (-25.3%), from €1.1m to €787,938
- Current portion of long-term debt +€57,173
up €57,173 (+37.2%), from €153,656 to €210,829
- Gross operating margin +€270,865
up €270,865 (+42.1%), from €643,568 to €914,433
- Taxes +€60,916
up €60,916 (+54.5%), from €111,854 to €172,769
- Depreciation +€32,392
up €32,392 (+23.4%), from €138,381 to €170,773
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 | €3,574,707 | €4,637,471 | +€1.1m | +29.7% |
| Fixed assets | 21/28 | €3,135,385 | €4,104,310 | +€968,925 | +30.9% |
| Tangible fixed assets | 22/27 | €3,135,385 | €4,104,310 | +€968,925 | +30.9% |
| Land and buildings | 22 | €3,132,585 | €4,097,110 | +€964,525 | +30.8% |
| Furniture and vehicles | 24 | €2,800 | €7,200 | +€4,400 | +157.1% |
| Current assets | 29/58 | €439,322 | €533,160 | +€93,839 | +21.4% |
| Amounts receivable within one year | 40/41 | €165,904 | €412,840 | +€246,937 | +148.8% |
| Trade receivables | 40 | €40,000 | €190,000 | +€150,000 | +375.0% |
| Other amounts receivable | 41 | €125,904 | €222,840 | +€96,937 | +77.0% |
| Current investments | 50/53 | - | €26,888 | +€26,888 | |
| Cash at bank and in hand | 54/58 | €273,239 | €91,316 | -€181,922 | -66.6% |
| Deferred charges and accrued income | 490/1 | €179 | €2,116 | +€1,937 | +1078.9% |
| Total equity and liabilities | 10/49 | €3,574,707 | €4,637,471 | +€1.1m | +29.7% |
| Equity | 10/15 | €1,073,240 | €806,538 | -€266,701 | -24.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,054,640 | €787,938 | -€266,701 | -25.3% |
| Distributable reserves | 133 | €1,054,640 | €787,938 | -€266,701 | -25.3% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €2,501,467 | €3,830,932 | +€1.3m | +53.1% |
| Amounts payable after more than one year | 17 | €2,225,263 | €2,829,879 | +€604,616 | +27.2% |
| Financial debts | 170/4 | €2,225,263 | €2,829,879 | +€604,616 | +27.2% |
| Amounts payable within one year | 42/48 | €275,323 | €996,880 | +€721,557 | +262.1% |
| Current portion of amounts payable after more than one year | 42 | €153,656 | €210,829 | +€57,173 | +37.2% |
| Trade debts | 44 | €1,590 | €30,981 | +€29,391 | +1848.8% |
| Suppliers | 440/4 | €1,590 | €30,981 | +€29,391 | +1848.8% |
| Taxes, remuneration and social security | 45 | €80,537 | €95,463 | +€14,927 | +18.5% |
| Taxes | 450/3 | €80,537 | €95,463 | +€14,927 | +18.5% |
| Other amounts payable | 47/48 | €39,541 | €659,607 | +€620,066 | +1568.2% |
| Accrued charges and deferred income | 492/3 | €880 | €4,173 | +€3,293 | +374.2% |
| Non-recurring operating income | 76A | - | €72 | +€72 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €138,381 | €170,773 | +€32,392 | +23.4% |
| Other operating charges | 640/8 | €11,759 | €14,874 | +€3,115 | +26.5% |
| Gross operating margin | 9900 | €643,568 | €914,433 | +€270,865 | +42.1% |
| Operating profit (loss) | 9901 | €493,427 | €728,786 | +€235,358 | +47.7% |
| Financial income | 75/76B | €198 | €715 | +€517 | +260.5% |
| Recurring financial income | 75 | €198 | €715 | +€517 | +260.5% |
| Financial charges | 65/66B | €42,742 | €48,433 | +€5,690 | +13.3% |
| Recurring financial charges | 65 | €42,742 | €48,433 | +€5,690 | +13.3% |
| Profit (loss) for the period before taxes | 9903 | €450,883 | €681,068 | +€230,185 | +51.1% |
| Income taxes | 67/77 | €111,854 | €172,769 | +€60,916 | +54.5% |
| Profit (loss) for the period | 9904 | €339,030 | €508,299 | +€169,269 | +49.9% |
| Profit (loss) for the period to be appropriated | 9905 | €339,030 | €508,299 | +€169,269 | +49.9% |
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.