CROSSWORD-JMG: 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.
CROSSWORD-JMG
Largest movements
- Receivables within one year +€218,049
up €218,049 (+264%), from €82,617 to €300,666
- Cash -€96,817
down €96,817 (-9.8%), from €991,573 to €894,756
mainly Receivables within one year (-€218,049) and Trade debts (-€70,540)
- Reserves +€190,000
up €190,000 (+190%), from €100,000 to €290,000
of which Distributable reserves: +€190,000
- Trade debts -€70,540
down €70,540 (-38.0%), from €185,719 to €115,179
- Tax, wage and social debts +€66,687
up €66,687 (+38.1%), from €175,241 to €241,929
of which Taxes: +€65,640
- Current portion of long-term debt -€34,357
down €34,357 (-50.0%), from €68,701 to €34,344
- Gross operating margin +€174,472
up €174,472 (+23.8%), from €732,257 to €906,729
- Staff costs +€81,447
up €81,447 (+17.2%), from €473,828 to €555,275
- Taxes +€13,619
up €13,619 (+15.1%), from €90,021 to €103,639
- Other operating charges +€12,972
up €12,972 (+68.4%), from €18,969 to €31,942
- Financial income +€11,279
up €11,279 (+391%), from €2,883 to €14,162
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 | €1,946,725 | €2,085,331 | +€138,606 | +7.1% |
| Fixed assets | 21/28 | €5,557 | €4,320 | -€1,237 | -22.3% |
| Tangible fixed assets | 22/27 | €5,209 | €3,972 | -€1,237 | -23.8% |
| Plant, machinery and equipment | 23 | €5,209 | €3,972 | -€1,237 | -23.8% |
| Financial fixed assets | 28 | €349 | €349 | = | 0.0% |
| Current assets | 29/58 | €1,941,168 | €2,081,011 | +€139,843 | +7.2% |
| Stocks and contracts in progress | 3 | €866,978 | €885,589 | +€18,611 | +2.1% |
| Stocks | 30/36 | €866,978 | €885,589 | +€18,611 | +2.1% |
| Amounts receivable within one year | 40/41 | €82,617 | €300,666 | +€218,049 | +264% |
| Other amounts receivable | 41 | €82,617 | €300,666 | +€218,049 | +264% |
| Cash at bank and in hand | 54/58 | €991,573 | €894,756 | -€96,817 | -9.8% |
| Total equity and liabilities | 10/49 | €1,946,725 | €2,085,331 | +€138,606 | +7.1% |
| Equity | 10/15 | €1,499,670 | €1,693,879 | +€194,210 | +13.0% |
| Contributions | 10/11 | €1,000,000 | €1,000,000 | = | 0.0% |
| Contributions outside capital | 11 | €1,000,000 | €1,000,000 | = | 0.0% |
| Other | 1109/19 | €1,000,000 | €1,000,000 | = | 0.0% |
| Reserves | 13 | €100,000 | €290,000 | +€190,000 | +190% |
| Non-distributable reserves | 130/1 | €100,000 | €100,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €100,000 | €100,000 | = | 0.0% |
| Distributable reserves | 133 | - | €190,000 | +€190,000 | |
| Profit (loss) carried forward | 14 | €399,670 | €403,879 | +€4,210 | +1.1% |
| Amounts payable | 17/49 | €447,056 | €391,452 | -€55,604 | -12.4% |
| Amounts payable after more than one year | 17 | €17,394 | - | -€17,394 | |
| Financial debts | 170/4 | €17,394 | - | -€17,394 | |
| Amounts payable within one year | 42/48 | €429,662 | €391,452 | -€38,210 | -8.9% |
| Current portion of amounts payable after more than one year | 42 | €68,701 | €34,344 | -€34,357 | -50.0% |
| Trade debts | 44 | €185,719 | €115,179 | -€70,540 | -38.0% |
| Suppliers | 440/4 | €185,719 | €115,179 | -€70,540 | -38.0% |
| Taxes, remuneration and social security | 45 | €175,241 | €241,929 | +€66,687 | +38.1% |
| Taxes | 450/3 | €106,792 | €172,432 | +€65,640 | +61.5% |
| Remuneration and social security | 454/9 | €68,450 | €69,497 | +€1,047 | +1.5% |
| Remuneration, social security and pensions | 62 | €473,828 | €555,275 | +€81,447 | +17.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,363 | €1,237 | -€126 | -9.2% |
| Other operating charges | 640/8 | €18,969 | €31,942 | +€12,972 | +68.4% |
| Non-recurring operating charges | 66A | €872 | €405 | -€467 | -53.5% |
| Gross operating margin | 9900 | €732,257 | €906,729 | +€174,472 | +23.8% |
| Operating profit (loss) | 9901 | €237,224 | €317,870 | +€80,646 | +34.0% |
| Financial income | 75/76B | €2,883 | €14,162 | +€11,279 | +391% |
| Recurring financial income | 75 | €2,883 | €14,162 | +€11,279 | +391% |
| Financial charges | 65/66B | €40,395 | €34,183 | -€6,212 | -15.4% |
| Recurring financial charges | 65 | €40,395 | €34,183 | -€6,212 | -15.4% |
| Profit (loss) for the period before taxes | 9903 | €199,712 | €297,849 | +€98,137 | +49.1% |
| Income taxes | 67/77 | €90,021 | €103,639 | +€13,619 | +15.1% |
| Profit (loss) for the period | 9904 | €109,691 | €194,210 | +€84,518 | +77.1% |
| Profit (loss) for the period to be appropriated | 9905 | €109,691 | €194,210 | +€84,518 | +77.1% |
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 30 October 2026 via checked.be.