GROUP JMW: 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.
GROUP JMW
Largest movements
- Tangible fixed assets -€41,985
down €41,985 (-9.2%), from €455,985 to €414,000
- Receivables within one year -€15,825
down €15,825 (-60.9%), from €25,972 to €10,147
of which Trade receivables: -€15,825
- Debts after one year -€43,021
down €43,021 (-16.9%), from €255,179 to €212,158
- Current portion of long-term debt -€36,232
down €36,232 (-45.7%), from €79,253 to €43,021
- Reserves +€30,961
up €30,961 (+74.9%), from €41,343 to €72,304
of which Distributable reserves: +€29,413
- Staff costs -€51,876
down €51,876 (-73.2%), from €70,881 to €19,005
- Gross operating margin -€41,032
down €41,032 (-27.5%), from €149,342 to €108,310
- Turnover -€31,023
down €31,023 (-20.4%), from €151,989 to €120,966
- Purchases and services +€10,009
up €10,009 (+378%), from €2,647 to €12,656
- Depreciation -€7,024
down €7,024 (-14.3%), from €49,009 to €41,985
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 | €1,377,540 | €1,326,394 | -€51,146 | -3.7% |
| Fixed assets | 21/28 | €1,105,985 | €1,064,000 | -€41,985 | -3.8% |
| Tangible fixed assets | 22/27 | €455,985 | €414,000 | -€41,985 | -9.2% |
| Land and buildings | 22 | €455,985 | €414,000 | -€41,985 | -9.2% |
| Financial fixed assets | 28 | €650,000 | €650,000 | = | 0.0% |
| Current assets | 29/58 | €271,555 | €262,394 | -€9,161 | -3.4% |
| Amounts receivable within one year | 40/41 | €25,972 | €10,147 | -€15,825 | -60.9% |
| Trade receivables | 40 | €15,972 | €147 | -€15,825 | -99.1% |
| Other amounts receivable | 41 | €10,000 | €10,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €245,583 | €252,247 | +€6,664 | +2.7% |
| Total equity and liabilities | 10/49 | €1,377,540 | €1,326,394 | -€51,146 | -3.7% |
| Equity | 10/15 | €447,248 | €478,209 | +€30,961 | +6.9% |
| Contributions | 10/11 | €405,000 | €405,000 | = | 0.0% |
| Capital | 10 | €405,000 | €405,000 | = | 0.0% |
| Issued capital | 100 | €405,000 | €405,000 | = | 0.0% |
| Reserves | 13 | €41,343 | €72,304 | +€30,961 | +74.9% |
| Non-distributable reserves | 130/1 | €1,266 | €2,814 | +€1,548 | +122% |
| Legal reserve | 130 | €1,266 | €2,814 | +€1,548 | +122% |
| Distributable reserves | 133 | €40,077 | €69,490 | +€29,413 | +73.4% |
| Profit (loss) carried forward | 14 | €905 | €905 | = | 0.0% |
| Amounts payable | 17/49 | €930,292 | €848,185 | -€82,107 | -8.8% |
| Amounts payable after more than one year | 17 | €255,179 | €212,158 | -€43,021 | -16.9% |
| Financial debts | 170/4 | €255,179 | €212,158 | -€43,021 | -16.9% |
| Amounts payable within one year | 42/48 | €675,113 | €636,027 | -€39,086 | -5.8% |
| Current portion of amounts payable after more than one year | 42 | €79,253 | €43,021 | -€36,232 | -45.7% |
| Trade debts | 44 | €3,073 | €1,181 | -€1,892 | -61.6% |
| Suppliers | 440/4 | €3,073 | €1,181 | -€1,892 | -61.6% |
| Advances received on contracts in progress | 46 | €71 | €71 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €18,220 | €17,258 | -€962 | -5.3% |
| Taxes | 450/3 | €18,220 | €17,258 | -€962 | -5.3% |
| Other amounts payable | 47/48 | €574,496 | €574,496 | = | 0.0% |
| Turnover | 70 | €151,989 | €120,966 | -€31,023 | -20.4% |
| Goods, raw materials, services and sundry goods | 60/61 | €2,647 | €12,656 | +€10,009 | +378% |
| Remuneration, social security and pensions | 62 | €70,881 | €19,005 | -€51,876 | -73.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,009 | €41,985 | -€7,024 | -14.3% |
| Other operating charges | 640/8 | €2,477 | €2,519 | +€42 | +1.7% |
| Gross operating margin | 9900 | €149,342 | €108,310 | -€41,032 | -27.5% |
| Operating profit (loss) | 9901 | €26,975 | €44,801 | +€17,826 | +66.1% |
| Financial charges | 65/66B | €4,592 | €3,961 | -€631 | -13.7% |
| Recurring financial charges | 65 | €4,592 | €3,961 | -€631 | -13.7% |
| Profit (loss) for the period before taxes | 9903 | €22,383 | €40,840 | +€18,457 | +82.5% |
| Income taxes | 67/77 | €4,804 | €9,879 | +€5,075 | +106% |
| Profit (loss) for the period | 9904 | €17,579 | €30,961 | +€13,382 | +76.1% |
| Profit (loss) for the period to be appropriated | 9905 | €17,579 | €30,961 | +€13,382 | +76.1% |
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 17 October 2026 via checked.be.