J+M: what changed
Two fiscal 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.
What changed
J+M
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.3m
2024 · €1.3m-€25
Equity
€1.5m
2024 · €3.0m-€1.5m
Cash
€9,229
2024 · €5,584+€3,645
Balance sheet total
€6.4m
2024 · €3.3m+€3.1m
Largest movements
Assets
- Stocks and contracts +€1.7m
up €1.7m (+569.4%), from €293,097 to €2.0m
- Receivables after one year +€1.4m
up €1.4m (+45.4%), from €3.0m to €4.3m
Equity and liabilities
- Other debts +€4.5m
new in 2025: €4.5m
- Profit (loss) carried forward -€1.6m
down €1.6m (-91.8%), from €1.7m to €139,046
- Tax, wage and social debts +€73,558
up €73,558 (+142.0%), from €51,800 to €125,358
Income statement
- Gross operating margin -€35,765
down €35,765 (-2.1%), from €1.7m to €1.7m
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.
Result 2024
€1.3m
Gross operating margin
-€35,765
Other operating charges
+€2,233
Financial income
+€15,940
Financial charges
+€16,704
Taxes
+€864
Result 2025
€1.3m
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.
From operations
+€2.8m
Investment
€0
Financing
-€2.8m
Cash 2024
€5,584
From operations (derived)
+€2.8m
Net result for the year
+€1.3m
Receivables after one year
-€1.4m
Stocks and contracts
-€1.7m
Smaller working-capital items
-€8,066
Deferred charges and accrued income
-€47,726
Tax, wage and social debts
+€73,558
Other debts
+€4.5m
Financing
-€2.8m
Short-term financial debts
-€1,848
Contributions, distributions and other
-€2.8m
Cash 2025
€9,229
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,288,475 | €6,368,182 | +€3.1m | +93.7% |
| Current assets | 29/58 | €3,288,475 | €6,368,182 | +€3.1m | +93.7% |
| Amounts receivable after more than one year | 29 | €2,986,330 | €4,342,648 | +€1.4m | +45.4% |
| Other amounts receivable | 291 | €2,986,330 | €4,342,648 | +€1.4m | +45.4% |
| Stocks and contracts in progress | 3 | €293,097 | €1,961,875 | +€1.7m | +569.4% |
| Stocks | 30/36 | €293,097 | €1,961,875 | +€1.7m | +569.4% |
| Amounts receivable within one year | 40/41 | €3,464 | €6,703 | +€3,239 | +93.5% |
| Trade receivables | 40 | €2,234 | €2,404 | +€170 | +7.6% |
| Other amounts receivable | 41 | €1,230 | €4,299 | +€3,069 | +249.5% |
| Cash at bank and in hand | 54/58 | €5,584 | €9,229 | +€3,645 | +65.3% |
| Deferred charges and accrued income | 490/1 | - | €47,726 | +€47,726 | |
| Total equity and liabilities | 10/49 | €3,288,475 | €6,368,182 | +€3.1m | +93.7% |
| Equity | 10/15 | €3,027,823 | €1,540,646 | -€1.5m | -49.1% |
| Contributions | 10/11 | €210,000 | €271,500 | +€61,500 | +29.3% |
| Capital | 10 | €210,000 | €271,500 | +€61,500 | +29.3% |
| Issued capital | 100 | €210,000 | €271,500 | +€61,500 | +29.3% |
| Reserves | 13 | €1,123,950 | €1,130,100 | +€6,150 | +0.5% |
| Non-distributable reserves | 130/1 | €21,000 | €27,150 | +€6,150 | +29.3% |
| Legal reserve | 130 | €21,000 | €27,150 | +€6,150 | +29.3% |
| Distributable reserves | 133 | €1,102,950 | €1,102,950 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,693,872 | €139,046 | -€1.6m | -91.8% |
| Amounts payable | 17/49 | €260,653 | €4,827,536 | +€4.6m | +1752.1% |
| Amounts payable within one year | 42/48 | €259,204 | €4,827,536 | +€4.6m | +1762.5% |
| Financial debts | 43 | €204,025 | €202,177 | -€1,848 | -0.9% |
| Credit institutions | 430/8 | €204,025 | €202,177 | -€1,848 | -0.9% |
| Trade debts | 44 | €3,378 | - | -€3,378 | |
| Suppliers | 440/4 | €3,378 | - | -€3,378 | |
| Taxes, remuneration and social security | 45 | €51,800 | €125,358 | +€73,558 | +142.0% |
| Taxes | 450/3 | €51,800 | €125,358 | +€73,558 | +142.0% |
| Other amounts payable | 47/48 | - | €4,500,000 | +€4.5m | |
| Accrued charges and deferred income | 492/3 | €1,449 | - | -€1,449 | |
| Other operating charges | 640/8 | €3,616 | €1,383 | -€2,233 | -61.7% |
| Gross operating margin | 9900 | €1,711,773 | €1,676,008 | -€35,765 | -2.1% |
| Operating profit (loss) | 9901 | €1,708,157 | €1,674,624 | -€33,533 | -2.0% |
| Financial income | 75/76B | €113,850 | €129,790 | +€15,940 | +14.0% |
| Recurring financial income | 75 | €113,850 | €129,790 | +€15,940 | +14.0% |
| Financial charges | 65/66B | €32,129 | €15,425 | -€16,704 | -52.0% |
| Recurring financial charges | 65 | €32,129 | €15,425 | -€16,704 | -52.0% |
| Profit (loss) for the period before taxes | 9903 | €1,789,878 | €1,788,989 | -€888 | 0.0% |
| Income taxes | 67/77 | €448,111 | €447,247 | -€864 | -0.2% |
| Profit (loss) for the period | 9904 | €1,341,767 | €1,341,742 | -€25 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,341,767 | €1,341,742 | -€25 | 0.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.