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
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€7,366
2024 · -€15,917+€8,551
Equity
€136,040
2024 · €143,405-€7,366
Cash
€48,027
2024 · €25,369+€22,659
Balance sheet total
€545,076
2024 · €573,745-€28,669
Largest movements
Assets
- Tangible fixed assets -€46,626
down €46,626 (-11.8%), from €394,996 to €348,370
of which Land and buildings: -€32,835
- Cash +€22,659
up €22,659 (+89.3%), from €25,369 to €48,027
mainly Depreciation (+€46,626) and Receivables after one year (+€4,802)
Equity and liabilities
- Debts after one year -€24,440
down €24,440 (-6.7%), from €365,010 to €340,571
- Reserves -€6,856
down €6,856 (-4.4%), from €155,488 to €148,632
of which Tax-exempt reserves: -€6,856
Income statement
- Gross operating margin +€6,610
up €6,610 (+17.4%), from €38,053 to €44,664
- Depreciation -€1,407
down €1,407 (-2.9%), from €48,033 to €46,626
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
-€15,917
Gross operating margin
+€6,610
Depreciation
+€1,407
Other operating charges
+€141
Financial income
+€132
Financial charges
+€320
Taxes
-€59
Result 2025
-€7,366
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
+€44,887
Investment
€0
Financing
-€22,229
Cash 2024
€25,369
From operations (derived)
+€44,887
Net result for the year
-€7,366
Depreciation
+€46,626
Receivables after one year
+€4,802
Smaller working-capital items
-€120
Provisions
-€2,285
Other debts
+€2,827
Accrued charges and deferred income
+€403
Financing
-€22,229
Debts after one year
-€24,440
Current portion of long-term debt
+€2,211
Cash 2025
€48,027
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €573,745 | €545,076 | -€28,669 | -5.0% |
| Fixed assets | 21/28 | €394,996 | €348,370 | -€46,626 | -11.8% |
| Tangible fixed assets | 22/27 | €394,996 | €348,370 | -€46,626 | -11.8% |
| Land and buildings | 22 | €376,576 | €343,741 | -€32,835 | -8.7% |
| Plant, machinery and equipment | 23 | €2,920 | €1,643 | -€1,277 | -43.7% |
| Furniture and vehicles | 24 | €15,500 | €2,986 | -€12,514 | -80.7% |
| Current assets | 29/58 | €178,749 | €196,706 | +€17,957 | +10.0% |
| Amounts receivable after more than one year | 29 | €77,361 | €72,559 | -€4,802 | -6.2% |
| Other amounts receivable | 291 | €77,361 | €72,559 | -€4,802 | -6.2% |
| Amounts receivable within one year | 40/41 | €4,774 | €4,807 | +€33 | +0.7% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €4,774 | €4,807 | +€33 | +0.7% |
| Current investments | 50/53 | €70,200 | €70,200 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €25,369 | €48,027 | +€22,659 | +89.3% |
| Deferred charges and accrued income | 490/1 | €1,045 | €1,113 | +€67 | +6.5% |
| Total equity and liabilities | 10/49 | €573,745 | €545,076 | -€28,669 | -5.0% |
| Equity | 10/15 | €143,405 | €136,040 | -€7,366 | -5.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €155,488 | €148,632 | -€6,856 | -4.4% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €106,648 | €99,792 | -€6,856 | -6.4% |
| Distributable reserves | 133 | €42,640 | €42,640 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€74,083 | -€74,592 | -€510 | -0.7% |
| Provisions and deferred taxes | 16 | €35,549 | €33,264 | -€2,285 | -6.4% |
| Deferred taxes | 168 | €35,549 | €33,264 | -€2,285 | -6.4% |
| Amounts payable | 17/49 | €394,790 | €375,773 | -€19,018 | -4.8% |
| Amounts payable after more than one year | 17 | €365,010 | €340,571 | -€24,440 | -6.7% |
| Financial debts | 170/4 | €365,010 | €340,571 | -€24,440 | -6.7% |
| Amounts payable within one year | 42/48 | €25,485 | €30,504 | +€5,019 | +19.7% |
| Current portion of amounts payable after more than one year | 42 | €22,229 | €24,440 | +€2,211 | +9.9% |
| Trade debts | 44 | €632 | €603 | -€29 | -4.6% |
| Suppliers | 440/4 | €632 | €603 | -€29 | -4.6% |
| Taxes, remuneration and social security | 45 | €2,624 | €2,634 | +€10 | +0.4% |
| Taxes | 450/3 | €2,624 | €2,634 | +€10 | +0.4% |
| Other amounts payable | 47/48 | €0 | €2,827 | +€2,827 | |
| Accrued charges and deferred income | 492/3 | €4,295 | €4,698 | +€403 | +9.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,033 | €46,626 | -€1,407 | -2.9% |
| Other operating charges | 640/8 | €3,557 | €3,416 | -€141 | -4.0% |
| Gross operating margin | 9900 | €38,053 | €44,664 | +€6,610 | +17.4% |
| Operating profit (loss) | 9901 | -€13,537 | -€5,378 | +€8,158 | +60.3% |
| Financial income | 75/76B | €1,234 | €1,366 | +€132 | +10.7% |
| Recurring financial income | 75 | €1,234 | €1,366 | +€132 | +10.7% |
| Financial charges | 65/66B | €5,895 | €5,575 | -€320 | -5.4% |
| Recurring financial charges | 65 | €5,895 | €5,575 | -€320 | -5.4% |
| Profit (loss) for the period before taxes | 9903 | -€18,198 | -€9,588 | +€8,610 | +47.3% |
| Transfer from deferred taxes | 780 | €2,285 | €2,285 | = | 0.0% |
| Income taxes | 67/77 | €5 | €64 | +€59 | +1305.3% |
| Profit (loss) for the period | 9904 | -€15,917 | -€7,366 | +€8,551 | +53.7% |
| Transfer from tax-exempt reserves | 789 | €6,856 | €6,856 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€9,061 | -€510 | +€8,551 | +94.4% |
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 3 October 2026 via checked.be.