J & M: 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.
J & M
Largest movements
- Current investments +€28,020
up €28,020 (+14.0%), from €200,809 to €228,829
- Cash -€5,483
down €5,483 (-44.0%), from €12,457 to €6,973
mainly Current investments (-€28,020) and Tax, wage and social debts (-€1,040)
- Reserves +€13,847
up €13,847 (+7.9%), from €174,209 to €188,056
- Other debts +€6,544
up €6,544 (+22.2%), from €29,459 to €36,003
- Financial charges +€5,408
up €5,408 (+64.2%), from €8,419 to €13,827
of which Non-recurring financial charges: +€5,138
- Financial income +€2,450
up €2,450 (+39.6%), from €6,194 to €8,644
of which Non-recurring financial income: +€2,589
- Gross operating margin -€779
down €779 (-2.4%), from €31,893 to €31,114
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 | €222,433 | €242,287 | +€19,854 | +8.9% |
| Fixed assets | 21/28 | €4,057 | €2,524 | -€1,533 | -37.8% |
| Tangible fixed assets | 22/27 | €4,057 | €2,524 | -€1,533 | -37.8% |
| Furniture and vehicles | 24 | €4,057 | €2,524 | -€1,533 | -37.8% |
| Current assets | 29/58 | €218,376 | €239,764 | +€21,387 | +9.8% |
| Amounts receivable within one year | 40/41 | €4,039 | €2,863 | -€1,175 | -29.1% |
| Trade receivables | 40 | €3,378 | €2,863 | -€515 | -15.3% |
| Other amounts receivable | 41 | €660 | €0 | -€660 | -100.0% |
| Current investments | 50/53 | €200,809 | €228,829 | +€28,020 | +14.0% |
| Cash at bank and in hand | 54/58 | €12,457 | €6,973 | -€5,483 | -44.0% |
| Deferred charges and accrued income | 490/1 | €1,071 | €1,098 | +€27 | +2.5% |
| Total equity and liabilities | 10/49 | €222,433 | €242,287 | +€19,854 | +8.9% |
| Equity | 10/15 | €186,617 | €200,464 | +€13,847 | +7.4% |
| Contributions | 10/11 | €12,408 | €12,408 | = | 0.0% |
| Reserves | 13 | €174,209 | €188,056 | +€13,847 | +7.9% |
| Distributable reserves | 133 | €174,209 | €188,056 | +€13,847 | +7.9% |
| Amounts payable | 17/49 | €35,816 | €41,823 | +€6,007 | +16.8% |
| Amounts payable within one year | 42/48 | €35,816 | €41,823 | +€6,007 | +16.8% |
| Trade debts | 44 | €804 | €1,307 | +€503 | +62.6% |
| Suppliers | 440/4 | €804 | €1,307 | +€503 | +62.6% |
| Taxes, remuneration and social security | 45 | €5,553 | €4,513 | -€1,040 | -18.7% |
| Taxes | 450/3 | €5,553 | €4,513 | -€1,040 | -18.7% |
| Other amounts payable | 47/48 | €29,459 | €36,003 | +€6,544 | +22.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,516 | €1,533 | +€18 | +1.2% |
| Other operating charges | 640/8 | €711 | €720 | +€9 | +1.3% |
| Gross operating margin | 9900 | €31,893 | €31,114 | -€779 | -2.4% |
| Operating profit (loss) | 9901 | €29,667 | €28,861 | -€806 | -2.7% |
| Financial income | 75/76B | €6,194 | €8,644 | +€2,450 | +39.6% |
| Recurring financial income | 75 | €647 | €508 | -€139 | -21.5% |
| Non-recurring financial income | 76B | €5,547 | €8,136 | +€2,589 | +46.7% |
| Financial charges | 65/66B | €8,419 | €13,827 | +€5,408 | +64.2% |
| Recurring financial charges | 65 | €3,450 | €3,719 | +€270 | +7.8% |
| Non-recurring financial charges | 66B | €4,970 | €10,108 | +€5,138 | +103.4% |
| Profit (loss) for the period before taxes | 9903 | €27,441 | €23,678 | -€3,763 | -13.7% |
| Income taxes | 67/77 | €9,972 | €9,831 | -€141 | -1.4% |
| Profit (loss) for the period | 9904 | €17,469 | €13,847 | -€3,622 | -20.7% |
| Profit (loss) for the period to be appropriated | 9905 | €17,469 | €13,847 | -€3,622 | -20.7% |
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 11 October 2026 via checked.be.