J.M.A.: 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.A.
Largest movements
- Tangible fixed assets +€4.0m
up €4.0m (+118%), from €3.4m to €7.5m
of which Land and buildings: +€4.0m
- Current investments -€1.8m
down €1.8m (-100%), from €1.8m to €0
- Receivables within one year -€176,414
down €176,414 (-50.2%), from €351,711 to €175,297
of which Other amounts receivable: -€176,745
- Current portion of long-term debt +€1.8m
new in 2025: €1.8m
- Other debts +€198,538
up €198,538 (+72.3%), from €274,666 to €473,204
- Profit (loss) carried forward +€125,690
up €125,690 (+4,962%), from €2,533 to €128,223
- Financial charges -€291,805
down €291,805 (-80.5%), from €362,449 to €70,644
- Financial income -€119,038
down €119,038 (-39.5%), from €301,547 to €182,510
- Gross operating margin -€73,977
down €73,977 (-27.5%), from €268,716 to €194,739
- Taxes -€15,430
down €15,430 (-94.5%), from €16,332 to €902
- Staff costs -€10,229
down €10,229 (-13.4%), from €76,188 to €65,959
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 | €6,602,299 | €8,693,758 | +€2.1m | +31.7% |
| Fixed assets | 21/28 | €4,433,620 | €8,480,190 | +€4.0m | +91.3% |
| Tangible fixed assets | 22/27 | €3,441,188 | €7,486,688 | +€4.0m | +118% |
| Land and buildings | 22 | €3,413,909 | €7,417,646 | +€4.0m | +117% |
| Plant, machinery and equipment | 23 | €18,691 | €19,626 | +€935 | +5.0% |
| Furniture and vehicles | 24 | €8,588 | €49,416 | +€40,828 | +475% |
| Financial fixed assets | 28 | €992,432 | €993,502 | +€1,070 | +0.1% |
| Current assets | 29/58 | €2,168,679 | €213,569 | -€2.0m | -90.2% |
| Amounts receivable within one year | 40/41 | €351,711 | €175,297 | -€176,414 | -50.2% |
| Trade receivables | 40 | €21,711 | €22,042 | +€332 | +1.5% |
| Other amounts receivable | 41 | €330,000 | €153,255 | -€176,745 | -53.6% |
| Current investments | 50/53 | €1,785,000 | €0 | -€1.8m | -100% |
| Cash at bank and in hand | 54/58 | €27,172 | €36,120 | +€8,948 | +32.9% |
| Deferred charges and accrued income | 490/1 | €4,796 | €2,152 | -€2,645 | -55.1% |
| Total equity and liabilities | 10/49 | €6,602,299 | €8,693,758 | +€2.1m | +31.7% |
| Equity | 10/15 | €6,217,326 | €6,343,015 | +€125,690 | +2.0% |
| Contributions | 10/11 | €2,917,000 | €2,917,000 | = | 0.0% |
| Reserves | 13 | €3,297,792 | €3,297,792 | = | 0.0% |
| Non-distributable reserves | 130/1 | €107,000 | €107,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €107,000 | €107,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €792 | €792 | = | 0.0% |
| Distributable reserves | 133 | €3,190,000 | €3,190,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,533 | €128,223 | +€125,690 | +4,962% |
| Amounts payable | 17/49 | €384,973 | €2,350,743 | +€2.0m | +511% |
| Amounts payable within one year | 42/48 | €377,934 | €2,350,743 | +€2.0m | +522% |
| Current portion of amounts payable after more than one year | 42 | - | €1,795,000 | +€1.8m | |
| Trade debts | 44 | €75,521 | €59,566 | -€15,955 | -21.1% |
| Suppliers | 440/4 | €75,521 | €59,566 | -€15,955 | -21.1% |
| Taxes, remuneration and social security | 45 | €27,747 | €22,973 | -€4,774 | -17.2% |
| Taxes | 450/3 | €15,755 | €16,954 | +€1,199 | +7.6% |
| Remuneration and social security | 454/9 | €11,992 | €6,019 | -€5,973 | -49.8% |
| Other amounts payable | 47/48 | €274,666 | €473,204 | +€198,538 | +72.3% |
| Accrued charges and deferred income | 492/3 | €7,039 | €0 | -€7,039 | -100% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €76,188 | €65,959 | -€10,229 | -13.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €102,747 | €103,931 | +€1,183 | +1.2% |
| Other operating charges | 640/8 | €6,272 | €6,524 | +€252 | +4.0% |
| Non-recurring operating charges | 66A | €1,124 | - | -€1,124 | |
| Gross operating margin | 9900 | €268,716 | €194,739 | -€73,977 | -27.5% |
| Operating profit (loss) | 9901 | €82,385 | €18,326 | -€64,059 | -77.8% |
| Financial income | 75/76B | €301,547 | €182,510 | -€119,038 | -39.5% |
| Recurring financial income | 75 | €301,547 | €182,510 | -€119,038 | -39.5% |
| Financial charges | 65/66B | €362,449 | €70,644 | -€291,805 | -80.5% |
| Recurring financial charges | 65 | €362,449 | €70,644 | -€291,805 | -80.5% |
| Profit (loss) for the period before taxes | 9903 | €21,483 | €130,192 | +€108,708 | +506% |
| Income taxes | 67/77 | €16,332 | €902 | -€15,430 | -94.5% |
| Profit (loss) for the period | 9904 | €5,151 | €129,290 | +€124,139 | +2,410% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €5,151 | €129,290 | +€124,139 | +2,410% |
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 19 October 2026 via checked.be.