J.M.A. GROUP: 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.
What changed
J.M.A. GROUP
NACE 68.122, Development of non-residential building projects
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€180,222
2024 · €198,392-€18,170
Equity
€28.6m
2024 · €28.4m+€164,133
Cash
€720,455
2024 · €862,887-€142,431
Balance sheet total
€33.2m
2024 · €32.7m+€483,929
Largest movements
Assets
- Tangible fixed assets +€614,685
up €614,685 (+6.6%), from €9.3m to €9.9m
of which Land and buildings: +€652,211
- Receivables after one year -€578,914
down €578,914 (-10.2%), from €5.7m to €5.1m
- Receivables within one year +€549,168
up €549,168 (+13.6%), from €4.0m to €4.6m
of which Other amounts receivable: +€774,397
- Stocks and contracts -€430,156
down €430,156 (-18.2%), from €2.4m to €1.9m
- Financial fixed assets +€430,000
up €430,000 (+4.3%), from €9.9m to €10.3m
Equity and liabilities
- Debts after one year +€441,667
up €441,667 (+15.2%), from €2.9m to €3.3m
of which Financial debts: +€441,667
Income statement
- Services and other goods -€230,006
down €230,006 (-43.0%), from €534,300 to €304,294
- Turnover -€176,381
down €176,381 (-13.0%), from €1.4m to €1.2m
- Financial charges +€24,070
up €24,070 (+31.6%), from €76,199 to €100,269
- Goods and materials +€21,055
up €21,055 (+5.1%), from €409,101 to €430,156
of which Change in stocks: decrease (increase): +€77,798
- Depreciation +€17,571
up €17,571 (+9.5%), from €185,722 to €203,292
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
€198,392
Turnover
-€176,381
Other operating income
+€3,438
Goods and materials
-€21,055
Services and other goods
+€230,006
Staff costs
-€960
Depreciation
-€17,571
Write-downs
-€1,101
Other operating charges
+€609
Other operating items
-€20,287
Financial income
+€13,460
Financial charges
-€24,070
Taxes
-€4,257
Result 2025
€180,222
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€648,078
Investment
-€1.2m
Financing
+€458,911
Cash 2024
€862,887
From operations (derived)
+€648,078
Net result for the year
+€180,222
Depreciation
+€203,292
Receivables after one year
+€578,914
Stocks and contracts
+€430,156
Receivables within one year
-€549,168
Deferred charges and accrued income
-€40,134
Trade debts
-€102,860
Tax, wage and social debts
+€6,515
Other debts
-€64,297
Accrued charges and deferred income
+€5,438
Investment (derived)
-€1.2m
Investment in fixed assets (net)
-€1.2m
Current investments
-€1,442
Financing
+€458,911
Debts after one year
+€441,667
Current portion of long-term debt
+€33,333
Contributions, distributions and other
-€16,089
Cash 2025
€720,455
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €32,666,678 | €33,150,606 | +€483,929 | +1.5% |
| Fixed assets | 21/28 | €19,153,118 | €20,197,803 | +€1.0m | +5.5% |
| Tangible fixed assets | 22/27 | €9,262,118 | €9,876,803 | +€614,685 | +6.6% |
| Land and buildings | 22 | €8,970,181 | €9,622,392 | +€652,211 | +7.3% |
| Plant, machinery and equipment | 23 | €195,874 | €173,619 | -€22,256 | -11.4% |
| Furniture and vehicles | 24 | €94,993 | €79,723 | -€15,270 | -16.1% |
| Other tangible fixed assets | 26 | €1,070 | €1,070 | = | 0.0% |
| Financial fixed assets | 28 | €9,891,000 | €10,321,000 | +€430,000 | +4.3% |
| Affiliated companies | 280/1 | €9,891,000 | €10,321,000 | +€430,000 | +4.3% |
| Participating interests | 280 | €9,891,000 | €10,321,000 | +€430,000 | +4.3% |
| Current assets | 29/58 | €13,513,560 | €12,952,803 | -€560,757 | -4.1% |
| Amounts receivable after more than one year | 29 | €5,677,813 | €5,098,899 | -€578,914 | -10.2% |
| Other amounts receivable | 291 | €5,677,813 | €5,098,899 | -€578,914 | -10.2% |
| Stocks and contracts in progress | 3 | €2,357,386 | €1,927,230 | -€430,156 | -18.2% |
| Stocks | 30/36 | €2,357,386 | €1,927,230 | -€430,156 | -18.2% |
| Property held for sale | 35 | €2,357,386 | €1,927,230 | -€430,156 | -18.2% |
| Amounts receivable within one year | 40/41 | €4,039,440 | €4,588,609 | +€549,168 | +13.6% |
| Trade receivables | 40 | €342,712 | €117,484 | -€225,229 | -65.7% |
| Other amounts receivable | 41 | €3,696,728 | €4,471,125 | +€774,397 | +20.9% |
| Current investments | 50/53 | €505,472 | €506,914 | +€1,442 | +0.3% |
| Other investments | 51/53 | €505,472 | €506,914 | +€1,442 | +0.3% |
| Cash at bank and in hand | 54/58 | €862,887 | €720,455 | -€142,431 | -16.5% |
| Deferred charges and accrued income | 490/1 | €70,562 | €110,696 | +€40,134 | +56.9% |
| Total equity and liabilities | 10/49 | €32,666,678 | €33,150,606 | +€483,929 | +1.5% |
| Equity | 10/15 | €28,424,412 | €28,588,545 | +€164,133 | +0.6% |
| Contributions | 10/11 | €3,430,000 | €3,430,000 | = | 0.0% |
| Capital | 10 | €3,430,000 | €3,430,000 | = | 0.0% |
| Issued capital | 100 | €3,430,000 | €3,430,000 | = | 0.0% |
| Revaluation surpluses | 12 | €749 | €749 | = | 0.0% |
| Reserves | 13 | €23,999,099 | €24,179,321 | +€180,222 | +0.8% |
| Non-distributable reserves | 130/1 | €343,021 | €343,021 | = | 0.0% |
| Legal reserve | 130 | €343,000 | €343,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €21 | €21 | = | 0.0% |
| Tax-exempt reserves | 132 | €252,614 | €252,614 | = | 0.0% |
| Distributable reserves | 133 | €23,403,463 | €23,583,685 | +€180,222 | +0.8% |
| Investment grants | 15 | €994,565 | €978,476 | -€16,089 | -1.6% |
| Provisions and deferred taxes | 16 | €285,590 | €285,590 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €285,590 | €285,590 | = | 0.0% |
| Taxes | 161 | €285,590 | €285,590 | = | 0.0% |
| Amounts payable | 17/49 | €3,956,676 | €4,276,472 | +€319,796 | +8.1% |
| Amounts payable after more than one year | 17 | €2,900,000 | €3,341,667 | +€441,667 | +15.2% |
| Financial debts | 170/4 | - | €441,667 | +€441,667 | |
| Credit institutions | 173 | - | €441,667 | +€441,667 | |
| Other amounts payable | 178/9 | €2,900,000 | €2,900,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €931,016 | €803,707 | -€127,309 | -13.7% |
| Current portion of amounts payable after more than one year | 42 | - | €33,333 | +€33,333 | |
| Trade debts | 44 | €160,345 | €57,484 | -€102,860 | -64.1% |
| Suppliers | 440/4 | €160,345 | €57,484 | -€102,860 | -64.1% |
| Advances received on contracts in progress | 46 | €2,708 | €2,708 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €23,508 | €30,023 | +€6,515 | +27.7% |
| Taxes | 450/3 | €10,540 | €14,361 | +€3,821 | +36.3% |
| Remuneration and social security | 454/9 | €12,969 | €15,663 | +€2,694 | +20.8% |
| Other amounts payable | 47/48 | €744,455 | €680,157 | -€64,297 | -8.6% |
| Accrued charges and deferred income | 492/3 | €125,660 | €131,098 | +€5,438 | +4.3% |
| Operating income | 70/76A | €1,408,566 | €1,215,336 | -€193,230 | -13.7% |
| Turnover | 70 | €1,359,931 | €1,183,550 | -€176,381 | -13.0% |
| Other operating income | 74 | €26,929 | €30,366 | +€3,438 | +12.8% |
| Non-recurring operating income | 76A | €21,707 | €1,420 | -€20,287 | -93.5% |
| Operating charges | 60/66A | €1,265,176 | €1,075,248 | -€189,928 | -15.0% |
| Goods for resale, raw materials and consumables | 60 | €409,101 | €430,156 | +€21,055 | +5.1% |
| Purchases | 600/8 | €56,742 | €0 | -€56,742 | -100% |
| Change in stocks: decrease (increase) | 609 | €352,358 | €430,156 | +€77,798 | +22.1% |
| Services and other goods | 61 | €534,300 | €304,294 | -€230,006 | -43.0% |
| Remuneration, social security and pensions | 62 | €106,635 | €107,595 | +€960 | +0.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €185,722 | €203,292 | +€17,571 | +9.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€1,101 | €0 | +€1,101 | |
| Other operating charges | 640/8 | €30,520 | €29,911 | -€609 | -2.0% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Operating profit (loss) | 9901 | €143,390 | €140,088 | -€3,302 | -2.3% |
| Financial income | 75/76B | €187,856 | €201,316 | +€13,460 | +7.2% |
| Recurring financial income | 75 | €187,856 | €201,316 | +€13,460 | +7.2% |
| Income from financial fixed assets | 750 | €1,613 | €2,247 | +€634 | +39.3% |
| Income from current assets | 751 | €163,575 | €172,028 | +€8,453 | +5.2% |
| Other financial income | 752/9 | €22,669 | €27,041 | +€4,373 | +19.3% |
| Financial charges | 65/66B | €76,199 | €100,269 | +€24,070 | +31.6% |
| Recurring financial charges | 65 | €76,199 | €100,269 | +€24,070 | +31.6% |
| Debt charges | 650 | €93,808 | €101,113 | +€7,305 | +7.8% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | -€25,402 | -€844 | +€24,558 | +96.7% |
| Other financial charges | 652/9 | €7,793 | €0 | -€7,793 | -100% |
| Profit (loss) for the period before taxes | 9903 | €255,047 | €241,134 | -€13,913 | -5.5% |
| Income taxes | 67/77 | €56,655 | €60,912 | +€4,257 | +7.5% |
| Taxes | 670/3 | €56,655 | €60,912 | +€4,257 | +7.5% |
| Profit (loss) for the period | 9904 | €198,392 | €180,222 | -€18,170 | -9.2% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €198,392 | €180,222 | -€18,170 | -9.2% |
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 23 October 2026 via checked.be.