J.M.B.: 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.B.
Largest movements
- Cash +€98,270
up €98,270 (+138%), from €71,336 to €169,606
mainly Depreciation (+€75,603) and Net result for the year (+€56,138)
- Tangible fixed assets -€62,096
down €62,096 (-20.9%), from €296,759 to €234,664
of which Land and buildings: -€37,987
- Profit (loss) carried forward +€56,138
up €56,138 (+8.8%), from -€637,585 to -€581,448
- Debts after one year -€20,170
down €20,170 (-44.5%), from €45,304 to €25,134
- Other debts -€16,828
down €16,828 (-13.9%), from €120,689 to €103,861
- Tax, wage and social debts +€13,897
up €13,897 (+28.9%), from €48,128 to €62,024
of which Taxes: +€7,321
- Trade debts +€13,097
up €13,097 (+11.3%), from €115,437 to €128,534
- Staff costs +€32,997
up €32,997 (+5.4%), from €616,272 to €649,269
- Gross operating margin -€11,256
down €11,256 (-1.4%), from €833,581 to €822,325
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 | €600,231 | €640,301 | +€40,070 | +6.7% |
| Fixed assets | 21/28 | €296,759 | €234,664 | -€62,096 | -20.9% |
| Tangible fixed assets | 22/27 | €296,759 | €234,664 | -€62,096 | -20.9% |
| Land and buildings | 22 | €145,145 | €107,158 | -€37,987 | -26.2% |
| Plant, machinery and equipment | 23 | €137,582 | €120,743 | -€16,839 | -12.2% |
| Furniture and vehicles | 24 | €14,033 | €6,763 | -€7,270 | -51.8% |
| Current assets | 29/58 | €303,471 | €405,637 | +€102,166 | +33.7% |
| Stocks and contracts in progress | 3 | €9,550 | €9,550 | = | 0.0% |
| Stocks | 30/36 | €9,550 | €9,550 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €202,949 | €204,834 | +€1,885 | +0.9% |
| Trade receivables | 40 | €13,575 | €0 | -€13,575 | -100% |
| Other amounts receivable | 41 | €189,374 | €204,834 | +€15,460 | +8.2% |
| Cash at bank and in hand | 54/58 | €71,336 | €169,606 | +€98,270 | +138% |
| Deferred charges and accrued income | 490/1 | €19,637 | €21,648 | +€2,010 | +10.2% |
| Total equity and liabilities | 10/49 | €600,231 | €640,301 | +€40,070 | +6.7% |
| Equity | 10/15 | €248,713 | €298,912 | +€50,198 | +20.2% |
| Contributions | 10/11 | €229,302 | €229,302 | = | 0.0% |
| Capital | 10 | €229,302 | €229,302 | = | 0.0% |
| Issued capital | 100 | €229,302 | €229,302 | = | 0.0% |
| Revaluation surpluses | 12 | €550,000 | €550,000 | = | 0.0% |
| Reserves | 13 | €73,971 | €73,971 | = | 0.0% |
| Non-distributable reserves | 130/1 | €22,930 | €22,930 | = | 0.0% |
| Legal reserve | 130 | €22,930 | €22,930 | = | 0.0% |
| Tax-exempt reserves | 132 | €51,041 | €51,041 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€637,585 | -€581,448 | +€56,138 | +8.8% |
| Investment grants | 15 | €33,026 | €27,086 | -€5,939 | -18.0% |
| Amounts payable | 17/49 | €351,517 | €341,389 | -€10,128 | -2.9% |
| Amounts payable after more than one year | 17 | €45,304 | €25,134 | -€20,170 | -44.5% |
| Financial debts | 170/4 | €45,304 | €25,134 | -€20,170 | -44.5% |
| Amounts payable within one year | 42/48 | €305,725 | €316,255 | +€10,531 | +3.4% |
| Current portion of amounts payable after more than one year | 42 | €21,471 | €21,836 | +€365 | +1.7% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €115,437 | €128,534 | +€13,097 | +11.3% |
| Suppliers | 440/4 | €115,437 | €128,534 | +€13,097 | +11.3% |
| Taxes, remuneration and social security | 45 | €48,128 | €62,024 | +€13,897 | +28.9% |
| Taxes | 450/3 | €9,732 | €17,053 | +€7,321 | +75.2% |
| Remuneration and social security | 454/9 | €38,396 | €44,972 | +€6,576 | +17.1% |
| Other amounts payable | 47/48 | €120,689 | €103,861 | -€16,828 | -13.9% |
| Accrued charges and deferred income | 492/3 | €489 | €0 | -€489 | -100% |
| Remuneration, social security and pensions | 62 | €616,272 | €649,269 | +€32,997 | +5.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €73,024 | €75,603 | +€2,579 | +3.5% |
| Other operating charges | 640/8 | €7,711 | €8,354 | +€643 | +8.3% |
| Gross operating margin | 9900 | €833,581 | €822,325 | -€11,256 | -1.4% |
| Operating profit (loss) | 9901 | €136,574 | €89,099 | -€47,475 | -34.8% |
| Financial income | 75/76B | €9,033 | €10,001 | +€968 | +10.7% |
| Recurring financial income | 75 | €9,033 | €10,001 | +€968 | +10.7% |
| Financial charges | 65/66B | €16,037 | €17,255 | +€1,218 | +7.6% |
| Recurring financial charges | 65 | €16,037 | €17,255 | +€1,218 | +7.6% |
| Profit (loss) for the period before taxes | 9903 | €129,570 | €81,845 | -€47,725 | -36.8% |
| Income taxes | 67/77 | €21,785 | €25,707 | +€3,923 | +18.0% |
| Profit (loss) for the period | 9904 | €107,785 | €56,138 | -€51,647 | -47.9% |
| Profit (loss) for the period to be appropriated | 9905 | €107,785 | €56,138 | -€51,647 | -47.9% |
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.