J.M.C.: 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.
J.M.C.
Largest movements
- Cash +€119,595
up €119,595 (+133.0%), from €89,903 to €209,498
mainly Net result for the year (+€136,789) and Depreciation (+€117,716)
- Tangible fixed assets -€53,173
down €53,173 (-6.0%), from €888,973 to €835,800
of which Land and buildings: -€41,427
- Receivables within one year +€11,052
up €11,052 (+99.4%), from €11,121 to €22,173
of which Other amounts receivable: +€11,681
- Reserves +€49,600
up €49,600 (+7.8%), from €635,500 to €685,100
- Other debts +€40,478
up €40,478 (+104.7%), from €38,671 to €79,150
- Tax, wage and social debts -€29,108
down €29,108 (-75.5%), from €38,565 to €9,457
of which Taxes: -€29,280
- Trade debts +€27,111
up €27,111 (+392.9%), from €6,900 to €34,011
- Current portion of long-term debt -€16,122
no longer reported in 2025 (was €16,122)
- Gross operating margin -€70,934
down €70,934 (-16.2%), from €436,855 to €365,920
- Taxes -€25,311
down €25,311 (-27.0%), from €93,630 to €68,319
- Depreciation +€16,424
up €16,424 (+16.2%), from €101,291 to €117,716
- Other operating charges -€8,256
down €8,256 (-53.3%), from €15,493 to €7,237
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 | €997,858 | €1,074,248 | +€76,390 | +7.7% |
| Fixed assets | 21/28 | €889,073 | €835,900 | -€53,173 | -6.0% |
| Tangible fixed assets | 22/27 | €888,973 | €835,800 | -€53,173 | -6.0% |
| Land and buildings | 22 | €805,962 | €764,535 | -€41,427 | -5.1% |
| Plant, machinery and equipment | 23 | €23,079 | €21,608 | -€1,472 | -6.4% |
| Furniture and vehicles | 24 | €59,931 | €49,657 | -€10,274 | -17.1% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €108,785 | €238,349 | +€129,564 | +119.1% |
| Amounts receivable within one year | 40/41 | €11,121 | €22,173 | +€11,052 | +99.4% |
| Trade receivables | 40 | €11,121 | €10,493 | -€629 | -5.7% |
| Other amounts receivable | 41 | - | €11,681 | +€11,681 | |
| Cash at bank and in hand | 54/58 | €89,903 | €209,498 | +€119,595 | +133.0% |
| Deferred charges and accrued income | 490/1 | €7,761 | €6,678 | -€1,083 | -14.0% |
| Total equity and liabilities | 10/49 | €997,858 | €1,074,248 | +€76,390 | +7.7% |
| Equity | 10/15 | €897,531 | €946,702 | +€49,171 | +5.5% |
| Contributions | 10/11 | €217,216 | €217,216 | = | 0.0% |
| Reserves | 13 | €635,500 | €685,100 | +€49,600 | +7.8% |
| Distributable reserves | 133 | €635,500 | €685,100 | +€49,600 | +7.8% |
| Profit (loss) carried forward | 14 | €44,815 | €44,386 | -€429 | -1.0% |
| Amounts payable | 17/49 | €100,327 | €127,547 | +€27,220 | +27.1% |
| Amounts payable within one year | 42/48 | €100,258 | €122,617 | +€22,359 | +22.3% |
| Current portion of amounts payable after more than one year | 42 | €16,122 | - | -€16,122 | |
| Trade debts | 44 | €6,900 | €34,011 | +€27,111 | +392.9% |
| Suppliers | 440/4 | €6,900 | €34,011 | +€27,111 | +392.9% |
| Taxes, remuneration and social security | 45 | €38,565 | €9,457 | -€29,108 | -75.5% |
| Taxes | 450/3 | €33,630 | €4,350 | -€29,280 | -87.1% |
| Remuneration and social security | 454/9 | €4,934 | €5,107 | +€172 | +3.5% |
| Other amounts payable | 47/48 | €38,671 | €79,150 | +€40,478 | +104.7% |
| Accrued charges and deferred income | 492/3 | €69 | €4,930 | +€4,860 | +7028.7% |
| Remuneration, social security and pensions | 62 | €34,578 | €35,246 | +€668 | +1.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €101,291 | €117,716 | +€16,424 | +16.2% |
| Other operating charges | 640/8 | €15,493 | €7,237 | -€8,256 | -53.3% |
| Gross operating margin | 9900 | €436,855 | €365,920 | -€70,934 | -16.2% |
| Operating profit (loss) | 9901 | €285,493 | €205,722 | -€79,771 | -27.9% |
| Financial income | 75/76B | €17 | €6 | -€11 | -63.7% |
| Recurring financial income | 75 | €17 | €6 | -€11 | -63.7% |
| Financial charges | 65/66B | €1,870 | €619 | -€1,250 | -66.9% |
| Recurring financial charges | 65 | €1,870 | €619 | -€1,250 | -66.9% |
| Profit (loss) for the period before taxes | 9903 | €283,640 | €205,108 | -€78,531 | -27.7% |
| Income taxes | 67/77 | €93,630 | €68,319 | -€25,311 | -27.0% |
| Profit (loss) for the period | 9904 | €190,010 | €136,789 | -€53,221 | -28.0% |
| Profit (loss) for the period to be appropriated | 9905 | €190,010 | €136,789 | -€53,221 | -28.0% |
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 4 October 2026 via checked.be.