J M C I: 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 C I
Largest movements
- Cash +€293,977
up €293,977 (+102%), from €287,453 to €581,430
mainly Net result for the year (+€387,079) and Depreciation (+€99,040)
- Tangible fixed assets -€148,262
down €148,262 (-5.8%), from €2.6m to €2.4m
of which Land and buildings: -€89,301
- Provisions -€257,710
down €257,710 (-39.1%), from €659,870 to €402,160
- Profit (loss) carried forward +€244,357
no longer reported in 2025 (was -€244,357)
- Reserves +€122,566
up €122,566 (+5.6%), from €2.2m to €2.3m
of which Non-distributable reserves: +€895,695
- Tax, wage and social debts +€39,349
up €39,349 (+749%), from €5,256 to €44,605
- Gross operating margin +€634,367
up €634,367 (+2,837%), from €22,363 to €656,730
- Taxes +€411,417
up €411,417 (+98,129%), from €419 to €411,836
- Depreciation -€6,867
down €6,867 (-6.5%), from €105,907 to €99,040
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 | €2,901,339 | €3,056,385 | +€155,046 | +5.3% |
| Fixed assets | 21/28 | €2,568,115 | €2,419,853 | -€148,262 | -5.8% |
| Tangible fixed assets | 22/27 | €2,568,115 | €2,419,853 | -€148,262 | -5.8% |
| Land and buildings | 22 | €1,939,252 | €1,849,950 | -€89,301 | -4.6% |
| Plant, machinery and equipment | 23 | €608,864 | €552,808 | -€56,056 | -9.2% |
| Furniture and vehicles | 24 | €19,999 | €17,094 | -€2,905 | -14.5% |
| Current assets | 29/58 | €333,224 | €636,532 | +€303,308 | +91.0% |
| Amounts receivable after more than one year | 29 | €13,399 | €13,399 | = | 0.0% |
| Other amounts receivable | 291 | €13,399 | €13,399 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €287,453 | €581,430 | +€293,977 | +102% |
| Deferred charges and accrued income | 490/1 | €32,372 | €41,702 | +€9,331 | +28.8% |
| Total equity and liabilities | 10/49 | €2,901,339 | €3,056,385 | +€155,046 | +5.3% |
| Equity | 10/15 | €2,071,643 | €2,438,566 | +€366,923 | +17.7% |
| Contributions | 10/11 | €115,067 | €115,067 | = | 0.0% |
| Reserves | 13 | €2,200,934 | €2,323,499 | +€122,566 | +5.6% |
| Non-distributable reserves | 130/1 | €20,156 | €915,852 | +€895,695 | +4,444% |
| Other | 1319 | €20,156 | €915,852 | +€895,695 | +4,444% |
| Tax-exempt reserves | 132 | €1,979,609 | €1,206,479 | -€773,130 | -39.1% |
| Distributable reserves | 133 | €201,169 | €201,169 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€244,357 | - | +€244,357 | |
| Provisions and deferred taxes | 16 | €659,870 | €402,160 | -€257,710 | -39.1% |
| Deferred taxes | 168 | €659,870 | €402,160 | -€257,710 | -39.1% |
| Amounts payable | 17/49 | €169,826 | €215,659 | +€45,833 | +27.0% |
| Amounts payable within one year | 42/48 | €169,826 | €215,659 | +€45,833 | +27.0% |
| Trade debts | 44 | €1,010 | €1,896 | +€886 | +87.7% |
| Suppliers | 440/4 | €1,010 | €1,896 | +€886 | +87.7% |
| Taxes, remuneration and social security | 45 | €5,256 | €44,605 | +€39,349 | +749% |
| Taxes | 450/3 | €5,256 | €44,605 | +€39,349 | +749% |
| Other amounts payable | 47/48 | €163,560 | €169,157 | +€5,598 | +3.4% |
| Non-recurring operating income | 76A | - | €640,778 | +€640,778 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €105,907 | €99,040 | -€6,867 | -6.5% |
| Other operating charges | 640/8 | €6,266 | €5,824 | -€442 | -7.1% |
| Gross operating margin | 9900 | €22,363 | €656,730 | +€634,367 | +2,837% |
| Operating profit (loss) | 9901 | -€89,810 | €551,866 | +€641,676 | |
| Financial charges | 65/66B | €13,196 | €10,661 | -€2,534 | -19.2% |
| Recurring financial charges | 65 | €13,196 | €10,661 | -€2,534 | -19.2% |
| Profit (loss) for the period before taxes | 9903 | -€103,005 | €541,205 | +€644,210 | |
| Transfer from deferred taxes | 780 | €24,123 | €257,710 | +€233,587 | +968% |
| Income taxes | 67/77 | €419 | €411,836 | +€411,417 | +98,129% |
| Profit (loss) for the period | 9904 | -€79,302 | €387,079 | +€466,380 | |
| Transfer from tax-exempt reserves | 789 | €72,369 | €773,130 | +€700,761 | +968% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,933 | €1,160,209 | +€1.2m |
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 29 October 2026 via checked.be.