J.M.D.: 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.D.
Largest movements
- Tangible fixed assets +€797,271
up €797,271 (+3615.7%), from €22,050 to €819,320
of which Land and buildings: +€798,753
- Stocks and contracts +€106,144
up €106,144 (+26.8%), from €396,181 to €502,325
- Cash -€40,345
down €40,345 (-4.7%), from €851,057 to €810,712
mainly Investment in fixed assets (net) (-€910,661) and Stocks and contracts (-€106,144)
- Other debts +€794,209
up €794,209 (+767.8%), from €103,445 to €897,654
- Trade debts +€129,999
up €129,999 (+153.3%), from €84,826 to €214,824
- Accrued charges and deferred income -€42,816
down €42,816 (-9.9%), from €434,606 to €391,790
- Depreciation +€105,331
up €105,331 (+1306.9%), from €8,060 to €113,390
- Taxes -€36,885
down €36,885 (-100.0%), from €36,885 to €0
- Gross operating margin -€17,732
down €17,732 (-8.2%), from €215,082 to €197,350
- Staff costs +€11,639
up €11,639 (+14.9%), from €78,156 to €89,794
- Write-downs -€5,585
down €5,585 (-97.7%), from €5,718 to €134
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 | €1,354,724 | €2,224,704 | +€869,980 | +64.2% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €22,340 | €819,611 | +€797,271 | +3568.8% |
| Tangible fixed assets | 22/27 | €22,050 | €819,320 | +€797,271 | +3615.7% |
| Land and buildings | 22 | €9,629 | €808,382 | +€798,753 | +8294.9% |
| Plant, machinery and equipment | 23 | €6,543 | €7,854 | +€1,311 | +20.0% |
| Furniture and vehicles | 24 | €5,877 | €3,085 | -€2,793 | -47.5% |
| Financial fixed assets | 28 | €290 | €290 | = | 0.0% |
| Current assets | 29/58 | €1,332,384 | €1,405,094 | +€72,710 | +5.5% |
| Stocks and contracts in progress | 3 | €396,181 | €502,325 | +€106,144 | +26.8% |
| Stocks | 30/36 | €396,181 | €502,325 | +€106,144 | +26.8% |
| Amounts receivable within one year | 40/41 | €85,146 | €79,714 | -€5,432 | -6.4% |
| Trade receivables | 40 | €84,831 | €64,714 | -€20,117 | -23.7% |
| Other amounts receivable | 41 | €314 | €15,000 | +€14,686 | +4674.3% |
| Cash at bank and in hand | 54/58 | €851,057 | €810,712 | -€40,345 | -4.7% |
| Deferred charges and accrued income | 490/1 | - | €12,342 | +€12,342 | |
| Total equity and liabilities | 10/49 | €1,354,724 | €2,224,704 | +€869,980 | +64.2% |
| Equity | 10/15 | €642,826 | €620,685 | -€22,141 | -3.4% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Capital | 10 | €150,000 | €150,000 | = | 0.0% |
| Issued capital | 100 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €492,826 | €470,685 | -€22,141 | -4.5% |
| Non-distributable reserves | 130/1 | €15,000 | €15,000 | = | 0.0% |
| Legal reserve | 130 | €15,000 | €15,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €37,500 | €37,500 | = | 0.0% |
| Distributable reserves | 133 | €440,326 | €418,185 | -€22,141 | -5.0% |
| Amounts payable | 17/49 | €711,898 | €1,604,019 | +€892,121 | +125.3% |
| Amounts payable within one year | 42/48 | €277,293 | €1,212,230 | +€934,937 | +337.2% |
| Current portion of amounts payable after more than one year | 42 | €2,625 | - | -€2,625 | |
| Trade debts | 44 | €84,826 | €214,824 | +€129,999 | +153.3% |
| Suppliers | 440/4 | €84,826 | €214,824 | +€129,999 | +153.3% |
| Advances received on contracts in progress | 46 | €2,155 | €5,055 | +€2,900 | +134.6% |
| Taxes, remuneration and social security | 45 | €84,242 | €94,697 | +€10,454 | +12.4% |
| Taxes | 450/3 | €74,085 | €85,092 | +€11,006 | +14.9% |
| Remuneration and social security | 454/9 | €10,157 | €9,605 | -€552 | -5.4% |
| Other amounts payable | 47/48 | €103,445 | €897,654 | +€794,209 | +767.8% |
| Accrued charges and deferred income | 492/3 | €434,606 | €391,790 | -€42,816 | -9.9% |
| Remuneration, social security and pensions | 62 | €78,156 | €89,794 | +€11,639 | +14.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,060 | €113,390 | +€105,331 | +1306.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €5,718 | €134 | -€5,585 | -97.7% |
| Other operating charges | 640/8 | €15,687 | €15,936 | +€248 | +1.6% |
| Gross operating margin | 9900 | €215,082 | €197,350 | -€17,732 | -8.2% |
| Operating profit (loss) | 9901 | €107,461 | -€21,903 | -€129,365 | |
| Financial income | 75/76B | €46 | €24 | -€23 | -48.9% |
| Recurring financial income | 75 | €46 | €24 | -€23 | -48.9% |
| Financial charges | 65/66B | €1,253 | €261 | -€992 | -79.1% |
| Recurring financial charges | 65 | €1,253 | €261 | -€992 | -79.1% |
| Profit (loss) for the period before taxes | 9903 | €106,255 | -€22,141 | -€128,396 | |
| Income taxes | 67/77 | €36,885 | €0 | -€36,885 | -100.0% |
| Profit (loss) for the period | 9904 | €69,369 | -€22,141 | -€91,510 | |
| Profit (loss) for the period to be appropriated | 9905 | €69,369 | -€22,141 | -€91,510 |
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 12 October 2026 via checked.be.