J.M.H.: 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.H.
Largest movements
- Current investments +€67,928
up €67,928 (+9.4%), from €720,066 to €787,994
- Receivables within one year +€43,832
up €43,832 (+113%), from €38,800 to €82,631
of which Other amounts receivable: +€45,353
- Tangible fixed assets -€27,904
down €27,904 (-67.1%), from €41,583 to €13,679
of which Leasing and similar rights: -€16,354
- Deferred charges and accrued income -€19,271
down €19,271 (-31.3%), from €61,571 to €42,300
- Cash +€16,316
up €16,316 (+11.1%), from €147,627 to €163,942
mainly Net result for the year (+€88,971) and Depreciation (+€27,904)
- Reserves +€88,971
up €88,971 (+9.5%), from €931,876 to €1.0m
of which Distributable reserves: +€88,971
- Other debts -€15,753
no longer reported in 2025 (was €15,753)
- Gross operating margin -€50,632
down €50,632 (-22.9%), from €220,881 to €170,248
- Taxes -€15,164
down €15,164 (-26.1%), from €58,009 to €42,845
- Financial charges -€12,332
down €12,332 (-89.6%), from €13,769 to €1,437
of which Non-recurring financial charges: -€9,143
- Depreciation +€3,744
up €3,744 (+15.5%), from €24,160 to €27,904
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 | €1,009,930 | €1,090,831 | +€80,900 | +8.0% |
| Fixed assets | 21/28 | €41,867 | €13,963 | -€27,904 | -66.6% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €41,583 | €13,679 | -€27,904 | -67.1% |
| Plant, machinery and equipment | 23 | €5,272 | €3,317 | -€1,956 | -37.1% |
| Furniture and vehicles | 24 | €15,435 | €7,253 | -€8,182 | -53.0% |
| Leasing and similar rights | 25 | €16,354 | €0 | -€16,354 | -100% |
| Other tangible fixed assets | 26 | €4,522 | €3,109 | -€1,412 | -31.2% |
| Financial fixed assets | 28 | €284 | €284 | = | 0.0% |
| Current assets | 29/58 | €968,064 | €1,076,868 | +€108,804 | +11.2% |
| Amounts receivable within one year | 40/41 | €38,800 | €82,631 | +€43,832 | +113% |
| Trade receivables | 40 | €1,521 | - | -€1,521 | |
| Other amounts receivable | 41 | €37,278 | €82,631 | +€45,353 | +122% |
| Current investments | 50/53 | €720,066 | €787,994 | +€67,928 | +9.4% |
| Cash at bank and in hand | 54/58 | €147,627 | €163,942 | +€16,316 | +11.1% |
| Deferred charges and accrued income | 490/1 | €61,571 | €42,300 | -€19,271 | -31.3% |
| Total equity and liabilities | 10/49 | €1,009,930 | €1,090,831 | +€80,900 | +8.0% |
| Equity | 10/15 | €944,941 | €1,033,912 | +€88,971 | +9.4% |
| Contributions | 10/11 | €12,408 | €12,408 | = | 0.0% |
| Reserves | 13 | €931,876 | €1,020,847 | +€88,971 | +9.5% |
| Tax-exempt reserves | 132 | €21,882 | €21,882 | = | 0.0% |
| Distributable reserves | 133 | €909,994 | €998,965 | +€88,971 | +9.8% |
| Profit (loss) carried forward | 14 | €656 | €656 | = | 0.0% |
| Amounts payable | 17/49 | €64,990 | €56,919 | -€8,071 | -12.4% |
| Amounts payable within one year | 42/48 | €64,990 | €56,919 | -€8,071 | -12.4% |
| Trade debts | 44 | €47,460 | €55,115 | +€7,655 | +16.1% |
| Suppliers | 440/4 | €47,460 | €55,115 | +€7,655 | +16.1% |
| Taxes, remuneration and social security | 45 | €1,777 | €1,804 | +€27 | +1.5% |
| Remuneration and social security | 454/9 | €1,777 | €1,804 | +€27 | +1.5% |
| Other amounts payable | 47/48 | €15,753 | - | -€15,753 | |
| Remuneration, social security and pensions | 62 | €18,747 | €19,048 | +€302 | +1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,160 | €27,904 | +€3,744 | +15.5% |
| Other operating charges | 640/8 | €1,242 | €2,496 | +€1,253 | +101% |
| Gross operating margin | 9900 | €220,881 | €170,248 | -€50,632 | -22.9% |
| Operating profit (loss) | 9901 | €176,732 | €120,801 | -€55,931 | -31.6% |
| Financial income | 75/76B | €13,717 | €12,452 | -€1,265 | -9.2% |
| Recurring financial income | 75 | €13,717 | €12,452 | -€1,265 | -9.2% |
| Financial charges | 65/66B | €13,769 | €1,437 | -€12,332 | -89.6% |
| Recurring financial charges | 65 | €4,626 | €1,437 | -€3,189 | -68.9% |
| Non-recurring financial charges | 66B | €9,143 | - | -€9,143 | |
| Profit (loss) for the period before taxes | 9903 | €176,680 | €131,816 | -€44,864 | -25.4% |
| Income taxes | 67/77 | €58,009 | €42,845 | -€15,164 | -26.1% |
| Profit (loss) for the period | 9904 | €118,671 | €88,971 | -€29,700 | -25.0% |
| Profit (loss) for the period to be appropriated | 9905 | €118,671 | €88,971 | -€29,700 | -25.0% |
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 16 October 2026 via checked.be.