J.M.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.
What changed
J.M.I.
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€107,288
2024 · €109,861-€2,573
Equity
€7.2m
2024 · €2.8m+€4.4m
Cash
€242,920
2024 · €317,628-€74,708
Balance sheet total
€9.1m
2024 · €5.2m+€3.9m
Largest movements
Assets
- Tangible fixed assets +€4.1m
up €4.1m (+98.1%), from €4.1m to €8.2m
of which Land and buildings: +€4.1m
- Receivables after one year -€100,000
down €100,000 (-40.0%), from €250,000 to €150,000
Equity and liabilities
- Revaluation surpluses +€4.2m
up €4.2m (+581%), from €728,046 to €5.0m
- Debts after one year -€283,186
down €283,186 (-15.6%), from €1.8m to €1.5m
- Reserves +€125,838
up €125,838 (+6.5%), from €1.9m to €2.1m
of which Distributable reserves: +€134,668
Income statement
- Gross operating margin -€9,054
down €9,054 (-1.9%), from €486,562 to €477,509
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.
Result 2024
€109,861
Gross operating margin
-€9,054
Depreciation
+€3,701
Other operating charges
-€1,513
Financial income
+€1,194
Financial charges
+€2,147
Taxes
+€952
Result 2025
€107,288
raises the resultlowers the result
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.
From operations
+€287,146
Investment
-€4.3m
Financing
+€3.9m
Cash 2024
€317,628
From operations (derived)
+€287,146
Net result for the year
+€107,288
Depreciation
+€223,285
Receivables after one year
+€100,000
Receivables within one year
-€49,649
Smaller working-capital items
-€10,180
Tax, wage and social debts
-€32,747
Other debts
-€50,851
Investment (derived)
-€4.3m
Investment in fixed assets (net)
-€4.3m
Financing
+€3.9m
Debts after one year
-€283,186
Current portion of long-term debt
+€4,397
Short-term financial debts
-€38,248
Contributions, distributions and other
+€4.2m
Cash 2025
€242,920
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,199,524 | €9,144,419 | +€3.9m | +75.9% |
| Fixed assets | 21/28 | €4,147,845 | €8,218,917 | +€4.1m | +98.1% |
| Tangible fixed assets | 22/27 | €4,147,845 | €8,218,917 | +€4.1m | +98.1% |
| Land and buildings | 22 | €4,140,279 | €8,206,148 | +€4.1m | +98.2% |
| Plant, machinery and equipment | 23 | €7,566 | €12,769 | +€5,202 | +68.8% |
| Current assets | 29/58 | €1,051,679 | €925,502 | -€126,177 | -12.0% |
| Amounts receivable after more than one year | 29 | €250,000 | €150,000 | -€100,000 | -40.0% |
| Other amounts receivable | 291 | €250,000 | €150,000 | -€100,000 | -40.0% |
| Amounts receivable within one year | 40/41 | €478,203 | €527,852 | +€49,649 | +10.4% |
| Other amounts receivable | 41 | €478,203 | €527,852 | +€49,649 | +10.4% |
| Cash at bank and in hand | 54/58 | €317,628 | €242,920 | -€74,708 | -23.5% |
| Deferred charges and accrued income | 490/1 | €5,848 | €4,729 | -€1,118 | -19.1% |
| Total equity and liabilities | 10/49 | €5,199,524 | €9,144,419 | +€3.9m | +75.9% |
| Equity | 10/15 | €2,800,139 | €7,156,968 | +€4.4m | +156% |
| Contributions | 10/11 | €123,947 | €123,947 | = | 0.0% |
| Capital | 10 | €123,947 | €123,947 | = | 0.0% |
| Issued capital | 100 | €123,947 | €123,947 | = | 0.0% |
| Revaluation surpluses | 12 | €728,046 | €4,959,036 | +€4.2m | +581% |
| Reserves | 13 | €1,948,147 | €2,073,985 | +€125,838 | +6.5% |
| Non-distributable reserves | 130/1 | €12,395 | €12,395 | = | 0.0% |
| Legal reserve | 130 | €12,395 | €12,395 | = | 0.0% |
| Tax-exempt reserves | 132 | €61,349 | €52,519 | -€8,830 | -14.4% |
| Distributable reserves | 133 | €1,874,403 | €2,009,072 | +€134,668 | +7.2% |
| Provisions and deferred taxes | 16 | €7,902 | €4,959 | -€2,943 | -37.2% |
| Deferred taxes | 168 | €7,902 | €4,959 | -€2,943 | -37.2% |
| Amounts payable | 17/49 | €2,391,483 | €1,982,492 | -€408,990 | -17.1% |
| Amounts payable after more than one year | 17 | €1,813,163 | €1,529,977 | -€283,186 | -15.6% |
| Financial debts | 170/4 | €1,813,163 | €1,529,977 | -€283,186 | -15.6% |
| Amounts payable within one year | 42/48 | €578,320 | €452,515 | -€125,804 | -21.8% |
| Current portion of amounts payable after more than one year | 42 | €278,789 | €283,186 | +€4,397 | +1.6% |
| Financial debts | 43 | €38,248 | - | -€38,248 | |
| Credit institutions | 430/8 | €38,248 | - | -€38,248 | |
| Trade debts | 44 | €9,430 | €1,075 | -€8,355 | -88.6% |
| Suppliers | 440/4 | €9,430 | €1,075 | -€8,355 | -88.6% |
| Taxes, remuneration and social security | 45 | €32,747 | - | -€32,747 | |
| Taxes | 450/3 | €32,747 | - | -€32,747 | |
| Other amounts payable | 47/48 | €219,105 | €168,254 | -€50,851 | -23.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €226,987 | €223,285 | -€3,701 | -1.6% |
| Other operating charges | 640/8 | €48,515 | €50,028 | +€1,513 | +3.1% |
| Gross operating margin | 9900 | €486,562 | €477,509 | -€9,054 | -1.9% |
| Operating profit (loss) | 9901 | €211,061 | €204,195 | -€6,865 | -3.3% |
| Financial income | 75/76B | €5,848 | €7,041 | +€1,194 | +20.4% |
| Recurring financial income | 75 | €5,848 | €7,041 | +€1,194 | +20.4% |
| Financial charges | 65/66B | €52,310 | €50,163 | -€2,147 | -4.1% |
| Recurring financial charges | 65 | €52,310 | €50,163 | -€2,147 | -4.1% |
| Profit (loss) for the period before taxes | 9903 | €164,598 | €161,074 | -€3,524 | -2.1% |
| Transfer from deferred taxes | 780 | €2,943 | €2,943 | = | 0.0% |
| Income taxes | 67/77 | €57,680 | €56,729 | -€952 | -1.6% |
| Profit (loss) for the period | 9904 | €109,861 | €107,288 | -€2,573 | -2.3% |
| Transfer from tax-exempt reserves | 789 | €8,830 | €8,830 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €118,691 | €116,118 | -€2,573 | -2.2% |
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 15 October 2026 via checked.be.