J.M.L.: 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.L.
Largest movements
- Stocks and contracts -€786,531
no longer reported in 2025 (was €786,531)
- Receivables within one year +€614,520
up €614,520 (+1,574%), from €39,032 to €653,552
of which Other amounts receivable: +€614,418
- Cash -€87,556
down €87,556 (-37.6%), from €232,697 to €145,141
mainly Receivables within one year (-€614,520) and Other debts (-€424,792)
- Tangible fixed assets -€33,022
down €33,022 (-6.1%), from €542,850 to €509,829
of which Furniture and vehicles: -€19,198
- Other debts -€424,792
down €424,792 (-93.2%), from €456,000 to €31,208
- Reserves +€177,982
up €177,982 (+19.2%), from €926,360 to €1.1m
- Debts after one year -€172,924
down €172,924 (-34.6%), from €500,257 to €327,334
of which Other amounts payable: -€172,924
- Tax, wage and social debts +€140,162
up €140,162 (+367%), from €38,179 to €178,341
of which Taxes: +€133,047
- Financial charges -€33,809
down €33,809 (-61.0%), from €55,442 to €21,634
- Taxes +€12,475
up €12,475 (+14.0%), from €89,256 to €101,731
- Financial income +€8,705
up €8,705 (+3,225%), from €270 to €8,975
- Depreciation -€4,275
down €4,275 (-11.5%), from €37,296 to €33,022
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 | €2,021,945 | €1,729,765 | -€292,180 | -14.5% |
| Fixed assets | 21/28 | €954,300 | €926,725 | -€27,575 | -2.9% |
| Tangible fixed assets | 22/27 | €542,850 | €509,829 | -€33,022 | -6.1% |
| Land and buildings | 22 | €482,083 | €468,259 | -€13,824 | -2.9% |
| Furniture and vehicles | 24 | €60,768 | €41,570 | -€19,198 | -31.6% |
| Financial fixed assets | 28 | €411,450 | €416,896 | +€5,446 | +1.3% |
| Current assets | 29/58 | €1,067,644 | €803,039 | -€264,605 | -24.8% |
| Stocks and contracts in progress | 3 | €786,531 | - | -€786,531 | |
| Stocks | 30/36 | €786,531 | - | -€786,531 | |
| Amounts receivable within one year | 40/41 | €39,032 | €653,552 | +€614,520 | +1,574% |
| Trade receivables | 40 | €15,000 | €15,103 | +€103 | +0.7% |
| Other amounts receivable | 41 | €24,032 | €638,449 | +€614,418 | +2,557% |
| Cash at bank and in hand | 54/58 | €232,697 | €145,141 | -€87,556 | -37.6% |
| Deferred charges and accrued income | 490/1 | €9,385 | €4,347 | -€5,038 | -53.7% |
| Total equity and liabilities | 10/49 | €2,021,945 | €1,729,765 | -€292,180 | -14.5% |
| Equity | 10/15 | €990,681 | €1,168,663 | +€177,982 | +18.0% |
| Contributions | 10/11 | €63,500 | €63,500 | = | 0.0% |
| Reserves | 13 | €926,360 | €1,104,342 | +€177,982 | +19.2% |
| Distributable reserves | 133 | €926,360 | €1,104,342 | +€177,982 | +19.2% |
| Profit (loss) carried forward | 14 | €821 | €821 | = | 0.0% |
| Amounts payable | 17/49 | €1,031,264 | €561,102 | -€470,162 | -45.6% |
| Amounts payable after more than one year | 17 | €500,257 | €327,334 | -€172,924 | -34.6% |
| Financial debts | 170/4 | €104,550 | €104,550 | = | 0.0% |
| Other amounts payable | 178/9 | €395,707 | €222,784 | -€172,924 | -43.7% |
| Amounts payable within one year | 42/48 | €531,006 | €233,768 | -€297,238 | -56.0% |
| Trade debts | 44 | €36,827 | €24,219 | -€12,608 | -34.2% |
| Suppliers | 440/4 | €36,827 | €24,219 | -€12,608 | -34.2% |
| Taxes, remuneration and social security | 45 | €38,179 | €178,341 | +€140,162 | +367% |
| Taxes | 450/3 | €36,017 | €169,063 | +€133,047 | +369% |
| Remuneration and social security | 454/9 | €2,163 | €9,278 | +€7,115 | +329% |
| Other amounts payable | 47/48 | €456,000 | €31,208 | -€424,792 | -93.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,296 | €33,022 | -€4,275 | -11.5% |
| Other operating charges | 640/8 | €12,517 | €12,840 | +€323 | +2.6% |
| Gross operating margin | 9900 | €392,085 | €393,064 | +€979 | +0.2% |
| Operating profit (loss) | 9901 | €342,271 | €347,202 | +€4,931 | +1.4% |
| Financial income | 75/76B | €270 | €8,975 | +€8,705 | +3,225% |
| Recurring financial income | 75 | €270 | €8,975 | +€8,705 | +3,225% |
| Financial charges | 65/66B | €55,442 | €21,634 | -€33,809 | -61.0% |
| Recurring financial charges | 65 | €55,442 | €21,634 | -€33,809 | -61.0% |
| Profit (loss) for the period before taxes | 9903 | €287,099 | €334,543 | +€47,444 | +16.5% |
| Income taxes | 67/77 | €89,256 | €101,731 | +€12,475 | +14.0% |
| Profit (loss) for the period | 9904 | €197,843 | €232,813 | +€34,970 | +17.7% |
| Profit (loss) for the period to be appropriated | 9905 | €197,843 | €232,813 | +€34,970 | +17.7% |
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 23 October 2026 via checked.be.