J.M. MANAGEMENT: 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. MANAGEMENT
Largest movements
- Current investments -€1.1m
down €1.1m (-22.9%), from €4.8m to €3.7m
- Financial fixed assets +€250,000
up €250,000 (+8.3%), from €3.0m to €3.3m
- Receivables within one year +€115,591
up €115,591, from €0 to €115,591
of which Other amounts receivable: +€78,839
- Tangible fixed assets +€92,484
up €92,484 (+3,580%), from €2,584 to €95,067
of which Leasing and similar rights: +€52,867
- Tax, wage and social debts -€634,994
down €634,994 (-97.8%), from €649,185 to €14,191
- Other debts -€164,422
down €164,422 (-63.8%), from €257,848 to €93,426
- Financial income -€129,201
down €129,201 (-83.3%), from €155,194 to €25,993
- Gross operating margin +€82,744
up €82,744, from -€9,505 to €73,240
- Depreciation +€14,267
up €14,267 (+523%), from €2,730 to €16,997
- Taxes +€7,454
up €7,454 (+61.0%), from €12,219 to €19,673
- Other operating charges +€1,574
up €1,574 (+27.7%), from €5,682 to €7,256
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 | €8,040,795 | €7,350,700 | -€690,095 | -8.6% |
| Fixed assets | 21/28 | €3,010,721 | €3,353,205 | +€342,484 | +11.4% |
| Tangible fixed assets | 22/27 | €2,584 | €95,067 | +€92,484 | +3,580% |
| Plant, machinery and equipment | 23 | €438 | €363 | -€74 | -17.0% |
| Furniture and vehicles | 24 | €2,146 | €41,837 | +€39,691 | +1,850% |
| Leasing and similar rights | 25 | - | €52,867 | +€52,867 | |
| Financial fixed assets | 28 | €3,008,137 | €3,258,137 | +€250,000 | +8.3% |
| Current assets | 29/58 | €5,030,074 | €3,997,496 | -€1.0m | -20.5% |
| Amounts receivable within one year | 40/41 | €0 | €115,591 | +€115,591 | |
| Trade receivables | 40 | - | €36,752 | +€36,752 | |
| Other amounts receivable | 41 | €0 | €78,839 | +€78,839 | |
| Current investments | 50/53 | €4,801,814 | €3,704,576 | -€1.1m | -22.9% |
| Cash at bank and in hand | 54/58 | €225,814 | €172,301 | -€53,513 | -23.7% |
| Deferred charges and accrued income | 490/1 | €2,446 | €5,027 | +€2,581 | +106% |
| Total equity and liabilities | 10/49 | €8,040,795 | €7,350,700 | -€690,095 | -8.6% |
| Equity | 10/15 | €7,127,733 | €7,174,431 | +€46,698 | +0.7% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €7,109,141 | €7,155,839 | +€46,698 | +0.7% |
| Distributable reserves | 133 | €7,109,141 | €7,155,839 | +€46,698 | +0.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €913,062 | €176,269 | -€736,792 | -80.7% |
| Amounts payable after more than one year | 17 | €0 | €41,497 | +€41,497 | |
| Financial debts | 170/4 | €0 | €41,497 | +€41,497 | |
| Amounts payable within one year | 42/48 | €910,128 | €127,634 | -€782,494 | -86.0% |
| Current portion of amounts payable after more than one year | 42 | €0 | €13,515 | +€13,515 | |
| Trade debts | 44 | €3,095 | €6,501 | +€3,407 | +110% |
| Suppliers | 440/4 | €3,095 | €6,501 | +€3,407 | +110% |
| Taxes, remuneration and social security | 45 | €649,185 | €14,191 | -€634,994 | -97.8% |
| Taxes | 450/3 | €649,185 | €14,191 | -€634,994 | -97.8% |
| Other amounts payable | 47/48 | €257,848 | €93,426 | -€164,422 | -63.8% |
| Accrued charges and deferred income | 492/3 | €2,934 | €7,138 | +€4,204 | +143% |
| Non-recurring operating income | 76A | - | €14,359 | +€14,359 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,730 | €16,997 | +€14,267 | +523% |
| Other operating charges | 640/8 | €5,682 | €7,256 | +€1,574 | +27.7% |
| Non-recurring operating charges | 66A | €2,843 | €0 | -€2,843 | -100% |
| Gross operating margin | 9900 | -€9,505 | €73,240 | +€82,744 | |
| Operating profit (loss) | 9901 | -€20,760 | €48,986 | +€69,746 | |
| Financial income | 75/76B | €155,194 | €25,993 | -€129,201 | -83.3% |
| Recurring financial income | 75 | €155,194 | €25,993 | -€129,201 | -83.3% |
| Financial charges | 65/66B | €7,687 | €8,609 | +€922 | +12.0% |
| Recurring financial charges | 65 | €7,687 | €8,609 | +€922 | +12.0% |
| Profit (loss) for the period before taxes | 9903 | €126,748 | €66,370 | -€60,377 | -47.6% |
| Income taxes | 67/77 | €12,219 | €19,673 | +€7,454 | +61.0% |
| Profit (loss) for the period | 9904 | €114,528 | €46,698 | -€67,831 | -59.2% |
| Profit (loss) for the period to be appropriated | 9905 | €114,528 | €46,698 | -€67,831 | -59.2% |
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 23 October 2026 via checked.be.