J.M.O.: 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.O.
Largest movements
- Receivables within one year +€58,002
up €58,002 (+240%), from €24,145 to €82,147
of which Trade receivables: +€50,868
- Receivables after one year -€34,216
down €34,216 (-47.7%), from €71,696 to €37,480
- Tangible fixed assets +€23,553
up €23,553 (+8.5%), from €277,392 to €300,946
of which Other tangible fixed assets: +€30,861
- Deferred charges and accrued income +€4,299
up €4,299 (+527%), from €815 to €5,114
- Trade debts +€99,613
up €99,613 (+2,871%), from €3,470 to €103,083
- Tax, wage and social debts -€18,800
down €18,800 (-23.2%), from €81,025 to €62,225
- Other debts -€13,581
down €13,581 (-98.1%), from €13,841 to €260
- Profit (loss) carried forward -€12,420
down €12,420 (-5.1%), from -€245,025 to -€257,445
- Gross operating margin +€37,355
up €37,355, from -€26,919 to €10,437
- Other operating charges +€13,201
up €13,201 (+1,447%), from €913 to €14,113
- Financial charges -€6,347
down €6,347 (-94.9%), from €6,688 to €341
- Depreciation -€3,342
down €3,342 (-19.9%), from €16,801 to €13,459
- Financial income +€818
up €818 (+37.5%), from €2,183 to €3,001
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 | €377,864 | €429,774 | +€51,909 | +13.7% |
| Fixed assets | 21/28 | €280,448 | €304,002 | +€23,553 | +8.4% |
| Tangible fixed assets | 22/27 | €277,392 | €300,946 | +€23,553 | +8.5% |
| Land and buildings | 22 | €267,118 | €260,458 | -€6,660 | -2.5% |
| Plant, machinery and equipment | 23 | €1,979 | €1,331 | -€648 | -32.7% |
| Other tangible fixed assets | 26 | €8,296 | €39,157 | +€30,861 | +372% |
| Financial fixed assets | 28 | €3,056 | €3,056 | = | 0.0% |
| Current assets | 29/58 | €97,416 | €125,772 | +€28,356 | +29.1% |
| Amounts receivable after more than one year | 29 | €71,696 | €37,480 | -€34,216 | -47.7% |
| Other amounts receivable | 291 | €71,696 | €37,480 | -€34,216 | -47.7% |
| Amounts receivable within one year | 40/41 | €24,145 | €82,147 | +€58,002 | +240% |
| Trade receivables | 40 | €13,610 | €64,478 | +€50,868 | +374% |
| Other amounts receivable | 41 | €10,535 | €17,669 | +€7,134 | +67.7% |
| Cash at bank and in hand | 54/58 | €760 | €1,031 | +€271 | +35.7% |
| Deferred charges and accrued income | 490/1 | €815 | €5,114 | +€4,299 | +527% |
| Total equity and liabilities | 10/49 | €377,864 | €429,774 | +€51,909 | +13.7% |
| Equity | 10/15 | €188,565 | €174,080 | -€14,485 | -7.7% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €414,998 | €412,933 | -€2,065 | -0.5% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €354,339 | €352,274 | -€2,065 | -0.6% |
| Distributable reserves | 133 | €58,800 | €58,800 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€245,025 | -€257,445 | -€12,420 | -5.1% |
| Provisions and deferred taxes | 16 | €90,963 | €90,126 | -€837 | -0.9% |
| Deferred taxes | 168 | €90,963 | €90,126 | -€837 | -0.9% |
| Amounts payable | 17/49 | €98,336 | €165,568 | +€67,232 | +68.4% |
| Amounts payable within one year | 42/48 | €98,336 | €165,568 | +€67,232 | +68.4% |
| Trade debts | 44 | €3,470 | €103,083 | +€99,613 | +2,871% |
| Suppliers | 440/4 | €3,470 | €103,083 | +€99,613 | +2,871% |
| Taxes, remuneration and social security | 45 | €81,025 | €62,225 | -€18,800 | -23.2% |
| Taxes | 450/3 | €81,025 | €62,225 | -€18,800 | -23.2% |
| Other amounts payable | 47/48 | €13,841 | €260 | -€13,581 | -98.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,801 | €13,459 | -€3,342 | -19.9% |
| Other operating charges | 640/8 | €913 | €14,113 | +€13,201 | +1,447% |
| Non-recurring operating charges | 66A | - | €847 | +€847 | |
| Gross operating margin | 9900 | -€26,919 | €10,437 | +€37,355 | |
| Operating profit (loss) | 9901 | -€44,633 | -€17,982 | +€26,650 | +59.7% |
| Financial income | 75/76B | €2,183 | €3,001 | +€818 | +37.5% |
| Recurring financial income | 75 | €2,183 | €3,001 | +€818 | +37.5% |
| Financial charges | 65/66B | €6,688 | €341 | -€6,347 | -94.9% |
| Recurring financial charges | 65 | €6,688 | €341 | -€6,347 | -94.9% |
| Profit (loss) for the period before taxes | 9903 | -€49,137 | -€15,322 | +€33,815 | +68.8% |
| Transfer from deferred taxes | 780 | €837 | €837 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€48,301 | -€14,485 | +€33,815 | +70.0% |
| Transfer from tax-exempt reserves | 789 | €2,065 | €2,065 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€46,236 | -€12,420 | +€33,815 | +73.1% |
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 28 October 2026 via checked.be.