J.M.S.: what changed
You see two financial years side by side: what moved most in the balance sheet and the result, why the result rose or fell and where the money went.
J.M.S.
Largest movements
- Stocks and contracts -€144,847
down €144,847 (-17.2%), from €842,633 to €697,786
- Tangible fixed assets -€79,494
down €79,494 (-3.8%), from €2.1m to €2.0m
of which Other tangible fixed assets: -€42,874
- Cash -€41,950
down €41,950 (-17.8%), from €236,175 to €194,225
mainly Other debts (-€1.0m) and Accrued charges and deferred income (-€42,190)
- Receivables within one year +€37,913
up €37,913 (+86.0%), from €44,081 to €81,994
of which Trade receivables: +€20,747
- Other debts -€1.0m
down €1.0m (-99.6%), from €1.0m to €3,753
- Debts after one year +€792,598
up €792,598 (+104%), from €759,785 to €1.6m
- Current portion of long-term debt +€47,499
up €47,499 (+253%), from €18,795 to €66,295
- Accrued charges and deferred income -€42,190
no longer reported in 2025 (was €42,190)
- Gross operating margin -€21,102
down €21,102 (-14.8%), from €142,964 to €121,861
- Financial income +€15,530
up €15,530 (+942%), from €1,649 to €17,179
- Depreciation +€6,534
up €6,534 (+9.0%), from €72,960 to €79,494
- Taxes -€2,690
down €2,690 (-44.3%), from €6,071 to €3,381
- Financial charges -€2,369
down €2,369 (-5.0%), from €46,935 to €44,567
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,239,537 | €3,010,895 | -€228,642 | -7.1% |
| Fixed assets | 21/28 | €2,112,675 | €2,033,181 | -€79,494 | -3.8% |
| Tangible fixed assets | 22/27 | €2,112,675 | €2,033,181 | -€79,494 | -3.8% |
| Land and buildings | 22 | €585,068 | €558,511 | -€26,557 | -4.5% |
| Plant, machinery and equipment | 23 | €11,400 | €9,750 | -€1,650 | -14.5% |
| Furniture and vehicles | 24 | €17,826 | €9,413 | -€8,413 | -47.2% |
| Other tangible fixed assets | 26 | €1,498,382 | €1,455,507 | -€42,874 | -2.9% |
| Current assets | 29/58 | €1,126,862 | €977,714 | -€149,148 | -13.2% |
| Stocks and contracts in progress | 3 | €842,633 | €697,786 | -€144,847 | -17.2% |
| Stocks | 30/36 | €842,633 | €697,786 | -€144,847 | -17.2% |
| Amounts receivable within one year | 40/41 | €44,081 | €81,994 | +€37,913 | +86.0% |
| Trade receivables | 40 | €44,038 | €64,785 | +€20,747 | +47.1% |
| Other amounts receivable | 41 | €43 | €17,209 | +€17,166 | +39,837% |
| Cash at bank and in hand | 54/58 | €236,175 | €194,225 | -€41,950 | -17.8% |
| Deferred charges and accrued income | 490/1 | €3,973 | €3,709 | -€264 | -6.6% |
| Total equity and liabilities | 10/49 | €3,239,537 | €3,010,895 | -€228,642 | -7.1% |
| Equity | 10/15 | €1,364,958 | €1,364,765 | -€193 | 0.0% |
| Contributions | 10/11 | €961,500 | €961,500 | = | 0.0% |
| Reserves | 13 | €403,458 | €403,265 | -€193 | 0.0% |
| Tax-exempt reserves | 132 | €76,528 | €74,775 | -€1,754 | -2.3% |
| Distributable reserves | 133 | €326,930 | €328,491 | +€1,561 | +0.5% |
| Provisions and deferred taxes | 16 | €14,223 | €13,638 | -€585 | -4.1% |
| Deferred taxes | 168 | €14,223 | €13,638 | -€585 | -4.1% |
| Amounts payable | 17/49 | €1,860,357 | €1,632,492 | -€227,865 | -12.2% |
| Amounts payable after more than one year | 17 | €759,785 | €1,552,383 | +€792,598 | +104% |
| Financial debts | 170/4 | €759,785 | €1,552,383 | +€792,598 | +104% |
| Amounts payable within one year | 42/48 | €1,058,381 | €80,108 | -€978,273 | -92.4% |
| Current portion of amounts payable after more than one year | 42 | €18,795 | €66,295 | +€47,499 | +253% |
| Trade debts | 44 | €1,226 | €7,389 | +€6,163 | +503% |
| Suppliers | 440/4 | €1,226 | €7,389 | +€6,163 | +503% |
| Taxes, remuneration and social security | 45 | €7,222 | €2,672 | -€4,550 | -63.0% |
| Taxes | 450/3 | €7,222 | €2,672 | -€4,550 | -63.0% |
| Other amounts payable | 47/48 | €1,031,138 | €3,753 | -€1.0m | -99.6% |
| Accrued charges and deferred income | 492/3 | €42,190 | - | -€42,190 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €72,960 | €79,494 | +€6,534 | +9.0% |
| Other operating charges | 640/8 | €11,111 | €12,376 | +€1,265 | +11.4% |
| Gross operating margin | 9900 | €142,964 | €121,861 | -€21,102 | -14.8% |
| Operating profit (loss) | 9901 | €58,893 | €29,992 | -€28,901 | -49.1% |
| Financial income | 75/76B | €1,649 | €17,179 | +€15,530 | +942% |
| Recurring financial income | 75 | €1,649 | €17,179 | +€15,530 | +942% |
| Financial charges | 65/66B | €46,935 | €44,567 | -€2,369 | -5.0% |
| Recurring financial charges | 65 | €46,935 | €44,567 | -€2,369 | -5.0% |
| Profit (loss) for the period before taxes | 9903 | €13,606 | €2,604 | -€11,002 | -80.9% |
| Transfer from deferred taxes | 780 | €585 | €585 | = | 0.0% |
| Income taxes | 67/77 | €6,071 | €3,381 | -€2,690 | -44.3% |
| Profit (loss) for the period | 9904 | €8,120 | -€193 | -€8,312 | |
| Transfer from tax-exempt reserves | 789 | €1,754 | €1,754 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €9,873 | €1,561 | -€8,312 | -84.2% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.