J2M: 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.
J2M
Largest movements
- Receivables within one year +€105,166
up €105,166 (+44.2%), from €238,143 to €343,310
of which Trade receivables: +€103,930
- Cash -€18,485
down €18,485 (-24.5%), from €75,364 to €56,880
mainly Receivables within one year (-€105,166) and Debts after one year (-€11,497)
- Tangible fixed assets -€16,971
down €16,971 (-31.8%), from €53,438 to €36,467
- Deferred charges and accrued income +€7,857
up €7,857 (+346%), from €2,271 to €10,128
- Trade debts +€47,296
up €47,296 (+118%), from €40,134 to €87,430
- Reserves +€43,423
up €43,423 (+19.9%), from €218,719 to €262,142
- Debts after one year -€11,497
down €11,497 (-29.0%), from €39,674 to €28,177
- Staff costs -€44,297
down €44,297 (-15.4%), from €288,133 to €243,836
- Gross operating margin -€12,480
down €12,480 (-3.6%), from €342,236 to €329,756
- Taxes +€9,176
up €9,176 (+102%), from €8,956 to €18,132
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 | €369,477 | €447,044 | +€77,568 | +21.0% |
| Fixed assets | 21/28 | €53,698 | €36,727 | -€16,971 | -31.6% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €53,438 | €36,467 | -€16,971 | -31.8% |
| Land and buildings | 22 | €500 | €130 | -€370 | -73.9% |
| Plant, machinery and equipment | 23 | €1,873 | €352 | -€1,522 | -81.2% |
| Furniture and vehicles | 24 | €26,189 | €18,487 | -€7,702 | -29.4% |
| Leasing and similar rights | 25 | €24,876 | €17,498 | -€7,377 | -29.7% |
| Financial fixed assets | 28 | €260 | €260 | = | 0.0% |
| Current assets | 29/58 | €315,778 | €410,317 | +€94,539 | +29.9% |
| Amounts receivable within one year | 40/41 | €238,143 | €343,310 | +€105,166 | +44.2% |
| Trade receivables | 40 | €165,897 | €269,826 | +€103,930 | +62.6% |
| Other amounts receivable | 41 | €72,247 | €73,483 | +€1,237 | +1.7% |
| Cash at bank and in hand | 54/58 | €75,364 | €56,880 | -€18,485 | -24.5% |
| Deferred charges and accrued income | 490/1 | €2,271 | €10,128 | +€7,857 | +346% |
| Total equity and liabilities | 10/49 | €369,477 | €447,044 | +€77,568 | +21.0% |
| Equity | 10/15 | €220,492 | €263,916 | +€43,423 | +19.7% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €218,719 | €262,142 | +€43,423 | +19.9% |
| Distributable reserves | 133 | €218,719 | €262,142 | +€43,423 | +19.9% |
| Profit (loss) carried forward | 14 | -€227 | -€227 | = | 0.0% |
| Amounts payable | 17/49 | €148,984 | €183,129 | +€34,144 | +22.9% |
| Amounts payable after more than one year | 17 | €39,674 | €28,177 | -€11,497 | -29.0% |
| Financial debts | 170/4 | €39,674 | €28,177 | -€11,497 | -29.0% |
| Amounts payable within one year | 42/48 | €109,310 | €154,951 | +€45,641 | +41.8% |
| Current portion of amounts payable after more than one year | 42 | €17,718 | €17,836 | +€118 | +0.7% |
| Trade debts | 44 | €40,134 | €87,430 | +€47,296 | +118% |
| Suppliers | 440/4 | €40,134 | €87,430 | +€47,296 | +118% |
| Taxes, remuneration and social security | 45 | €51,458 | €49,685 | -€1,773 | -3.4% |
| Taxes | 450/3 | €20,674 | €21,970 | +€1,296 | +6.3% |
| Remuneration and social security | 454/9 | €30,784 | €27,716 | -€3,069 | -10.0% |
| Other amounts payable | 47/48 | €0 | €0 | = | |
| Remuneration, social security and pensions | 62 | €288,133 | €243,836 | -€44,297 | -15.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,060 | €16,971 | -€89 | -0.5% |
| Other operating charges | 640/8 | €1,600 | €639 | -€961 | -60.0% |
| Non-recurring operating charges | 66A | €1,381 | €2,782 | +€1,401 | +101% |
| Gross operating margin | 9900 | €342,236 | €329,756 | -€12,480 | -3.6% |
| Operating profit (loss) | 9901 | €34,062 | €65,528 | +€31,465 | +92.4% |
| Financial income | 75/76B | €1,932 | €2,562 | +€629 | +32.6% |
| Recurring financial income | 75 | €1,932 | €2,562 | +€629 | +32.6% |
| Financial charges | 65/66B | €7,133 | €6,534 | -€599 | -8.4% |
| Recurring financial charges | 65 | €7,133 | €6,534 | -€599 | -8.4% |
| Profit (loss) for the period before taxes | 9903 | €28,861 | €61,556 | +€32,694 | +113% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €8,956 | €18,132 | +€9,176 | +102% |
| Profit (loss) for the period | 9904 | €19,906 | €43,423 | +€23,518 | +118% |
| Profit (loss) for the period to be appropriated | 9905 | €19,906 | €43,423 | +€23,518 | +118% |
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 13 October 2026 via checked.be.