JGMB: what changed
Two fiscal 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.
JGMB
Largest movements
- Tangible fixed assets +€208,059
up €208,059 (+332.0%), from €62,662 to €270,721
of which Assets under construction and advance payments: +€139,490
- Receivables within one year -€44,723
down €44,723 (-22.3%), from €200,894 to €156,171
of which Other amounts receivable: -€26,538
- Cash -€41,092
down €41,092 (-77.7%), from €52,912 to €11,821
mainly Investment in fixed assets (net) (-€242,257) and Contributions, distributions and other (-€72,000)
- Receivables after one year -€7,197
down €7,197 (-4.1%), from €177,217 to €170,020
- Debts after one year +€41,029
up €41,029 (+55.2%), from €74,292 to €115,321
- Other debts +€38,063
up €38,063 (+112.8%), from €33,737 to €71,800
- Current portion of long-term debt +€26,134
up €26,134 (+70.6%), from €37,041 to €63,174
- Profit (loss) carried forward +€7,181
new in 2025: €7,181
- Gross operating margin +€32,190
up €32,190 (+28.6%), from €112,568 to €144,758
- Depreciation +€11,037
up €11,037 (+47.7%), from €23,161 to €34,198
- Financial charges +€3,582
up €3,582 (+52.4%), from €6,833 to €10,415
- Taxes -€3,242
down €3,242 (-13.6%), from €23,773 to €20,531
- Other operating charges +€2,237
up €2,237 (+335.5%), from €667 to €2,903
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.
Cash bridge derived
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 | €495,797 | €610,709 | +€114,912 | +23.2% |
| Fixed assets | 21/28 | €62,662 | €270,721 | +€208,059 | +332.0% |
| Tangible fixed assets | 22/27 | €62,662 | €270,721 | +€208,059 | +332.0% |
| Land and buildings | 22 | - | €91,730 | +€91,730 | |
| Plant, machinery and equipment | 23 | €623 | €331 | -€292 | -46.8% |
| Furniture and vehicles | 24 | €61,112 | €38,474 | -€22,638 | -37.0% |
| Other tangible fixed assets | 26 | €927 | €695 | -€232 | -25.0% |
| Assets under construction and advance payments | 27 | - | €139,490 | +€139,490 | |
| Current assets | 29/58 | €433,135 | €339,988 | -€93,147 | -21.5% |
| Amounts receivable after more than one year | 29 | €177,217 | €170,020 | -€7,197 | -4.1% |
| Other amounts receivable | 291 | €177,217 | €170,020 | -€7,197 | -4.1% |
| Amounts receivable within one year | 40/41 | €200,894 | €156,171 | -€44,723 | -22.3% |
| Trade receivables | 40 | €37,545 | €19,360 | -€18,185 | -48.4% |
| Other amounts receivable | 41 | €163,349 | €136,811 | -€26,538 | -16.2% |
| Cash at bank and in hand | 54/58 | €52,912 | €11,821 | -€41,092 | -77.7% |
| Deferred charges and accrued income | 490/1 | €2,111 | €1,976 | -€135 | -6.4% |
| Total equity and liabilities | 10/49 | €495,797 | €610,709 | +€114,912 | +23.2% |
| Equity | 10/15 | €331,785 | €338,966 | +€7,181 | +2.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €313,185 | €313,185 | = | 0.0% |
| Distributable reserves | 133 | €313,185 | €313,185 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €7,181 | +€7,181 | |
| Amounts payable | 17/49 | €164,012 | €271,743 | +€107,731 | +65.7% |
| Amounts payable after more than one year | 17 | €74,292 | €115,321 | +€41,029 | +55.2% |
| Financial debts | 170/4 | €74,292 | €115,321 | +€41,029 | +55.2% |
| Amounts payable within one year | 42/48 | €87,059 | €153,425 | +€66,365 | +76.2% |
| Current portion of amounts payable after more than one year | 42 | €37,041 | €63,174 | +€26,134 | +70.6% |
| Trade debts | 44 | €1,416 | €2,340 | +€925 | +65.3% |
| Suppliers | 440/4 | €1,416 | €2,340 | +€925 | +65.3% |
| Taxes, remuneration and social security | 45 | €14,866 | €16,110 | +€1,245 | +8.4% |
| Taxes | 450/3 | €14,866 | €16,110 | +€1,245 | +8.4% |
| Other amounts payable | 47/48 | €33,737 | €71,800 | +€38,063 | +112.8% |
| Accrued charges and deferred income | 492/3 | €2,661 | €2,998 | +€337 | +12.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,161 | €34,198 | +€11,037 | +47.7% |
| Other operating charges | 640/8 | €667 | €2,903 | +€2,237 | +335.5% |
| Gross operating margin | 9900 | €112,568 | €144,758 | +€32,190 | +28.6% |
| Operating profit (loss) | 9901 | €88,740 | €107,656 | +€18,916 | +21.3% |
| Financial income | 75/76B | €3,422 | €2,471 | -€951 | -27.8% |
| Recurring financial income | 75 | €3,422 | €2,471 | -€951 | -27.8% |
| Financial charges | 65/66B | €6,833 | €10,415 | +€3,582 | +52.4% |
| Recurring financial charges | 65 | €6,833 | €10,415 | +€3,582 | +52.4% |
| Profit (loss) for the period before taxes | 9903 | €85,329 | €99,712 | +€14,383 | +16.9% |
| Income taxes | 67/77 | €23,773 | €20,531 | -€3,242 | -13.6% |
| Profit (loss) for the period | 9904 | €61,556 | €79,181 | +€17,625 | +28.6% |
| Profit (loss) for the period to be appropriated | 9905 | €61,556 | €79,181 | +€17,625 | +28.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.