JGMM: 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.
JGMM
Largest movements
- Tangible fixed assets +€155,026
up €155,026 (+55.7%), from €278,427 to €433,452
of which Land and buildings: +€159,912
- Stocks and contracts +€129,140
new in 2025: €129,140
- Receivables within one year +€32,948
up €32,948 (+31.7%), from €104,025 to €136,973
of which Other amounts receivable: +€21,719
- Short-term financial debts +€176,444
up €176,444 (+2,580%), from €6,840 to €183,284
- Debts after one year +€112,990
up €112,990 (+47.7%), from €236,628 to €349,618
of which Financial debts: +€121,094
- Profit (loss) carried forward +€33,197
up €33,197 (+26.1%), from €127,025 to €160,223
- Other debts -€17,539
down €17,539 (-21.4%), from €82,147 to €64,608
- Trade debts +€10,456
up €10,456 (+95.2%), from €10,978 to €21,433
- Gross operating margin +€36,865
up €36,865 (+25.6%), from €143,731 to €180,596
- Depreciation +€16,600
up €16,600 (+58.4%), from €28,424 to €45,023
- Other operating charges +€16,561
up €16,561 (+1,170%), from €1,416 to €17,976
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 | €545,270 | €871,452 | +€326,182 | +59.8% |
| Fixed assets | 21/28 | €329,398 | €484,424 | +€155,026 | +47.1% |
| Tangible fixed assets | 22/27 | €278,427 | €433,452 | +€155,026 | +55.7% |
| Land and buildings | 22 | €225,298 | €385,209 | +€159,912 | +71.0% |
| Plant, machinery and equipment | 23 | €334 | - | -€334 | |
| Furniture and vehicles | 24 | €48,490 | €44,910 | -€3,580 | -7.4% |
| Other tangible fixed assets | 26 | €4,306 | €3,333 | -€973 | -22.6% |
| Financial fixed assets | 28 | €50,971 | €50,971 | = | 0.0% |
| Current assets | 29/58 | €215,872 | €387,028 | +€171,156 | +79.3% |
| Amounts receivable after more than one year | 29 | €71,941 | €73,473 | +€1,532 | +2.1% |
| Other amounts receivable | 291 | €71,941 | €73,473 | +€1,532 | +2.1% |
| Stocks and contracts in progress | 3 | - | €129,140 | +€129,140 | |
| Stocks | 30/36 | - | €129,140 | +€129,140 | |
| Amounts receivable within one year | 40/41 | €104,025 | €136,973 | +€32,948 | +31.7% |
| Trade receivables | 40 | €25,563 | €36,792 | +€11,229 | +43.9% |
| Other amounts receivable | 41 | €78,463 | €100,181 | +€21,719 | +27.7% |
| Cash at bank and in hand | 54/58 | €38,174 | €45,940 | +€7,766 | +20.3% |
| Deferred charges and accrued income | 490/1 | €1,732 | €1,502 | -€230 | -13.3% |
| Total equity and liabilities | 10/49 | €545,270 | €871,452 | +€326,182 | +59.8% |
| Equity | 10/15 | €147,025 | €180,223 | +€33,197 | +22.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €127,025 | €160,223 | +€33,197 | +26.1% |
| Amounts payable | 17/49 | €398,244 | €691,229 | +€292,985 | +73.6% |
| Amounts payable after more than one year | 17 | €236,628 | €349,618 | +€112,990 | +47.7% |
| Financial debts | 170/4 | €228,524 | €349,618 | +€121,094 | +53.0% |
| Other amounts payable | 178/9 | €8,104 | - | -€8,104 | |
| Amounts payable within one year | 42/48 | €161,616 | €341,611 | +€179,995 | +111% |
| Current portion of amounts payable after more than one year | 42 | €28,214 | €37,518 | +€9,305 | +33.0% |
| Financial debts | 43 | €6,840 | €183,284 | +€176,444 | +2,580% |
| Credit institutions | 430/8 | €6,840 | €183,284 | +€176,444 | +2,580% |
| Trade debts | 44 | €10,978 | €21,433 | +€10,456 | +95.2% |
| Suppliers | 440/4 | €10,978 | €21,433 | +€10,456 | +95.2% |
| Taxes, remuneration and social security | 45 | €33,438 | €34,768 | +€1,330 | +4.0% |
| Taxes | 450/3 | €33,438 | €34,768 | +€1,330 | +4.0% |
| Other amounts payable | 47/48 | €82,147 | €64,608 | -€17,539 | -21.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,424 | €45,023 | +€16,600 | +58.4% |
| Other operating charges | 640/8 | €1,416 | €17,976 | +€16,561 | +1,170% |
| Gross operating margin | 9900 | €143,731 | €180,596 | +€36,865 | +25.6% |
| Operating profit (loss) | 9901 | €113,891 | €117,596 | +€3,705 | +3.3% |
| Financial income | 75/76B | €2,508 | €2,855 | +€347 | +13.8% |
| Recurring financial income | 75 | €2,508 | €2,855 | +€347 | +13.8% |
| Financial charges | 65/66B | €11,370 | €12,081 | +€711 | +6.3% |
| Recurring financial charges | 65 | €11,370 | €12,081 | +€711 | +6.3% |
| Profit (loss) for the period before taxes | 9903 | €105,029 | €108,370 | +€3,341 | +3.2% |
| Income taxes | 67/77 | €24,901 | €25,173 | +€272 | +1.1% |
| Profit (loss) for the period | 9904 | €80,129 | €83,197 | +€3,069 | +3.8% |
| Profit (loss) for the period to be appropriated | 9905 | €80,129 | €83,197 | +€3,069 | +3.8% |
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 16 October 2026 via checked.be.