JHM: 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.
JHM
Largest movements
- Receivables after one year -€600,000
down €600,000 (-60.0%), from €1.0m to €400,000
of which Trade receivables: -€1.0m
- Receivables within one year +€254,677
up €254,677 (+28.7%), from €886,479 to €1.1m
of which Other amounts receivable: +€246,207
- Current investments +€211,932
up €211,932 (+123.2%), from €171,974 to €383,906
- Cash -€46,408
down €46,408 (-16.2%), from €287,249 to €240,841
mainly Receivables within one year (-€254,677) and Current investments (-€211,932)
- Reserves -€109,773
down €109,773 (-4.8%), from €2.3m to €2.2m
- Trade debts -€38,551
down €38,551 (-73.2%), from €52,643 to €14,092
- Other debts -€33,256
down €33,256 (-100.0%), from €33,256 to €0
- Financial income -€1.1m
down €1.1m (-98.9%), from €1.1m to €12,751
- Taxes -€128,028
down €128,028 (-93.5%), from €136,865 to €8,836
- Gross operating margin -€110,190
down €110,190 (-70.3%), from €156,777 to €46,588
- Depreciation +€1,714
up €1,714 (+7.0%), from €24,539 to €26,254
- Other operating charges +€1,591
up €1,591 (+91.9%), from €1,731 to €3,322
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 | €2,560,925 | €2,359,132 | -€201,792 | -7.9% |
| Fixed assets | 21/28 | €187,389 | €165,375 | -€22,014 | -11.7% |
| Tangible fixed assets | 22/27 | €187,389 | €165,375 | -€22,014 | -11.7% |
| Land and buildings | 22 | €138,003 | €129,868 | -€8,134 | -5.9% |
| Plant, machinery and equipment | 23 | €7,405 | €4,580 | -€2,825 | -38.1% |
| Furniture and vehicles | 24 | €2,636 | €1,982 | -€654 | -24.8% |
| Leasing and similar rights | 25 | €36,656 | €27,003 | -€9,653 | -26.3% |
| Other tangible fixed assets | 26 | €2,689 | €1,942 | -€747 | -27.8% |
| Current assets | 29/58 | €2,373,536 | €2,193,757 | -€179,779 | -7.6% |
| Amounts receivable after more than one year | 29 | €1,000,000 | €400,000 | -€600,000 | -60.0% |
| Trade receivables | 290 | €1,000,000 | €0 | -€1.0m | -100.0% |
| Other amounts receivable | 291 | - | €400,000 | +€400,000 | |
| Stocks and contracts in progress | 3 | €27,048 | €27,048 | = | 0.0% |
| Stocks | 30/36 | €27,048 | €27,048 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €886,479 | €1,141,156 | +€254,677 | +28.7% |
| Trade receivables | 40 | €11,500 | €19,970 | +€8,470 | +73.7% |
| Other amounts receivable | 41 | €874,979 | €1,121,186 | +€246,207 | +28.1% |
| Current investments | 50/53 | €171,974 | €383,906 | +€211,932 | +123.2% |
| Cash at bank and in hand | 54/58 | €287,249 | €240,841 | -€46,408 | -16.2% |
| Deferred charges and accrued income | 490/1 | €786 | €806 | +€20 | +2.5% |
| Total equity and liabilities | 10/49 | €2,560,925 | €2,359,132 | -€201,792 | -7.9% |
| Equity | 10/15 | €2,310,853 | €2,201,080 | -€109,773 | -4.8% |
| Contributions | 10/11 | €37,000 | €37,000 | = | 0.0% |
| Reserves | 13 | €2,273,853 | €2,164,080 | -€109,773 | -4.8% |
| Distributable reserves | 133 | €2,273,853 | €2,164,080 | -€109,773 | -4.8% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €250,072 | €158,052 | -€92,020 | -36.8% |
| Amounts payable after more than one year | 17 | €22,209 | €9,737 | -€12,472 | -56.2% |
| Financial debts | 170/4 | €22,209 | €9,737 | -€12,472 | -56.2% |
| Amounts payable within one year | 42/48 | €227,862 | €148,315 | -€79,547 | -34.9% |
| Current portion of amounts payable after more than one year | 42 | €11,913 | €12,472 | +€559 | +4.7% |
| Trade debts | 44 | €52,643 | €14,092 | -€38,551 | -73.2% |
| Suppliers | 440/4 | €52,643 | €14,092 | -€38,551 | -73.2% |
| Taxes, remuneration and social security | 45 | €130,050 | €121,751 | -€8,299 | -6.4% |
| Taxes | 450/3 | €130,050 | €121,751 | -€8,299 | -6.4% |
| Other amounts payable | 47/48 | €33,256 | €0 | -€33,256 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,539 | €26,254 | +€1,714 | +7.0% |
| Other operating charges | 640/8 | €1,731 | €3,322 | +€1,591 | +91.9% |
| Gross operating margin | 9900 | €156,777 | €46,588 | -€110,190 | -70.3% |
| Operating profit (loss) | 9901 | €130,508 | €17,012 | -€113,495 | -87.0% |
| Financial income | 75/76B | €1,108,904 | €12,751 | -€1.1m | -98.9% |
| Recurring financial income | 75 | €1,108,904 | €12,751 | -€1.1m | -98.9% |
| Financial charges | 65/66B | €3,523 | €2,928 | -€595 | -16.9% |
| Recurring financial charges | 65 | €3,523 | €2,928 | -€595 | -16.9% |
| Profit (loss) for the period before taxes | 9903 | €1,235,889 | €26,835 | -€1.2m | -97.8% |
| Income taxes | 67/77 | €136,865 | €8,836 | -€128,028 | -93.5% |
| Profit (loss) for the period | 9904 | €1,099,024 | €17,998 | -€1.1m | -98.4% |
| Profit (loss) for the period to be appropriated | 9905 | €1,099,024 | €17,998 | -€1.1m | -98.4% |
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 6 October 2026 via checked.be.