JM: 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.
JM
Largest movements
- Receivables within one year +€84,766
up €84,766 (+43.4%), from €195,347 to €280,113
of which Other amounts receivable: +€120,000
- Cash -€34,840
down €34,840 (-53.1%), from €65,652 to €30,812
mainly Contributions, distributions and other (-€550,663) and Receivables within one year (-€84,766)
- Other debts +€538,431
up €538,431 (+12,342%), from €4,363 to €542,793
- Profit (loss) carried forward -€436,938
no longer reported in 2025 (was €436,938)
- Debts after one year -€43,741
down €43,741 (-8.1%), from €538,982 to €495,241
- Short-term financial debts +€15,721
new in 2025: €15,721
- Tax, wage and social debts -€13,038
down €13,038 (-53.3%), from €24,475 to €11,436
- Financial income +€50,000
up €50,000 (+24,999,900%), from €0 to €50,000
- Gross operating margin -€14,653
down €14,653 (-12.8%), from €114,113 to €99,461
- Taxes +€1,419
up €1,419 (+7.0%), from €20,255 to €21,674
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 | €1,073,999 | €1,123,925 | +€49,926 | +4.6% |
| Fixed assets | 21/28 | €813,000 | €813,000 | = | 0.0% |
| Financial fixed assets | 28 | €813,000 | €813,000 | = | 0.0% |
| Current assets | 29/58 | €260,999 | €310,925 | +€49,926 | +19.1% |
| Amounts receivable within one year | 40/41 | €195,347 | €280,113 | +€84,766 | +43.4% |
| Trade receivables | 40 | €36,032 | €799 | -€35,234 | -97.8% |
| Other amounts receivable | 41 | €159,315 | €279,315 | +€120,000 | +75.3% |
| Cash at bank and in hand | 54/58 | €65,652 | €30,812 | -€34,840 | -53.1% |
| Total equity and liabilities | 10/49 | €1,073,999 | €1,123,925 | +€49,926 | +4.6% |
| Equity | 10/15 | €446,938 | €10,000 | -€436,938 | -97.8% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €436,938 | - | -€436,938 | |
| Amounts payable | 17/49 | €627,061 | €1,113,925 | +€486,864 | +77.6% |
| Amounts payable after more than one year | 17 | €538,982 | €495,241 | -€43,741 | -8.1% |
| Financial debts | 170/4 | €538,982 | €495,241 | -€43,741 | -8.1% |
| Amounts payable within one year | 42/48 | €83,026 | €613,692 | +€530,666 | +639% |
| Current portion of amounts payable after more than one year | 42 | €42,801 | €43,741 | +€940 | +2.2% |
| Financial debts | 43 | - | €15,721 | +€15,721 | |
| Credit institutions | 430/8 | - | €15,721 | +€15,721 | |
| Trade debts | 44 | €11,387 | - | -€11,387 | |
| Suppliers | 440/4 | €11,387 | - | -€11,387 | |
| Taxes, remuneration and social security | 45 | €24,475 | €11,436 | -€13,038 | -53.3% |
| Taxes | 450/3 | €24,475 | €11,436 | -€13,038 | -53.3% |
| Other amounts payable | 47/48 | €4,363 | €542,793 | +€538,431 | +12,342% |
| Accrued charges and deferred income | 492/3 | €5,054 | €4,992 | -€62 | -1.2% |
| Other operating charges | 640/8 | €577 | €1,214 | +€637 | +110% |
| Gross operating margin | 9900 | €114,113 | €99,461 | -€14,653 | -12.8% |
| Operating profit (loss) | 9901 | €113,536 | €98,247 | -€15,290 | -13.5% |
| Financial income | 75/76B | €0 | €50,000 | +€50,000 | +24,999,900% |
| Recurring financial income | 75 | €0 | €50,000 | +€50,000 | +24,999,900% |
| Financial charges | 65/66B | €13,812 | €12,847 | -€965 | -7.0% |
| Recurring financial charges | 65 | €13,812 | €12,847 | -€965 | -7.0% |
| Profit (loss) for the period before taxes | 9903 | €99,724 | €135,400 | +€35,676 | +35.8% |
| Income taxes | 67/77 | €20,255 | €21,674 | +€1,419 | +7.0% |
| Profit (loss) for the period | 9904 | €79,469 | €113,726 | +€34,257 | +43.1% |
| Profit (loss) for the period to be appropriated | 9905 | €79,469 | €113,726 | +€34,257 | +43.1% |
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 15 October 2026 via checked.be.