JM 4: 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.
JM 4
Largest movements
- Tangible fixed assets +€4,500
up €4,500 (+21.7%), from €20,749 to €25,249
of which Assets under construction and advance payments: +€4,500
- Receivables within one year -€3,650
down €3,650 (-26.4%), from €13,846 to €10,196
- Other debts +€770
up €770 (+3.1%), from €25,149 to €25,919
- Gross operating margin -€134
down €134 (-11.4%), from €1,174 to €1,040
- Other operating charges +€30
up €30 (+3.2%), from €951 to €982
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 | €34,692 | €35,557 | +€865 | +2.5% |
| Fixed assets | 21/28 | €20,749 | €25,249 | +€4,500 | +21.7% |
| Tangible fixed assets | 22/27 | €20,749 | €25,249 | +€4,500 | +21.7% |
| Land and buildings | 22 | €12,727 | €12,727 | = | 0.0% |
| Assets under construction and advance payments | 27 | €8,022 | €12,522 | +€4,500 | +56.1% |
| Current assets | 29/58 | €13,943 | €10,308 | -€3,635 | -26.1% |
| Amounts receivable within one year | 40/41 | €13,846 | €10,196 | -€3,650 | -26.4% |
| Other amounts receivable | 41 | €13,846 | €10,196 | -€3,650 | -26.4% |
| Cash at bank and in hand | 54/58 | €97 | €112 | +€15 | +15.6% |
| Total equity and liabilities | 10/49 | €34,692 | €35,557 | +€865 | +2.5% |
| Equity | 10/15 | €9,543 | €9,557 | +€14 | +0.1% |
| Contributions | 10/11 | €22,310 | €22,310 | = | 0.0% |
| Outside capital | 11 | €22,310 | €22,310 | = | 0.0% |
| Other | 1109/19 | €22,310 | €22,310 | = | 0.0% |
| Reserves | 13 | €1,543 | €1,543 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,543 | €1,543 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,543 | €1,543 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€14,311 | -€14,297 | +€14 | +0.1% |
| Amounts payable | 17/49 | €25,149 | €26,000 | +€851 | +3.4% |
| Amounts payable within one year | 42/48 | €25,149 | €26,000 | +€851 | +3.4% |
| Trade debts | 44 | - | €81 | +€81 | |
| Suppliers | 440/4 | - | €81 | +€81 | |
| Other amounts payable | 47/48 | €25,149 | €25,919 | +€770 | +3.1% |
| Other operating charges | 640/8 | €951 | €982 | +€30 | +3.2% |
| Gross operating margin | 9900 | €1,174 | €1,040 | -€134 | -11.4% |
| Operating profit (loss) | 9901 | €223 | €59 | -€164 | -73.6% |
| Financial charges | 65/66B | €45 | €45 | = | 0.0% |
| Recurring financial charges | 65 | €45 | €45 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €178 | €14 | -€164 | -92.3% |
| Profit (loss) for the period | 9904 | €178 | €14 | -€164 | -92.3% |
| Profit (loss) for the period to be appropriated | 9905 | €178 | €14 | -€164 | -92.3% |
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 4 October 2026 via checked.be.