JM BOUW: 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 BOUW
Largest movements
- Stocks and contracts -€570,000
down €570,000 (-34.1%), from €1.7m to €1.1m
- Receivables within one year +€201,342
up €201,342 (+16,795%), from €1,199 to €202,541
of which Other amounts receivable: +€201,202
- Cash +€148,147
up €148,147 (+65.0%), from €227,892 to €376,039
mainly Stocks and contracts (+€570,000) and Other debts (+€350,614)
- Short-term financial debts -€516,933
no longer reported in 2025 (was €516,933)
- Other debts +€350,614
up €350,614 (+40.4%), from €868,783 to €1.2m
- Trade debts -€68,507
down €68,507 (-46.4%), from €147,633 to €79,126
- Gross operating margin +€41,899
up €41,899 (+219%), from €19,138 to €61,037
- Financial charges +€30,985
up €30,985 (+222%), from €13,927 to €44,913
- Taxes +€10,448
up €10,448, from -€4,308 to €6,140
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 | €2,205,953 | €1,984,950 | -€221,002 | -10.0% |
| Fixed assets | 21/28 | €306,862 | €306,370 | -€492 | -0.2% |
| Tangible fixed assets | 22/27 | €492 | - | -€492 | |
| Plant, machinery and equipment | 23 | €492 | - | -€492 | |
| Financial fixed assets | 28 | €306,370 | €306,370 | = | 0.0% |
| Current assets | 29/58 | €1,899,091 | €1,678,580 | -€220,511 | -11.6% |
| Stocks and contracts in progress | 3 | €1,670,000 | €1,100,000 | -€570,000 | -34.1% |
| Stocks | 30/36 | €1,670,000 | €1,100,000 | -€570,000 | -34.1% |
| Amounts receivable within one year | 40/41 | €1,199 | €202,541 | +€201,342 | +16,795% |
| Trade receivables | 40 | €108 | €248 | +€140 | +130% |
| Other amounts receivable | 41 | €1,091 | €202,293 | +€201,202 | +18,443% |
| Cash at bank and in hand | 54/58 | €227,892 | €376,039 | +€148,147 | +65.0% |
| Total equity and liabilities | 10/49 | €2,205,953 | €1,984,950 | -€221,002 | -10.0% |
| Equity | 10/15 | €672,604 | €682,096 | +€9,493 | +1.4% |
| Contributions | 10/11 | €30,592 | €30,592 | = | 0.0% |
| Reserves | 13 | €642,012 | €651,504 | +€9,493 | +1.5% |
| Distributable reserves | 133 | €642,012 | €651,504 | +€9,493 | +1.5% |
| Amounts payable | 17/49 | €1,533,349 | €1,302,854 | -€230,495 | -15.0% |
| Amounts payable within one year | 42/48 | €1,533,349 | €1,302,854 | -€230,495 | -15.0% |
| Financial debts | 43 | €516,933 | - | -€516,933 | |
| Credit institutions | 430/8 | €516,933 | - | -€516,933 | |
| Trade debts | 44 | €147,633 | €79,126 | -€68,507 | -46.4% |
| Suppliers | 440/4 | €147,633 | €79,126 | -€68,507 | -46.4% |
| Taxes, remuneration and social security | 45 | - | €4,331 | +€4,331 | |
| Taxes | 450/3 | - | €4,331 | +€4,331 | |
| Other amounts payable | 47/48 | €868,783 | €1,219,397 | +€350,614 | +40.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €983 | €492 | -€492 | -50.0% |
| Gross operating margin | 9900 | €19,138 | €61,037 | +€41,899 | +219% |
| Operating profit (loss) | 9901 | €18,154 | €60,545 | +€42,391 | +234% |
| Financial charges | 65/66B | €13,927 | €44,913 | +€30,985 | +222% |
| Recurring financial charges | 65 | €13,927 | €44,913 | +€30,985 | +222% |
| Profit (loss) for the period before taxes | 9903 | €4,227 | €15,633 | +€11,405 | +270% |
| Income taxes | 67/77 | -€4,308 | €6,140 | +€10,448 | |
| Profit (loss) for the period | 9904 | €8,535 | €9,493 | +€958 | +11.2% |
| Profit (loss) for the period to be appropriated | 9905 | €8,535 | €9,493 | +€958 | +11.2% |
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 21 October 2026 via checked.be.