JM BUGNI: 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 BUGNI
Largest movements
- Receivables within one year -€8,746
down €8,746 (-62.8%), from €13,936 to €5,190
of which Trade receivables: -€7,747
- Tangible fixed assets -€8,299
down €8,299 (-39.3%), from €21,122 to €12,824
of which Furniture and vehicles: -€5,758
- Cash -€4,490
no longer reported in 2025 (was €4,490)
mainly Trade debts (-€27,631) and Current portion of long-term debt (-€5,675)
- Trade debts -€27,631
down €27,631 (-76.9%), from €35,954 to €8,323
- Short-term financial debts +€8,796
new in 2025: €8,796
- Current portion of long-term debt -€5,675
down €5,675 (-71.0%), from €7,990 to €2,315
- Tax, wage and social debts +€2,804
up €2,804 (+78.6%), from €3,567 to €6,371
- Debts after one year -€1,317
no longer reported in 2025 (was €1,317)
- Gross operating margin -€8,241
down €8,241 (-11.4%), from €72,176 to €63,936
- Staff costs -€1,627
down €1,627 (-3.0%), from €53,811 to €52,184
- Financial charges -€1,574
down €1,574 (-47.0%), from €3,345 to €1,772
of which Non-recurring financial charges: -€1,821
- Financial income -€765
down €765 (-44.8%), from €1,707 to €941
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 | €47,234 | €25,119 | -€22,115 | -46.8% |
| Formation expenses | 20 | €889 | €659 | -€229 | -25.8% |
| Fixed assets | 21/28 | €22,622 | €14,324 | -€8,299 | -36.7% |
| Tangible fixed assets | 22/27 | €21,122 | €12,824 | -€8,299 | -39.3% |
| Plant, machinery and equipment | 23 | €14,513 | €11,972 | -€2,541 | -17.5% |
| Furniture and vehicles | 24 | €6,610 | €852 | -€5,758 | -87.1% |
| Financial fixed assets | 28 | €1,500 | €1,500 | = | 0.0% |
| Current assets | 29/58 | €23,723 | €10,136 | -€13,587 | -57.3% |
| Stocks and contracts in progress | 3 | €5,297 | €4,947 | -€350 | -6.6% |
| Stocks | 30/36 | €5,297 | €4,947 | -€350 | -6.6% |
| Amounts receivable within one year | 40/41 | €13,936 | €5,190 | -€8,746 | -62.8% |
| Trade receivables | 40 | €8,137 | €390 | -€7,747 | -95.2% |
| Other amounts receivable | 41 | €5,799 | €4,800 | -€999 | -17.2% |
| Cash at bank and in hand | 54/58 | €4,490 | - | -€4,490 | |
| Total equity and liabilities | 10/49 | €47,234 | €25,119 | -€22,115 | -46.8% |
| Equity | 10/15 | -€1,949 | -€685 | +€1,263 | +64.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€20,549 | -€19,285 | +€1,263 | +6.1% |
| Amounts payable | 17/49 | €49,183 | €25,805 | -€23,378 | -47.5% |
| Amounts payable after more than one year | 17 | €1,317 | - | -€1,317 | |
| Financial debts | 170/4 | €1,317 | - | -€1,317 | |
| Amounts payable within one year | 42/48 | €47,789 | €25,805 | -€21,984 | -46.0% |
| Current portion of amounts payable after more than one year | 42 | €7,990 | €2,315 | -€5,675 | -71.0% |
| Financial debts | 43 | - | €8,796 | +€8,796 | |
| Credit institutions | 430/8 | - | €8,796 | +€8,796 | |
| Trade debts | 44 | €35,954 | €8,323 | -€27,631 | -76.9% |
| Suppliers | 440/4 | €35,954 | €8,323 | -€27,631 | -76.9% |
| Taxes, remuneration and social security | 45 | €3,567 | €6,371 | +€2,804 | +78.6% |
| Remuneration and social security | 454/9 | €3,567 | €6,371 | +€2,804 | +78.6% |
| Other amounts payable | 47/48 | €278 | - | -€278 | |
| Accrued charges and deferred income | 492/3 | €77 | - | -€77 | |
| Remuneration, social security and pensions | 62 | €53,811 | €52,184 | -€1,627 | -3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,577 | €7,144 | -€433 | -5.7% |
| Non-recurring operating charges | 66A | - | €2,514 | +€2,514 | |
| Gross operating margin | 9900 | €72,176 | €63,936 | -€8,241 | -11.4% |
| Operating profit (loss) | 9901 | €10,788 | €2,093 | -€8,694 | -80.6% |
| Financial income | 75/76B | €1,707 | €941 | -€765 | -44.8% |
| Recurring financial income | 75 | €1,707 | €941 | -€765 | -44.8% |
| Financial charges | 65/66B | €3,345 | €1,772 | -€1,574 | -47.0% |
| Recurring financial charges | 65 | €1,524 | €1,772 | +€247 | +16.2% |
| Non-recurring financial charges | 66B | €1,821 | - | -€1,821 | |
| Profit (loss) for the period before taxes | 9903 | €9,149 | €1,263 | -€7,886 | -86.2% |
| Profit (loss) for the period | 9904 | €9,149 | €1,263 | -€7,886 | -86.2% |
| Profit (loss) for the period to be appropriated | 9905 | €9,149 | €1,263 | -€7,886 | -86.2% |
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 11 October 2026 via checked.be.