JM CAPITAL: 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 CAPITAL
Largest movements
- Financial fixed assets +€4.3m
up €4.3m (+24.1%), from €17.8m to €22.0m
- Receivables within one year +€530,338
up €530,338 (+98.6%), from €537,683 to €1.1m
of which Other amounts receivable: +€382,994
- Debts after one year +€3.3m
up €3.3m (+119%), from €2.8m to €6.1m
- Short-term financial debts +€558,168
up €558,168 (+101%), from €551,526 to €1.1m
- Reserves +€432,259
up €432,259 (+22.3%), from €1.9m to €2.4m
- Current portion of long-term debt +€355,617
up €355,617 (+114%), from €313,144 to €668,761
- Gross operating margin -€213,560
down €213,560 (-23.0%), from €927,116 to €713,556
- Taxes -€53,262
down €53,262 (-26.5%), from €200,841 to €147,579
- Staff costs +€19,437
up €19,437 (+85.4%), from €22,749 to €42,187
- Financial charges -€14,405
down €14,405 (-14.5%), from €99,521 to €85,116
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 | €18,352,519 | €23,166,326 | +€4.8m | +26.2% |
| Fixed assets | 21/28 | €17,774,575 | €22,049,980 | +€4.3m | +24.1% |
| Tangible fixed assets | 22/27 | €7,595 | €3,000 | -€4,595 | -60.5% |
| Furniture and vehicles | 24 | €4,595 | - | -€4,595 | |
| Other tangible fixed assets | 26 | €3,000 | €3,000 | = | 0.0% |
| Financial fixed assets | 28 | €17,766,980 | €22,046,980 | +€4.3m | +24.1% |
| Current assets | 29/58 | €577,944 | €1,116,346 | +€538,402 | +93.2% |
| Amounts receivable within one year | 40/41 | €537,683 | €1,068,021 | +€530,338 | +98.6% |
| Trade receivables | 40 | €283,964 | €431,308 | +€147,344 | +51.9% |
| Other amounts receivable | 41 | €253,718 | €636,713 | +€382,994 | +151% |
| Cash at bank and in hand | 54/58 | €35,861 | €45,824 | +€9,962 | +27.8% |
| Deferred charges and accrued income | 490/1 | €4,400 | €2,502 | -€1,899 | -43.1% |
| Total equity and liabilities | 10/49 | €18,352,519 | €23,166,326 | +€4.8m | +26.2% |
| Equity | 10/15 | €8,170,142 | €8,602,401 | +€432,259 | +5.3% |
| Contributions | 10/11 | €6,228,579 | €6,228,579 | = | 0.0% |
| Reserves | 13 | €1,941,564 | €2,373,822 | +€432,259 | +22.3% |
| Distributable reserves | 133 | €1,941,564 | €2,373,822 | +€432,259 | +22.3% |
| Amounts payable | 17/49 | €10,182,377 | €14,563,925 | +€4.4m | +43.0% |
| Amounts payable after more than one year | 17 | €2,790,612 | €6,116,190 | +€3.3m | +119% |
| Financial debts | 170/4 | €2,790,612 | €6,116,190 | +€3.3m | +119% |
| Amounts payable within one year | 42/48 | €7,388,781 | €8,440,606 | +€1.1m | +14.2% |
| Current portion of amounts payable after more than one year | 42 | €313,144 | €668,761 | +€355,617 | +114% |
| Financial debts | 43 | €551,526 | €1,109,694 | +€558,168 | +101% |
| Credit institutions | 430/8 | €551,526 | €1,109,694 | +€558,168 | +101% |
| Trade debts | 44 | €6,497 | €18,967 | +€12,470 | +192% |
| Suppliers | 440/4 | €6,497 | €18,967 | +€12,470 | +192% |
| Taxes, remuneration and social security | 45 | €44,498 | €90,941 | +€46,443 | +104% |
| Taxes | 450/3 | €41,630 | €85,854 | +€44,223 | +106% |
| Remuneration and social security | 454/9 | €2,868 | €5,087 | +€2,220 | +77.4% |
| Other amounts payable | 47/48 | €6,473,115 | €6,552,242 | +€79,127 | +1.2% |
| Accrued charges and deferred income | 492/3 | €2,984 | €7,130 | +€4,145 | +139% |
| Remuneration, social security and pensions | 62 | €22,749 | €42,187 | +€19,437 | +85.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,325 | €4,595 | -€1,730 | -27.4% |
| Other operating charges | 640/8 | €2,123 | €1,831 | -€292 | -13.8% |
| Gross operating margin | 9900 | €927,116 | €713,556 | -€213,560 | -23.0% |
| Operating profit (loss) | 9901 | €895,918 | €664,944 | -€230,975 | -25.8% |
| Financial income | 75/76B | €0 | €10 | +€10 | +99,900% |
| Recurring financial income | 75 | €0 | €10 | +€10 | +99,900% |
| Financial charges | 65/66B | €99,521 | €85,116 | -€14,405 | -14.5% |
| Recurring financial charges | 65 | €99,521 | €85,116 | -€14,405 | -14.5% |
| Profit (loss) for the period before taxes | 9903 | €796,397 | €579,838 | -€216,560 | -27.2% |
| Income taxes | 67/77 | €200,841 | €147,579 | -€53,262 | -26.5% |
| Profit (loss) for the period | 9904 | €595,556 | €432,259 | -€163,298 | -27.4% |
| Profit (loss) for the period to be appropriated | 9905 | €595,556 | €432,259 | -€163,298 | -27.4% |
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 13 October 2026 via checked.be.