JM GROUP: 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 GROUP
Largest movements
- Current investments +€462,500
up €462,500 (+129%), from €357,813 to €820,312
- Cash -€361,954
down €361,954 (-91.4%), from €396,036 to €34,082
mainly Current investments (-€462,500) and Tax, wage and social debts (-€172,758)
- Receivables within one year -€72,447
down €72,447 (-31.8%), from €227,856 to €155,409
of which Trade receivables: -€94,246
- Tangible fixed assets +€24,260
up €24,260 (+4.7%), from €512,765 to €537,025
of which Land and buildings: +€34,458
- Reserves +€293,385
up €293,385 (+30.6%), from €958,634 to €1.3m
- Tax, wage and social debts -€172,758
down €172,758 (-87.5%), from €197,493 to €24,734
of which Taxes: -€172,758
- Trade debts -€64,737
down €64,737 (-88.6%), from €73,074 to €8,337
- Other debts +€32,482
up €32,482 (+67.7%), from €47,944 to €80,426
- Current portion of long-term debt -€27,302
down €27,302 (-42.9%), from €63,602 to €36,300
- Gross operating margin -€103,539
down €103,539 (-18.5%), from €559,053 to €455,514
- Taxes -€30,704
down €30,704 (-19.0%), from €161,324 to €130,620
- Depreciation -€9,943
down €9,943 (-19.7%), from €50,576 to €40,633
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 | €1,495,525 | €1,547,884 | +€52,359 | +3.5% |
| Fixed assets | 21/28 | €513,821 | €538,080 | +€24,260 | +4.7% |
| Tangible fixed assets | 22/27 | €512,765 | €537,025 | +€24,260 | +4.7% |
| Land and buildings | 22 | €364,729 | €399,186 | +€34,458 | +9.4% |
| Plant, machinery and equipment | 23 | €6,340 | €21,717 | +€15,377 | +243% |
| Furniture and vehicles | 24 | €141,696 | €116,121 | -€25,575 | -18.0% |
| Financial fixed assets | 28 | €1,056 | €1,056 | = | 0.0% |
| Current assets | 29/58 | €981,704 | €1,009,803 | +€28,099 | +2.9% |
| Amounts receivable within one year | 40/41 | €227,856 | €155,409 | -€72,447 | -31.8% |
| Trade receivables | 40 | €95,356 | €1,110 | -€94,246 | -98.8% |
| Other amounts receivable | 41 | €132,500 | €154,299 | +€21,799 | +16.5% |
| Current investments | 50/53 | €357,813 | €820,312 | +€462,500 | +129% |
| Cash at bank and in hand | 54/58 | €396,036 | €34,082 | -€361,954 | -91.4% |
| Total equity and liabilities | 10/49 | €1,495,525 | €1,547,884 | +€52,359 | +3.5% |
| Equity | 10/15 | €958,634 | €1,252,019 | +€293,385 | +30.6% |
| Reserves | 13 | €958,634 | €1,252,019 | +€293,385 | +30.6% |
| Distributable reserves | 133 | €958,634 | €1,252,019 | +€293,385 | +30.6% |
| Amounts payable | 17/49 | €536,891 | €295,865 | -€241,026 | -44.9% |
| Amounts payable after more than one year | 17 | €154,778 | €146,068 | -€8,710 | -5.6% |
| Financial debts | 170/4 | €154,778 | €146,068 | -€8,710 | -5.6% |
| Amounts payable within one year | 42/48 | €382,113 | €149,797 | -€232,316 | -60.8% |
| Current portion of amounts payable after more than one year | 42 | €63,602 | €36,300 | -€27,302 | -42.9% |
| Trade debts | 44 | €73,074 | €8,337 | -€64,737 | -88.6% |
| Suppliers | 440/4 | €73,074 | €8,337 | -€64,737 | -88.6% |
| Taxes, remuneration and social security | 45 | €197,493 | €24,734 | -€172,758 | -87.5% |
| Taxes | 450/3 | €195,593 | €22,834 | -€172,758 | -88.3% |
| Remuneration and social security | 454/9 | €1,900 | €1,900 | = | 0.0% |
| Other amounts payable | 47/48 | €47,944 | €80,426 | +€32,482 | +67.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,576 | €40,633 | -€9,943 | -19.7% |
| Other operating charges | 640/8 | €4,887 | €5,249 | +€362 | +7.4% |
| Gross operating margin | 9900 | €559,053 | €455,514 | -€103,539 | -18.5% |
| Operating profit (loss) | 9901 | €503,589 | €409,632 | -€93,958 | -18.7% |
| Financial income | 75/76B | €14,335 | €18,000 | +€3,666 | +25.6% |
| Recurring financial income | 75 | €14,335 | €18,000 | +€3,666 | +25.6% |
| Financial charges | 65/66B | €3,598 | €3,627 | +€28 | +0.8% |
| Recurring financial charges | 65 | €3,598 | €3,627 | +€28 | +0.8% |
| Profit (loss) for the period before taxes | 9903 | €514,326 | €424,005 | -€90,321 | -17.6% |
| Income taxes | 67/77 | €161,324 | €130,620 | -€30,704 | -19.0% |
| Profit (loss) for the period | 9904 | €353,002 | €293,385 | -€59,617 | -16.9% |
| Profit (loss) for the period to be appropriated | 9905 | €353,002 | €293,385 | -€59,617 | -16.9% |
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 19 October 2026 via checked.be.