JM INSIGHTS: 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 INSIGHTS
Largest movements
- Receivables within one year +€56,623
up €56,623 (+215.3%), from €26,305 to €82,928
of which Other amounts receivable: +€70,771
- Deferred charges and accrued income +€1,985
up €1,985 (+252.0%), from €788 to €2,773
- Formation expenses -€1,050
no longer reported in 2025 (was €1,050)
- Reserves +€52,350
up €52,350 (+17951.4%), from €292 to €52,641
- Tax, wage and social debts +€10,114
up €10,114 (+131.1%), from €7,716 to €17,830
of which Taxes: +€9,978
- Other debts -€7,628
down €7,628 (-99.1%), from €7,694 to €67
- Short-term financial debts +€4,201
new in 2025: €4,201
- Advances received -€2,048
no longer reported in 2025 (was €2,048)
- Gross operating margin +€44,103
up €44,103 (+173.6%), from €25,400 to €69,503
- Staff costs -€19,479
down €19,479 (-90.0%), from €21,639 to €2,160
- Taxes +€13,228
up €13,228 (+1695.6%), from €780 to €14,009
- Financial income +€2,458
up €2,458 (+12289550.0%), from €0 to €2,458
of which Financial income: +€1,918
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 | €28,145 | €85,701 | +€57,557 | +204.5% |
| Formation expenses | 20 | €1,050 | - | -€1,050 | |
| Current assets | 29/58 | €27,094 | €85,701 | +€58,607 | +216.3% |
| Amounts receivable within one year | 40/41 | €26,305 | €82,928 | +€56,623 | +215.3% |
| Trade receivables | 40 | €26,305 | €12,156 | -€14,149 | -53.8% |
| Other amounts receivable | 41 | - | €70,771 | +€70,771 | |
| Cash at bank and in hand | 54/58 | €1 | €0 | -€1 | -71.5% |
| Deferred charges and accrued income | 490/1 | €788 | €2,773 | +€1,985 | +252.0% |
| Total equity and liabilities | 10/49 | €28,145 | €85,701 | +€57,557 | +204.5% |
| Equity | 10/15 | €2,792 | €55,141 | +€52,350 | +1875.2% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €292 | €52,641 | +€52,350 | +17951.4% |
| Distributable reserves | 133 | €292 | €52,641 | +€52,350 | +17951.4% |
| Amounts payable | 17/49 | €25,353 | €30,560 | +€5,207 | +20.5% |
| Amounts payable within one year | 42/48 | €25,353 | €30,560 | +€5,207 | +20.5% |
| Financial debts | 43 | - | €4,201 | +€4,201 | |
| Credit institutions | 430/8 | - | €4,201 | +€4,201 | |
| Trade debts | 44 | €7,895 | €8,463 | +€567 | +7.2% |
| Suppliers | 440/4 | €7,895 | €8,463 | +€567 | +7.2% |
| Advances received on contracts in progress | 46 | €2,048 | - | -€2,048 | |
| Taxes, remuneration and social security | 45 | €7,716 | €17,830 | +€10,114 | +131.1% |
| Taxes | 450/3 | €5,330 | €15,308 | +€9,978 | +187.2% |
| Remuneration and social security | 454/9 | €2,386 | €2,522 | +€136 | +5.7% |
| Other amounts payable | 47/48 | €7,694 | €67 | -€7,628 | -99.1% |
| Remuneration, social security and pensions | 62 | €21,639 | €2,160 | -€19,479 | -90.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,053 | €1,050 | -€3 | -0.3% |
| Other operating charges | 640/8 | €526 | €602 | +€75 | +14.3% |
| Gross operating margin | 9900 | €25,400 | €69,503 | +€44,103 | +173.6% |
| Operating profit (loss) | 9901 | €2,181 | €65,691 | +€63,510 | +2911.5% |
| Financial income | 75/76B | €0 | €2,458 | +€2,458 | +12289550.0% |
| Recurring financial income | 75 | €0 | €1,918 | +€1,918 | +9591000.0% |
| Non-recurring financial income | 76B | - | €540 | +€540 | |
| Financial charges | 65/66B | €1,123 | €1,791 | +€668 | +59.5% |
| Recurring financial charges | 65 | €1,123 | €1,791 | +€668 | +59.5% |
| Profit (loss) for the period before taxes | 9903 | €1,059 | €66,358 | +€65,300 | +6168.9% |
| Income taxes | 67/77 | €780 | €14,009 | +€13,228 | +1695.6% |
| Profit (loss) for the period | 9904 | €278 | €52,350 | +€52,071 | +18706.5% |
| Profit (loss) for the period to be appropriated | 9905 | €278 | €52,350 | +€52,071 | +18706.5% |
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 10 October 2026 via checked.be.