JM-Lex: what changed
Two fiscal 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-Lex
Largest movements
- Cash -€243,454
down €243,454 (-53.9%), from €451,308 to €207,854
mainly Contributions, distributions and other (-€350,000) and Receivables within one year (-€12,106)
- Intangible fixed assets -€28,849
no longer reported in 2025 (was €28,849)
- Deferred charges and accrued income -€18,978
down €18,978 (-87.7%), from €21,631 to €2,653
- Receivables within one year +€12,106
up €12,106 (+39.3%), from €30,826 to €42,932
of which Other amounts receivable: +€6,223
- Profit (loss) carried forward -€272,659
down €272,659 (-97.9%), from €278,539 to €5,880
- Current portion of long-term debt -€11,249
down €11,249 (-91.6%), from €12,279 to €1,030
- Gross operating margin +€30,919
up €30,919 (+22.8%), from €135,472 to €166,392
- Taxes +€9,269
up €9,269 (+71.3%), from €12,993 to €22,262
- Financial charges -€4,277
down €4,277 (-10.5%), from €40,847 to €36,570
- Other operating charges -€2,143
down €2,143 (-84.3%), from €2,543 to €400
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 | €533,590 | €253,671 | -€279,920 | -52.5% |
| Fixed assets | 21/28 | €29,825 | €232 | -€29,593 | -99.2% |
| Intangible fixed assets | 21 | €28,849 | - | -€28,849 | |
| Tangible fixed assets | 22/27 | €976 | €232 | -€744 | -76.2% |
| Furniture and vehicles | 24 | €976 | €232 | -€744 | -76.2% |
| Current assets | 29/58 | €503,765 | €253,439 | -€250,327 | -49.7% |
| Amounts receivable within one year | 40/41 | €30,826 | €42,932 | +€12,106 | +39.3% |
| Trade receivables | 40 | €27,806 | €33,689 | +€5,883 | +21.2% |
| Other amounts receivable | 41 | €3,020 | €9,244 | +€6,223 | +206.0% |
| Cash at bank and in hand | 54/58 | €451,308 | €207,854 | -€243,454 | -53.9% |
| Deferred charges and accrued income | 490/1 | €21,631 | €2,653 | -€18,978 | -87.7% |
| Total equity and liabilities | 10/49 | €533,590 | €253,671 | -€279,920 | -52.5% |
| Equity | 10/15 | €433,539 | €160,880 | -€272,659 | -62.9% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €149,000 | €149,000 | = | 0.0% |
| Distributable reserves | 133 | €149,000 | €149,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €278,539 | €5,880 | -€272,659 | -97.9% |
| Provisions and deferred taxes | 16 | €36,143 | €37,286 | +€1,143 | +3.2% |
| Provisions for liabilities and charges | 160/5 | €36,143 | €37,286 | +€1,143 | +3.2% |
| Other liabilities and charges | 164/5 | €36,143 | €37,286 | +€1,143 | +3.2% |
| Amounts payable | 17/49 | €63,908 | €55,504 | -€8,404 | -13.2% |
| Amounts payable after more than one year | 17 | €1,030 | - | -€1,030 | |
| Financial debts | 170/4 | €1,030 | - | -€1,030 | |
| Amounts payable within one year | 42/48 | €62,878 | €55,504 | -€7,374 | -11.7% |
| Current portion of amounts payable after more than one year | 42 | €12,279 | €1,030 | -€11,249 | -91.6% |
| Trade debts | 44 | €4,447 | - | -€4,447 | |
| Suppliers | 440/4 | €4,447 | - | -€4,447 | |
| Taxes, remuneration and social security | 45 | €7,505 | €10,794 | +€3,288 | +43.8% |
| Taxes | 450/3 | €7,505 | €10,794 | +€3,288 | +43.8% |
| Other amounts payable | 47/48 | €38,647 | €43,680 | +€5,034 | +13.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,727 | €29,593 | -€1,134 | -3.7% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €2,304 | €1,143 | -€1,161 | -50.4% |
| Other operating charges | 640/8 | €2,543 | €400 | -€2,143 | -84.3% |
| Gross operating margin | 9900 | €135,472 | €166,392 | +€30,919 | +22.8% |
| Operating profit (loss) | 9901 | €99,898 | €135,255 | +€35,357 | +35.4% |
| Financial income | 75/76B | €0 | €918 | +€918 | +1835120.0% |
| Recurring financial income | 75 | €0 | €918 | +€918 | +1835120.0% |
| Financial charges | 65/66B | €40,847 | €36,570 | -€4,277 | -10.5% |
| Recurring financial charges | 65 | €40,847 | €36,570 | -€4,277 | -10.5% |
| Profit (loss) for the period before taxes | 9903 | €59,052 | €99,603 | +€40,552 | +68.7% |
| Income taxes | 67/77 | €12,993 | €22,262 | +€9,269 | +71.3% |
| Profit (loss) for the period | 9904 | €46,058 | €77,341 | +€31,282 | +67.9% |
| Profit (loss) for the period to be appropriated | 9905 | €46,058 | €77,341 | +€31,282 | +67.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.