JMC: 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.
JMC
Largest movements
- Tangible fixed assets +€812,439
up €812,439 (+34.0%), from €2.4m to €3.2m
of which Plant, machinery and equipment: +€1.3m
- Receivables within one year +€332,555
up €332,555 (+14.4%), from €2.3m to €2.6m
of which Trade receivables: +€193,018
- Stocks and contracts +€80,000
up €80,000 (+177.8%), from €45,000 to €125,000
- Cash -€73,865
down €73,865 (-27.9%), from €264,785 to €190,920
mainly Investment in fixed assets (net) (-€1.7m) and Other debts (-€371,072)
- Debts after one year +€677,136
up €677,136 (+87.9%), from €769,958 to €1.4m
- Current portion of long-term debt +€402,687
up €402,687 (+70.7%), from €569,711 to €972,398
- Other debts -€371,072
down €371,072 (-71.1%), from €521,782 to €150,711
- Trade debts +€236,101
up €236,101 (+20.4%), from €1.2m to €1.4m
- Reserves +€191,113
up €191,113 (+14.1%), from €1.4m to €1.5m
of which Distributable reserves: +€191,113
- Gross operating margin +€225,550
up €225,550 (+11.0%), from €2.0m to €2.3m
- Financial charges +€184,705
up €184,705 (+429.0%), from €43,057 to €227,762
- Staff costs +€109,143
up €109,143 (+12.1%), from €900,811 to €1.0m
- Depreciation +€35,916
up €35,916 (+4.3%), from €828,458 to €864,374
- Taxes -€28,272
down €28,272 (-29.9%), from €94,473 to €66,200
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 | €5,040,451 | €6,186,472 | +€1.1m | +22.7% |
| Fixed assets | 21/28 | €2,391,766 | €3,204,340 | +€812,574 | +34.0% |
| Tangible fixed assets | 22/27 | €2,390,671 | €3,203,110 | +€812,439 | +34.0% |
| Land and buildings | 22 | €33,325 | €29,645 | -€3,680 | -11.0% |
| Plant, machinery and equipment | 23 | €1,124,711 | €2,384,646 | +€1.3m | +112.0% |
| Furniture and vehicles | 24 | €334,792 | €262,942 | -€71,850 | -21.5% |
| Leasing and similar rights | 25 | €897,843 | €525,876 | -€371,967 | -41.4% |
| Financial fixed assets | 28 | €1,095 | €1,230 | +€135 | +12.3% |
| Current assets | 29/58 | €2,648,686 | €2,982,133 | +€333,447 | +12.6% |
| Stocks and contracts in progress | 3 | €45,000 | €125,000 | +€80,000 | +177.8% |
| Stocks | 30/36 | €45,000 | €125,000 | +€80,000 | +177.8% |
| Amounts receivable within one year | 40/41 | €2,312,653 | €2,645,209 | +€332,555 | +14.4% |
| Trade receivables | 40 | €2,120,309 | €2,313,327 | +€193,018 | +9.1% |
| Other amounts receivable | 41 | €192,344 | €331,882 | +€139,538 | +72.5% |
| Cash at bank and in hand | 54/58 | €264,785 | €190,920 | -€73,865 | -27.9% |
| Deferred charges and accrued income | 490/1 | €26,247 | €21,004 | -€5,243 | -20.0% |
| Total equity and liabilities | 10/49 | €5,040,451 | €6,186,472 | +€1.1m | +22.7% |
| Equity | 10/15 | €1,396,151 | €1,587,264 | +€191,113 | +13.7% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €1,356,151 | €1,547,264 | +€191,113 | +14.1% |
| Non-distributable reserves | 130/1 | €4,000 | €4,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,000 | €4,000 | = | 0.0% |
| Distributable reserves | 133 | €1,352,151 | €1,543,264 | +€191,113 | +14.1% |
| Amounts payable | 17/49 | €3,644,300 | €4,599,208 | +€954,908 | +26.2% |
| Amounts payable after more than one year | 17 | €769,958 | €1,447,094 | +€677,136 | +87.9% |
| Financial debts | 170/4 | €769,958 | €1,447,094 | +€677,136 | +87.9% |
| Amounts payable within one year | 42/48 | €2,874,342 | €3,152,114 | +€277,772 | +9.7% |
| Current portion of amounts payable after more than one year | 42 | €569,711 | €972,398 | +€402,687 | +70.7% |
| Trade debts | 44 | €1,156,227 | €1,392,328 | +€236,101 | +20.4% |
| Suppliers | 440/4 | €1,156,227 | €1,392,328 | +€236,101 | +20.4% |
| Advances received on contracts in progress | 46 | €9,874 | €0 | -€9,874 | -100.0% |
| Taxes, remuneration and social security | 45 | €616,748 | €636,677 | +€19,929 | +3.2% |
| Taxes | 450/3 | €560,743 | €548,896 | -€11,846 | -2.1% |
| Remuneration and social security | 454/9 | €56,005 | €87,781 | +€31,776 | +56.7% |
| Other amounts payable | 47/48 | €521,782 | €150,711 | -€371,072 | -71.1% |
| Remuneration, social security and pensions | 62 | €900,811 | €1,009,953 | +€109,143 | +12.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €828,458 | €864,374 | +€35,916 | +4.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €5,318 | -€695 | -€6,013 | |
| Other operating charges | 640/8 | €61,165 | €80,105 | +€18,940 | +31.0% |
| Gross operating margin | 9900 | €2,044,494 | €2,270,044 | +€225,550 | +11.0% |
| Operating profit (loss) | 9901 | €248,742 | €316,306 | +€67,565 | +27.2% |
| Financial income | 75/76B | €162,150 | €168,769 | +€6,619 | +4.1% |
| Recurring financial income | 75 | €162,150 | €168,769 | +€6,619 | +4.1% |
| Financial charges | 65/66B | €43,057 | €227,762 | +€184,705 | +429.0% |
| Recurring financial charges | 65 | €43,057 | €227,762 | +€184,705 | +429.0% |
| Profit (loss) for the period before taxes | 9903 | €367,834 | €257,313 | -€110,521 | -30.0% |
| Income taxes | 67/77 | €94,473 | €66,200 | -€28,272 | -29.9% |
| Profit (loss) for the period | 9904 | €273,362 | €191,113 | -€82,249 | -30.1% |
| Profit (loss) for the period to be appropriated | 9905 | €273,362 | €191,113 | -€82,249 | -30.1% |
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 1 October 2026 via checked.be.