JMD PROJECT: 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.
JMD PROJECT
Largest movements
- Receivables within one year -€15,176
down €15,176 (-36.9%), from €41,176 to €26,000
of which Other amounts receivable: -€16,856
- Other debts -€10,908
down €10,908 (-34.2%), from €31,887 to €20,979
- Profit (loss) carried forward -€4,735
down €4,735 (-33.2%), from €14,283 to €9,548
- Trade debts -€2,932
down €2,932 (-49.9%), from €5,879 to €2,946
- Gross operating margin +€28,892
up €28,892 (+1948.6%), from €1,483 to €30,375
- Depreciation -€6,802
down €6,802 (-53.5%), from €12,704 to €5,902
- Financial charges +€4,268
up €4,268 (+36.3%), from €11,749 to €16,017
- Other operating charges +€739
up €739 (+64.0%), from €1,154 to €1,893
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 | €277,504 | €257,999 | -€19,505 | -7.0% |
| Fixed assets | 21/28 | €46,085 | €45,430 | -€655 | -1.4% |
| Tangible fixed assets | 22/27 | €46,085 | €45,430 | -€655 | -1.4% |
| Furniture and vehicles | 24 | €38,958 | €1,199 | -€37,758 | -96.9% |
| Leasing and similar rights | 25 | - | €37,982 | +€37,982 | |
| Other tangible fixed assets | 26 | €7,127 | €6,249 | -€878 | -12.3% |
| Current assets | 29/58 | €231,419 | €212,569 | -€18,850 | -8.1% |
| Stocks and contracts in progress | 3 | €183,756 | €183,756 | = | 0.0% |
| Stocks | 30/36 | €183,756 | €183,756 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €41,176 | €26,000 | -€15,176 | -36.9% |
| Trade receivables | 40 | €5,338 | €7,018 | +€1,680 | +31.5% |
| Other amounts receivable | 41 | €35,838 | €18,981 | -€16,856 | -47.0% |
| Cash at bank and in hand | 54/58 | €3,763 | €2,258 | -€1,505 | -40.0% |
| Deferred charges and accrued income | 490/1 | €2,724 | €556 | -€2,169 | -79.6% |
| Total equity and liabilities | 10/49 | €277,504 | €257,999 | -€19,505 | -7.0% |
| Equity | 10/15 | €60,634 | €55,899 | -€4,735 | -7.8% |
| Contributions | 10/11 | €12,100 | €12,100 | = | 0.0% |
| Reserves | 13 | €34,251 | €34,251 | = | 0.0% |
| Distributable reserves | 133 | €34,251 | €34,251 | = | 0.0% |
| Profit (loss) carried forward | 14 | €14,283 | €9,548 | -€4,735 | -33.2% |
| Amounts payable | 17/49 | €216,869 | €202,100 | -€14,770 | -6.8% |
| Amounts payable after more than one year | 17 | €160,276 | €162,946 | +€2,669 | +1.7% |
| Financial debts | 170/4 | €160,276 | €162,946 | +€2,669 | +1.7% |
| Amounts payable within one year | 42/48 | €55,193 | €39,154 | -€16,039 | -29.1% |
| Current portion of amounts payable after more than one year | 42 | €9,307 | €8,067 | -€1,240 | -13.3% |
| Trade debts | 44 | €5,879 | €2,946 | -€2,932 | -49.9% |
| Suppliers | 440/4 | €5,879 | €2,946 | -€2,932 | -49.9% |
| Taxes, remuneration and social security | 45 | €8,120 | €7,162 | -€958 | -11.8% |
| Taxes | 450/3 | €8,120 | €7,162 | -€958 | -11.8% |
| Other amounts payable | 47/48 | €31,887 | €20,979 | -€10,908 | -34.2% |
| Accrued charges and deferred income | 492/3 | €1,400 | - | -€1,400 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,704 | €5,902 | -€6,802 | -53.5% |
| Other operating charges | 640/8 | €1,154 | €1,893 | +€739 | +64.0% |
| Non-recurring operating charges | 66A | €0 | €12,413 | +€12,413 | |
| Gross operating margin | 9900 | €1,483 | €30,375 | +€28,892 | +1948.6% |
| Operating profit (loss) | 9901 | -€12,376 | €10,166 | +€22,542 | |
| Financial income | 75/76B | €1,282 | €1,195 | -€87 | -6.8% |
| Recurring financial income | 75 | €1,282 | €1,195 | -€87 | -6.8% |
| Financial charges | 65/66B | €11,749 | €16,017 | +€4,268 | +36.3% |
| Recurring financial charges | 65 | €11,749 | €16,017 | +€4,268 | +36.3% |
| Profit (loss) for the period before taxes | 9903 | -€22,844 | -€4,656 | +€18,188 | +79.6% |
| Income taxes | 67/77 | €186 | €79 | -€107 | -57.4% |
| Profit (loss) for the period | 9904 | -€23,030 | -€4,735 | +€18,294 | +79.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€23,030 | -€4,735 | +€18,294 | +79.4% |
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 10 October 2026 via checked.be.