JMG: 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.
JMG
Largest movements
- Cash +€13,790
up €13,790 (+14.6%), from €94,768 to €108,557
mainly Net result for the year (+€27,678) and Depreciation (+€21,078)
- Receivables within one year -€2,623
down €2,623 (-11.2%), from €23,323 to €20,700
of which Trade receivables: -€1,558
- Reserves +€7,678
up €7,678 (+8.5%), from €90,317 to €97,995
- Trade debts -€6,747
down €6,747 (-67.2%), from €10,034 to €3,287
- Other debts +€5,497
up €5,497 (+25.2%), from €21,785 to €27,282
- Advances received -€5,450
no longer reported in 2025 (was €5,450)
- Tax, wage and social debts +€4,733
up €4,733 (+100.1%), from €4,728 to €9,462
of which Taxes: +€4,733
- Gross operating margin +€10,259
up €10,259 (+20.1%), from €51,105 to €61,363
- Depreciation +€7,560
up €7,560 (+55.9%), from €13,518 to €21,078
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 | €160,707 | €171,281 | +€10,574 | +6.6% |
| Fixed assets | 21/28 | €41,596 | €41,935 | +€339 | +0.8% |
| Tangible fixed assets | 22/27 | €41,119 | €41,935 | +€816 | +2.0% |
| Plant, machinery and equipment | 23 | €21,465 | €16,250 | -€5,215 | -24.3% |
| Furniture and vehicles | 24 | €19,654 | €25,685 | +€6,031 | +30.7% |
| Financial fixed assets | 28 | €477 | - | -€477 | |
| Current assets | 29/58 | €119,112 | €129,347 | +€10,235 | +8.6% |
| Amounts receivable within one year | 40/41 | €23,323 | €20,700 | -€2,623 | -11.2% |
| Trade receivables | 40 | €22,258 | €20,700 | -€1,558 | -7.0% |
| Other amounts receivable | 41 | €1,066 | - | -€1,066 | |
| Cash at bank and in hand | 54/58 | €94,768 | €108,557 | +€13,790 | +14.6% |
| Deferred charges and accrued income | 490/1 | €1,020 | €89 | -€931 | -91.3% |
| Total equity and liabilities | 10/49 | €160,707 | €171,281 | +€10,574 | +6.6% |
| Equity | 10/15 | €96,317 | €103,995 | +€7,678 | +8.0% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €90,317 | €97,995 | +€7,678 | +8.5% |
| Distributable reserves | 133 | €90,317 | €97,995 | +€7,678 | +8.5% |
| Amounts payable | 17/49 | €64,390 | €67,287 | +€2,896 | +4.5% |
| Amounts payable after more than one year | 17 | €14,396 | €16,349 | +€1,953 | +13.6% |
| Financial debts | 170/4 | €14,396 | €16,349 | +€1,953 | +13.6% |
| Amounts payable within one year | 42/48 | €49,426 | €50,538 | +€1,113 | +2.3% |
| Current portion of amounts payable after more than one year | 42 | €7,428 | €10,508 | +€3,079 | +41.5% |
| Trade debts | 44 | €10,034 | €3,287 | -€6,747 | -67.2% |
| Suppliers | 440/4 | €10,034 | €3,287 | -€6,747 | -67.2% |
| Advances received on contracts in progress | 46 | €5,450 | - | -€5,450 | |
| Taxes, remuneration and social security | 45 | €4,728 | €9,462 | +€4,733 | +100.1% |
| Taxes | 450/3 | €2,528 | €7,262 | +€4,733 | +187.2% |
| Remuneration and social security | 454/9 | €2,200 | €2,200 | = | 0.0% |
| Other amounts payable | 47/48 | €21,785 | €27,282 | +€5,497 | +25.2% |
| Accrued charges and deferred income | 492/3 | €569 | €400 | -€169 | -29.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,518 | €21,078 | +€7,560 | +55.9% |
| Other operating charges | 640/8 | €1,151 | €1,591 | +€440 | +38.2% |
| Gross operating margin | 9900 | €51,105 | €61,363 | +€10,259 | +20.1% |
| Operating profit (loss) | 9901 | €36,436 | €38,694 | +€2,258 | +6.2% |
| Financial income | 75/76B | €0 | €0 | +€0 | +100.0% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +100.0% |
| Financial charges | 65/66B | €2,012 | €2,099 | +€87 | +4.3% |
| Recurring financial charges | 65 | €2,012 | €2,099 | +€87 | +4.3% |
| Profit (loss) for the period before taxes | 9903 | €34,424 | €36,595 | +€2,171 | +6.3% |
| Income taxes | 67/77 | €8,528 | €8,917 | +€389 | +4.6% |
| Profit (loss) for the period | 9904 | €25,896 | €27,678 | +€1,782 | +6.9% |
| Profit (loss) for the period to be appropriated | 9905 | €25,896 | €27,678 | +€1,782 | +6.9% |
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 7 October 2026 via checked.be.