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
- Stocks and contracts -€81,545
down €81,545 (-23.2%), from €351,469 to €269,924
of which Contracts in progress: -€49,311
- Receivables within one year -€36,919
down €36,919 (-12.1%), from €305,218 to €268,299
of which Trade receivables: -€121,502
- Cash +€29,698
up €29,698 (+1682.6%), from €1,765 to €31,463
mainly Trade debts (+€82,515) and Stocks and contracts (+€81,545)
- Profit (loss) carried forward -€196,085
down €196,085, from €43,506 to -€152,579
- Trade debts +€82,515
up €82,515 (+33.7%), from €244,525 to €327,040
- Other debts -€79,778
down €79,778 (-65.9%), from €120,987 to €41,209
- Debts after one year +€68,671
up €68,671 (+8.1%), from €852,235 to €920,906
- Short-term financial debts +€25,999
up €25,999 (+64.6%), from €40,268 to €66,267
- Gross operating margin -€256,517
down €256,517 (-52.8%), from €485,882 to €229,365
- Staff costs -€82,598
down €82,598 (-21.3%), from €387,976 to €305,378
- Financial charges +€14,033
up €14,033 (+46.0%), from €30,477 to €44,510
- Depreciation +€9,417
up €9,417 (+15.2%), from €62,049 to €71,466
- Other operating charges +€6,589
up €6,589 (+96.6%), from €6,819 to €13,408
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 | €1,745,182 | €1,648,574 | -€96,608 | -5.5% |
| Fixed assets | 21/28 | €1,078,360 | €1,068,835 | -€9,525 | -0.9% |
| Tangible fixed assets | 22/27 | €1,078,360 | €1,068,835 | -€9,525 | -0.9% |
| Land and buildings | 22 | €1,008,275 | €972,582 | -€35,693 | -3.5% |
| Plant, machinery and equipment | 23 | €17,031 | €12,694 | -€4,337 | -25.5% |
| Furniture and vehicles | 24 | €53,054 | €83,559 | +€30,505 | +57.5% |
| Current assets | 29/58 | €666,822 | €579,739 | -€87,083 | -13.1% |
| Stocks and contracts in progress | 3 | €351,469 | €269,924 | -€81,545 | -23.2% |
| Stocks | 30/36 | €280,669 | €248,435 | -€32,234 | -11.5% |
| Contracts in progress | 37 | €70,800 | €21,489 | -€49,311 | -69.6% |
| Amounts receivable within one year | 40/41 | €305,218 | €268,299 | -€36,919 | -12.1% |
| Trade receivables | 40 | €281,729 | €160,227 | -€121,502 | -43.1% |
| Other amounts receivable | 41 | €23,489 | €108,072 | +€84,583 | +360.1% |
| Cash at bank and in hand | 54/58 | €1,765 | €31,463 | +€29,698 | +1682.6% |
| Deferred charges and accrued income | 490/1 | €8,370 | €10,053 | +€1,683 | +20.1% |
| Total equity and liabilities | 10/49 | €1,745,182 | €1,648,574 | -€96,608 | -5.5% |
| Equity | 10/15 | €325,955 | €124,388 | -€201,567 | -61.8% |
| Contributions | 10/11 | €41,877 | €41,877 | = | 0.0% |
| Reserves | 13 | €240,572 | €235,090 | -€5,482 | -2.3% |
| Tax-exempt reserves | 132 | €150,972 | €145,490 | -€5,482 | -3.6% |
| Distributable reserves | 133 | €89,600 | €89,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €43,506 | -€152,579 | -€196,085 | |
| Provisions and deferred taxes | 16 | €37,743 | €36,373 | -€1,370 | -3.6% |
| Deferred taxes | 168 | €37,743 | €36,373 | -€1,370 | -3.6% |
| Amounts payable | 17/49 | €1,381,484 | €1,487,813 | +€106,329 | +7.7% |
| Amounts payable after more than one year | 17 | €852,235 | €920,906 | +€68,671 | +8.1% |
| Financial debts | 170/4 | €852,235 | €920,906 | +€68,671 | +8.1% |
| Amounts payable within one year | 42/48 | €509,589 | €564,107 | +€54,518 | +10.7% |
| Current portion of amounts payable after more than one year | 42 | €70,706 | €87,626 | +€16,920 | +23.9% |
| Financial debts | 43 | €40,268 | €66,267 | +€25,999 | +64.6% |
| Credit institutions | 430/8 | €40,268 | €66,267 | +€25,999 | +64.6% |
| Trade debts | 44 | €244,525 | €327,040 | +€82,515 | +33.7% |
| Suppliers | 440/4 | €244,525 | €327,040 | +€82,515 | +33.7% |
| Taxes, remuneration and social security | 45 | €33,103 | €41,965 | +€8,862 | +26.8% |
| Taxes | 450/3 | €7,779 | €3,337 | -€4,442 | -57.1% |
| Remuneration and social security | 454/9 | €25,324 | €38,628 | +€13,304 | +52.5% |
| Other amounts payable | 47/48 | €120,987 | €41,209 | -€79,778 | -65.9% |
| Accrued charges and deferred income | 492/3 | €19,660 | €2,800 | -€16,860 | -85.8% |
| Non-recurring operating income | 76A | €1,824 | €14,235 | +€12,411 | +680.4% |
| Remuneration, social security and pensions | 62 | €387,976 | €305,378 | -€82,598 | -21.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,049 | €71,466 | +€9,417 | +15.2% |
| Other operating charges | 640/8 | €6,819 | €13,408 | +€6,589 | +96.6% |
| Gross operating margin | 9900 | €485,882 | €229,365 | -€256,517 | -52.8% |
| Operating profit (loss) | 9901 | €29,038 | -€160,887 | -€189,925 | |
| Financial income | 75/76B | €524 | €2,686 | +€2,162 | +412.6% |
| Recurring financial income | 75 | €524 | €2,686 | +€2,162 | +412.6% |
| Financial charges | 65/66B | €30,477 | €44,510 | +€14,033 | +46.0% |
| Recurring financial charges | 65 | €30,477 | €44,510 | +€14,033 | +46.0% |
| Profit (loss) for the period before taxes | 9903 | -€915 | -€202,711 | -€201,796 | -22054.2% |
| Transfer from deferred taxes | 780 | €1,370 | €1,370 | = | 0.0% |
| Income taxes | 67/77 | €4,758 | €226 | -€4,532 | -95.3% |
| Profit (loss) for the period | 9904 | -€4,303 | -€201,567 | -€197,264 | -4584.3% |
| Transfer from tax-exempt reserves | 789 | €5,481 | €5,482 | +€1 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,178 | -€196,085 | -€197,263 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.