JMichael: 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.
JMichael
Largest movements
- Receivables within one year +€24,977
up €24,977 (+151.9%), from €16,439 to €41,416
of which Trade receivables: +€15,708
- Cash -€18,517
down €18,517 (-34.9%), from €53,063 to €34,546
mainly Receivables within one year (-€24,977) and Other debts (-€20,731)
- Tangible fixed assets -€2,068
down €2,068 (-35.3%), from €5,861 to €3,793
- Other debts -€20,731
down €20,731 (-56.0%), from €37,000 to €16,269
- Reserves +€20,000
up €20,000 (+133.3%), from €15,000 to €35,000
- Profit (loss) carried forward +€3,099
up €3,099 (+225.7%), from €1,373 to €4,472
- Tax, wage and social debts +€2,578
up €2,578 (+36.1%), from €7,143 to €9,722
of which Taxes: +€2,225
- Taxes +€2,766
up €2,766 (+27.4%), from €10,085 to €12,851
- Gross operating margin +€2,630
up €2,630 (+5.2%), from €51,016 to €53,646
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 | €76,167 | €80,310 | +€4,144 | +5.4% |
| Formation expenses | 20 | €269 | €42 | -€226 | -84.3% |
| Fixed assets | 21/28 | €6,261 | €4,193 | -€2,068 | -33.0% |
| Tangible fixed assets | 22/27 | €5,861 | €3,793 | -€2,068 | -35.3% |
| Furniture and vehicles | 24 | €5,861 | €3,793 | -€2,068 | -35.3% |
| Financial fixed assets | 28 | €400 | €400 | = | 0.0% |
| Current assets | 29/58 | €69,637 | €76,075 | +€6,438 | +9.2% |
| Amounts receivable within one year | 40/41 | €16,439 | €41,416 | +€24,977 | +151.9% |
| Trade receivables | 40 | €15,708 | €31,416 | +€15,708 | +100.0% |
| Other amounts receivable | 41 | €731 | €10,000 | +€9,269 | +1267.2% |
| Cash at bank and in hand | 54/58 | €53,063 | €34,546 | -€18,517 | -34.9% |
| Deferred charges and accrued income | 490/1 | €135 | €113 | -€22 | -16.3% |
| Total equity and liabilities | 10/49 | €76,167 | €80,310 | +€4,144 | +5.4% |
| Equity | 10/15 | €26,373 | €49,472 | +€23,099 | +87.6% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €15,000 | €35,000 | +€20,000 | +133.3% |
| Distributable reserves | 133 | €15,000 | €35,000 | +€20,000 | +133.3% |
| Profit (loss) carried forward | 14 | €1,373 | €4,472 | +€3,099 | +225.7% |
| Amounts payable | 17/49 | €49,794 | €30,839 | -€18,955 | -38.1% |
| Amounts payable within one year | 42/48 | €49,794 | €30,839 | -€18,955 | -38.1% |
| Trade debts | 44 | €5,651 | €4,848 | -€802 | -14.2% |
| Suppliers | 440/4 | €5,651 | €4,848 | -€802 | -14.2% |
| Taxes, remuneration and social security | 45 | €7,143 | €9,722 | +€2,578 | +36.1% |
| Taxes | 450/3 | €7,143 | €9,368 | +€2,225 | +31.1% |
| Remuneration and social security | 454/9 | €0 | €354 | +€354 | |
| Other amounts payable | 47/48 | €37,000 | €16,269 | -€20,731 | -56.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,661 | €2,295 | -€367 | -13.8% |
| Other operating charges | 640/8 | €900 | €617 | -€284 | -31.5% |
| Gross operating margin | 9900 | €51,016 | €53,646 | +€2,630 | +5.2% |
| Operating profit (loss) | 9901 | €47,454 | €50,735 | +€3,280 | +6.9% |
| Financial income | 75/76B | €237 | €331 | +€94 | +39.8% |
| Recurring financial income | 75 | €237 | €331 | +€94 | +39.8% |
| Financial charges | 65/66B | €127 | €116 | -€11 | -8.7% |
| Recurring financial charges | 65 | €127 | €116 | -€11 | -8.7% |
| Profit (loss) for the period before taxes | 9903 | €47,564 | €50,950 | +€3,386 | +7.1% |
| Income taxes | 67/77 | €10,085 | €12,851 | +€2,766 | +27.4% |
| Profit (loss) for the period | 9904 | €37,479 | €38,099 | +€620 | +1.7% |
| Profit (loss) for the period to be appropriated | 9905 | €37,479 | €38,099 | +€620 | +1.7% |
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 29 September 2026 via checked.be.