JMO: 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.
JMO
Largest movements
- Tangible fixed assets -€64,524
down €64,524 (-12.3%), from €526,179 to €461,655
of which Leasing and similar rights: -€40,805
- Receivables within one year -€52,258
down €52,258 (-54.7%), from €95,620 to €43,362
of which Trade receivables: -€51,859
- Cash +€24,038
up €24,038 (+3741.1%), from €643 to €24,680
mainly Depreciation (+€97,377) and Tax, wage and social debts (+€52,526)
- Debts after one year -€109,172
down €109,172 (-41.4%), from €263,402 to €154,230
- Tax, wage and social debts +€52,526
up €52,526 (+64.9%), from €80,995 to €133,521
of which Remuneration and social security: +€48,250
- Profit (loss) carried forward +€43,194
up €43,194 (+216.9%), from €19,918 to €63,112
- Trade debts -€35,510
down €35,510 (-81.9%), from €43,334 to €7,824
- Current portion of long-term debt -€25,343
down €25,343 (-19.1%), from €132,450 to €107,106
- Gross operating margin +€201,760
up €201,760 (+50.8%), from €396,935 to €598,694
- Staff costs +€161,454
up €161,454 (+62.2%), from €259,774 to €421,228
- Depreciation -€20,915
down €20,915 (-17.7%), from €118,293 to €97,377
- Taxes +€12,527
new in 2025: €12,527
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 | €762,716 | €670,010 | -€92,706 | -12.2% |
| Fixed assets | 21/28 | €526,450 | €461,926 | -€64,524 | -12.3% |
| Intangible fixed assets | 21 | €1 | €1 | = | 0.0% |
| Tangible fixed assets | 22/27 | €526,179 | €461,655 | -€64,524 | -12.3% |
| Land and buildings | 22 | €304,527 | €285,851 | -€18,676 | -6.1% |
| Plant, machinery and equipment | 23 | €63,060 | €72,157 | +€9,097 | +14.4% |
| Furniture and vehicles | 24 | €46,455 | €32,531 | -€13,924 | -30.0% |
| Leasing and similar rights | 25 | €111,922 | €71,116 | -€40,805 | -36.5% |
| Other tangible fixed assets | 26 | €216 | - | -€216 | |
| Financial fixed assets | 28 | €270 | €270 | = | 0.0% |
| Current assets | 29/58 | €236,266 | €208,084 | -€28,182 | -11.9% |
| Stocks and contracts in progress | 3 | €138,244 | €138,244 | = | 0.0% |
| Stocks | 30/36 | €138,244 | €138,244 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €95,620 | €43,362 | -€52,258 | -54.7% |
| Trade receivables | 40 | €95,123 | €43,265 | -€51,859 | -54.5% |
| Other amounts receivable | 41 | €497 | €98 | -€400 | -80.4% |
| Cash at bank and in hand | 54/58 | €643 | €24,680 | +€24,038 | +3741.1% |
| Deferred charges and accrued income | 490/1 | €1,759 | €1,798 | +€39 | +2.2% |
| Total equity and liabilities | 10/49 | €762,716 | €670,010 | -€92,706 | -12.2% |
| Equity | 10/15 | €112,898 | €154,393 | +€41,494 | +36.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €55,340 | €55,340 | = | 0.0% |
| Distributable reserves | 133 | €55,340 | €55,340 | = | 0.0% |
| Profit (loss) carried forward | 14 | €19,918 | €63,112 | +€43,194 | +216.9% |
| Investment grants | 15 | €19,040 | €17,340 | -€1,700 | -8.9% |
| Amounts payable | 17/49 | €649,817 | €515,617 | -€134,200 | -20.7% |
| Amounts payable after more than one year | 17 | €263,402 | €154,230 | -€109,172 | -41.4% |
| Financial debts | 170/4 | €263,402 | €154,230 | -€109,172 | -41.4% |
| Amounts payable within one year | 42/48 | €386,415 | €361,387 | -€25,028 | -6.5% |
| Current portion of amounts payable after more than one year | 42 | €132,450 | €107,106 | -€25,343 | -19.1% |
| Financial debts | 43 | €74,198 | €60,000 | -€14,198 | -19.1% |
| Credit institutions | 430/8 | €74,198 | €60,000 | -€14,198 | -19.1% |
| Trade debts | 44 | €43,334 | €7,824 | -€35,510 | -81.9% |
| Suppliers | 440/4 | €43,334 | €7,824 | -€35,510 | -81.9% |
| Taxes, remuneration and social security | 45 | €80,995 | €133,521 | +€52,526 | +64.9% |
| Taxes | 450/3 | €53,852 | €58,128 | +€4,276 | +7.9% |
| Remuneration and social security | 454/9 | €27,143 | €75,393 | +€48,250 | +177.8% |
| Other amounts payable | 47/48 | €55,439 | €52,936 | -€2,503 | -4.5% |
| Remuneration, social security and pensions | 62 | €259,774 | €421,228 | +€161,454 | +62.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €118,293 | €97,377 | -€20,915 | -17.7% |
| Other operating charges | 640/8 | €11,632 | €7,487 | -€4,144 | -35.6% |
| Gross operating margin | 9900 | €396,935 | €598,694 | +€201,760 | +50.8% |
| Operating profit (loss) | 9901 | €7,236 | €72,602 | +€65,365 | +903.3% |
| Financial income | 75/76B | €1,974 | €1,700 | -€274 | -13.9% |
| Recurring financial income | 75 | €1,974 | €1,700 | -€274 | -13.9% |
| Financial charges | 65/66B | €20,250 | €18,581 | -€1,669 | -8.2% |
| Recurring financial charges | 65 | €20,250 | €18,581 | -€1,669 | -8.2% |
| Profit (loss) for the period before taxes | 9903 | -€11,039 | €55,721 | +€66,760 | |
| Income taxes | 67/77 | - | €12,527 | +€12,527 | |
| Profit (loss) for the period | 9904 | -€11,039 | €43,194 | +€54,233 | |
| Profit (loss) for the period to be appropriated | 9905 | -€11,039 | €43,194 | +€54,233 |
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 30 September 2026 via checked.be.