JRM: 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.
JRM
Largest movements
- Cash -€15,708
down €15,708 (-5.8%), from €271,615 to €255,907
mainly Contributions, distributions and other (-€183,239) and Tax, wage and social debts (-€13,149)
- Tangible fixed assets +€11,050
new in 2025: €11,050
of which Plant, machinery and equipment: +€10,171
- Other debts +€73,553
up €73,553 (+67.1%), from €109,686 to €183,239
- Reserves -€61,000
down €61,000 (-89.1%), from €68,500 to €7,500
of which Distributable reserves: -€61,000
- Tax, wage and social debts -€13,149
down €13,149 (-47.4%), from €27,756 to €14,607
of which Taxes: -€15,351
- Gross operating margin +€90,147
up €90,147 (+61.3%), from €147,101 to €237,249
- Staff costs +€31,581
up €31,581 (+81.1%), from €38,926 to €70,507
- Taxes +€13,500
up €13,500 (+48.2%), from €28,004 to €41,504
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 | €284,993 | €284,161 | -€832 | -0.3% |
| Fixed assets | 21/28 | - | €11,050 | +€11,050 | |
| Tangible fixed assets | 22/27 | - | €11,050 | +€11,050 | |
| Plant, machinery and equipment | 23 | - | €10,171 | +€10,171 | |
| Furniture and vehicles | 24 | - | €879 | +€879 | |
| Current assets | 29/58 | €284,993 | €273,111 | -€11,882 | -4.2% |
| Stocks and contracts in progress | 3 | €9,388 | €9,967 | +€578 | +6.2% |
| Stocks | 30/36 | €9,388 | €9,967 | +€578 | +6.2% |
| Amounts receivable within one year | 40/41 | €1,769 | €4,027 | +€2,258 | +127.7% |
| Trade receivables | 40 | €42 | €3,879 | +€3,837 | +9134.5% |
| Other amounts receivable | 41 | €1,727 | €148 | -€1,578 | -91.4% |
| Cash at bank and in hand | 54/58 | €271,615 | €255,907 | -€15,708 | -5.8% |
| Deferred charges and accrued income | 490/1 | €2,221 | €3,211 | +€990 | +44.6% |
| Total equity and liabilities | 10/49 | €284,993 | €284,161 | -€832 | -0.3% |
| Equity | 10/15 | €143,500 | €82,500 | -€61,000 | -42.5% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Capital | 10 | €75,000 | €75,000 | = | 0.0% |
| Issued capital | 100 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €68,500 | €7,500 | -€61,000 | -89.1% |
| Non-distributable reserves | 130/1 | €7,500 | €7,500 | = | 0.0% |
| Legal reserve | 130 | €7,500 | €7,500 | = | 0.0% |
| Distributable reserves | 133 | €61,000 | - | -€61,000 | |
| Amounts payable | 17/49 | €141,493 | €201,661 | +€60,168 | +42.5% |
| Amounts payable within one year | 42/48 | €141,493 | €201,661 | +€60,168 | +42.5% |
| Trade debts | 44 | €2,984 | €2,816 | -€168 | -5.6% |
| Suppliers | 440/4 | €2,984 | €2,816 | -€168 | -5.6% |
| Advances received on contracts in progress | 46 | €1,068 | €1,000 | -€68 | -6.4% |
| Taxes, remuneration and social security | 45 | €27,756 | €14,607 | -€13,149 | -47.4% |
| Taxes | 450/3 | €24,338 | €8,986 | -€15,351 | -63.1% |
| Remuneration and social security | 454/9 | €3,418 | €5,621 | +€2,202 | +64.4% |
| Other amounts payable | 47/48 | €109,686 | €183,239 | +€73,553 | +67.1% |
| Remuneration, social security and pensions | 62 | €38,926 | €70,507 | +€31,581 | +81.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €2,099 | +€2,099 | |
| Other operating charges | 640/8 | €644 | €709 | +€65 | +10.1% |
| Gross operating margin | 9900 | €147,101 | €237,249 | +€90,147 | +61.3% |
| Operating profit (loss) | 9901 | €107,532 | €163,933 | +€56,402 | +52.5% |
| Financial income | 75/76B | €1 | €4 | +€4 | +441.0% |
| Recurring financial income | 75 | €1 | €4 | +€4 | +441.0% |
| Financial charges | 65/66B | €210 | €195 | -€15 | -7.0% |
| Recurring financial charges | 65 | €210 | €195 | -€15 | -7.0% |
| Profit (loss) for the period before taxes | 9903 | €107,323 | €163,743 | +€56,420 | +52.6% |
| Income taxes | 67/77 | €28,004 | €41,504 | +€13,500 | +48.2% |
| Profit (loss) for the period | 9904 | €79,319 | €122,239 | +€42,920 | +54.1% |
| Profit (loss) for the period to be appropriated | 9905 | €79,319 | €122,239 | +€42,920 | +54.1% |
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 11 October 2026 via checked.be.