JTMA: 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.
JTMA
Largest movements
- Tangible fixed assets +€398,489
up €398,489 (+47.7%), from €834,806 to €1.2m
of which Land and buildings: +€282,099
- Receivables within one year +€161,078
up €161,078 (+1,167%), from €13,797 to €174,875
of which Other amounts receivable: +€157,106
- Cash -€26,258
down €26,258 (-19.8%), from €132,764 to €106,506
mainly Investment in fixed assets (net) (-€465,316) and Receivables within one year (-€161,078)
- Debts after one year +€271,028
up €271,028 (+38.9%), from €697,540 to €968,568
- Other debts +€105,194
up €105,194 (+139%), from €75,939 to €181,133
- Reserves +€105,000
up €105,000 (+14.1%), from €744,990 to €849,990
- Current portion of long-term debt +€38,105
up €38,105 (+91.8%), from €41,521 to €79,626
- Gross operating margin -€186,129
down €186,129 (-43.8%), from €424,542 to €238,413
- Financial income +€150,234
new in 2025: €150,234
- Taxes -€45,233
down €45,233 (-61.6%), from €73,422 to €28,188
- Depreciation -€21,218
down €21,218 (-24.1%), from €88,046 to €66,827
- Financial charges +€19,276
up €19,276 (+117%), from €16,418 to €35,694
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.
Derived cash bridge
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 | €1,606,757 | €2,142,669 | +€535,912 | +33.4% |
| Fixed assets | 21/28 | €1,437,804 | €1,836,293 | +€398,489 | +27.7% |
| Tangible fixed assets | 22/27 | €834,806 | €1,233,295 | +€398,489 | +47.7% |
| Land and buildings | 22 | €834,806 | €1,116,905 | +€282,099 | +33.8% |
| Plant, machinery and equipment | 23 | - | €1,563 | +€1,563 | |
| Furniture and vehicles | 24 | €0 | - | = | |
| Leasing and similar rights | 25 | €0 | €114,826 | +€114,826 | |
| Financial fixed assets | 28 | €602,998 | €602,998 | = | 0.0% |
| Current assets | 29/58 | €168,953 | €306,376 | +€137,423 | +81.3% |
| Amounts receivable within one year | 40/41 | €13,797 | €174,875 | +€161,078 | +1,167% |
| Trade receivables | 40 | €6,765 | €10,737 | +€3,972 | +58.7% |
| Other amounts receivable | 41 | €7,032 | €164,138 | +€157,106 | +2,234% |
| Cash at bank and in hand | 54/58 | €132,764 | €106,506 | -€26,258 | -19.8% |
| Deferred charges and accrued income | 490/1 | €22,392 | €24,995 | +€2,603 | +11.6% |
| Total equity and liabilities | 10/49 | €1,606,757 | €2,142,669 | +€535,912 | +33.4% |
| Equity | 10/15 | €754,914 | €870,099 | +€115,184 | +15.3% |
| Contributions | 10/11 | €6,200 | €18,600 | +€12,400 | +200% |
| Reserves | 13 | €744,990 | €849,990 | +€105,000 | +14.1% |
| Distributable reserves | 133 | €744,990 | €849,990 | +€105,000 | +14.1% |
| Profit (loss) carried forward | 14 | €3,724 | €1,509 | -€2,216 | -59.5% |
| Amounts payable | 17/49 | €851,843 | €1,272,570 | +€420,728 | +49.4% |
| Amounts payable after more than one year | 17 | €697,540 | €968,568 | +€271,028 | +38.9% |
| Financial debts | 170/4 | €697,540 | €968,568 | +€271,028 | +38.9% |
| Amounts payable within one year | 42/48 | €147,312 | €300,143 | +€152,832 | +104% |
| Current portion of amounts payable after more than one year | 42 | €41,521 | €79,626 | +€38,105 | +91.8% |
| Financial debts | 43 | €13,580 | €13,555 | -€25 | -0.2% |
| Credit institutions | 430/8 | €13,580 | €13,555 | -€25 | -0.2% |
| Trade debts | 44 | €1,379 | €1,445 | +€66 | +4.8% |
| Suppliers | 440/4 | €1,379 | €1,445 | +€66 | +4.8% |
| Taxes, remuneration and social security | 45 | €14,892 | €24,384 | +€9,492 | +63.7% |
| Taxes | 450/3 | €8,952 | €18,444 | +€9,492 | +106% |
| Remuneration and social security | 454/9 | €5,940 | €5,940 | = | 0.0% |
| Other amounts payable | 47/48 | €75,939 | €181,133 | +€105,194 | +139% |
| Accrued charges and deferred income | 492/3 | €6,991 | €3,859 | -€3,132 | -44.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €88,046 | €66,827 | -€21,218 | -24.1% |
| Other operating charges | 640/8 | €2,926 | €5,153 | +€2,226 | +76.1% |
| Non-recurring operating charges | 66A | €11,055 | €0 | -€11,055 | -100% |
| Gross operating margin | 9900 | €424,542 | €238,413 | -€186,129 | -43.8% |
| Operating profit (loss) | 9901 | €322,516 | €166,433 | -€156,082 | -48.4% |
| Financial income | 75/76B | - | €150,234 | +€150,234 | |
| Recurring financial income | 75 | - | €150,234 | +€150,234 | |
| Financial charges | 65/66B | €16,418 | €35,694 | +€19,276 | +117% |
| Recurring financial charges | 65 | €16,418 | €35,694 | +€19,276 | +117% |
| Profit (loss) for the period before taxes | 9903 | €306,098 | €280,973 | -€25,125 | -8.2% |
| Income taxes | 67/77 | €73,422 | €28,188 | -€45,233 | -61.6% |
| Profit (loss) for the period | 9904 | €232,676 | €252,784 | +€20,109 | +8.6% |
| Profit (loss) for the period to be appropriated | 9905 | €232,676 | €252,784 | +€20,109 | +8.6% |
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 24 October 2026 via checked.be.