JU & MI: 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.
JU & MI
Largest movements
- Stocks and contracts +€110,309
up €110,309 (+56.6%), from €194,807 to €305,116
- Tangible fixed assets +€35,363
up €35,363 (+28.8%), from €122,614 to €157,978
of which Leasing and similar rights: +€37,578
- Receivables within one year +€28,014
up €28,014 (+107%), from €26,123 to €54,137
of which Trade receivables: +€27,797
- Cash -€19,186
down €19,186 (-47.9%), from €40,056 to €20,871
mainly Stocks and contracts (-€110,309) and Investment in fixed assets (net) (-€52,554)
- Reserves +€94,057
up €94,057 (+30.3%), from €310,012 to €404,069
- Trade debts +€36,029
up €36,029 (+177%), from €20,370 to €56,399
- Current portion of long-term debt +€26,096
new in 2025: €26,096
- Short-term financial debts -€11,767
down €11,767 (-100%), from €11,767 to €0
- Tax, wage and social debts +€7,983
up €7,983 (+18.8%), from €42,427 to €50,410
of which Taxes: +€7,983
- Gross operating margin +€13,679
up €13,679 (+9.5%), from €143,563 to €157,242
- Depreciation +€5,985
up €5,985 (+74.5%), from €8,030 to €14,016
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 | €399,834 | €556,077 | +€156,243 | +39.1% |
| Fixed assets | 21/28 | €122,614 | €161,153 | +€38,539 | +31.4% |
| Intangible fixed assets | 21 | €0 | €3,175 | +€3,175 | |
| Tangible fixed assets | 22/27 | €122,614 | €157,978 | +€35,363 | +28.8% |
| Plant, machinery and equipment | 23 | €1,952 | €3,463 | +€1,511 | +77.4% |
| Furniture and vehicles | 24 | €1,089 | €1,558 | +€469 | +43.0% |
| Leasing and similar rights | 25 | €82,776 | €120,354 | +€37,578 | +45.4% |
| Other tangible fixed assets | 26 | €36,797 | €32,603 | -€4,194 | -11.4% |
| Current assets | 29/58 | €277,219 | €394,924 | +€117,705 | +42.5% |
| Stocks and contracts in progress | 3 | €194,807 | €305,116 | +€110,309 | +56.6% |
| Stocks | 30/36 | €194,807 | €305,116 | +€110,309 | +56.6% |
| Amounts receivable within one year | 40/41 | €26,123 | €54,137 | +€28,014 | +107% |
| Trade receivables | 40 | €18,618 | €46,415 | +€27,797 | +149% |
| Other amounts receivable | 41 | €7,505 | €7,722 | +€217 | +2.9% |
| Cash at bank and in hand | 54/58 | €40,056 | €20,871 | -€19,186 | -47.9% |
| Deferred charges and accrued income | 490/1 | €16,234 | €14,800 | -€1,433 | -8.8% |
| Total equity and liabilities | 10/49 | €399,834 | €556,077 | +€156,243 | +39.1% |
| Equity | 10/15 | €322,412 | €416,469 | +€94,057 | +29.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €310,012 | €404,069 | +€94,057 | +30.3% |
| Distributable reserves | 133 | €310,012 | €404,069 | +€94,057 | +30.3% |
| Amounts payable | 17/49 | €77,422 | €139,607 | +€62,186 | +80.3% |
| Amounts payable after more than one year | 17 | - | €6,703 | +€6,703 | |
| Financial debts | 170/4 | - | €6,703 | +€6,703 | |
| Amounts payable within one year | 42/48 | €77,422 | €132,904 | +€55,483 | +71.7% |
| Current portion of amounts payable after more than one year | 42 | - | €26,096 | +€26,096 | |
| Financial debts | 43 | €11,767 | €0 | -€11,767 | -100% |
| Credit institutions | 430/8 | €11,767 | €0 | -€11,767 | -100% |
| Trade debts | 44 | €20,370 | €56,399 | +€36,029 | +177% |
| Suppliers | 440/4 | €20,370 | €56,399 | +€36,029 | +177% |
| Taxes, remuneration and social security | 45 | €42,427 | €50,410 | +€7,983 | +18.8% |
| Taxes | 450/3 | €42,427 | €50,410 | +€7,983 | +18.8% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €2,858 | €0 | -€2,858 | -100% |
| Remuneration, social security and pensions | 62 | €397 | €180 | -€217 | -54.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,030 | €14,016 | +€5,985 | +74.5% |
| Other operating charges | 640/8 | €599 | €907 | +€308 | +51.3% |
| Gross operating margin | 9900 | €143,563 | €157,242 | +€13,679 | +9.5% |
| Operating profit (loss) | 9901 | €134,536 | €142,139 | +€7,603 | +5.7% |
| Financial income | 75/76B | €447 | €293 | -€153 | -34.3% |
| Recurring financial income | 75 | €447 | €293 | -€153 | -34.3% |
| Financial charges | 65/66B | €1,634 | €2,410 | +€776 | +47.5% |
| Recurring financial charges | 65 | €1,634 | €2,410 | +€776 | +47.5% |
| Profit (loss) for the period before taxes | 9903 | €133,349 | €140,022 | +€6,674 | +5.0% |
| Income taxes | 67/77 | €47,176 | €45,965 | -€1,211 | -2.6% |
| Profit (loss) for the period | 9904 | €86,172 | €94,057 | +€7,885 | +9.2% |
| Profit (loss) for the period to be appropriated | 9905 | €86,172 | €94,057 | +€7,885 | +9.2% |
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 14 October 2026 via checked.be.