M & J: 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.
M & J
Largest movements
- Tangible fixed assets -€9,471
down €9,471 (-5.9%), from €161,160 to €151,689
of which Furniture and vehicles: -€5,849
- Receivables within one year -€1,786
down €1,786 (-99.9%), from €1,787 to €1
- Reserves -€19,304
down €19,304 (-40.7%), from €47,403 to €28,099
of which Distributable reserves: -€19,304
- Other debts +€6,264
up €6,264 (+51.2%), from €12,224 to €18,489
- Gross operating margin +€4,486
up €4,486 (+49.1%), from -€9,137 to -€4,651
- Depreciation +€689
up €689 (+5.3%), from €13,009 to €13,698
- Financial charges -€353
down €353 (-88.2%), from €401 to €47
of which Non-recurring financial charges: -€180
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 | €165,171 | €152,172 | -€12,999 | -7.9% |
| Fixed assets | 21/28 | €161,160 | €151,689 | -€9,471 | -5.9% |
| Tangible fixed assets | 22/27 | €161,160 | €151,689 | -€9,471 | -5.9% |
| Land and buildings | 22 | €81,131 | €77,510 | -€3,621 | -4.5% |
| Furniture and vehicles | 24 | €80,028 | €74,179 | -€5,849 | -7.3% |
| Current assets | 29/58 | €4,011 | €483 | -€3,528 | -88.0% |
| Amounts receivable within one year | 40/41 | €1,787 | €1 | -€1,786 | -99.9% |
| Other amounts receivable | 41 | €1,787 | €1 | -€1,786 | -99.9% |
| Cash at bank and in hand | 54/58 | €1,539 | €482 | -€1,057 | -68.7% |
| Deferred charges and accrued income | 490/1 | €685 | - | -€685 | |
| Total equity and liabilities | 10/49 | €165,171 | €152,172 | -€12,999 | -7.9% |
| Equity | 10/15 | €151,468 | €132,164 | -€19,304 | -12.7% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Revaluation surpluses | 12 | €42,092 | €42,092 | = | 0.0% |
| Reserves | 13 | €47,403 | €28,099 | -€19,304 | -40.7% |
| Non-distributable reserves | 130/1 | €9,296 | €9,296 | = | 0.0% |
| Legal reserve | 130 | €9,296 | €9,296 | = | 0.0% |
| Distributable reserves | 133 | €38,107 | €18,803 | -€19,304 | -50.7% |
| Amounts payable | 17/49 | €13,703 | €20,008 | +€6,305 | +46.0% |
| Amounts payable within one year | 42/48 | €13,703 | €20,008 | +€6,305 | +46.0% |
| Trade debts | 44 | €1,470 | €1,475 | +€5 | +0.3% |
| Suppliers | 440/4 | €1,470 | €1,475 | +€5 | +0.3% |
| Taxes, remuneration and social security | 45 | €8 | €44 | +€36 | +430.2% |
| Taxes | 450/3 | €8 | €44 | +€36 | +430.2% |
| Other amounts payable | 47/48 | €12,224 | €18,489 | +€6,264 | +51.2% |
| Non-recurring operating income | 76A | €400 | - | -€400 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,009 | €13,698 | +€689 | +5.3% |
| Other operating charges | 640/8 | €953 | €912 | -€42 | -4.4% |
| Gross operating margin | 9900 | -€9,137 | -€4,651 | +€4,486 | +49.1% |
| Operating profit (loss) | 9901 | -€23,100 | -€19,261 | +€3,838 | +16.6% |
| Financial income | 75/76B | €8 | €5 | -€3 | -40.0% |
| Recurring financial income | 75 | €8 | €5 | -€3 | -40.0% |
| Financial charges | 65/66B | €401 | €47 | -€353 | -88.2% |
| Recurring financial charges | 65 | €221 | €47 | -€173 | -78.6% |
| Non-recurring financial charges | 66B | €180 | - | -€180 | |
| Profit (loss) for the period before taxes | 9903 | -€23,492 | -€19,304 | +€4,189 | +17.8% |
| Income taxes | 67/77 | €44 | - | -€44 | |
| Profit (loss) for the period | 9904 | -€23,536 | -€19,304 | +€4,232 | +18.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€23,536 | -€19,304 | +€4,232 | +18.0% |
Source: filed annual accounts (NBB), fiscal years ended 30 December 2024 and 30 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.