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
- Cash -€22,684
down €22,684 (-92.8%), from €24,433 to €1,748
mainly Stocks and contracts (-€12,034) and Net result for the year (-€8,999)
- Stocks and contracts +€12,034
up €12,034 (+14.2%), from €84,968 to €97,002
of which Stocks: +€12,034
- Receivables within one year -€11,936
down €11,936 (-8.5%), from €139,844 to €127,908
of which Other amounts receivable: -€36,426
- Profit (loss) carried forward -€8,999
down €8,999, from €7,804 to -€1,195
- Other debts -€6,193
down €6,193 (-2.6%), from €237,294 to €231,101
- Trade debts -€4,748
down €4,748 (-56.6%), from €8,383 to €3,635
- Gross operating margin -€11,822
down €11,822, from €9,745 to -€2,077
- Financial charges -€4,434
down €4,434 (-96.9%), from €4,576 to €142
- Depreciation +€1,030
up €1,030 (+26.5%), from €3,892 to €4,922
- Staff costs +€752
up €752 (+160.0%), from €470 to €1,222
- Taxes -€527
down €527 (-75.6%), from €697 to €170
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 | €301,073 | €279,322 | -€21,751 | -7.2% |
| Fixed assets | 21/28 | €51,373 | €51,534 | +€161 | +0.3% |
| Tangible fixed assets | 22/27 | €16,373 | €16,534 | +€161 | +1.0% |
| Land and buildings | 22 | - | €4,866 | +€4,866 | |
| Plant, machinery and equipment | 23 | €15,497 | €11,103 | -€4,394 | -28.4% |
| Furniture and vehicles | 24 | €877 | €565 | -€311 | -35.5% |
| Financial fixed assets | 28 | €35,000 | €35,000 | = | 0.0% |
| Current assets | 29/58 | €249,700 | €227,788 | -€21,911 | -8.8% |
| Stocks and contracts in progress | 3 | €84,968 | €97,002 | +€12,034 | +14.2% |
| Stocks | 30/36 | €13,775 | €25,809 | +€12,034 | +87.4% |
| Contracts in progress | 37 | €71,192 | €71,192 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €139,844 | €127,908 | -€11,936 | -8.5% |
| Trade receivables | 40 | €81,043 | €105,533 | +€24,490 | +30.2% |
| Other amounts receivable | 41 | €58,801 | €22,375 | -€36,426 | -61.9% |
| Cash at bank and in hand | 54/58 | €24,433 | €1,748 | -€22,684 | -92.8% |
| Deferred charges and accrued income | 490/1 | €455 | €1,130 | +€675 | +148.2% |
| Total equity and liabilities | 10/49 | €301,073 | €279,322 | -€21,751 | -7.2% |
| Equity | 10/15 | €53,414 | €44,415 | -€8,999 | -16.8% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €27,018 | €27,018 | = | 0.0% |
| Distributable reserves | 133 | €27,018 | €27,018 | = | 0.0% |
| Profit (loss) carried forward | 14 | €7,804 | -€1,195 | -€8,999 | |
| Amounts payable | 17/49 | €247,659 | €234,907 | -€12,752 | -5.1% |
| Amounts payable within one year | 42/48 | €247,659 | €234,907 | -€12,752 | -5.1% |
| Trade debts | 44 | €8,383 | €3,635 | -€4,748 | -56.6% |
| Suppliers | 440/4 | €8,383 | €3,635 | -€4,748 | -56.6% |
| Taxes, remuneration and social security | 45 | €1,982 | €171 | -€1,811 | -91.4% |
| Taxes | 450/3 | €1,982 | €171 | -€1,811 | -91.4% |
| Other amounts payable | 47/48 | €237,294 | €231,101 | -€6,193 | -2.6% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €470 | €1,222 | +€752 | +160.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,892 | €4,922 | +€1,030 | +26.5% |
| Other operating charges | 640/8 | €561 | €476 | -€85 | -15.1% |
| Gross operating margin | 9900 | €9,745 | -€2,077 | -€11,822 | |
| Operating profit (loss) | 9901 | €4,822 | -€8,697 | -€13,519 | |
| Financial income | 75/76B | €56 | €11 | -€46 | -81.1% |
| Recurring financial income | 75 | €56 | €11 | -€46 | -81.1% |
| Financial charges | 65/66B | €4,576 | €142 | -€4,434 | -96.9% |
| Recurring financial charges | 65 | €4,576 | €142 | -€4,434 | -96.9% |
| Profit (loss) for the period before taxes | 9903 | €302 | -€8,829 | -€9,131 | |
| Income taxes | 67/77 | €697 | €170 | -€527 | -75.6% |
| Profit (loss) for the period | 9904 | -€395 | -€8,999 | -€8,604 | -2179.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€395 | -€8,999 | -€8,604 | -2179.0% |
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 4 October 2026 via checked.be.