M&J: 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.
M&J
Largest movements
- Receivables within one year -€12,232
down €12,232 (-72.3%), from €16,924 to €4,692
of which Other amounts receivable: -€15,863
- Tangible fixed assets +€4,504
up €4,504 (+43.3%), from €10,394 to €14,898
of which Furniture and vehicles: +€6,305
- Stocks and contracts +€2,099
up €2,099 (+7.1%), from €29,729 to €31,828
- Cash -€2,043
down €2,043 (-17.1%), from €11,919 to €9,876
mainly Trade debts (-€9,906) and Investment in fixed assets (net) (-€7,863)
- Trade debts -€9,906
down €9,906 (-71.7%), from €13,807 to €3,901
- Other debts +€1,592
new in 2025: €1,592
- Gross operating margin -€13,021
down €13,021 (-62.1%), from €20,960 to €7,939
- Taxes -€2,927
no longer reported in 2025 (was €2,927)
- Staff costs -€1,572
down €1,572 (-78.4%), from €2,006 to €434
- Depreciation -€1,253
down €1,253 (-25.2%), from €4,969 to €3,716
- Financial charges -€884
down €884 (-20.5%), from €4,319 to €3,435
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 | €70,689 | €62,679 | -€8,010 | -11.3% |
| Formation expenses | 20 | €513 | €256 | -€257 | -50.1% |
| Fixed assets | 21/28 | €11,294 | €15,698 | +€4,404 | +39.0% |
| Intangible fixed assets | 21 | €700 | €600 | -€100 | -14.3% |
| Tangible fixed assets | 22/27 | €10,394 | €14,898 | +€4,504 | +43.3% |
| Plant, machinery and equipment | 23 | €10,394 | €8,593 | -€1,801 | -17.3% |
| Furniture and vehicles | 24 | - | €6,305 | +€6,305 | |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €58,882 | €46,725 | -€12,157 | -20.6% |
| Stocks and contracts in progress | 3 | €29,729 | €31,828 | +€2,099 | +7.1% |
| Stocks | 30/36 | €29,729 | €31,828 | +€2,099 | +7.1% |
| Amounts receivable within one year | 40/41 | €16,924 | €4,692 | -€12,232 | -72.3% |
| Trade receivables | 40 | €234 | €3,865 | +€3,631 | +1,552% |
| Other amounts receivable | 41 | €16,690 | €827 | -€15,863 | -95.0% |
| Cash at bank and in hand | 54/58 | €11,919 | €9,876 | -€2,043 | -17.1% |
| Deferred charges and accrued income | 490/1 | €310 | €329 | +€19 | +6.1% |
| Total equity and liabilities | 10/49 | €70,689 | €62,679 | -€8,010 | -11.3% |
| Equity | 10/15 | €53,448 | €53,511 | +€63 | +0.1% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €52,448 | €52,448 | = | 0.0% |
| Non-distributable reserves | 130/1 | €100 | €100 | = | 0.0% |
| Reserves not available under the articles | 1311 | €100 | €100 | = | 0.0% |
| Distributable reserves | 133 | €52,348 | €52,348 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €63 | +€63 | |
| Amounts payable | 17/49 | €17,241 | €9,168 | -€8,073 | -46.8% |
| Amounts payable within one year | 42/48 | €17,241 | €9,168 | -€8,073 | -46.8% |
| Financial debts | 43 | - | €229 | +€229 | |
| Credit institutions | 430/8 | - | €229 | +€229 | |
| Trade debts | 44 | €13,807 | €3,901 | -€9,906 | -71.7% |
| Suppliers | 440/4 | €13,807 | €3,901 | -€9,906 | -71.7% |
| Taxes, remuneration and social security | 45 | €3,434 | €3,446 | +€12 | +0.3% |
| Taxes | 450/3 | €3,434 | €3,446 | +€12 | +0.3% |
| Other amounts payable | 47/48 | - | €1,592 | +€1,592 | |
| Remuneration, social security and pensions | 62 | €2,006 | €434 | -€1,572 | -78.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,969 | €3,716 | -€1,253 | -25.2% |
| Other operating charges | 640/8 | €857 | €739 | -€118 | -13.8% |
| Gross operating margin | 9900 | €20,960 | €7,939 | -€13,021 | -62.1% |
| Operating profit (loss) | 9901 | €13,128 | €3,050 | -€10,078 | -76.8% |
| Financial income | 75/76B | €915 | €448 | -€467 | -51.0% |
| Recurring financial income | 75 | €915 | €448 | -€467 | -51.0% |
| Financial charges | 65/66B | €4,319 | €3,435 | -€884 | -20.5% |
| Recurring financial charges | 65 | €4,319 | €3,435 | -€884 | -20.5% |
| Profit (loss) for the period before taxes | 9903 | €9,724 | €63 | -€9,661 | -99.4% |
| Income taxes | 67/77 | €2,927 | - | -€2,927 | |
| Profit (loss) for the period | 9904 | €6,797 | €63 | -€6,734 | -99.1% |
| Profit (loss) for the period to be appropriated | 9905 | €6,797 | €63 | -€6,734 | -99.1% |
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 13 October 2026 via checked.be.