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 -€32,934
down €32,934 (-8.0%), from €413,417 to €380,483
- Cash +€10,467
up €10,467 (+66.7%), from €15,698 to €26,165
mainly Depreciation (+€32,934) and Short-term financial debts (+€4,239)
- Debts after one year -€34,848
down €34,848 (-25.2%), from €138,350 to €103,502
- Depreciation +€6,983
up €6,983 (+26.9%), from €25,951 to €32,934
- Gross operating margin +€3,366
up €3,366 (+6.0%), from €56,103 to €59,470
- Financial charges +€1,701
up €1,701 (+12.2%), from €13,986 to €15,687
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 | €644,291 | €621,825 | -€22,466 | -3.5% |
| Fixed assets | 21/28 | €628,593 | €595,660 | -€32,934 | -5.2% |
| Tangible fixed assets | 22/27 | €413,417 | €380,483 | -€32,934 | -8.0% |
| Land and buildings | 22 | €413,417 | €380,483 | -€32,934 | -8.0% |
| Financial fixed assets | 28 | €215,177 | €215,177 | = | 0.0% |
| Current assets | 29/58 | €15,698 | €26,165 | +€10,467 | +66.7% |
| Cash at bank and in hand | 54/58 | €15,698 | €26,165 | +€10,467 | +66.7% |
| Total equity and liabilities | 10/49 | €644,291 | €621,825 | -€22,466 | -3.5% |
| Equity | 10/15 | €322,654 | €326,451 | +€3,797 | +1.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €304,054 | €307,851 | +€3,797 | +1.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €302,194 | €305,991 | +€3,797 | +1.3% |
| Amounts payable | 17/49 | €321,637 | €295,374 | -€26,263 | -8.2% |
| Amounts payable after more than one year | 17 | €138,350 | €103,502 | -€34,848 | -25.2% |
| Financial debts | 170/4 | €138,350 | €103,502 | -€34,848 | -25.2% |
| Amounts payable within one year | 42/48 | €175,482 | €180,707 | +€5,225 | +3.0% |
| Current portion of amounts payable after more than one year | 42 | €32,479 | €34,695 | +€2,216 | +6.8% |
| Financial debts | 43 | €140,000 | €144,239 | +€4,239 | +3.0% |
| Other loans | 439 | €140,000 | €144,239 | +€4,239 | +3.0% |
| Trade debts | 44 | €162 | €166 | +€4 | +2.3% |
| Suppliers | 440/4 | €162 | €166 | +€4 | +2.3% |
| Taxes, remuneration and social security | 45 | €2,291 | €1,058 | -€1,233 | -53.8% |
| Taxes | 450/3 | €2,291 | €1,058 | -€1,233 | -53.8% |
| Other amounts payable | 47/48 | €550 | €550 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €7,805 | €11,165 | +€3,360 | +43.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,951 | €32,934 | +€6,983 | +26.9% |
| Other operating charges | 640/8 | €4,526 | €4,598 | +€72 | +1.6% |
| Gross operating margin | 9900 | €56,103 | €59,470 | +€3,366 | +6.0% |
| Operating profit (loss) | 9901 | €25,627 | €21,938 | -€3,689 | -14.4% |
| Financial charges | 65/66B | €13,986 | €15,687 | +€1,701 | +12.2% |
| Recurring financial charges | 65 | €13,986 | €15,687 | +€1,701 | +12.2% |
| Profit (loss) for the period before taxes | 9903 | €11,641 | €6,251 | -€5,390 | -46.3% |
| Income taxes | 67/77 | €2,743 | €2,454 | -€289 | -10.6% |
| Profit (loss) for the period | 9904 | €8,898 | €3,797 | -€5,101 | -57.3% |
| Profit (loss) for the period to be appropriated | 9905 | €8,898 | €3,797 | -€5,101 | -57.3% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.