M.J.C.M.: 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.C.M.
Largest movements
- Tangible fixed assets -€173,593
down €173,593 (-4.1%), from €4.3m to €4.1m
of which Land and buildings: -€139,597
- Debts after one year -€129,989
down €129,989 (-38.4%), from €338,517 to €208,528
- Current portion of long-term debt -€56,870
down €56,870 (-30.4%), from €186,859 to €129,989
- Profit (loss) carried forward -€53,211
down €53,211 (-10.5%), from -€505,294 to -€558,505
- Accrued charges and deferred income +€48,772
up €48,772 (+27.2%), from €179,140 to €227,912
- Financial charges -€36,710
down €36,710 (-41.8%), from €87,754 to €51,044
- Gross operating margin +€35,425
up €35,425 (+21.1%), from €167,572 to €202,997
- Other operating charges +€8,713
up €8,713 (+54.2%), from €16,080 to €24,793
- Depreciation -€7,310
down €7,310 (-3.8%), from €192,890 to €185,580
- Financial income -€6,977
down €6,977 (-52.5%), from €13,279 to €6,302
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 | €4,731,451 | €4,541,888 | -€189,563 | -4.0% |
| Fixed assets | 21/28 | €4,266,944 | €4,093,351 | -€173,593 | -4.1% |
| Tangible fixed assets | 22/27 | €4,263,884 | €4,090,291 | -€173,593 | -4.1% |
| Land and buildings | 22 | €4,060,334 | €3,920,737 | -€139,597 | -3.4% |
| Furniture and vehicles | 24 | €73,311 | €71,803 | -€1,508 | -2.1% |
| Other tangible fixed assets | 26 | €130,239 | €97,751 | -€32,488 | -24.9% |
| Financial fixed assets | 28 | €3,060 | €3,060 | = | 0.0% |
| Current assets | 29/58 | €464,507 | €448,537 | -€15,970 | -3.4% |
| Amounts receivable within one year | 40/41 | €95,898 | €115,532 | +€19,634 | +20.5% |
| Trade receivables | 40 | €81,462 | €113,657 | +€32,195 | +39.5% |
| Other amounts receivable | 41 | €14,436 | €1,875 | -€12,561 | -87.0% |
| Current investments | 50/53 | €266,860 | €276,389 | +€9,529 | +3.6% |
| Cash at bank and in hand | 54/58 | €98,977 | €56,616 | -€42,361 | -42.8% |
| Deferred charges and accrued income | 490/1 | €2,772 | - | -€2,772 | |
| Total equity and liabilities | 10/49 | €4,731,451 | €4,541,888 | -€189,563 | -4.0% |
| Equity | 10/15 | €1,806,873 | €1,753,662 | -€53,211 | -2.9% |
| Contributions | 10/11 | €2,152,167 | €2,152,167 | = | 0.0% |
| Reserves | 13 | €160,000 | €160,000 | = | 0.0% |
| Distributable reserves | 133 | €160,000 | €160,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€505,294 | -€558,505 | -€53,211 | -10.5% |
| Amounts payable | 17/49 | €2,924,578 | €2,788,226 | -€136,352 | -4.7% |
| Amounts payable after more than one year | 17 | €338,517 | €208,528 | -€129,989 | -38.4% |
| Financial debts | 170/4 | €338,517 | €208,528 | -€129,989 | -38.4% |
| Amounts payable within one year | 42/48 | €2,406,921 | €2,351,786 | -€55,135 | -2.3% |
| Current portion of amounts payable after more than one year | 42 | €186,859 | €129,989 | -€56,870 | -30.4% |
| Trade debts | 44 | €6,040 | €8,002 | +€1,962 | +32.5% |
| Suppliers | 440/4 | €6,040 | €8,002 | +€1,962 | +32.5% |
| Taxes, remuneration and social security | 45 | €23,615 | €23,394 | -€221 | -0.9% |
| Taxes | 450/3 | €23,615 | €23,394 | -€221 | -0.9% |
| Other amounts payable | 47/48 | €2,190,407 | €2,190,401 | -€6 | 0.0% |
| Accrued charges and deferred income | 492/3 | €179,140 | €227,912 | +€48,772 | +27.2% |
| Non-recurring operating income | 76A | - | €48,570 | +€48,570 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €192,890 | €185,580 | -€7,310 | -3.8% |
| Other operating charges | 640/8 | €16,080 | €24,793 | +€8,713 | +54.2% |
| Non-recurring operating charges | 66A | €239 | - | -€239 | |
| Gross operating margin | 9900 | €167,572 | €202,997 | +€35,425 | +21.1% |
| Operating profit (loss) | 9901 | -€41,637 | -€7,376 | +€34,261 | +82.3% |
| Financial income | 75/76B | €13,279 | €6,302 | -€6,977 | -52.5% |
| Recurring financial income | 75 | €13,279 | €6,302 | -€6,977 | -52.5% |
| Financial charges | 65/66B | €87,754 | €51,044 | -€36,710 | -41.8% |
| Recurring financial charges | 65 | €87,754 | €51,044 | -€36,710 | -41.8% |
| Profit (loss) for the period before taxes | 9903 | -€116,112 | -€52,118 | +€63,994 | +55.1% |
| Income taxes | 67/77 | €1,641 | €1,093 | -€548 | -33.4% |
| Profit (loss) for the period | 9904 | -€117,753 | -€53,211 | +€64,542 | +54.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€117,753 | -€53,211 | +€64,542 | +54.8% |
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 26 October 2026 via checked.be.