M.J.J.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.J.M
Largest movements
- Cash +€977,013
up €977,013 (+985%), from €99,193 to €1.1m
mainly Net result for the year (+€1.8m) and Other debts (+€1.2m)
- Current investments +€320,539
up €320,539 (+11.7%), from €2.7m to €3.1m
- Receivables within one year +€81,856
up €81,856 (+3.7%), from €2.2m to €2.3m
of which Trade receivables: +€355,641
- Other debts +€1.2m
up €1.2m (+48.5%), from €2.4m to €3.5m
- Reserves +€371,493
up €371,493 (+13.1%), from €2.8m to €3.2m
of which Distributable reserves: +€371,493
- Short-term financial debts -€200,000
down €200,000 (-34.5%), from €580,000 to €380,000
- Gross operating margin +€472,254
up €472,254 (+25.4%), from €1.9m to €2.3m
- Taxes -€114,619
down €114,619 (-32.5%), from €352,800 to €238,181
- Financial income +€63,428
up €63,428 (+59.7%), from €106,186 to €169,614
- Staff costs +€58,875
up €58,875 (+26.7%), from €220,481 to €279,356
- Financial charges +€30,708
up €30,708 (+40.6%), from €75,655 to €106,363
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 | €6,325,049 | €7,656,289 | +€1.3m | +21.0% |
| Fixed assets | 21/28 | €1,234,626 | €1,184,238 | -€50,388 | -4.1% |
| Tangible fixed assets | 22/27 | €1,234,626 | €1,184,238 | -€50,388 | -4.1% |
| Land and buildings | 22 | €1,217,321 | €1,173,922 | -€43,399 | -3.6% |
| Furniture and vehicles | 24 | €17,305 | €10,316 | -€6,989 | -40.4% |
| Current assets | 29/58 | €5,090,423 | €6,472,050 | +€1.4m | +27.1% |
| Amounts receivable within one year | 40/41 | €2,237,588 | €2,319,444 | +€81,856 | +3.7% |
| Trade receivables | 40 | €15,435 | €371,076 | +€355,641 | +2,304% |
| Other amounts receivable | 41 | €2,222,153 | €1,948,368 | -€273,786 | -12.3% |
| Current investments | 50/53 | €2,741,643 | €3,062,181 | +€320,539 | +11.7% |
| Cash at bank and in hand | 54/58 | €99,193 | €1,076,206 | +€977,013 | +985% |
| Deferred charges and accrued income | 490/1 | €12,000 | €14,219 | +€2,219 | +18.5% |
| Total equity and liabilities | 10/49 | €6,325,049 | €7,656,289 | +€1.3m | +21.0% |
| Equity | 10/15 | €2,861,097 | €3,232,590 | +€371,493 | +13.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €2,841,097 | €3,212,590 | +€371,493 | +13.1% |
| Tax-exempt reserves | 132 | €19,900 | €19,900 | = | 0.0% |
| Distributable reserves | 133 | €2,821,197 | €3,192,690 | +€371,493 | +13.2% |
| Provisions and deferred taxes | 16 | €116,597 | €116,597 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €116,597 | €116,597 | = | 0.0% |
| Pensions and similar obligations | 160 | €116,597 | €116,597 | = | 0.0% |
| Amounts payable | 17/49 | €3,347,355 | €4,307,102 | +€959,747 | +28.7% |
| Amounts payable after more than one year | 17 | €600 | €600 | = | 0.0% |
| Other amounts payable | 178/9 | €600 | €600 | = | 0.0% |
| Amounts payable within one year | 42/48 | €3,346,527 | €4,306,242 | +€959,715 | +28.7% |
| Financial debts | 43 | €580,000 | €380,000 | -€200,000 | -34.5% |
| Credit institutions | 430/8 | €580,000 | €380,000 | -€200,000 | -34.5% |
| Trade debts | 44 | €125,703 | €111,596 | -€14,107 | -11.2% |
| Suppliers | 440/4 | €125,703 | €111,596 | -€14,107 | -11.2% |
| Taxes, remuneration and social security | 45 | €263,359 | €284,786 | +€21,427 | +8.1% |
| Taxes | 450/3 | €229,977 | €243,746 | +€13,769 | +6.0% |
| Remuneration and social security | 454/9 | €33,382 | €41,040 | +€7,658 | +22.9% |
| Other amounts payable | 47/48 | €2,377,465 | €3,529,860 | +€1.2m | +48.5% |
| Accrued charges and deferred income | 492/3 | €228 | €260 | +€32 | +13.9% |
| Remuneration, social security and pensions | 62 | €220,481 | €279,356 | +€58,875 | +26.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €87,275 | €88,793 | +€1,518 | +1.7% |
| Other operating charges | 640/8 | €11,644 | €13,564 | +€1,919 | +16.5% |
| Gross operating margin | 9900 | €1,855,881 | €2,328,135 | +€472,254 | +25.4% |
| Operating profit (loss) | 9901 | €1,536,481 | €1,946,422 | +€409,941 | +26.7% |
| Financial income | 75/76B | €106,186 | €169,614 | +€63,428 | +59.7% |
| Recurring financial income | 75 | €106,186 | €169,614 | +€63,428 | +59.7% |
| Financial charges | 65/66B | €75,655 | €106,363 | +€30,708 | +40.6% |
| Recurring financial charges | 65 | €75,655 | €106,363 | +€30,708 | +40.6% |
| Profit (loss) for the period before taxes | 9903 | €1,567,012 | €2,009,673 | +€442,662 | +28.2% |
| Income taxes | 67/77 | €352,800 | €238,181 | -€114,619 | -32.5% |
| Profit (loss) for the period | 9904 | €1,214,212 | €1,771,493 | +€557,281 | +45.9% |
| Profit (loss) for the period to be appropriated | 9905 | €1,214,212 | €1,771,493 | +€557,281 | +45.9% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.