M.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.M.
Largest movements
- Receivables after one year +€165,650
new in 2025: €165,650
- Financial fixed assets -€152,850
down €152,850 (-65.7%), from €232,766 to €79,916
- Tangible fixed assets -€95,500
down €95,500 (-5.2%), from €1.8m to €1.8m
of which Land and buildings: -€94,700
- Cash +€43,536
up €43,536 (+254.0%), from €17,138 to €60,674
mainly Investment in fixed assets (net) (+€152,850) and Depreciation (+€95,500)
- Receivables within one year -€38,008
down €38,008 (-27.4%), from €138,887 to €100,879
- Debts after one year -€80,627
down €80,627 (-7.4%), from €1.1m to €1.0m
- Reserves -€40,542
down €40,542 (-5.6%), from €719,742 to €679,200
of which Tax-exempt reserves: -€40,542
- Current portion of long-term debt +€34,189
up €34,189 (+165.5%), from €20,658 to €54,847
- Profit (loss) carried forward +€27,730
up €27,730, from -€22,181 to €5,549
- Gross operating margin -€97,717
down €97,717 (-45.9%), from €212,726 to €115,009
- Other operating charges -€22,673
down €22,673 (-82.0%), from €27,644 to €4,971
- Depreciation +€6,448
up €6,448 (+7.2%), from €89,052 to €95,500
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 | €2,264,852 | €2,193,071 | -€71,781 | -3.2% |
| Fixed assets | 21/28 | €2,080,159 | €1,831,809 | -€248,350 | -11.9% |
| Tangible fixed assets | 22/27 | €1,847,393 | €1,751,893 | -€95,500 | -5.2% |
| Land and buildings | 22 | €1,846,593 | €1,751,893 | -€94,700 | -5.1% |
| Furniture and vehicles | 24 | €800 | - | -€800 | |
| Financial fixed assets | 28 | €232,766 | €79,916 | -€152,850 | -65.7% |
| Current assets | 29/58 | €184,693 | €361,262 | +€176,569 | +95.6% |
| Amounts receivable after more than one year | 29 | - | €165,650 | +€165,650 | |
| Other amounts receivable | 291 | - | €165,650 | +€165,650 | |
| Amounts receivable within one year | 40/41 | €138,887 | €100,879 | -€38,008 | -27.4% |
| Other amounts receivable | 41 | €138,887 | €100,879 | -€38,008 | -27.4% |
| Current investments | 50/53 | €20,195 | €26,999 | +€6,804 | +33.7% |
| Cash at bank and in hand | 54/58 | €17,138 | €60,674 | +€43,536 | +254.0% |
| Deferred charges and accrued income | 490/1 | €8,473 | €7,059 | -€1,414 | -16.7% |
| Total equity and liabilities | 10/49 | €2,264,852 | €2,193,071 | -€71,781 | -3.2% |
| Equity | 10/15 | €905,791 | €892,979 | -€12,812 | -1.4% |
| Contributions | 10/11 | €208,231 | €208,231 | = | 0.0% |
| Capital | 10 | €208,231 | €208,231 | = | 0.0% |
| Issued capital | 100 | €208,231 | €208,231 | = | 0.0% |
| Reserves | 13 | €719,742 | €679,200 | -€40,542 | -5.6% |
| Non-distributable reserves | 130/1 | €20,823 | €20,823 | = | 0.0% |
| Legal reserve | 130 | €20,823 | €20,823 | = | 0.0% |
| Tax-exempt reserves | 132 | €698,919 | €658,377 | -€40,542 | -5.8% |
| Profit (loss) carried forward | 14 | -€22,181 | €5,549 | +€27,730 | |
| Provisions and deferred taxes | 16 | €232,973 | €219,459 | -€13,514 | -5.8% |
| Deferred taxes | 168 | €232,973 | €219,459 | -€13,514 | -5.8% |
| Amounts payable | 17/49 | €1,126,088 | €1,080,632 | -€45,456 | -4.0% |
| Amounts payable after more than one year | 17 | €1,096,774 | €1,016,146 | -€80,627 | -7.4% |
| Financial debts | 170/4 | €1,096,774 | €1,016,146 | -€80,627 | -7.4% |
| Amounts payable within one year | 42/48 | €22,925 | €56,171 | +€33,247 | +145.0% |
| Current portion of amounts payable after more than one year | 42 | €20,658 | €54,847 | +€34,189 | +165.5% |
| Trade debts | 44 | €1,455 | €786 | -€669 | -46.0% |
| Suppliers | 440/4 | €1,455 | €786 | -€669 | -46.0% |
| Taxes, remuneration and social security | 45 | €812 | €539 | -€273 | -33.6% |
| Taxes | 450/3 | €812 | €539 | -€273 | -33.6% |
| Accrued charges and deferred income | 492/3 | €6,390 | €8,315 | +€1,925 | +30.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €89,052 | €95,500 | +€6,448 | +7.2% |
| Other operating charges | 640/8 | €27,644 | €4,971 | -€22,673 | -82.0% |
| Gross operating margin | 9900 | €212,726 | €115,009 | -€97,717 | -45.9% |
| Operating profit (loss) | 9901 | €96,031 | €14,538 | -€81,492 | -84.9% |
| Financial income | 75/76B | €332 | €257 | -€75 | -22.6% |
| Recurring financial income | 75 | €332 | €257 | -€75 | -22.6% |
| Financial charges | 65/66B | €39,739 | €41,121 | +€1,382 | +3.5% |
| Recurring financial charges | 65 | €39,739 | €41,121 | +€1,382 | +3.5% |
| Profit (loss) for the period before taxes | 9903 | €56,624 | -€26,326 | -€82,949 | |
| Transfer from deferred taxes | 780 | €9,289 | €13,514 | +€4,225 | +45.5% |
| Income taxes | 67/77 | €95 | - | -€95 | |
| Profit (loss) for the period | 9904 | €65,818 | -€12,812 | -€78,630 | |
| Transfer from tax-exempt reserves | 789 | €27,867 | €40,542 | +€12,675 | +45.5% |
| Profit (loss) for the period to be appropriated | 9905 | €93,685 | €27,730 | -€65,955 | -70.4% |
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 10 October 2026 via checked.be.