M.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.M.J.
Largest movements
- Current investments -€655,448
down €655,448 (-92.8%), from €706,359 to €50,911
- Cash +€533,964
up €533,964 (+3541.7%), from €15,076 to €549,041
mainly Current investments (+€655,448) and Depreciation (+€125,913)
- Receivables within one year +€177,277
up €177,277 (+539.9%), from €32,834 to €210,111
of which Other amounts receivable: +€162,607
- Tangible fixed assets -€118,590
down €118,590 (-6.4%), from €1.8m to €1.7m
of which Land and buildings: -€117,587
- Financial fixed assets -€49,998
down €49,998 (-100.0%), from €50,001 to €2
- Debts after one year -€64,119
down €64,119 (-6.0%), from €1.1m to €1.0m
of which Financial debts: -€64,119
- Other debts -€59,984
down €59,984 (-37.7%), from €158,936 to €98,952
- Contributions -€28,620
down €28,620 (-1.0%), from €2.9m to €2.9m
- Reserves +€28,620
up €28,620 (+11.7%), from €244,061 to €272,681
of which Non-distributable reserves: +€28,620
- Depreciation -€91,464
down €91,464 (-42.1%), from €217,377 to €125,913
- Taxes -€6,103
down €6,103, from €223 to -€5,880
- Financial income -€4,350
down €4,350 (-18.7%), from €23,291 to €18,941
- Gross operating margin +€3,726
up €3,726 (+2.9%), from €128,989 to €132,715
- Financial charges -€2,261
down €2,261 (-9.2%), from €24,515 to €22,255
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 | €2,652,555 | €2,540,739 | -€111,817 | -4.2% |
| Formation expenses | 20 | €1,135 | €851 | -€284 | -25.0% |
| Fixed assets | 21/28 | €1,897,151 | €1,728,562 | -€168,589 | -8.9% |
| Tangible fixed assets | 22/27 | €1,847,150 | €1,728,560 | -€118,590 | -6.4% |
| Land and buildings | 22 | €1,842,647 | €1,725,060 | -€117,587 | -6.4% |
| Plant, machinery and equipment | 23 | €4,504 | €3,500 | -€1,003 | -22.3% |
| Financial fixed assets | 28 | €50,001 | €2 | -€49,998 | -100.0% |
| Current assets | 29/58 | €754,269 | €811,325 | +€57,056 | +7.6% |
| Amounts receivable within one year | 40/41 | €32,834 | €210,111 | +€177,277 | +539.9% |
| Trade receivables | 40 | €17,978 | €32,648 | +€14,670 | +81.6% |
| Other amounts receivable | 41 | €14,856 | €177,463 | +€162,607 | +1094.5% |
| Current investments | 50/53 | €706,359 | €50,911 | -€655,448 | -92.8% |
| Cash at bank and in hand | 54/58 | €15,076 | €549,041 | +€533,964 | +3541.7% |
| Deferred charges and accrued income | 490/1 | - | €1,263 | +€1,263 | |
| Total equity and liabilities | 10/49 | €2,652,555 | €2,540,739 | -€111,817 | -4.2% |
| Equity | 10/15 | €1,346,165 | €1,347,245 | +€1,080 | +0.1% |
| Contributions | 10/11 | €2,890,620 | €2,862,000 | -€28,620 | -1.0% |
| Revaluation surpluses | 12 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €244,061 | €272,681 | +€28,620 | +11.7% |
| Non-distributable reserves | 130/1 | - | €28,620 | +€28,620 | |
| Reserves not available under the articles | 1311 | - | €28,620 | +€28,620 | |
| Distributable reserves | 133 | €244,061 | €244,061 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,988,516 | -€1,987,437 | +€1,080 | +0.1% |
| Amounts payable | 17/49 | €1,306,390 | €1,193,494 | -€112,896 | -8.6% |
| Amounts payable after more than one year | 17 | €1,076,251 | €1,012,132 | -€64,119 | -6.0% |
| Financial debts | 170/4 | €1,074,001 | €1,009,882 | -€64,119 | -6.0% |
| Other amounts payable | 178/9 | €2,250 | €2,250 | = | 0.0% |
| Amounts payable within one year | 42/48 | €230,139 | €181,362 | -€48,777 | -21.2% |
| Current portion of amounts payable after more than one year | 42 | €62,857 | €64,119 | +€1,262 | +2.0% |
| Trade debts | 44 | €2,621 | €18,291 | +€15,670 | +597.9% |
| Suppliers | 440/4 | €2,621 | €18,291 | +€15,670 | +597.9% |
| Taxes, remuneration and social security | 45 | €5,726 | - | -€5,726 | |
| Taxes | 450/3 | €5,726 | - | -€5,726 | |
| Other amounts payable | 47/48 | €158,936 | €98,952 | -€59,984 | -37.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €217,377 | €125,913 | -€91,464 | -42.1% |
| Other operating charges | 640/8 | €8,948 | €8,290 | -€659 | -7.4% |
| Gross operating margin | 9900 | €128,989 | €132,715 | +€3,726 | +2.9% |
| Operating profit (loss) | 9901 | -€97,336 | -€1,487 | +€95,849 | +98.5% |
| Financial income | 75/76B | €23,291 | €18,941 | -€4,350 | -18.7% |
| Recurring financial income | 75 | €23,291 | €18,941 | -€4,350 | -18.7% |
| Financial charges | 65/66B | €24,515 | €22,255 | -€2,261 | -9.2% |
| Recurring financial charges | 65 | €24,515 | €22,255 | -€2,261 | -9.2% |
| Profit (loss) for the period before taxes | 9903 | -€98,560 | -€4,801 | +€93,760 | +95.1% |
| Income taxes | 67/77 | €223 | -€5,880 | -€6,103 | |
| Profit (loss) for the period | 9904 | -€98,783 | €1,080 | +€99,862 | |
| Profit (loss) for the period to be appropriated | 9905 | -€98,783 | €1,080 | +€99,862 |
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 9 October 2026 via checked.be.