MJ PACK: 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.
MJ PACK
Largest movements
- Cash +€473,355
up €473,355 (+122%), from €387,015 to €860,370
mainly Current investments (+€454,000) and Net result for the year (+€355,497)
- Current investments -€454,000
no longer reported in 2025 (was €454,000)
- Stocks and contracts +€104,877
up €104,877 (+8.7%), from €1.2m to €1.3m
- Receivables within one year -€99,502
down €99,502 (-15.3%), from €650,157 to €550,655
of which Trade receivables: -€79,410
- Reserves +€355,000
up €355,000 (+36.3%), from €977,031 to €1.3m
of which Tax-exempt reserves: +€210,500
- Trade debts -€113,248
down €113,248 (-20.3%), from €557,525 to €444,276
- Other debts -€84,636
down €84,636 (-75.8%), from €111,694 to €27,059
- Tax, wage and social debts -€39,482
down €39,482 (-23.4%), from €169,031 to €129,548
of which Taxes: -€32,154
- Gross operating margin +€75,854
up €75,854 (+5.9%), from €1.3m to €1.4m
- Staff costs +€71,349
up €71,349 (+10.6%), from €672,253 to €743,602
- Financial income -€29,056
down €29,056 (-24.9%), from €116,574 to €87,518
- Depreciation -€24,615
down €24,615 (-14.7%), from €167,181 to €142,566
- Other operating charges +€20,854
up €20,854 (+44.5%), from €46,849 to €67,703
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 | €3,739,087 | €3,803,209 | +€64,122 | +1.7% |
| Fixed assets | 21/28 | €1,038,218 | €1,067,305 | +€29,087 | +2.8% |
| Intangible fixed assets | 21 | €17,467 | €10,376 | -€7,090 | -40.6% |
| Tangible fixed assets | 22/27 | €966,832 | €1,000,329 | +€33,497 | +3.5% |
| Land and buildings | 22 | €826,426 | €728,449 | -€97,977 | -11.9% |
| Plant, machinery and equipment | 23 | €2,526 | €3,207 | +€681 | +27.0% |
| Furniture and vehicles | 24 | €132,930 | €152,987 | +€20,057 | +15.1% |
| Other tangible fixed assets | 26 | €4,950 | €2,672 | -€2,277 | -46.0% |
| Assets under construction and advance payments | 27 | - | €113,013 | +€113,013 | |
| Financial fixed assets | 28 | €53,920 | €56,600 | +€2,680 | +5.0% |
| Current assets | 29/58 | €2,700,869 | €2,735,903 | +€35,035 | +1.3% |
| Stocks and contracts in progress | 3 | €1,199,152 | €1,304,029 | +€104,877 | +8.7% |
| Stocks | 30/36 | €1,199,152 | €1,304,029 | +€104,877 | +8.7% |
| Amounts receivable within one year | 40/41 | €650,157 | €550,655 | -€99,502 | -15.3% |
| Trade receivables | 40 | €538,099 | €458,690 | -€79,410 | -14.8% |
| Other amounts receivable | 41 | €112,057 | €91,965 | -€20,092 | -17.9% |
| Current investments | 50/53 | €454,000 | - | -€454,000 | |
| Cash at bank and in hand | 54/58 | €387,015 | €860,370 | +€473,355 | +122% |
| Deferred charges and accrued income | 490/1 | €10,545 | €20,850 | +€10,304 | +97.7% |
| Total equity and liabilities | 10/49 | €3,739,087 | €3,803,209 | +€64,122 | +1.7% |
| Equity | 10/15 | €2,649,263 | €3,001,440 | +€352,177 | +13.3% |
| Contributions | 10/11 | €500,000 | €500,000 | = | 0.0% |
| Reserves | 13 | €977,031 | €1,332,031 | +€355,000 | +36.3% |
| Tax-exempt reserves | 132 | €421,000 | €631,500 | +€210,500 | +50.0% |
| Distributable reserves | 133 | €556,031 | €700,531 | +€144,500 | +26.0% |
| Profit (loss) carried forward | 14 | €1,142,358 | €1,142,855 | +€497 | 0.0% |
| Investment grants | 15 | €29,874 | €26,555 | -€3,319 | -11.1% |
| Amounts payable | 17/49 | €1,089,824 | €801,769 | -€288,056 | -26.4% |
| Amounts payable after more than one year | 17 | €107,316 | €84,075 | -€23,241 | -21.7% |
| Financial debts | 170/4 | €107,316 | €84,075 | -€23,241 | -21.7% |
| Amounts payable within one year | 42/48 | €981,286 | €717,348 | -€263,938 | -26.9% |
| Current portion of amounts payable after more than one year | 42 | €143,036 | €116,464 | -€26,572 | -18.6% |
| Trade debts | 44 | €557,525 | €444,276 | -€113,248 | -20.3% |
| Suppliers | 440/4 | €557,525 | €444,276 | -€113,248 | -20.3% |
| Taxes, remuneration and social security | 45 | €169,031 | €129,548 | -€39,482 | -23.4% |
| Taxes | 450/3 | €69,924 | €37,769 | -€32,154 | -46.0% |
| Remuneration and social security | 454/9 | €99,107 | €91,779 | -€7,328 | -7.4% |
| Other amounts payable | 47/48 | €111,694 | €27,059 | -€84,636 | -75.8% |
| Accrued charges and deferred income | 492/3 | €1,223 | €346 | -€876 | -71.7% |
| Remuneration, social security and pensions | 62 | €672,253 | €743,602 | +€71,349 | +10.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €167,181 | €142,566 | -€24,615 | -14.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,660 | +€1,660 | |
| Other operating charges | 640/8 | €46,849 | €67,703 | +€20,854 | +44.5% |
| Non-recurring operating charges | 66A | €1,872 | €3,895 | +€2,023 | +108% |
| Gross operating margin | 9900 | €1,290,398 | €1,366,252 | +€75,854 | +5.9% |
| Operating profit (loss) | 9901 | €402,243 | €406,825 | +€4,582 | +1.1% |
| Financial income | 75/76B | €116,574 | €87,518 | -€29,056 | -24.9% |
| Recurring financial income | 75 | €116,574 | €87,518 | -€29,056 | -24.9% |
| Financial charges | 65/66B | €24,585 | €17,943 | -€6,641 | -27.0% |
| Recurring financial charges | 65 | €24,585 | €17,943 | -€6,641 | -27.0% |
| Profit (loss) for the period before taxes | 9903 | €494,233 | €476,400 | -€17,833 | -3.6% |
| Income taxes | 67/77 | €115,323 | €120,903 | +€5,580 | +4.8% |
| Profit (loss) for the period | 9904 | €378,909 | €355,497 | -€23,413 | -6.2% |
| Transfer to tax-exempt reserves | 689 | €50,520 | €210,500 | +€159,980 | +317% |
| Profit (loss) for the period to be appropriated | 9905 | €328,389 | €144,997 | -€183,393 | -55.8% |
Source: filed annual accounts (NBB), financial years ended 31 July 2024 and 31 July 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.