MJM: what changed
Two fiscal 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.
MJM
Largest movements
- Current investments -€100,000
no longer reported in 2025 (was €100,000)
- Tangible fixed assets -€51,894
down €51,894 (-5.0%), from €1.0m to €990,197
of which Land and buildings: -€33,196
- Deferred charges and accrued income -€51,105
down €51,105 (-91.8%), from €55,658 to €4,554
- Receivables within one year -€42,325
no longer reported in 2025 (was €42,325)
- Reserves -€148,018
down €148,018 (-19.8%), from €749,123 to €601,105
- Debts after one year -€142,177
down €142,177 (-48.4%), from €293,603 to €151,426
of which Other amounts payable: -€110,118
- Other debts +€38,875
new in 2025: €38,875
- Financial income -€50,295
down €50,295 (-96.3%), from €52,208 to €1,913
of which Non-recurring financial income: -€49,750
- Gross operating margin -€22,299
down €22,299 (-12.0%), from €185,770 to €163,471
- Taxes -€7,836
down €7,836 (-21.5%), from €36,438 to €28,602
- Depreciation +€6,601
up €6,601 (+13.2%), from €49,842 to €56,444
- Financial charges -€4,926
down €4,926 (-25.9%), from €18,983 to €14,057
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 | €1,936,745 | €1,678,927 | -€257,818 | -13.3% |
| Fixed assets | 21/28 | €1,619,091 | €1,567,197 | -€51,894 | -3.2% |
| Tangible fixed assets | 22/27 | €1,042,091 | €990,197 | -€51,894 | -5.0% |
| Land and buildings | 22 | €883,656 | €850,461 | -€33,196 | -3.8% |
| Plant, machinery and equipment | 23 | €2,757 | €1,811 | -€946 | -34.3% |
| Furniture and vehicles | 24 | €73,499 | €56,591 | -€16,908 | -23.0% |
| Other tangible fixed assets | 26 | €82,178 | €81,334 | -€844 | -1.0% |
| Financial fixed assets | 28 | €577,000 | €577,000 | = | 0.0% |
| Current assets | 29/58 | €317,654 | €111,730 | -€205,924 | -64.8% |
| Amounts receivable within one year | 40/41 | €42,325 | - | -€42,325 | |
| Trade receivables | 40 | €42,325 | - | -€42,325 | |
| Current investments | 50/53 | €100,000 | - | -€100,000 | |
| Cash at bank and in hand | 54/58 | €119,670 | €107,176 | -€12,494 | -10.4% |
| Deferred charges and accrued income | 490/1 | €55,658 | €4,554 | -€51,105 | -91.8% |
| Total equity and liabilities | 10/49 | €1,936,745 | €1,678,927 | -€257,818 | -13.3% |
| Equity | 10/15 | €1,566,123 | €1,418,105 | -€148,018 | -9.5% |
| Contributions | 10/11 | €817,000 | €817,000 | = | 0.0% |
| Reserves | 13 | €749,123 | €601,105 | -€148,018 | -19.8% |
| Distributable reserves | 133 | €749,123 | €601,105 | -€148,018 | -19.8% |
| Amounts payable | 17/49 | €370,621 | €260,821 | -€109,800 | -29.6% |
| Amounts payable after more than one year | 17 | €293,603 | €151,426 | -€142,177 | -48.4% |
| Financial debts | 170/4 | €152,521 | €120,462 | -€32,059 | -21.0% |
| Other amounts payable | 178/9 | €141,082 | €30,964 | -€110,118 | -78.1% |
| Amounts payable within one year | 42/48 | €62,388 | €98,709 | +€36,320 | +58.2% |
| Current portion of amounts payable after more than one year | 42 | €31,069 | €32,059 | +€989 | +3.2% |
| Trade debts | 44 | €6,320 | €746 | -€5,574 | -88.2% |
| Suppliers | 440/4 | €6,320 | €746 | -€5,574 | -88.2% |
| Taxes, remuneration and social security | 45 | €24,999 | €27,030 | +€2,031 | +8.1% |
| Taxes | 450/3 | €24,999 | €27,030 | +€2,031 | +8.1% |
| Other amounts payable | 47/48 | - | €38,875 | +€38,875 | |
| Accrued charges and deferred income | 492/3 | €14,631 | €10,687 | -€3,944 | -27.0% |
| Non-recurring operating income | 76A | €31,000 | - | -€31,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,842 | €56,444 | +€6,601 | +13.2% |
| Other operating charges | 640/8 | €9,533 | €9,668 | +€136 | +1.4% |
| Gross operating margin | 9900 | €185,770 | €163,471 | -€22,299 | -12.0% |
| Operating profit (loss) | 9901 | €126,395 | €97,359 | -€29,036 | -23.0% |
| Financial income | 75/76B | €52,208 | €1,913 | -€50,295 | -96.3% |
| Recurring financial income | 75 | €2,458 | €1,913 | -€545 | -22.2% |
| Non-recurring financial income | 76B | €49,750 | - | -€49,750 | |
| Financial charges | 65/66B | €18,983 | €14,057 | -€4,926 | -25.9% |
| Recurring financial charges | 65 | €18,983 | €14,057 | -€4,926 | -25.9% |
| Profit (loss) for the period before taxes | 9903 | €159,619 | €85,214 | -€74,405 | -46.6% |
| Income taxes | 67/77 | €36,438 | €28,602 | -€7,836 | -21.5% |
| Profit (loss) for the period | 9904 | €123,181 | €56,612 | -€66,569 | -54.0% |
| Profit (loss) for the period to be appropriated | 9905 | €123,181 | €56,612 | -€66,569 | -54.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.