MJN PROJECT: 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.
MJN PROJECT
Largest movements
- Tangible fixed assets -€17,628
down €17,628 (-17.2%), from €102,644 to €85,016
of which Other tangible fixed assets: -€9,557
- Cash -€14,350
down €14,350 (-61.2%), from €23,459 to €9,109
mainly Debts after one year (-€15,991) and Trade debts (-€13,102)
- Deferred charges and accrued income +€4,378
up €4,378 (+541.7%), from €808 to €5,186
- Stocks and contracts +€2,879
up €2,879 (+26.1%), from €11,050 to €13,928
- Receivables within one year -€2,265
down €2,265 (-32.3%), from €7,017 to €4,752
of which Trade receivables: -€1,684
- Debts after one year -€15,991
down €15,991 (-20.1%), from €79,635 to €63,644
- Trade debts -€13,102
down €13,102 (-54.6%), from €24,004 to €10,902
- Tax, wage and social debts +€5,591
up €5,591 (+50.6%), from €11,040 to €16,631
of which Remuneration and social security: +€4,629
- Profit (loss) carried forward -€5,492
down €5,492 (-38.4%), from -€14,301 to -€19,793
- Staff costs +€21,292
up €21,292 (+14.6%), from €146,302 to €167,593
- Gross operating margin +€7,054
up €7,054 (+4.0%), from €177,017 to €184,071
- Depreciation +€4,316
up €4,316 (+32.4%), from €13,313 to €17,628
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 | €149,478 | €122,491 | -€26,987 | -18.1% |
| Fixed assets | 21/28 | €107,144 | €89,516 | -€17,628 | -16.5% |
| Tangible fixed assets | 22/27 | €102,644 | €85,016 | -€17,628 | -17.2% |
| Plant, machinery and equipment | 23 | €4,311 | €3,381 | -€931 | -21.6% |
| Leasing and similar rights | 25 | €32,289 | €25,148 | -€7,141 | -22.1% |
| Other tangible fixed assets | 26 | €66,044 | €56,487 | -€9,557 | -14.5% |
| Financial fixed assets | 28 | €4,500 | €4,500 | = | 0.0% |
| Current assets | 29/58 | €42,334 | €32,975 | -€9,359 | -22.1% |
| Stocks and contracts in progress | 3 | €11,050 | €13,928 | +€2,879 | +26.1% |
| Stocks | 30/36 | €11,050 | €13,928 | +€2,879 | +26.1% |
| Amounts receivable within one year | 40/41 | €7,017 | €4,752 | -€2,265 | -32.3% |
| Trade receivables | 40 | €5,850 | €4,166 | -€1,684 | -28.8% |
| Other amounts receivable | 41 | €1,167 | €586 | -€581 | -49.8% |
| Cash at bank and in hand | 54/58 | €23,459 | €9,109 | -€14,350 | -61.2% |
| Deferred charges and accrued income | 490/1 | €808 | €5,186 | +€4,378 | +541.7% |
| Total equity and liabilities | 10/49 | €149,478 | €122,491 | -€26,987 | -18.1% |
| Equity | 10/15 | €18,787 | €13,295 | -€5,492 | -29.2% |
| Contributions | 10/11 | €27,900 | €27,900 | = | 0.0% |
| Reserves | 13 | €5,188 | €5,188 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €3,328 | €3,328 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€14,301 | -€19,793 | -€5,492 | -38.4% |
| Amounts payable | 17/49 | €130,691 | €109,196 | -€21,494 | -16.4% |
| Amounts payable after more than one year | 17 | €79,635 | €63,644 | -€15,991 | -20.1% |
| Financial debts | 170/4 | €79,635 | €63,644 | -€15,991 | -20.1% |
| Amounts payable within one year | 42/48 | €51,056 | €45,450 | -€5,607 | -11.0% |
| Current portion of amounts payable after more than one year | 42 | €15,450 | €15,991 | +€541 | +3.5% |
| Trade debts | 44 | €24,004 | €10,902 | -€13,102 | -54.6% |
| Suppliers | 440/4 | €24,004 | €10,902 | -€13,102 | -54.6% |
| Taxes, remuneration and social security | 45 | €11,040 | €16,631 | +€5,591 | +50.6% |
| Taxes | 450/3 | €5,022 | €5,984 | +€962 | +19.2% |
| Remuneration and social security | 454/9 | €6,018 | €10,647 | +€4,629 | +76.9% |
| Other amounts payable | 47/48 | €561 | €1,925 | +€1,364 | +242.9% |
| Accrued charges and deferred income | 492/3 | - | €103 | +€103 | |
| Non-recurring operating income | 76A | €17 | €0 | -€17 | -100.0% |
| Remuneration, social security and pensions | 62 | €146,302 | €167,593 | +€21,292 | +14.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,313 | €17,628 | +€4,316 | +32.4% |
| Other operating charges | 640/8 | €1,128 | €844 | -€284 | -25.2% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €177,017 | €184,071 | +€7,054 | +4.0% |
| Operating profit (loss) | 9901 | €16,275 | -€1,994 | -€18,269 | |
| Financial income | 75/76B | €2 | €0 | -€2 | -99.5% |
| Recurring financial income | 75 | €2 | €0 | -€2 | -99.5% |
| Financial charges | 65/66B | €3,381 | €3,343 | -€38 | -1.1% |
| Recurring financial charges | 65 | €3,381 | €3,343 | -€38 | -1.1% |
| Profit (loss) for the period before taxes | 9903 | €12,896 | -€5,337 | -€18,234 | |
| Income taxes | 67/77 | €57 | €155 | +€98 | +170.5% |
| Profit (loss) for the period | 9904 | €12,839 | -€5,492 | -€18,331 | |
| Profit (loss) for the period to be appropriated | 9905 | €12,839 | -€5,492 | -€18,331 |
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 6 October 2026 via checked.be.