MJO: 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.
MJO
Largest movements
- Receivables within one year -€16,921
down €16,921 (-99.8%), from €16,958 to €37
of which Trade receivables: -€16,940
- Debts after one year -€60,714
down €60,714 (-18.2%), from €333,928 to €273,214
- Reserves +€30,637
up €30,637 (+95.6%), from €32,041 to €62,678
- Tax, wage and social debts +€10,162
up €10,162 (+32.4%), from €31,354 to €41,516
of which Taxes: +€10,162
- Financial charges +€4,877
up €4,877 (+54.8%), from €8,892 to €13,769
- Gross operating margin +€3,175
up €3,175 (+6.1%), from €52,212 to €55,387
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 | €463,722 | €444,234 | -€19,488 | -4.2% |
| Fixed assets | 21/28 | €426,648 | €426,401 | -€247 | -0.1% |
| Tangible fixed assets | 22/27 | €685 | €439 | -€247 | -36.0% |
| Furniture and vehicles | 24 | €685 | €439 | -€247 | -36.0% |
| Financial fixed assets | 28 | €425,963 | €425,963 | = | 0.0% |
| Current assets | 29/58 | €37,074 | €17,833 | -€19,241 | -51.9% |
| Amounts receivable within one year | 40/41 | €16,958 | €37 | -€16,921 | -99.8% |
| Trade receivables | 40 | €16,940 | €0 | -€16,940 | -100% |
| Other amounts receivable | 41 | €18 | €37 | +€19 | +110% |
| Cash at bank and in hand | 54/58 | €19,782 | €17,459 | -€2,323 | -11.7% |
| Deferred charges and accrued income | 490/1 | €334 | €337 | +€3 | +1.0% |
| Total equity and liabilities | 10/49 | €463,722 | €444,234 | -€19,488 | -4.2% |
| Equity | 10/15 | €37,041 | €67,678 | +€30,637 | +82.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €32,041 | €62,678 | +€30,637 | +95.6% |
| Distributable reserves | 133 | €32,041 | €62,678 | +€30,637 | +95.6% |
| Amounts payable | 17/49 | €426,681 | €376,556 | -€50,125 | -11.7% |
| Amounts payable after more than one year | 17 | €333,928 | €273,214 | -€60,714 | -18.2% |
| Financial debts | 170/4 | €333,928 | €273,214 | -€60,714 | -18.2% |
| Amounts payable within one year | 42/48 | €92,677 | €103,304 | +€10,627 | +11.5% |
| Current portion of amounts payable after more than one year | 42 | €60,714 | €60,714 | = | 0.0% |
| Trade debts | 44 | €609 | €506 | -€103 | -16.9% |
| Suppliers | 440/4 | €609 | €506 | -€103 | -16.9% |
| Taxes, remuneration and social security | 45 | €31,354 | €41,516 | +€10,162 | +32.4% |
| Taxes | 450/3 | €26,854 | €37,016 | +€10,162 | +37.8% |
| Remuneration and social security | 454/9 | €4,500 | €4,500 | = | 0.0% |
| Other amounts payable | 47/48 | - | €567 | +€567 | |
| Accrued charges and deferred income | 492/3 | €75 | €38 | -€38 | -50.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55 | €247 | +€192 | +349% |
| Other operating charges | 640/8 | €513 | €528 | +€14 | +2.8% |
| Gross operating margin | 9900 | €52,212 | €55,387 | +€3,175 | +6.1% |
| Operating profit (loss) | 9901 | €51,644 | €54,613 | +€2,968 | +5.7% |
| Financial charges | 65/66B | €8,892 | €13,769 | +€4,877 | +54.8% |
| Recurring financial charges | 65 | €8,892 | €13,769 | +€4,877 | +54.8% |
| Profit (loss) for the period before taxes | 9903 | €42,752 | €40,844 | -€1,908 | -4.5% |
| Income taxes | 67/77 | €10,711 | €10,207 | -€504 | -4.7% |
| Profit (loss) for the period | 9904 | €32,041 | €30,637 | -€1,404 | -4.4% |
| Profit (loss) for the period to be appropriated | 9905 | €32,041 | €30,637 | -€1,404 | -4.4% |
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 15 October 2026 via checked.be.