RJMSV: 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.
RJMSV
Largest movements
- Cash -€136,013
down €136,013 (-45.3%), from €300,463 to €164,449
mainly Debts after one year (-€155,354) and Receivables within one year (-€114,187)
- Receivables within one year +€114,187
up €114,187 (+163%), from €69,943 to €184,130
of which Other amounts receivable: +€105,548
- Debts after one year -€155,354
down €155,354 (-25.3%), from €613,581 to €458,226
- Trade debts +€66,513
up €66,513 (+114%), from €58,255 to €124,768
- Reserves +€36,288
up €36,288 (+9.4%), from €385,250 to €421,538
of which Distributable reserves: +€36,288
- Current portion of long-term debt +€31,790
up €31,790 (+19.0%), from €167,677 to €199,466
- Depreciation +€21,159
up €21,159 (+29.3%), from €72,168 to €93,326
- Gross operating margin +€3,316
up €3,316 (+1.3%), from €249,997 to €253,313
- Financial income +€3,167
new in 2025: €3,167
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 | €2,009,098 | €1,984,648 | -€24,449 | -1.2% |
| Formation expenses | 20 | - | €0 | = | |
| Fixed assets | 21/28 | €1,637,769 | €1,633,850 | -€3,919 | -0.2% |
| Tangible fixed assets | 22/27 | €1,187,769 | €1,176,350 | -€11,419 | -1.0% |
| Land and buildings | 22 | €1,154,663 | €1,121,197 | -€33,467 | -2.9% |
| Furniture and vehicles | 24 | €33,106 | €55,154 | +€22,047 | +66.6% |
| Financial fixed assets | 28 | €450,000 | €457,500 | +€7,500 | +1.7% |
| Current assets | 29/58 | €371,328 | €350,798 | -€20,530 | -5.5% |
| Amounts receivable within one year | 40/41 | €69,943 | €184,130 | +€114,187 | +163% |
| Trade receivables | 40 | €57,716 | €66,355 | +€8,639 | +15.0% |
| Other amounts receivable | 41 | €12,227 | €117,775 | +€105,548 | +863% |
| Cash at bank and in hand | 54/58 | €300,463 | €164,449 | -€136,013 | -45.3% |
| Deferred charges and accrued income | 490/1 | €922 | €2,218 | +€1,296 | +140% |
| Total equity and liabilities | 10/49 | €2,009,098 | €1,984,648 | -€24,449 | -1.2% |
| Equity | 10/15 | €1,124,094 | €1,160,383 | +€36,288 | +3.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €385,250 | €421,538 | +€36,288 | +9.4% |
| Tax-exempt reserves | 132 | €105,250 | €105,250 | = | 0.0% |
| Distributable reserves | 133 | €280,000 | €316,288 | +€36,288 | +13.0% |
| Profit (loss) carried forward | 14 | €720,244 | €720,244 | = | 0.0% |
| Investment grants | 15 | - | €0 | = | |
| Amounts payable | 17/49 | €885,004 | €824,266 | -€60,738 | -6.9% |
| Amounts payable after more than one year | 17 | €613,581 | €458,226 | -€155,354 | -25.3% |
| Financial debts | 170/4 | €613,581 | €458,226 | -€155,354 | -25.3% |
| Amounts payable within one year | 42/48 | €271,318 | €364,608 | +€93,290 | +34.4% |
| Current portion of amounts payable after more than one year | 42 | €167,677 | €199,466 | +€31,790 | +19.0% |
| Financial debts | 43 | €8,462 | - | -€8,462 | |
| Credit institutions | 430/8 | €8,462 | - | -€8,462 | |
| Trade debts | 44 | €58,255 | €124,768 | +€66,513 | +114% |
| Suppliers | 440/4 | €58,255 | €124,768 | +€66,513 | +114% |
| Taxes, remuneration and social security | 45 | €16,567 | €32,809 | +€16,242 | +98.0% |
| Taxes | 450/3 | €8,305 | €22,457 | +€14,153 | +170% |
| Remuneration and social security | 454/9 | €8,262 | €10,352 | +€2,090 | +25.3% |
| Other amounts payable | 47/48 | €20,357 | €7,565 | -€12,792 | -62.8% |
| Accrued charges and deferred income | 492/3 | €105 | €1,432 | +€1,327 | +1,264% |
| Non-recurring operating income | 76A | €47,811 | €5,336 | -€42,475 | -88.8% |
| Remuneration, social security and pensions | 62 | €66,995 | €67,956 | +€961 | +1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €72,168 | €93,326 | +€21,159 | +29.3% |
| Other operating charges | 640/8 | €17,816 | €19,842 | +€2,026 | +11.4% |
| Gross operating margin | 9900 | €249,997 | €253,313 | +€3,316 | +1.3% |
| Operating profit (loss) | 9901 | €93,018 | €72,189 | -€20,829 | -22.4% |
| Financial income | 75/76B | - | €3,167 | +€3,167 | |
| Recurring financial income | 75 | - | €3,167 | +€3,167 | |
| Financial charges | 65/66B | €15,352 | €14,615 | -€736 | -4.8% |
| Recurring financial charges | 65 | €15,352 | €14,615 | -€736 | -4.8% |
| Profit (loss) for the period before taxes | 9903 | €77,667 | €60,740 | -€16,927 | -21.8% |
| Income taxes | 67/77 | €22,773 | €24,452 | +€1,679 | +7.4% |
| Profit (loss) for the period | 9904 | €54,894 | €36,288 | -€18,605 | -33.9% |
| Profit (loss) for the period to be appropriated | 9905 | €54,894 | €36,288 | -€18,605 | -33.9% |
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 23 October 2026 via checked.be.