J-MAST: 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.
J-MAST
Largest movements
- Current investments -€50,846
down €50,846 (-100.0%), from €50,846 to €0
- Cash +€35,767
up €35,767 (+6101.3%), from €586 to €36,353
mainly Current investments (+€50,846) and Trade debts (+€5,622)
- Receivables within one year -€3,686
down €3,686 (-88.5%), from €4,165 to €479
of which Other amounts receivable: -€1,862
- Tangible fixed assets -€2,009
down €2,009 (-24.7%), from €8,136 to €6,127
of which Furniture and vehicles: -€1,118
- Reserves -€68,347
down €68,347 (-71.9%), from €95,006 to €26,659
of which Distributable reserves: -€68,347
- Profit (loss) carried forward +€45,377
up €45,377, from -€45,377 to €0
- Trade debts +€5,622
up €5,622 (+887.1%), from €634 to €6,256
- Other debts -€2,996
down €2,996 (-29.2%), from €10,269 to €7,273
- Gross operating margin +€28,902
up €28,902 (+58.9%), from -€49,050 to -€20,148
- Taxes -€3,631
down €3,631 (-96.5%), from €3,763 to €132
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 | €63,733 | €43,488 | -€20,245 | -31.8% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €8,136 | €6,127 | -€2,009 | -24.7% |
| Tangible fixed assets | 22/27 | €8,136 | €6,127 | -€2,009 | -24.7% |
| Plant, machinery and equipment | 23 | €1,332 | €888 | -€444 | -33.3% |
| Furniture and vehicles | 24 | €3,270 | €2,152 | -€1,118 | -34.2% |
| Other tangible fixed assets | 26 | €3,533 | €3,087 | -€446 | -12.6% |
| Current assets | 29/58 | €55,597 | €37,361 | -€18,236 | -32.8% |
| Amounts receivable within one year | 40/41 | €4,165 | €479 | -€3,686 | -88.5% |
| Trade receivables | 40 | €1,824 | €0 | -€1,824 | -100.0% |
| Other amounts receivable | 41 | €2,341 | €479 | -€1,862 | -79.6% |
| Current investments | 50/53 | €50,846 | €0 | -€50,846 | -100.0% |
| Cash at bank and in hand | 54/58 | €586 | €36,353 | +€35,767 | +6101.3% |
| Deferred charges and accrued income | 490/1 | - | €529 | +€529 | |
| Total equity and liabilities | 10/49 | €63,733 | €43,488 | -€20,245 | -31.8% |
| Equity | 10/15 | €52,830 | €29,859 | -€22,970 | -43.5% |
| Contributions | 10/11 | €3,200 | €3,200 | = | 0.0% |
| Reserves | 13 | €95,006 | €26,659 | -€68,347 | -71.9% |
| Non-distributable reserves | 130/1 | €320 | €320 | = | 0.0% |
| Reserves not available under the articles | 1311 | €320 | €320 | = | 0.0% |
| Distributable reserves | 133 | €94,686 | €26,339 | -€68,347 | -72.2% |
| Profit (loss) carried forward | 14 | -€45,377 | €0 | +€45,377 | |
| Amounts payable | 17/49 | €10,903 | €13,629 | +€2,725 | +25.0% |
| Amounts payable within one year | 42/48 | €10,903 | €13,629 | +€2,725 | +25.0% |
| Trade debts | 44 | €634 | €6,256 | +€5,622 | +887.1% |
| Suppliers | 440/4 | €634 | €6,256 | +€5,622 | +887.1% |
| Taxes, remuneration and social security | 45 | - | €99 | +€99 | |
| Taxes | 450/3 | - | €99 | +€99 | |
| Other amounts payable | 47/48 | €10,269 | €7,273 | -€2,996 | -29.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,056 | €2,009 | -€48 | -2.3% |
| Other operating charges | 640/8 | €817 | €795 | -€22 | -2.7% |
| Gross operating margin | 9900 | -€49,050 | -€20,148 | +€28,902 | +58.9% |
| Operating profit (loss) | 9901 | -€51,923 | -€22,951 | +€28,972 | +55.8% |
| Financial income | 75/76B | €399 | €319 | -€80 | -20.1% |
| Recurring financial income | 75 | €399 | €319 | -€80 | -20.1% |
| Financial charges | 65/66B | €90 | €206 | +€116 | +129.7% |
| Recurring financial charges | 65 | €90 | €206 | +€116 | +129.7% |
| Profit (loss) for the period before taxes | 9903 | -€51,614 | -€22,838 | +€28,776 | +55.8% |
| Income taxes | 67/77 | €3,763 | €132 | -€3,631 | -96.5% |
| Profit (loss) for the period | 9904 | -€55,377 | -€22,970 | +€32,406 | +58.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€55,377 | -€22,970 | +€32,406 | +58.5% |
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 3 October 2026 via checked.be.