JM: what changed
JM
Largest movements
- Receivables within one year +€84,766
up €84,766 (+43.4%), from €195,347 to €280,113
of which Other amounts receivable: +€120,000
- Cash -€34,840
down €34,840 (-53.1%), from €65,652 to €30,812
mainly Contributions, distributions and other (-€550,663) and Receivables within one year (-€84,766)
- Other debts +€538,431
up €538,431 (+12,342%), from €4,363 to €542,793
- Profit (loss) carried forward -€436,938
no longer reported in 2025 (was €436,938)
- Debts after one year -€43,741
down €43,741 (-8.1%), from €538,982 to €495,241
- Short-term financial debts +€15,721
new in 2025: €15,721
- Tax, wage and social debts -€13,038
down €13,038 (-53.3%), from €24,475 to €11,436
- Financial income +€50,000
up €50,000 (+24,999,900%), from €0 to €50,000
- Gross operating margin -€14,653
down €14,653 (-12.8%), from €114,113 to €99,461
- Taxes +€1,419
up €1,419 (+7.0%), from €20,255 to €21,674
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,073,999 | €1,123,925 | +€49,926 | +4.6% |
| Fixed assets | 21/28 | €813,000 | €813,000 | = | 0.0% |
| Financial fixed assets | 28 | €813,000 | €813,000 | = | 0.0% |
| Current assets | 29/58 | €260,999 | €310,925 | +€49,926 | +19.1% |
| Amounts receivable within one year | 40/41 | €195,347 | €280,113 | +€84,766 | +43.4% |
| Trade receivables | 40 | €36,032 | €799 | -€35,234 | -97.8% |
| Other amounts receivable | 41 | €159,315 | €279,315 | +€120,000 | +75.3% |
| Cash at bank and in hand | 54/58 | €65,652 | €30,812 | -€34,840 | -53.1% |
| Total equity and liabilities | 10/49 | €1,073,999 | €1,123,925 | +€49,926 | +4.6% |
| Equity | 10/15 | €446,938 | €10,000 | -€436,938 | -97.8% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €436,938 | - | -€436,938 | |
| Amounts payable | 17/49 | €627,061 | €1,113,925 | +€486,864 | +77.6% |
| Amounts payable after more than one year | 17 | €538,982 | €495,241 | -€43,741 | -8.1% |
| Financial debts | 170/4 | €538,982 | €495,241 | -€43,741 | -8.1% |
| Amounts payable within one year | 42/48 | €83,026 | €613,692 | +€530,666 | +639% |
| Current portion of amounts payable after more than one year | 42 | €42,801 | €43,741 | +€940 | +2.2% |
| Financial debts | 43 | - | €15,721 | +€15,721 | |
| Credit institutions | 430/8 | - | €15,721 | +€15,721 | |
| Trade debts | 44 | €11,387 | - | -€11,387 | |
| Suppliers | 440/4 | €11,387 | - | -€11,387 | |
| Taxes, remuneration and social security | 45 | €24,475 | €11,436 | -€13,038 | -53.3% |
| Taxes | 450/3 | €24,475 | €11,436 | -€13,038 | -53.3% |
| Other amounts payable | 47/48 | €4,363 | €542,793 | +€538,431 | +12,342% |
| Accrued charges and deferred income | 492/3 | €5,054 | €4,992 | -€62 | -1.2% |
| Other operating charges | 640/8 | €577 | €1,214 | +€637 | +110% |
| Gross operating margin | 9900 | €114,113 | €99,461 | -€14,653 | -12.8% |
| Operating profit (loss) | 9901 | €113,536 | €98,247 | -€15,290 | -13.5% |
| Financial income | 75/76B | €0 | €50,000 | +€50,000 | +24,999,900% |
| Recurring financial income | 75 | €0 | €50,000 | +€50,000 | +24,999,900% |
| Financial charges | 65/66B | €13,812 | €12,847 | -€965 | -7.0% |
| Recurring financial charges | 65 | €13,812 | €12,847 | -€965 | -7.0% |
| Profit (loss) for the period before taxes | 9903 | €99,724 | €135,400 | +€35,676 | +35.8% |
| Income taxes | 67/77 | €20,255 | €21,674 | +€1,419 | +7.0% |
| Profit (loss) for the period | 9904 | €79,469 | €113,726 | +€34,257 | +43.1% |
| Profit (loss) for the period to be appropriated | 9905 | €79,469 | €113,726 | +€34,257 | +43.1% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.