5M ADVISORY: 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.
5M ADVISORY
Largest movements
- Cash +€236,449
up €236,449 (+111%), from €213,264 to €449,713
mainly Net result for the year (+€442,651) and Other debts (+€133,324)
- Tangible fixed assets -€37,722
down €37,722 (-2.6%), from €1.4m to €1.4m
of which Land and buildings: -€35,718
- Financial fixed assets +€21,211
up €21,211 (+13.0%), from €163,028 to €184,239
- Profit (loss) carried forward +€290,106
up €290,106 (+82.3%), from €352,545 to €642,651
- Debts after one year -€200,000
down €200,000 (-22.2%), from €900,000 to €700,000
- Other debts +€133,324
up €133,324 (+44.2%), from €301,934 to €435,259
- Gross operating margin -€65,195
down €65,195 (-8.2%), from €799,216 to €734,021
- Financial charges +€21,107
up €21,107 (+34.9%), from €60,393 to €81,500
- Depreciation +€19,573
up €19,573 (+51.9%), from €37,737 to €57,310
- Taxes -€18,243
down €18,243 (-10.9%), from €166,686 to €148,442
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 | €1,897,170 | €2,109,074 | +€211,904 | +11.2% |
| Fixed assets | 21/28 | €1,608,730 | €1,592,219 | -€16,510 | -1.0% |
| Tangible fixed assets | 22/27 | €1,445,702 | €1,407,980 | -€37,722 | -2.6% |
| Land and buildings | 22 | €1,432,936 | €1,397,217 | -€35,718 | -2.5% |
| Plant, machinery and equipment | 23 | €5,901 | €6,792 | +€891 | +15.1% |
| Furniture and vehicles | 24 | €6,866 | €3,971 | -€2,895 | -42.2% |
| Financial fixed assets | 28 | €163,028 | €184,239 | +€21,211 | +13.0% |
| Current assets | 29/58 | €288,440 | €516,855 | +€228,415 | +79.2% |
| Amounts receivable within one year | 40/41 | €53,533 | €57,290 | +€3,757 | +7.0% |
| Trade receivables | 40 | €0 | €2,411 | +€2,411 | |
| Other amounts receivable | 41 | €53,533 | €54,879 | +€1,346 | +2.5% |
| Cash at bank and in hand | 54/58 | €213,264 | €449,713 | +€236,449 | +111% |
| Deferred charges and accrued income | 490/1 | €21,643 | €9,852 | -€11,791 | -54.5% |
| Total equity and liabilities | 10/49 | €1,897,170 | €2,109,074 | +€211,904 | +11.2% |
| Equity | 10/15 | €371,095 | €661,201 | +€290,106 | +78.2% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Profit (loss) carried forward | 14 | €352,545 | €642,651 | +€290,106 | +82.3% |
| Amounts payable | 17/49 | €1,526,075 | €1,447,873 | -€78,201 | -5.1% |
| Amounts payable after more than one year | 17 | €900,000 | €700,000 | -€200,000 | -22.2% |
| Financial debts | 170/4 | €900,000 | €700,000 | -€200,000 | -22.2% |
| Amounts payable within one year | 42/48 | €626,075 | €747,873 | +€121,799 | +19.5% |
| Current portion of amounts payable after more than one year | 42 | €200,000 | €200,000 | = | 0.0% |
| Trade debts | 44 | €6,621 | €6,422 | -€198 | -3.0% |
| Suppliers | 440/4 | €6,621 | €6,422 | -€198 | -3.0% |
| Taxes, remuneration and social security | 45 | €117,520 | €106,193 | -€11,327 | -9.6% |
| Taxes | 450/3 | €116,745 | €105,593 | -€11,152 | -9.6% |
| Remuneration and social security | 454/9 | €775 | €600 | -€175 | -22.6% |
| Other amounts payable | 47/48 | €301,934 | €435,259 | +€133,324 | +44.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,737 | €57,310 | +€19,573 | +51.9% |
| Other operating charges | 640/8 | €3,912 | €4,118 | +€206 | +5.3% |
| Non-recurring operating charges | 66A | €30,669 | €0 | -€30,669 | -100% |
| Gross operating margin | 9900 | €799,216 | €734,021 | -€65,195 | -8.2% |
| Operating profit (loss) | 9901 | €726,899 | €672,593 | -€54,306 | -7.5% |
| Financial income | 75/76B | €0 | €0 | +€0 | +900% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +900% |
| Financial charges | 65/66B | €60,393 | €81,500 | +€21,107 | +34.9% |
| Recurring financial charges | 65 | €60,393 | €81,500 | +€21,107 | +34.9% |
| Profit (loss) for the period before taxes | 9903 | €666,506 | €591,093 | -€75,413 | -11.3% |
| Income taxes | 67/77 | €166,686 | €148,442 | -€18,243 | -10.9% |
| Profit (loss) for the period | 9904 | €499,820 | €442,651 | -€57,169 | -11.4% |
| Profit (loss) for the period to be appropriated | 9905 | €499,820 | €442,651 | -€57,169 | -11.4% |
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 20 October 2026 via checked.be.