ai-M&N: 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.
ai-M&N
Largest movements
- Stocks and contracts -€357,902
down €357,902 (-69.4%), from €515,704 to €157,802
- Receivables within one year +€22,126
up €22,126 (+21.8%), from €101,695 to €123,821
of which Other amounts receivable: +€22,126
- Profit (loss) carried forward -€337,842
new in 2025: -€337,842
- Financial charges +€249,888
up €249,888 (+39,413%), from €634 to €250,522
- Gross operating margin -€111,081
down €111,081, from €37,434 to -€73,647
- Financial income -€10,415
down €10,415 (-97.5%), from €10,686 to €271
- Taxes -€6,242
down €6,242 (-100%), from €6,242 to €0
- Depreciation -€5,046
down €5,046 (-31.8%), from €15,846 to €10,800
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 | €648,429 | €307,762 | -€340,667 | -52.5% |
| Fixed assets | 21/28 | €27,969 | €21,670 | -€6,299 | -22.5% |
| Tangible fixed assets | 22/27 | €27,969 | €21,670 | -€6,299 | -22.5% |
| Plant, machinery and equipment | 23 | €0 | €3,314 | +€3,314 | |
| Furniture and vehicles | 24 | €19,568 | €11,511 | -€8,056 | -41.2% |
| Other tangible fixed assets | 26 | €8,402 | €6,844 | -€1,557 | -18.5% |
| Current assets | 29/58 | €620,460 | €286,092 | -€334,368 | -53.9% |
| Stocks and contracts in progress | 3 | €515,704 | €157,802 | -€357,902 | -69.4% |
| Stocks | 30/36 | €515,704 | €157,802 | -€357,902 | -69.4% |
| Amounts receivable within one year | 40/41 | €101,695 | €123,821 | +€22,126 | +21.8% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €101,695 | €123,821 | +€22,126 | +21.8% |
| Current investments | 50/53 | €1,394 | €541 | -€854 | -61.2% |
| Cash at bank and in hand | 54/58 | €1,666 | €2,582 | +€916 | +55.0% |
| Deferred charges and accrued income | 490/1 | €0 | €1,346 | +€1,346 | |
| Total equity and liabilities | 10/49 | €648,429 | €307,762 | -€340,667 | -52.5% |
| Equity | 10/15 | €636,142 | €298,300 | -€337,842 | -53.1% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €634,142 | €634,142 | = | 0.0% |
| Distributable reserves | 133 | €634,142 | €634,142 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€337,842 | -€337,842 | |
| Amounts payable | 17/49 | €12,287 | €9,462 | -€2,825 | -23.0% |
| Amounts payable within one year | 42/48 | €12,031 | €9,462 | -€2,569 | -21.4% |
| Trade debts | 44 | €0 | €1,703 | +€1,703 | |
| Suppliers | 440/4 | €0 | €1,703 | +€1,703 | |
| Taxes, remuneration and social security | 45 | €12,031 | €7,759 | -€4,272 | -35.5% |
| Taxes | 450/3 | €12,031 | €7,759 | -€4,272 | -35.5% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €256 | €0 | -€256 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,846 | €10,800 | -€5,046 | -31.8% |
| Other operating charges | 640/8 | €1,362 | €400 | -€962 | -70.6% |
| Non-recurring operating charges | 66A | - | €2,744 | +€2,744 | |
| Gross operating margin | 9900 | €37,434 | -€73,647 | -€111,081 | |
| Operating profit (loss) | 9901 | €20,226 | -€87,592 | -€107,818 | |
| Financial income | 75/76B | €10,686 | €271 | -€10,415 | -97.5% |
| Recurring financial income | 75 | €10,686 | €271 | -€10,415 | -97.5% |
| Financial charges | 65/66B | €634 | €250,522 | +€249,888 | +39,413% |
| Recurring financial charges | 65 | €634 | €250,522 | +€249,888 | +39,413% |
| Profit (loss) for the period before taxes | 9903 | €30,278 | -€337,842 | -€368,120 | |
| Income taxes | 67/77 | €6,242 | €0 | -€6,242 | -100% |
| Profit (loss) for the period | 9904 | €24,036 | -€337,842 | -€361,878 | |
| Profit (loss) for the period to be appropriated | 9905 | €24,036 | -€337,842 | -€361,878 |
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 25 October 2026 via checked.be.