B & ML: 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.
B & ML
Largest movements
- Cash -€114,829
down €114,829 (-42.6%), from €269,321 to €154,491
mainly Contributions, distributions and other (-€119,346) and Trade debts (-€102,172)
- Tangible fixed assets -€45,451
down €45,451 (-60.2%), from €75,481 to €30,030
of which Furniture and vehicles: -€41,602
- Receivables within one year -€29,082
down €29,082 (-31.1%), from €93,407 to €64,324
of which Trade receivables: -€29,623
- Current investments -€25,161
down €25,161 (-11.5%), from €218,923 to €193,762
- Trade debts -€102,172
down €102,172 (-70.7%), from €144,474 to €42,302
- Reserves -€63,040
down €63,040 (-13.1%), from €481,401 to €418,361
- Advances received -€28,648
down €28,648 (-99.6%), from €28,764 to €116
- Debts after one year -€13,339
down €13,339 (-93.7%), from €14,233 to €893
- Current portion of long-term debt -€10,313
down €10,313 (-66.3%), from €15,560 to €5,247
- Gross operating margin -€136,196
down €136,196 (-49.7%), from €273,821 to €137,625
- Taxes -€33,330
down €33,330 (-54.2%), from €61,456 to €28,126
- Staff costs -€29,296
down €29,296 (-57.9%), from €50,569 to €21,273
- Depreciation -€7,136
down €7,136 (-19.1%), from €37,284 to €30,148
- Other operating charges -€5,226
down €5,226 (-52.5%), from €9,955 to €4,729
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 | €694,131 | €479,607 | -€214,524 | -30.9% |
| Fixed assets | 21/28 | €84,481 | €39,030 | -€45,451 | -53.8% |
| Tangible fixed assets | 22/27 | €75,481 | €30,030 | -€45,451 | -60.2% |
| Plant, machinery and equipment | 23 | €8,123 | €4,274 | -€3,849 | -47.4% |
| Furniture and vehicles | 24 | €67,358 | €25,756 | -€41,602 | -61.8% |
| Financial fixed assets | 28 | €9,000 | €9,000 | = | 0.0% |
| Current assets | 29/58 | €609,651 | €440,577 | -€169,073 | -27.7% |
| Amounts receivable after more than one year | 29 | €28,000 | €28,000 | = | 0.0% |
| Other amounts receivable | 291 | €28,000 | €28,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €93,407 | €64,324 | -€29,082 | -31.1% |
| Trade receivables | 40 | €37,157 | €7,534 | -€29,623 | -79.7% |
| Other amounts receivable | 41 | €56,249 | €56,790 | +€541 | +1.0% |
| Current investments | 50/53 | €218,923 | €193,762 | -€25,161 | -11.5% |
| Cash at bank and in hand | 54/58 | €269,321 | €154,491 | -€114,829 | -42.6% |
| Total equity and liabilities | 10/49 | €694,131 | €479,607 | -€214,524 | -30.9% |
| Equity | 10/15 | €487,601 | €424,561 | -€63,040 | -12.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €481,401 | €418,361 | -€63,040 | -13.1% |
| Distributable reserves | 133 | €481,401 | €418,361 | -€63,040 | -13.1% |
| Profit (loss) carried forward | 14 | - | €0 | +€0 | |
| Amounts payable | 17/49 | €206,531 | €55,046 | -€151,484 | -73.3% |
| Amounts payable after more than one year | 17 | €14,233 | €893 | -€13,339 | -93.7% |
| Financial debts | 170/4 | €14,233 | €893 | -€13,339 | -93.7% |
| Amounts payable within one year | 42/48 | €192,298 | €54,153 | -€138,145 | -71.8% |
| Current portion of amounts payable after more than one year | 42 | €15,560 | €5,247 | -€10,313 | -66.3% |
| Trade debts | 44 | €144,474 | €42,302 | -€102,172 | -70.7% |
| Suppliers | 440/4 | €144,474 | €42,302 | -€102,172 | -70.7% |
| Advances received on contracts in progress | 46 | €28,764 | €116 | -€28,648 | -99.6% |
| Taxes, remuneration and social security | 45 | €3,500 | €6,488 | +€2,988 | +85.4% |
| Taxes | 450/3 | €3,500 | €6,488 | +€2,988 | +85.4% |
| Remuneration, social security and pensions | 62 | €50,569 | €21,273 | -€29,296 | -57.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,284 | €30,148 | -€7,136 | -19.1% |
| Other operating charges | 640/8 | €9,955 | €4,729 | -€5,226 | -52.5% |
| Gross operating margin | 9900 | €273,821 | €137,625 | -€136,196 | -49.7% |
| Operating profit (loss) | 9901 | €176,014 | €81,476 | -€94,538 | -53.7% |
| Financial income | 75/76B | €5,005 | €4,262 | -€743 | -14.8% |
| Recurring financial income | 75 | €5,005 | €4,262 | -€743 | -14.8% |
| Financial charges | 65/66B | €2,222 | €1,306 | -€916 | -41.2% |
| Recurring financial charges | 65 | €2,222 | €1,306 | -€916 | -41.2% |
| Profit (loss) for the period before taxes | 9903 | €178,798 | €84,432 | -€94,366 | -52.8% |
| Income taxes | 67/77 | €61,456 | €28,126 | -€33,330 | -54.2% |
| Profit (loss) for the period | 9904 | €117,342 | €56,306 | -€61,036 | -52.0% |
| Profit (loss) for the period to be appropriated | 9905 | €117,342 | €56,306 | -€61,036 | -52.0% |
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 10 October 2026 via checked.be.