D en M: 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.
D en M
Largest movements
- Receivables within one year -€2,192
no longer reported in 2025 (was €2,192)
- Debts after one year -€5,913
down €5,913 (-1.4%), from €436,945 to €431,032
- Gross operating margin -€57,572
down €57,572 (-85.8%), from €67,117 to €9,545
- Other operating charges +€1,484
up €1,484 (+33.7%), from €4,401 to €5,885
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 | €186,309 | €182,037 | -€4,272 | -2.3% |
| Fixed assets | 21/28 | €151,646 | €151,155 | -€491 | -0.3% |
| Tangible fixed assets | 22/27 | €151,646 | €151,155 | -€491 | -0.3% |
| Land and buildings | 22 | €149,000 | €149,000 | = | 0.0% |
| Plant, machinery and equipment | 23 | €2,646 | €2,155 | -€491 | -18.6% |
| Current assets | 29/58 | €34,663 | €30,882 | -€3,781 | -10.9% |
| Amounts receivable after more than one year | 29 | €431 | €431 | = | 0.0% |
| Other amounts receivable | 291 | €431 | €431 | = | 0.0% |
| Stocks and contracts in progress | 3 | €28,810 | €28,810 | = | 0.0% |
| Stocks | 30/36 | €28,810 | €28,810 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €2,192 | - | -€2,192 | |
| Other amounts receivable | 41 | €2,192 | - | -€2,192 | |
| Cash at bank and in hand | 54/58 | €3,230 | €1,641 | -€1,589 | -49.2% |
| Total equity and liabilities | 10/49 | €186,309 | €182,037 | -€4,272 | -2.3% |
| Equity | 10/15 | -€250,636 | -€248,995 | +€1,641 | +0.7% |
| Contributions | 10/11 | €167,592 | €167,592 | = | 0.0% |
| Capital | 10 | €167,576 | €167,576 | = | 0.0% |
| Issued capital | 100 | €167,576 | €167,576 | = | 0.0% |
| Outside capital | 11 | €16 | €16 | = | 0.0% |
| Share premium | 1100/10 | €16 | €16 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€418,228 | -€416,587 | +€1,641 | +0.4% |
| Amounts payable | 17/49 | €436,945 | €431,032 | -€5,913 | -1.4% |
| Amounts payable after more than one year | 17 | €436,945 | €431,032 | -€5,913 | -1.4% |
| Other amounts payable | 178/9 | €436,945 | €431,032 | -€5,913 | -1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €560 | €491 | -€69 | -12.3% |
| Other operating charges | 640/8 | €4,401 | €5,885 | +€1,484 | +33.7% |
| Gross operating margin | 9900 | €67,117 | €9,545 | -€57,572 | -85.8% |
| Operating profit (loss) | 9901 | €62,156 | €3,169 | -€58,987 | -94.9% |
| Profit (loss) for the period before taxes | 9903 | €62,156 | €3,169 | -€58,987 | -94.9% |
| Income taxes | 67/77 | €1,483 | €1,528 | +€45 | +3.0% |
| Profit (loss) for the period | 9904 | €60,673 | €1,641 | -€59,032 | -97.3% |
| Profit (loss) for the period to be appropriated | 9905 | €60,673 | €1,641 | -€59,032 | -97.3% |
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 7 October 2026 via checked.be.