D & M: 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.
D & M
Largest movements
- Cash +€78,298
up €78,298 (+1,090%), from €7,181 to €85,479
mainly Receivables within one year (+€39,729) and Net result for the year (+€31,798)
- Receivables within one year -€39,729
down €39,729 (-61.9%), from €64,159 to €24,430
of which Other amounts receivable: -€41,303
- Tangible fixed assets -€5,468
down €5,468 (-2.5%), from €218,796 to €213,328
of which Land and buildings: -€4,315
- Reserves +€31,798
up €31,798 (+113%), from €28,219 to €60,017
- Debts after one year -€18,753
down €18,753 (-25.7%), from €73,111 to €54,357
- Current portion of long-term debt +€7,939
new in 2025: €7,939
- Tax, wage and social debts +€7,131
up €7,131 (+57.4%), from €12,428 to €19,559
- Gross operating margin +€38,128
up €38,128 (+160%), from €23,833 to €61,961
- Taxes +€8,462
up €8,462 (+174%), from €4,872 to €13,334
- Other operating charges +€826
up €826 (+94.0%), from €879 to €1,704
- Depreciation -€794
down €794 (-13.8%), from €5,758 to €4,964
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 | €291,944 | €324,078 | +€32,134 | +11.0% |
| Fixed assets | 21/28 | €219,396 | €213,928 | -€5,468 | -2.5% |
| Tangible fixed assets | 22/27 | €218,796 | €213,328 | -€5,468 | -2.5% |
| Land and buildings | 22 | €194,834 | €190,519 | -€4,315 | -2.2% |
| Plant, machinery and equipment | 23 | €470 | €322 | -€149 | -31.6% |
| Furniture and vehicles | 24 | €23,492 | €22,487 | -€1,004 | -4.3% |
| Financial fixed assets | 28 | €600 | €600 | = | 0.0% |
| Current assets | 29/58 | €72,548 | €110,150 | +€37,602 | +51.8% |
| Amounts receivable within one year | 40/41 | €64,159 | €24,430 | -€39,729 | -61.9% |
| Trade receivables | 40 | €10,210 | €11,784 | +€1,574 | +15.4% |
| Other amounts receivable | 41 | €53,949 | €12,646 | -€41,303 | -76.6% |
| Cash at bank and in hand | 54/58 | €7,181 | €85,479 | +€78,298 | +1,090% |
| Deferred charges and accrued income | 490/1 | €1,208 | €241 | -€967 | -80.0% |
| Total equity and liabilities | 10/49 | €291,944 | €324,078 | +€32,134 | +11.0% |
| Equity | 10/15 | €199,842 | €231,641 | +€31,798 | +15.9% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €28,219 | €60,017 | +€31,798 | +113% |
| Distributable reserves | 133 | €28,219 | €60,017 | +€31,798 | +113% |
| Profit (loss) carried forward | 14 | €109,650 | €109,650 | = | 0.0% |
| Amounts payable | 17/49 | €92,102 | €92,437 | +€336 | +0.4% |
| Amounts payable after more than one year | 17 | €73,111 | €54,357 | -€18,753 | -25.7% |
| Financial debts | 170/4 | €73,111 | €54,357 | -€18,753 | -25.7% |
| Amounts payable within one year | 42/48 | €18,991 | €37,080 | +€18,089 | +95.3% |
| Current portion of amounts payable after more than one year | 42 | - | €7,939 | +€7,939 | |
| Trade debts | 44 | €0 | €362 | +€362 | |
| Suppliers | 440/4 | €0 | €362 | +€362 | |
| Taxes, remuneration and social security | 45 | €12,428 | €19,559 | +€7,131 | +57.4% |
| Taxes | 450/3 | €12,428 | €19,559 | +€7,131 | +57.4% |
| Other amounts payable | 47/48 | €6,563 | €9,220 | +€2,657 | +40.5% |
| Accrued charges and deferred income | 492/3 | - | €1,000 | +€1,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,758 | €4,964 | -€794 | -13.8% |
| Other operating charges | 640/8 | €879 | €1,704 | +€826 | +94.0% |
| Non-recurring operating charges | 66A | - | €8,176 | +€8,176 | |
| Gross operating margin | 9900 | €23,833 | €61,961 | +€38,128 | +160% |
| Operating profit (loss) | 9901 | €17,197 | €47,117 | +€29,920 | +174% |
| Financial income | 75/76B | €58 | €120 | +€62 | +107% |
| Recurring financial income | 75 | €58 | €120 | +€62 | +107% |
| Financial charges | 65/66B | €1,967 | €2,106 | +€138 | +7.0% |
| Recurring financial charges | 65 | €1,967 | €2,106 | +€138 | +7.0% |
| Profit (loss) for the period before taxes | 9903 | €15,288 | €45,132 | +€29,844 | +195% |
| Income taxes | 67/77 | €4,872 | €13,334 | +€8,462 | +174% |
| Profit (loss) for the period | 9904 | €10,416 | €31,798 | +€21,382 | +205% |
| Profit (loss) for the period to be appropriated | 9905 | €10,416 | €31,798 | +€21,382 | +205% |
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 14 October 2026 via checked.be.