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
- Tangible fixed assets +€45,792
new in 2025: €45,792
- Cash -€18,781
down €18,781 (-23.7%), from €79,229 to €60,448
mainly Investment in fixed assets (net) (-€54,980) and Receivables within one year (-€9,739)
- Receivables within one year +€9,739
up €9,739 (+17.0%), from €57,233 to €66,972
of which Other amounts receivable: +€7,927
- Debts after one year +€18,340
new in 2025: €18,340
- Current portion of long-term debt +€15,034
new in 2025: €15,034
- Reserves +€3,101
up €3,101 (+8.3%), from €37,445 to €40,546
of which Distributable reserves: +€3,101
- Depreciation +€9,188
new in 2025: €9,188
- Gross operating margin +€5,018
up €5,018 (+60.1%), from €8,345 to €13,363
- Taxes -€3,661
down €3,661 (-56.3%), from €6,508 to €2,847
- Financial charges +€2,049
up €2,049 (+262.2%), from €781 to €2,830
- Other operating charges +€1,676
up €1,676 (+280.1%), from €598 to €2,274
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 | €148,223 | €184,074 | +€35,850 | +24.2% |
| Fixed assets | 21/28 | - | €45,792 | +€45,792 | |
| Tangible fixed assets | 22/27 | - | €45,792 | +€45,792 | |
| Furniture and vehicles | 24 | - | €45,792 | +€45,792 | |
| Current assets | 29/58 | €148,223 | €138,282 | -€9,941 | -6.7% |
| Stocks and contracts in progress | 3 | €11,315 | €10,862 | -€453 | -4.0% |
| Stocks | 30/36 | €11,315 | €10,862 | -€453 | -4.0% |
| Amounts receivable within one year | 40/41 | €57,233 | €66,972 | +€9,739 | +17.0% |
| Trade receivables | 40 | €1,210 | €3,022 | +€1,812 | +149.8% |
| Other amounts receivable | 41 | €56,023 | €63,950 | +€7,927 | +14.1% |
| Cash at bank and in hand | 54/58 | €79,229 | €60,448 | -€18,781 | -23.7% |
| Deferred charges and accrued income | 490/1 | €447 | - | -€447 | |
| Total equity and liabilities | 10/49 | €148,223 | €184,074 | +€35,850 | +24.2% |
| Equity | 10/15 | €126,499 | €129,599 | +€3,101 | +2.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €37,445 | €40,546 | +€3,101 | +8.3% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €35,445 | €38,546 | +€3,101 | +8.7% |
| Profit (loss) carried forward | 14 | €69,054 | €69,054 | = | 0.0% |
| Amounts payable | 17/49 | €21,725 | €54,474 | +€32,750 | +150.7% |
| Amounts payable after more than one year | 17 | - | €18,340 | +€18,340 | |
| Financial debts | 170/4 | - | €18,340 | +€18,340 | |
| Amounts payable within one year | 42/48 | €9,846 | €25,650 | +€15,805 | +160.5% |
| Current portion of amounts payable after more than one year | 42 | - | €15,034 | +€15,034 | |
| Trade debts | 44 | €6,741 | €7,212 | +€471 | +7.0% |
| Suppliers | 440/4 | €6,741 | €7,212 | +€471 | +7.0% |
| Taxes, remuneration and social security | 45 | €3,105 | €3,404 | +€300 | +9.6% |
| Taxes | 450/3 | €3,105 | €3,404 | +€300 | +9.6% |
| Accrued charges and deferred income | 492/3 | €11,879 | €10,484 | -€1,396 | -11.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €9,188 | +€9,188 | |
| Other operating charges | 640/8 | €598 | €2,274 | +€1,676 | +280.1% |
| Gross operating margin | 9900 | €8,345 | €13,363 | +€5,018 | +60.1% |
| Operating profit (loss) | 9901 | €7,746 | €1,900 | -€5,846 | -75.5% |
| Financial income | 75/76B | €6,137 | €6,877 | +€741 | +12.1% |
| Recurring financial income | 75 | €6,137 | €6,877 | +€741 | +12.1% |
| Financial charges | 65/66B | €781 | €2,830 | +€2,049 | +262.2% |
| Recurring financial charges | 65 | €781 | €2,830 | +€2,049 | +262.2% |
| Profit (loss) for the period before taxes | 9903 | €13,102 | €5,947 | -€7,154 | -54.6% |
| Income taxes | 67/77 | €6,508 | €2,847 | -€3,661 | -56.3% |
| Profit (loss) for the period | 9904 | €6,594 | €3,101 | -€3,493 | -53.0% |
| Profit (loss) for the period to be appropriated | 9905 | €6,594 | €3,101 | -€3,493 | -53.0% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.