EXPLOITATIEMAATSCHAPPIJ MO: 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.
EXPLOITATIEMAATSCHAPPIJ MO
Largest movements
- Cash +€775,440
up €775,440 (+212.6%), from €364,790 to €1.1m
mainly Current investments (+€400,000) and Other debts (+€151,781)
- Current investments -€400,000
down €400,000 (-100.0%), from €400,000 to €0
- Receivables within one year -€57,767
down €57,767 (-72.3%), from €79,948 to €22,180
of which Trade receivables: -€47,864
- Tangible fixed assets -€36,251
down €36,251 (-23.8%), from €152,416 to €116,165
of which Plant, machinery and equipment: -€22,563
- Other debts +€151,781
up €151,781 (+30.3%), from €500,502 to €652,283
- Trade debts +€102,341
up €102,341 (+56.7%), from €180,527 to €282,868
- Reserves +€43,327
up €43,327 (+29.2%), from €148,407 to €191,734
of which Distributable reserves: +€41,161
- Gross operating margin -€334,990
down €334,990 (-18.4%), from €1.8m to €1.5m
- Depreciation -€80,063
down €80,063 (-64.8%), from €123,612 to €43,548
- Staff costs -€72,800
down €72,800 (-11.3%), from €644,947 to €572,147
- Other operating charges -€22,071
down €22,071 (-2.7%), from €820,245 to €798,174
- Taxes +€20,925
up €20,925 (+334.5%), from €6,256 to €27,181
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 | €1,037,441 | €1,323,525 | +€286,084 | +27.6% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €152,916 | €116,665 | -€36,251 | -23.7% |
| Tangible fixed assets | 22/27 | €152,416 | €116,165 | -€36,251 | -23.8% |
| Land and buildings | 22 | €67,282 | €53,875 | -€13,407 | -19.9% |
| Plant, machinery and equipment | 23 | €83,922 | €61,359 | -€22,563 | -26.9% |
| Furniture and vehicles | 24 | €1,212 | €931 | -€281 | -23.2% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €884,525 | €1,206,860 | +€322,335 | +36.4% |
| Stocks and contracts in progress | 3 | €16,121 | €14,992 | -€1,129 | -7.0% |
| Stocks | 30/36 | €16,121 | €14,992 | -€1,129 | -7.0% |
| Amounts receivable within one year | 40/41 | €79,948 | €22,180 | -€57,767 | -72.3% |
| Trade receivables | 40 | €49,199 | €1,335 | -€47,864 | -97.3% |
| Other amounts receivable | 41 | €30,748 | €20,845 | -€9,903 | -32.2% |
| Current investments | 50/53 | €400,000 | €0 | -€400,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €364,790 | €1,140,230 | +€775,440 | +212.6% |
| Deferred charges and accrued income | 490/1 | €23,667 | €29,458 | +€5,791 | +24.5% |
| Total equity and liabilities | 10/49 | €1,037,441 | €1,323,525 | +€286,084 | +27.6% |
| Equity | 10/15 | €248,407 | €291,734 | +€43,327 | +17.4% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €148,407 | €191,734 | +€43,327 | +29.2% |
| Non-distributable reserves | 130/1 | €6,080 | €8,246 | +€2,166 | +35.6% |
| Legal reserve | 130 | €6,080 | €8,246 | +€2,166 | +35.6% |
| Distributable reserves | 133 | €142,327 | €183,488 | +€41,161 | +28.9% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Provisions for liabilities and charges | 160/5 | €0 | - | = | |
| Major repairs and maintenance | 162 | €0 | - | = | |
| Amounts payable | 17/49 | €789,034 | €1,031,791 | +€242,756 | +30.8% |
| Amounts payable within one year | 42/48 | €778,458 | €1,031,787 | +€253,329 | +32.5% |
| Trade debts | 44 | €180,527 | €282,868 | +€102,341 | +56.7% |
| Suppliers | 440/4 | €180,527 | €282,868 | +€102,341 | +56.7% |
| Taxes, remuneration and social security | 45 | €97,429 | €96,636 | -€793 | -0.8% |
| Taxes | 450/3 | €5,411 | €5,408 | -€3 | -0.1% |
| Remuneration and social security | 454/9 | €92,017 | €91,227 | -€790 | -0.9% |
| Other amounts payable | 47/48 | €500,502 | €652,283 | +€151,781 | +30.3% |
| Accrued charges and deferred income | 492/3 | €10,576 | €4 | -€10,572 | -100.0% |
| Non-recurring operating income | 76A | €204,168 | €0 | -€204,168 | -100.0% |
| Remuneration, social security and pensions | 62 | €644,947 | €572,147 | -€72,800 | -11.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €123,612 | €43,548 | -€80,063 | -64.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€9,000 | €0 | +€9,000 | |
| Other operating charges | 640/8 | €820,245 | €798,174 | -€22,071 | -2.7% |
| Non-recurring operating charges | 66A | €237,435 | €717 | -€236,718 | -99.7% |
| Gross operating margin | 9900 | €1,819,645 | €1,484,656 | -€334,990 | -18.4% |
| Operating profit (loss) | 9901 | €2,407 | €70,069 | +€67,662 | +2811.3% |
| Financial income | 75/76B | €2,379 | €2,826 | +€447 | +18.8% |
| Recurring financial income | 75 | €2,379 | €2,826 | +€447 | +18.8% |
| Financial charges | 65/66B | €3,407 | €2,386 | -€1,020 | -29.9% |
| Recurring financial charges | 65 | €3,407 | €2,386 | -€1,020 | -29.9% |
| Profit (loss) for the period before taxes | 9903 | €1,379 | €70,508 | +€69,129 | +5011.9% |
| Income taxes | 67/77 | €6,256 | €27,181 | +€20,925 | +334.5% |
| Profit (loss) for the period | 9904 | -€4,877 | €43,327 | +€48,204 | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,877 | €43,327 | +€48,204 |
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.