GROEP 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.
GROEP M
Largest movements
- Cash -€46,198
down €46,198 (-85.2%), from €54,240 to €8,042
mainly Net result for the year (-€46,166) and Trade debts (-€20,049)
- Receivables within one year -€11,507
down €11,507 (-4.1%), from €278,464 to €266,957
- Tangible fixed assets -€4,942
down €4,942 (-4.1%), from €120,831 to €115,890
- Reserves -€46,166
down €46,166 (-14.5%), from €318,582 to €272,416
of which Distributable reserves: -€46,166
- Trade debts -€20,049
down €20,049 (-97.3%), from €20,600 to €551
- Gross operating margin -€94,174
down €94,174, from €64,541 to -€29,633
- Taxes -€13,045
no longer reported in 2025 (was €13,045)
- Financial income -€3,390
down €3,390 (-24.7%), from €13,699 to €10,309
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 | €468,937 | €402,983 | -€65,954 | -14.1% |
| Fixed assets | 21/28 | €120,831 | €115,890 | -€4,942 | -4.1% |
| Tangible fixed assets | 22/27 | €120,831 | €115,890 | -€4,942 | -4.1% |
| Land and buildings | 22 | €120,831 | €115,890 | -€4,942 | -4.1% |
| Current assets | 29/58 | €348,105 | €287,093 | -€61,012 | -17.5% |
| Amounts receivable within one year | 40/41 | €278,464 | €266,957 | -€11,507 | -4.1% |
| Other amounts receivable | 41 | €278,464 | €266,957 | -€11,507 | -4.1% |
| Cash at bank and in hand | 54/58 | €54,240 | €8,042 | -€46,198 | -85.2% |
| Deferred charges and accrued income | 490/1 | €15,402 | €12,093 | -€3,308 | -21.5% |
| Total equity and liabilities | 10/49 | €468,937 | €402,983 | -€65,954 | -14.1% |
| Equity | 10/15 | €442,529 | €396,363 | -€46,166 | -10.4% |
| Contributions | 10/11 | €123,947 | €123,947 | = | 0.0% |
| Capital | 10 | €123,947 | €123,947 | = | 0.0% |
| Issued capital | 100 | €123,947 | €123,947 | = | 0.0% |
| Reserves | 13 | €318,582 | €272,416 | -€46,166 | -14.5% |
| Non-distributable reserves | 130/1 | €12,395 | €12,395 | = | 0.0% |
| Legal reserve | 130 | €12,395 | €12,395 | = | 0.0% |
| Distributable reserves | 133 | €306,187 | €260,021 | -€46,166 | -15.1% |
| Amounts payable | 17/49 | €26,408 | €6,620 | -€19,788 | -74.9% |
| Amounts payable within one year | 42/48 | €23,645 | €3,596 | -€20,049 | -84.8% |
| Trade debts | 44 | €20,600 | €551 | -€20,049 | -97.3% |
| Suppliers | 440/4 | €20,600 | €551 | -€20,049 | -97.3% |
| Taxes, remuneration and social security | 45 | €3,045 | €3,045 | = | 0.0% |
| Taxes | 450/3 | €3,045 | €3,045 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €2,762 | €3,024 | +€261 | +9.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,942 | €4,942 | = | 0.0% |
| Other operating charges | 640/8 | €21,237 | €21,688 | +€451 | +2.1% |
| Gross operating margin | 9900 | €64,541 | -€29,633 | -€94,174 | |
| Operating profit (loss) | 9901 | €38,362 | -€56,263 | -€94,625 | |
| Financial income | 75/76B | €13,699 | €10,309 | -€3,390 | -24.7% |
| Recurring financial income | 75 | €13,699 | €10,309 | -€3,390 | -24.7% |
| Financial charges | 65/66B | €180 | €213 | +€33 | +18.4% |
| Recurring financial charges | 65 | €180 | €213 | +€33 | +18.4% |
| Profit (loss) for the period before taxes | 9903 | €51,882 | -€46,166 | -€98,048 | |
| Income taxes | 67/77 | €13,045 | - | -€13,045 | |
| Profit (loss) for the period | 9904 | €38,836 | -€46,166 | -€85,002 | |
| Profit (loss) for the period to be appropriated | 9905 | €38,836 | -€46,166 | -€85,002 |
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 18 October 2026 via checked.be.