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 -€40,570
down €40,570 (-44.6%), from €90,942 to €50,372
mainly Receivables within one year (-€24,913) and Debts after one year (-€19,609)
- Receivables within one year +€24,913
up €24,913 (+885.7%), from €2,813 to €27,726
- Tangible fixed assets -€17,239
down €17,239 (-12.8%), from €134,670 to €117,430
- Debts after one year -€19,609
down €19,609 (-26.2%), from €74,905 to €55,295
- Reserves -€11,177
down €11,177 (-11.2%), from €99,973 to €88,796
of which Distributable reserves: -€11,177
- Tax, wage and social debts -€2,621
down €2,621 (-61.5%), from €4,265 to €1,643
- Depreciation +€15,230
up €15,230 (+97.6%), from €15,602 to €30,832
- Gross operating margin -€5,049
down €5,049 (-9.7%), from €52,085 to €47,036
- Taxes -€3,613
down €3,613 (-35.5%), from €10,188 to €6,575
- Financial charges +€1,135
up €1,135 (+51.3%), from €2,214 to €3,349
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 | €229,356 | €196,887 | -€32,469 | -14.2% |
| Fixed assets | 21/28 | €134,670 | €117,430 | -€17,239 | -12.8% |
| Tangible fixed assets | 22/27 | €134,670 | €117,430 | -€17,239 | -12.8% |
| Furniture and vehicles | 24 | €134,670 | €117,430 | -€17,239 | -12.8% |
| Current assets | 29/58 | €94,686 | €79,457 | -€15,230 | -16.1% |
| Amounts receivable within one year | 40/41 | €2,813 | €27,726 | +€24,913 | +885.7% |
| Other amounts receivable | 41 | €2,813 | €27,726 | +€24,913 | +885.7% |
| Cash at bank and in hand | 54/58 | €90,942 | €50,372 | -€40,570 | -44.6% |
| Deferred charges and accrued income | 490/1 | €931 | €1,359 | +€427 | +45.9% |
| Total equity and liabilities | 10/49 | €229,356 | €196,887 | -€32,469 | -14.2% |
| Equity | 10/15 | €129,973 | €118,796 | -€11,177 | -8.6% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €99,973 | €88,796 | -€11,177 | -11.2% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €99,973 | €88,796 | -€11,177 | -11.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €99,383 | €78,091 | -€21,292 | -21.4% |
| Amounts payable after more than one year | 17 | €74,905 | €55,295 | -€19,609 | -26.2% |
| Financial debts | 170/4 | €74,905 | €55,295 | -€19,609 | -26.2% |
| Amounts payable within one year | 42/48 | €24,329 | €22,646 | -€1,682 | -6.9% |
| Current portion of amounts payable after more than one year | 42 | €18,902 | €19,609 | +€708 | +3.7% |
| Trade debts | 44 | €1,162 | €1,394 | +€231 | +19.9% |
| Suppliers | 440/4 | €1,162 | €1,394 | +€231 | +19.9% |
| Taxes, remuneration and social security | 45 | €4,265 | €1,643 | -€2,621 | -61.5% |
| Taxes | 450/3 | €4,265 | €1,643 | -€2,621 | -61.5% |
| Accrued charges and deferred income | 492/3 | €150 | €150 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,602 | €30,832 | +€15,230 | +97.6% |
| Other operating charges | 640/8 | €830 | €1,052 | +€222 | +26.8% |
| Gross operating margin | 9900 | €52,085 | €47,036 | -€5,049 | -9.7% |
| Operating profit (loss) | 9901 | €35,653 | €15,151 | -€20,502 | -57.5% |
| Financial charges | 65/66B | €2,214 | €3,349 | +€1,135 | +51.3% |
| Recurring financial charges | 65 | €2,214 | €3,349 | +€1,135 | +51.3% |
| Profit (loss) for the period before taxes | 9903 | €33,439 | €11,802 | -€21,637 | -64.7% |
| Income taxes | 67/77 | €10,188 | €6,575 | -€3,613 | -35.5% |
| Profit (loss) for the period | 9904 | €23,251 | €5,227 | -€18,024 | -77.5% |
| Profit (loss) for the period to be appropriated | 9905 | €23,251 | €5,227 | -€18,024 | -77.5% |
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 12 October 2026 via checked.be.