Huge 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.
Huge M
Largest movements
- Cash +€84,796
up €84,796 (+134%), from €63,462 to €148,258
mainly Net result for the year (+€151,587) and Tax, wage and social debts (+€43,291)
- Current investments +€49,693
new in 2026: €49,693
- Receivables within one year +€37,813
new in 2026: €37,813
of which Trade receivables: +€37,650
- Deferred charges and accrued income -€11,160
down €11,160 (-100%), from €11,160 to €0
- Tangible fixed assets +€5,748
up €5,748 (+22.0%), from €26,181 to €31,930
of which Plant, machinery and equipment: +€3,327
- Reserves +€151,587
up €151,587 (+97.8%), from €155,032 to €306,619
- Tax, wage and social debts +€43,291
up €43,291 (+506%), from €8,561 to €51,852
- Other debts -€18,671
down €18,671 (-100%), from €18,671 to €0
- Debts after one year -€6,781
down €6,781 (-66.1%), from €10,262 to €3,481
- Gross operating margin +€87,309
up €87,309 (+71.2%), from €122,674 to €209,983
- Taxes +€14,790
up €14,790 (+49.6%), from €29,794 to €44,584
- Depreciation +€5,116
up €5,116 (+72.1%), from €7,094 to €12,210
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €205,803 | €372,693 | +€166,890 | +81.1% |
| Fixed assets | 21/28 | €131,181 | €136,930 | +€5,748 | +4.4% |
| Tangible fixed assets | 22/27 | €26,181 | €31,930 | +€5,748 | +22.0% |
| Land and buildings | 22 | - | €3,191 | +€3,191 | |
| Plant, machinery and equipment | 23 | - | €3,327 | +€3,327 | |
| Furniture and vehicles | 24 | €26,181 | €25,411 | -€770 | -2.9% |
| Financial fixed assets | 28 | €105,000 | €105,000 | = | 0.0% |
| Current assets | 29/58 | €74,622 | €235,764 | +€161,142 | +216% |
| Amounts receivable within one year | 40/41 | - | €37,813 | +€37,813 | |
| Trade receivables | 40 | - | €37,650 | +€37,650 | |
| Other amounts receivable | 41 | - | €163 | +€163 | |
| Current investments | 50/53 | - | €49,693 | +€49,693 | |
| Cash at bank and in hand | 54/58 | €63,462 | €148,258 | +€84,796 | +134% |
| Deferred charges and accrued income | 490/1 | €11,160 | €0 | -€11,160 | -100% |
| Total equity and liabilities | 10/49 | €205,803 | €372,693 | +€166,890 | +81.1% |
| Equity | 10/15 | €157,532 | €309,119 | +€151,587 | +96.2% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €155,032 | €306,619 | +€151,587 | +97.8% |
| Distributable reserves | 133 | €155,032 | €306,619 | +€151,587 | +97.8% |
| Amounts payable | 17/49 | €48,271 | €63,574 | +€15,303 | +31.7% |
| Amounts payable after more than one year | 17 | €10,262 | €3,481 | -€6,781 | -66.1% |
| Financial debts | 170/4 | €10,262 | €3,481 | -€6,781 | -66.1% |
| Amounts payable within one year | 42/48 | €38,009 | €59,507 | +€21,498 | +56.6% |
| Current portion of amounts payable after more than one year | 42 | €9,904 | €6,781 | -€3,122 | -31.5% |
| Trade debts | 44 | €873 | €874 | +€1 | +0.1% |
| Suppliers | 440/4 | €873 | €874 | +€1 | +0.1% |
| Taxes, remuneration and social security | 45 | €8,561 | €51,852 | +€43,291 | +506% |
| Taxes | 450/3 | €8,561 | €51,852 | +€43,291 | +506% |
| Other amounts payable | 47/48 | €18,671 | €0 | -€18,671 | -100% |
| Accrued charges and deferred income | 492/3 | €0 | €586 | +€586 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,094 | €12,210 | +€5,116 | +72.1% |
| Other operating charges | 640/8 | €118 | €520 | +€402 | +341% |
| Gross operating margin | 9900 | €122,674 | €209,983 | +€87,309 | +71.2% |
| Operating profit (loss) | 9901 | €115,462 | €197,253 | +€81,791 | +70.8% |
| Financial income | 75/76B | €0 | €141 | +€141 | +1,405,000% |
| Recurring financial income | 75 | €0 | €141 | +€141 | +1,405,000% |
| Financial charges | 65/66B | €779 | €1,222 | +€443 | +56.9% |
| Recurring financial charges | 65 | €779 | €1,222 | +€443 | +56.9% |
| Profit (loss) for the period before taxes | 9903 | €114,683 | €196,171 | +€81,489 | +71.1% |
| Income taxes | 67/77 | €29,794 | €44,584 | +€14,790 | +49.6% |
| Profit (loss) for the period | 9904 | €84,889 | €151,587 | +€66,698 | +78.6% |
| Profit (loss) for the period to be appropriated | 9905 | €84,889 | €151,587 | +€66,698 | +78.6% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.