M²: what changed
Two fiscal 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.
M²
Largest movements
- Tangible fixed assets +€772,814
up €772,814 (+111.6%), from €692,328 to €1.5m
of which Furniture and vehicles: +€780,589
- Receivables within one year +€378,438
up €378,438 (+14.4%), from €2.6m to €3.0m
of which Other amounts receivable: +€341,917
- Cash -€355,320
down €355,320 (-48.0%), from €740,690 to €385,369
mainly Investment in fixed assets (net) (-€850,313) and Receivables within one year (-€378,438)
- Reserves +€679,650
up €679,650 (+5.8%), from €11.7m to €12.4m
- Gross operating margin +€221,107
up €221,107 (+25.4%), from €872,050 to €1.1m
- Staff costs +€129,669
up €129,669 (+56.1%), from €231,251 to €360,920
- Financial income -€28,589
down €28,589 (-7.5%), from €381,530 to €352,941
- Taxes +€17,664
up €17,664 (+11.0%), from €160,129 to €177,793
- Financial charges -€13,092
down €13,092 (-6.2%), from €211,772 to €198,680
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.
Cash bridge derived
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 | €16,856,503 | €17,714,871 | +€858,368 | +5.1% |
| Fixed assets | 21/28 | €9,448,048 | €10,270,862 | +€822,814 | +8.7% |
| Tangible fixed assets | 22/27 | €692,328 | €1,465,142 | +€772,814 | +111.6% |
| Furniture and vehicles | 24 | €610,847 | €1,391,436 | +€780,589 | +127.8% |
| Other tangible fixed assets | 26 | €81,481 | €73,706 | -€7,775 | -9.5% |
| Financial fixed assets | 28 | €8,755,720 | €8,805,720 | +€50,000 | +0.6% |
| Current assets | 29/58 | €7,408,455 | €7,444,009 | +€35,554 | +0.5% |
| Amounts receivable after more than one year | 29 | €2,000,000 | €2,000,000 | = | 0.0% |
| Other amounts receivable | 291 | €2,000,000 | €2,000,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €2,636,616 | €3,015,054 | +€378,438 | +14.4% |
| Trade receivables | 40 | €46,088 | €82,609 | +€36,521 | +79.2% |
| Other amounts receivable | 41 | €2,590,528 | €2,932,445 | +€341,917 | +13.2% |
| Current investments | 50/53 | €2,027,980 | €2,039,811 | +€11,831 | +0.6% |
| Cash at bank and in hand | 54/58 | €740,690 | €385,369 | -€355,320 | -48.0% |
| Deferred charges and accrued income | 490/1 | €3,170 | €3,776 | +€605 | +19.1% |
| Total equity and liabilities | 10/49 | €16,856,503 | €17,714,871 | +€858,368 | +5.1% |
| Equity | 10/15 | €11,692,630 | €12,372,280 | +€679,650 | +5.8% |
| Contributions | 10/11 | €20,421 | €20,421 | = | 0.0% |
| Reserves | 13 | €11,672,209 | €12,351,859 | +€679,650 | +5.8% |
| Distributable reserves | 133 | €11,672,209 | €12,351,859 | +€679,650 | +5.8% |
| Amounts payable | 17/49 | €5,163,873 | €5,342,591 | +€178,718 | +3.5% |
| Amounts payable within one year | 42/48 | €5,163,505 | €5,342,322 | +€178,817 | +3.5% |
| Trade debts | 44 | €140,780 | €134,872 | -€5,908 | -4.2% |
| Suppliers | 440/4 | €140,780 | €134,872 | -€5,908 | -4.2% |
| Advances received on contracts in progress | 46 | €9,032 | - | -€9,032 | |
| Taxes, remuneration and social security | 45 | €50,296 | €111,038 | +€60,742 | +120.8% |
| Taxes | 450/3 | €7,295 | €68,837 | +€61,542 | +843.6% |
| Remuneration and social security | 454/9 | €43,001 | €42,200 | -€800 | -1.9% |
| Other amounts payable | 47/48 | €4,963,397 | €5,096,412 | +€133,016 | +2.7% |
| Accrued charges and deferred income | 492/3 | €368 | €269 | -€99 | -26.8% |
| Remuneration, social security and pensions | 62 | €231,251 | €360,920 | +€129,669 | +56.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,754 | €27,499 | +€3,745 | +15.8% |
| Other operating charges | 640/8 | €1,356 | €1,558 | +€202 | +14.9% |
| Gross operating margin | 9900 | €872,050 | €1,093,157 | +€221,107 | +25.4% |
| Operating profit (loss) | 9901 | €615,690 | €703,181 | +€87,491 | +14.2% |
| Financial income | 75/76B | €381,530 | €352,941 | -€28,589 | -7.5% |
| Recurring financial income | 75 | €381,530 | €352,941 | -€28,589 | -7.5% |
| Financial charges | 65/66B | €211,772 | €198,680 | -€13,092 | -6.2% |
| Recurring financial charges | 65 | €211,772 | €198,680 | -€13,092 | -6.2% |
| Profit (loss) for the period before taxes | 9903 | €785,448 | €857,442 | +€71,994 | +9.2% |
| Income taxes | 67/77 | €160,129 | €177,793 | +€17,664 | +11.0% |
| Profit (loss) for the period | 9904 | €625,319 | €679,650 | +€54,331 | +8.7% |
| Profit (loss) for the period to be appropriated | 9905 | €625,319 | €679,650 | +€54,331 | +8.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.