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.
M
Largest movements
- Cash +€146,544
up €146,544 (+31.6%), from €463,657 to €610,201
mainly Net result for the year (+€130,164) and Trade debts (+€63,497)
- Receivables within one year +€47,442
up €47,442 (+367%), from €12,922 to €60,364
of which Other amounts receivable: +€39,902
- Tangible fixed assets -€42,436
down €42,436 (-21.0%), from €202,353 to €159,918
of which Other tangible fixed assets: -€38,284
- Reserves +€88,891
up €88,891 (+32.9%), from €270,432 to €359,323
of which Distributable reserves: +€88,891
- Trade debts +€63,497
up €63,497 (+27.9%), from €227,538 to €291,035
- Tax, wage and social debts +€48,996
up €48,996 (+61.2%), from €79,997 to €128,993
of which Taxes: +€64,030
- Debts after one year -€28,402
down €28,402 (-8.2%), from €346,184 to €317,783
- Gross operating margin +€105,663
up €105,663 (+22.6%), from €467,681 to €573,343
- Taxes +€27,359
up €27,359 (+90.6%), from €30,192 to €57,550
- Staff costs +€8,608
up €8,608 (+3.1%), from €274,916 to €283,524
- Other operating charges +€5,791
up €5,791 (+96.3%), from €6,017 to €11,808
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,600,054 | €1,762,119 | +€162,065 | +10.1% |
| Fixed assets | 21/28 | €208,668 | €166,233 | -€42,436 | -20.3% |
| Tangible fixed assets | 22/27 | €202,353 | €159,918 | -€42,436 | -21.0% |
| Plant, machinery and equipment | 23 | €5,727 | €4,295 | -€1,432 | -25.0% |
| Furniture and vehicles | 24 | €9,848 | €7,127 | -€2,720 | -27.6% |
| Other tangible fixed assets | 26 | €186,779 | €148,495 | -€38,284 | -20.5% |
| Financial fixed assets | 28 | €6,315 | €6,315 | = | 0.0% |
| Current assets | 29/58 | €1,391,386 | €1,595,887 | +€204,501 | +14.7% |
| Stocks and contracts in progress | 3 | €898,796 | €905,704 | +€6,908 | +0.8% |
| Stocks | 30/36 | €898,796 | €905,704 | +€6,908 | +0.8% |
| Amounts receivable within one year | 40/41 | €12,922 | €60,364 | +€47,442 | +367% |
| Trade receivables | 40 | €3,023 | €10,563 | +€7,540 | +249% |
| Other amounts receivable | 41 | €9,899 | €49,801 | +€39,902 | +403% |
| Cash at bank and in hand | 54/58 | €463,657 | €610,201 | +€146,544 | +31.6% |
| Deferred charges and accrued income | 490/1 | €16,011 | €19,618 | +€3,607 | +22.5% |
| Total equity and liabilities | 10/49 | €1,600,054 | €1,762,119 | +€162,065 | +10.1% |
| Equity | 10/15 | €845,424 | €934,315 | +€88,891 | +10.5% |
| Contributions | 10/11 | €243,600 | €243,600 | = | 0.0% |
| Reserves | 13 | €270,432 | €359,323 | +€88,891 | +32.9% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €29,594 | €29,594 | = | 0.0% |
| Distributable reserves | 133 | €240,838 | €329,729 | +€88,891 | +36.9% |
| Profit (loss) carried forward | 14 | €331,392 | €331,392 | = | 0.0% |
| Amounts payable | 17/49 | €754,630 | €827,804 | +€73,174 | +9.7% |
| Amounts payable after more than one year | 17 | €346,184 | €317,783 | -€28,402 | -8.2% |
| Financial debts | 170/4 | €346,184 | €317,783 | -€28,402 | -8.2% |
| Amounts payable within one year | 42/48 | €408,446 | €510,022 | +€101,576 | +24.9% |
| Current portion of amounts payable after more than one year | 42 | €27,059 | €28,402 | +€1,342 | +5.0% |
| Financial debts | 43 | €29,896 | €17,874 | -€12,022 | -40.2% |
| Credit institutions | 430/8 | €29,896 | €17,874 | -€12,022 | -40.2% |
| Trade debts | 44 | €227,538 | €291,035 | +€63,497 | +27.9% |
| Suppliers | 440/4 | €227,538 | €291,035 | +€63,497 | +27.9% |
| Taxes, remuneration and social security | 45 | €79,997 | €128,993 | +€48,996 | +61.2% |
| Taxes | 450/3 | €33,196 | €97,226 | +€64,030 | +193% |
| Remuneration and social security | 454/9 | €46,801 | €31,767 | -€15,034 | -32.1% |
| Other amounts payable | 47/48 | €43,955 | €43,718 | -€237 | -0.5% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €274,916 | €283,524 | +€8,608 | +3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,177 | €49,197 | -€980 | -2.0% |
| Other operating charges | 640/8 | €6,017 | €11,808 | +€5,791 | +96.3% |
| Gross operating margin | 9900 | €467,681 | €573,343 | +€105,663 | +22.6% |
| Operating profit (loss) | 9901 | €136,571 | €228,814 | +€92,243 | +67.5% |
| Financial income | 75/76B | €280 | €959 | +€679 | +243% |
| Recurring financial income | 75 | €0 | €959 | +€959 | |
| Non-recurring financial income | 76B | €280 | €0 | -€280 | -100% |
| Financial charges | 65/66B | €37,554 | €42,058 | +€4,504 | +12.0% |
| Recurring financial charges | 65 | €37,554 | €42,058 | +€4,504 | +12.0% |
| Profit (loss) for the period before taxes | 9903 | €99,297 | €187,714 | +€88,418 | +89.0% |
| Income taxes | 67/77 | €30,192 | €57,550 | +€27,359 | +90.6% |
| Profit (loss) for the period | 9904 | €69,105 | €130,164 | +€61,059 | +88.4% |
| Profit (loss) for the period to be appropriated | 9905 | €69,105 | €130,164 | +€61,059 | +88.4% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.