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
- Current investments +€79,000
up €79,000 (+28.4%), from €277,933 to €356,933
- Cash +€20,136
up €20,136 (+1,587%), from €1,269 to €21,404
mainly Net result for the year (+€80,434) and Tax, wage and social debts (+€24,123)
- Receivables within one year -€17,574
down €17,574 (-12.2%), from €143,547 to €125,972
of which Other amounts receivable: -€41,916
- Tangible fixed assets -€15,169
down €15,169 (-24.5%), from €61,988 to €46,818
of which Furniture and vehicles: -€7,688
- Reserves +€40,650
up €40,650 (+9.0%), from €453,368 to €494,018
of which Distributable reserves: +€40,650
- Tax, wage and social debts +€24,123
up €24,123 (+167%), from €14,488 to €38,611
- Gross operating margin +€26,048
up €26,048 (+23.5%), from €110,846 to €136,894
- Financial income -€13,563
down €13,563 (-74.2%), from €18,287 to €4,725
- Taxes +€6,776
up €6,776 (+18.7%), from €36,217 to €42,993
- Financial charges +€2,976
up €2,976, from -€2,696 to €280
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 | €489,017 | €556,878 | +€67,860 | +13.9% |
| Fixed assets | 21/28 | €61,988 | €46,818 | -€15,169 | -24.5% |
| Tangible fixed assets | 22/27 | €61,988 | €46,818 | -€15,169 | -24.5% |
| Furniture and vehicles | 24 | €18,989 | €11,301 | -€7,688 | -40.5% |
| Other tangible fixed assets | 26 | €42,999 | €35,517 | -€7,481 | -17.4% |
| Current assets | 29/58 | €427,030 | €510,059 | +€83,029 | +19.4% |
| Amounts receivable within one year | 40/41 | €143,547 | €125,972 | -€17,574 | -12.2% |
| Trade receivables | 40 | €41,382 | €65,723 | +€24,341 | +58.8% |
| Other amounts receivable | 41 | €102,165 | €60,249 | -€41,916 | -41.0% |
| Current investments | 50/53 | €277,933 | €356,933 | +€79,000 | +28.4% |
| Cash at bank and in hand | 54/58 | €1,269 | €21,404 | +€20,136 | +1,587% |
| Deferred charges and accrued income | 490/1 | €4,282 | €5,750 | +€1,468 | +34.3% |
| Total equity and liabilities | 10/49 | €489,017 | €556,878 | +€67,860 | +13.9% |
| Equity | 10/15 | €471,918 | €512,568 | +€40,650 | +8.6% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €453,368 | €494,018 | +€40,650 | +9.0% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €451,513 | €492,163 | +€40,650 | +9.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €17,099 | €44,310 | +€27,210 | +159% |
| Amounts payable within one year | 42/48 | €16,715 | €41,437 | +€24,722 | +148% |
| Financial debts | 43 | €1,019 | €638 | -€381 | -37.4% |
| Credit institutions | 430/8 | €1,019 | €638 | -€381 | -37.4% |
| Trade debts | 44 | €1,208 | €2,188 | +€980 | +81.1% |
| Suppliers | 440/4 | €1,208 | €2,188 | +€980 | +81.1% |
| Taxes, remuneration and social security | 45 | €14,488 | €38,611 | +€24,123 | +167% |
| Taxes | 450/3 | €14,488 | €38,611 | +€24,123 | +167% |
| Accrued charges and deferred income | 492/3 | €384 | €2,873 | +€2,488 | +647% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,510 | €15,169 | -€1,341 | -8.1% |
| Other operating charges | 640/8 | €2,191 | €2,742 | +€552 | +25.2% |
| Gross operating margin | 9900 | €110,846 | €136,894 | +€26,048 | +23.5% |
| Operating profit (loss) | 9901 | €92,145 | €118,982 | +€26,837 | +29.1% |
| Financial income | 75/76B | €18,287 | €4,725 | -€13,563 | -74.2% |
| Recurring financial income | 75 | €18,287 | €4,725 | -€13,563 | -74.2% |
| Financial charges | 65/66B | -€2,696 | €280 | +€2,976 | |
| Recurring financial charges | 65 | -€2,696 | €280 | +€2,976 | |
| Profit (loss) for the period before taxes | 9903 | €113,128 | €123,427 | +€10,298 | +9.1% |
| Income taxes | 67/77 | €36,217 | €42,993 | +€6,776 | +18.7% |
| Profit (loss) for the period | 9904 | €76,912 | €80,434 | +€3,522 | +4.6% |
| Profit (loss) for the period to be appropriated | 9905 | €76,912 | €80,434 | +€3,522 | +4.6% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.