M+: 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.
M+
Largest movements
- Receivables within one year -€71,616
down €71,616 (-46.6%), from €153,637 to €82,022
of which Other amounts receivable: -€66,439
- Cash -€50,729
down €50,729 (-93.0%), from €54,534 to €3,804
mainly Trade debts (-€55,187) and Tax, wage and social debts (-€35,375)
- Tangible fixed assets +€2,691
up €2,691 (+42.8%), from €6,281 to €8,972
of which Furniture and vehicles: +€2,691
- Trade debts -€55,187
down €55,187 (-59.7%), from €92,516 to €37,329
- Tax, wage and social debts -€35,375
down €35,375 (-82.3%), from €42,975 to €7,600
- Profit (loss) carried forward -€34,215
down €34,215 (-55.9%), from €61,231 to €27,017
- Advances received +€5,286
up €5,286 (+193.7%), from €2,729 to €8,015
- Gross operating margin -€131,701
down €131,701, from €114,905 to -€16,796
- Taxes -€19,794
no longer reported in 2025 (was €19,794)
- Financial charges -€3,227
down €3,227 (-71.5%), from €4,515 to €1,288
- Depreciation -€1,655
down €1,655 (-9.4%), from €17,554 to €15,898
- Other operating charges -€1,477
down €1,477 (-78.9%), from €1,873 to €396
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 | €214,452 | €94,961 | -€119,491 | -55.7% |
| Fixed assets | 21/28 | €6,281 | €8,972 | +€2,691 | +42.8% |
| Tangible fixed assets | 22/27 | €6,281 | €8,972 | +€2,691 | +42.8% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €6,281 | €8,972 | +€2,691 | +42.8% |
| Current assets | 29/58 | €208,171 | €85,989 | -€122,182 | -58.7% |
| Amounts receivable within one year | 40/41 | €153,637 | €82,022 | -€71,616 | -46.6% |
| Trade receivables | 40 | €76,915 | €71,738 | -€5,176 | -6.7% |
| Other amounts receivable | 41 | €76,723 | €10,283 | -€66,439 | -86.6% |
| Cash at bank and in hand | 54/58 | €54,534 | €3,804 | -€50,729 | -93.0% |
| Deferred charges and accrued income | 490/1 | - | €163 | +€163 | |
| Total equity and liabilities | 10/49 | €214,452 | €94,961 | -€119,491 | -55.7% |
| Equity | 10/15 | €76,231 | €42,017 | -€34,215 | -44.9% |
| Reserves | 13 | €15,000 | €15,000 | = | 0.0% |
| Distributable reserves | 133 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €61,231 | €27,017 | -€34,215 | -55.9% |
| Amounts payable | 17/49 | €138,221 | €52,944 | -€85,276 | -61.7% |
| Amounts payable within one year | 42/48 | €138,221 | €52,944 | -€85,276 | -61.7% |
| Trade debts | 44 | €92,516 | €37,329 | -€55,187 | -59.7% |
| Suppliers | 440/4 | €92,516 | €37,329 | -€55,187 | -59.7% |
| Advances received on contracts in progress | 46 | €2,729 | €8,015 | +€5,286 | +193.7% |
| Taxes, remuneration and social security | 45 | €42,975 | €7,600 | -€35,375 | -82.3% |
| Taxes | 450/3 | €42,975 | €7,600 | -€35,375 | -82.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,554 | €15,898 | -€1,655 | -9.4% |
| Other operating charges | 640/8 | €1,873 | €396 | -€1,477 | -78.9% |
| Gross operating margin | 9900 | €114,905 | -€16,796 | -€131,701 | |
| Operating profit (loss) | 9901 | €95,479 | -€33,090 | -€128,569 | |
| Financial income | 75/76B | - | €163 | +€163 | |
| Recurring financial income | 75 | - | €163 | +€163 | |
| Financial charges | 65/66B | €4,515 | €1,288 | -€3,227 | -71.5% |
| Recurring financial charges | 65 | €4,515 | €1,288 | -€3,227 | -71.5% |
| Profit (loss) for the period before taxes | 9903 | €90,963 | -€34,215 | -€125,178 | |
| Income taxes | 67/77 | €19,794 | - | -€19,794 | |
| Profit (loss) for the period | 9904 | €71,170 | -€34,215 | -€105,384 | |
| Profit (loss) for the period to be appropriated | 9905 | €71,170 | -€34,215 | -€105,384 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.