M 1130: 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 1130
Largest movements
- Tangible fixed assets -€17,700
down €17,700 (-3.3%), from €532,974 to €515,274
- Debts after one year -€27,702
down €27,702 (-8.4%), from €331,210 to €303,508
- Reserves +€7,851
up €7,851 (+24.7%), from €31,799 to €39,650
- Gross operating margin +€24,752
up €24,752 (+43.7%), from €56,646 to €81,398
- Taxes +€6,298
up €6,298 (+90.2%), from €6,979 to €13,277
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 | €546,481 | €525,769 | -€20,712 | -3.8% |
| Fixed assets | 21/28 | €532,974 | €515,274 | -€17,700 | -3.3% |
| Tangible fixed assets | 22/27 | €532,974 | €515,274 | -€17,700 | -3.3% |
| Land and buildings | 22 | €532,974 | €515,274 | -€17,700 | -3.3% |
| Current assets | 29/58 | €13,507 | €10,495 | -€3,012 | -22.3% |
| Amounts receivable within one year | 40/41 | €521 | €72 | -€449 | -86.1% |
| Other amounts receivable | 41 | €521 | €72 | -€449 | -86.1% |
| Cash at bank and in hand | 54/58 | €11,444 | €8,865 | -€2,578 | -22.5% |
| Deferred charges and accrued income | 490/1 | €1,542 | €1,558 | +€15 | +1.0% |
| Total equity and liabilities | 10/49 | €546,481 | €525,769 | -€20,712 | -3.8% |
| Equity | 10/15 | €51,799 | €59,650 | +€7,851 | +15.2% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €31,799 | €39,650 | +€7,851 | +24.7% |
| Distributable reserves | 133 | €31,799 | €39,650 | +€7,851 | +24.7% |
| Amounts payable | 17/49 | €494,682 | €466,119 | -€28,562 | -5.8% |
| Amounts payable after more than one year | 17 | €331,210 | €303,508 | -€27,702 | -8.4% |
| Financial debts | 170/4 | €331,210 | €303,508 | -€27,702 | -8.4% |
| Amounts payable within one year | 42/48 | €163,472 | €162,612 | -€860 | -0.5% |
| Current portion of amounts payable after more than one year | 42 | €27,207 | €27,702 | +€495 | +1.8% |
| Trade debts | 44 | €1,227 | - | -€1,227 | |
| Suppliers | 440/4 | €1,227 | - | -€1,227 | |
| Taxes, remuneration and social security | 45 | €4,111 | €1,277 | -€2,834 | -68.9% |
| Taxes | 450/3 | €2,111 | €1,277 | -€834 | -39.5% |
| Remuneration and social security | 454/9 | €2,000 | - | -€2,000 | |
| Other amounts payable | 47/48 | €130,927 | €133,632 | +€2,706 | +2.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,700 | €17,700 | = | 0.0% |
| Other operating charges | 640/8 | €4,254 | €4,387 | +€133 | +3.1% |
| Gross operating margin | 9900 | €56,646 | €81,398 | +€24,752 | +43.7% |
| Operating profit (loss) | 9901 | €34,692 | €59,311 | +€24,619 | +71.0% |
| Financial charges | 65/66B | €6,880 | €6,384 | -€496 | -7.2% |
| Recurring financial charges | 65 | €6,880 | €6,384 | -€496 | -7.2% |
| Profit (loss) for the period before taxes | 9903 | €27,812 | €52,927 | +€25,115 | +90.3% |
| Income taxes | 67/77 | €6,979 | €13,277 | +€6,298 | +90.2% |
| Profit (loss) for the period | 9904 | €20,833 | €39,650 | +€18,817 | +90.3% |
| Profit (loss) for the period to be appropriated | 9905 | €20,833 | €39,650 | +€18,817 | +90.3% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.