M 126: 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 126
Largest movements
- Tangible fixed assets -€44,114
down €44,114 (-13.9%), from €317,322 to €273,208
of which Land and buildings: -€33,468
- Cash -€17,542
down €17,542 (-16.6%), from €105,791 to €88,250
mainly Debts after one year (-€74,400) and Trade debts (-€12,299)
- Receivables within one year -€8,543
down €8,543 (-59.5%), from €14,360 to €5,817
of which Other amounts receivable: -€4,997
- Stocks and contracts +€4,905
up €4,905 (+141%), from €3,490 to €8,395
- Debts after one year -€74,400
down €74,400 (-25.6%), from €291,054 to €216,654
- Reserves +€22,982
up €22,982 (+120%), from €19,085 to €42,067
- Trade debts -€12,299
down €12,299 (-37.1%), from €33,190 to €20,891
- Tax, wage and social debts +€10,011
up €10,011 (+47.9%), from €20,884 to €30,895
of which Remuneration and social security: +€12,183
- Current portion of long-term debt -€9,793
down €9,793 (-18.0%), from €54,332 to €44,540
- Staff costs -€12,768
down €12,768 (-7.8%), from €162,717 to €149,949
- Taxes +€5,497
up €5,497 (+76.5%), from €7,185 to €12,683
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 | €441,954 | €377,014 | -€64,939 | -14.7% |
| Fixed assets | 21/28 | €318,312 | €274,552 | -€43,760 | -13.7% |
| Tangible fixed assets | 22/27 | €317,322 | €273,208 | -€44,114 | -13.9% |
| Land and buildings | 22 | €291,869 | €258,401 | -€33,468 | -11.5% |
| Plant, machinery and equipment | 23 | €7,281 | €5,559 | -€1,722 | -23.7% |
| Furniture and vehicles | 24 | €18,172 | €9,248 | -€8,924 | -49.1% |
| Financial fixed assets | 28 | €990 | €1,344 | +€354 | +35.8% |
| Current assets | 29/58 | €123,642 | €102,462 | -€21,180 | -17.1% |
| Stocks and contracts in progress | 3 | €3,490 | €8,395 | +€4,905 | +141% |
| Stocks | 30/36 | €3,490 | €8,395 | +€4,905 | +141% |
| Amounts receivable within one year | 40/41 | €14,360 | €5,817 | -€8,543 | -59.5% |
| Trade receivables | 40 | €3,546 | €0 | -€3,546 | -100% |
| Other amounts receivable | 41 | €10,815 | €5,817 | -€4,997 | -46.2% |
| Cash at bank and in hand | 54/58 | €105,791 | €88,250 | -€17,542 | -16.6% |
| Total equity and liabilities | 10/49 | €441,954 | €377,014 | -€64,939 | -14.7% |
| Equity | 10/15 | €40,216 | €63,198 | +€22,982 | +57.1% |
| Contributions | 10/11 | €78,413 | €78,413 | = | 0.0% |
| Reserves | 13 | €19,085 | €42,067 | +€22,982 | +120% |
| Distributable reserves | 133 | €19,085 | €42,067 | +€22,982 | +120% |
| Profit (loss) carried forward | 14 | -€57,282 | -€57,282 | = | 0.0% |
| Amounts payable | 17/49 | €401,737 | €313,816 | -€87,922 | -21.9% |
| Amounts payable after more than one year | 17 | €291,054 | €216,654 | -€74,400 | -25.6% |
| Financial debts | 170/4 | €291,054 | €216,654 | -€74,400 | -25.6% |
| Amounts payable within one year | 42/48 | €109,370 | €97,161 | -€12,208 | -11.2% |
| Current portion of amounts payable after more than one year | 42 | €54,332 | €44,540 | -€9,793 | -18.0% |
| Trade debts | 44 | €33,190 | €20,891 | -€12,299 | -37.1% |
| Suppliers | 440/4 | €33,190 | €20,891 | -€12,299 | -37.1% |
| Taxes, remuneration and social security | 45 | €20,884 | €30,895 | +€10,011 | +47.9% |
| Taxes | 450/3 | €4,676 | €2,504 | -€2,172 | -46.4% |
| Remuneration and social security | 454/9 | €16,209 | €28,392 | +€12,183 | +75.2% |
| Other amounts payable | 47/48 | €963 | €836 | -€127 | -13.2% |
| Accrued charges and deferred income | 492/3 | €1,314 | - | -€1,314 | |
| Remuneration, social security and pensions | 62 | €162,717 | €149,949 | -€12,768 | -7.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,362 | €45,640 | +€1,279 | +2.9% |
| Other operating charges | 640/8 | €5,884 | €6,200 | +€316 | +5.4% |
| Gross operating margin | 9900 | €247,852 | €249,312 | +€1,459 | +0.6% |
| Operating profit (loss) | 9901 | €34,889 | €47,522 | +€12,633 | +36.2% |
| Financial charges | 65/66B | €12,460 | €11,857 | -€603 | -4.8% |
| Recurring financial charges | 65 | €12,460 | €11,857 | -€603 | -4.8% |
| Profit (loss) for the period before taxes | 9903 | €22,429 | €35,665 | +€13,236 | +59.0% |
| Income taxes | 67/77 | €7,185 | €12,683 | +€5,497 | +76.5% |
| Profit (loss) for the period | 9904 | €15,244 | €22,982 | +€7,738 | +50.8% |
| Profit (loss) for the period to be appropriated | 9905 | €15,244 | €22,982 | +€7,738 | +50.8% |
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 21 October 2026 via checked.be.