M 5: 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 5
Largest movements
- Receivables after one year +€131,409
up €131,409 (+142.4%), from €92,313 to €223,722
- Receivables within one year +€119,408
up €119,408 (+867.8%), from €13,760 to €133,168
of which Other amounts receivable: +€97,502
- Cash -€101,577
down €101,577 (-18.4%), from €550,752 to €449,175
mainly Contributions, distributions and other (-€583,302) and Receivables after one year (-€131,409)
- Financial fixed assets -€17,115
down €17,115 (-18.4%), from €93,228 to €76,113
- Reserves -€566,187
down €566,187 (-67.3%), from €840,853 to €274,666
of which Distributable reserves: -€566,187
- Other debts +€554,766
up €554,766 (+4857.4%), from €11,421 to €566,187
- Profit (loss) carried forward +€154,539
up €154,539 (+126.7%), from €122,008 to €276,547
- Tax, wage and social debts -€17,974
down €17,974 (-41.5%), from €43,322 to €25,348
of which Taxes: -€13,732
- Revaluation surpluses -€17,115
no longer reported in 2025 (was €17,115)
- Turnover -€460,824
no longer reported in 2025 (was €460,824)
- Purchases and services -€128,161
no longer reported in 2025 (was €128,161)
- Provisions -€35,000
no longer reported in 2025 (was €35,000)
- Gross operating margin -€19,019
down €19,019 (-5.7%), from €334,748 to €315,729
- Taxes +€10,661
up €10,661 (+16.8%), from €63,646 to €74,307
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 | €1,131,473 | €1,258,478 | +€127,005 | +11.2% |
| Fixed assets | 21/28 | €263,962 | €239,110 | -€24,852 | -9.4% |
| Tangible fixed assets | 22/27 | €170,734 | €162,997 | -€7,737 | -4.5% |
| Land and buildings | 22 | €168,742 | €160,562 | -€8,180 | -4.8% |
| Plant, machinery and equipment | 23 | €660 | €330 | -€330 | -50.0% |
| Furniture and vehicles | 24 | €1,332 | €2,105 | +€773 | +58.0% |
| Financial fixed assets | 28 | €93,228 | €76,113 | -€17,115 | -18.4% |
| Current assets | 29/58 | €867,511 | €1,019,368 | +€151,857 | +17.5% |
| Amounts receivable after more than one year | 29 | €92,313 | €223,722 | +€131,409 | +142.4% |
| Other amounts receivable | 291 | €92,313 | €223,722 | +€131,409 | +142.4% |
| Amounts receivable within one year | 40/41 | €13,760 | €133,168 | +€119,408 | +867.8% |
| Trade receivables | 40 | €10,130 | €32,036 | +€21,906 | +216.3% |
| Other amounts receivable | 41 | €3,630 | €101,132 | +€97,502 | +2686.0% |
| Current investments | 50/53 | €210,000 | €210,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €550,752 | €449,175 | -€101,577 | -18.4% |
| Deferred charges and accrued income | 490/1 | €686 | €3,302 | +€2,616 | +381.4% |
| Total equity and liabilities | 10/49 | €1,131,473 | €1,258,478 | +€127,005 | +11.2% |
| Equity | 10/15 | €1,041,476 | €612,714 | -€428,762 | -41.2% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Revaluation surpluses | 12 | €17,115 | - | -€17,115 | |
| Reserves | 13 | €840,853 | €274,666 | -€566,187 | -67.3% |
| Non-distributable reserves | 130/1 | €216,150 | €216,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Own shares acquired | 1312 | €210,000 | €210,000 | = | 0.0% |
| Distributable reserves | 133 | €624,703 | €58,516 | -€566,187 | -90.6% |
| Profit (loss) carried forward | 14 | €122,008 | €276,547 | +€154,539 | +126.7% |
| Provisions and deferred taxes | 16 | €35,000 | €35,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €35,000 | €35,000 | = | 0.0% |
| Other liabilities and charges | 164/5 | €35,000 | €35,000 | = | 0.0% |
| Amounts payable | 17/49 | €54,997 | €610,764 | +€555,767 | +1010.5% |
| Amounts payable within one year | 42/48 | €54,969 | €608,279 | +€553,310 | +1006.6% |
| Trade debts | 44 | €226 | €16,744 | +€16,518 | +7308.9% |
| Suppliers | 440/4 | €226 | €16,744 | +€16,518 | +7308.9% |
| Taxes, remuneration and social security | 45 | €43,322 | €25,348 | -€17,974 | -41.5% |
| Taxes | 450/3 | €29,060 | €15,328 | -€13,732 | -47.3% |
| Remuneration and social security | 454/9 | €14,262 | €10,020 | -€4,242 | -29.7% |
| Other amounts payable | 47/48 | €11,421 | €566,187 | +€554,766 | +4857.4% |
| Accrued charges and deferred income | 492/3 | €28 | €2,485 | +€2,457 | +8776.5% |
| Turnover | 70 | €460,824 | - | -€460,824 | |
| Goods, raw materials, services and sundry goods | 60/61 | €128,161 | - | -€128,161 | |
| Remuneration, social security and pensions | 62 | €82,149 | €84,426 | +€2,277 | +2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,842 | €9,431 | -€411 | -4.2% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €35,000 | - | -€35,000 | |
| Other operating charges | 640/8 | €1,999 | €4,781 | +€2,782 | +139.2% |
| Gross operating margin | 9900 | €334,748 | €315,729 | -€19,019 | -5.7% |
| Operating profit (loss) | 9901 | €205,758 | €217,091 | +€11,333 | +5.5% |
| Financial income | 75/76B | €10,345 | €12,120 | +€1,775 | +17.2% |
| Recurring financial income | 75 | €10,345 | €12,120 | +€1,775 | +17.2% |
| Financial charges | 65/66B | €98 | €365 | +€267 | +272.5% |
| Recurring financial charges | 65 | €98 | €365 | +€267 | +272.5% |
| Profit (loss) for the period before taxes | 9903 | €216,005 | €228,846 | +€12,841 | +5.9% |
| Income taxes | 67/77 | €63,646 | €74,307 | +€10,661 | +16.8% |
| Profit (loss) for the period | 9904 | €152,359 | €154,539 | +€2,180 | +1.4% |
| Profit (loss) for the period to be appropriated | 9905 | €152,359 | €154,539 | +€2,180 | +1.4% |
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 1 October 2026 via checked.be.