M-A: 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-A
Largest movements
- Tangible fixed assets -€16,273
down €16,273 (-25.3%), from €64,432 to €48,159
of which Furniture and vehicles: -€13,228
- Other debts -€101,426
no longer reported in 2025 (was €101,426)
- Debts after one year +€101,261
up €101,261 (+77.2%), from €131,200 to €232,461
- Profit (loss) carried forward -€17,023
down €17,023 (-3.6%), from -€474,042 to -€491,065
- Gross operating margin +€9,342
up €9,342 (+97.8%), from -€9,555 to -€214
- Depreciation -€8,887
down €8,887 (-35.3%), from €25,160 to €16,273
- Other operating charges -€1,813
down €1,813 (-81.9%), from €2,214 to €401
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 | €118,641 | €101,453 | -€17,188 | -14.5% |
| Fixed assets | 21/28 | €64,432 | €48,159 | -€16,273 | -25.3% |
| Tangible fixed assets | 22/27 | €64,432 | €48,159 | -€16,273 | -25.3% |
| Land and buildings | 22 | €13,531 | €10,486 | -€3,045 | -22.5% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €50,901 | €37,673 | -€13,228 | -26.0% |
| Leasing and similar rights | 25 | €0 | €0 | = | |
| Other tangible fixed assets | 26 | €0 | €0 | = | |
| Current assets | 29/58 | €54,209 | €53,294 | -€915 | -1.7% |
| Amounts receivable within one year | 40/41 | €53,227 | €53,227 | = | 0.0% |
| Trade receivables | 40 | €51,868 | €51,868 | = | 0.0% |
| Other amounts receivable | 41 | €1,359 | €1,359 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €982 | €67 | -€915 | -93.2% |
| Total equity and liabilities | 10/49 | €118,641 | €101,453 | -€17,188 | -14.5% |
| Equity | 10/15 | -€134,042 | -€151,065 | -€17,023 | -12.7% |
| Contributions | 10/11 | €340,000 | €340,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€474,042 | -€491,065 | -€17,023 | -3.6% |
| Amounts payable | 17/49 | €252,683 | €252,518 | -€165 | -0.1% |
| Amounts payable after more than one year | 17 | €131,200 | €232,461 | +€101,261 | +77.2% |
| Other amounts payable | 178/9 | €131,200 | €232,461 | +€101,261 | +77.2% |
| Amounts payable within one year | 42/48 | €121,483 | €20,056 | -€101,426 | -83.5% |
| Trade debts | 44 | €18,283 | €18,283 | = | 0.0% |
| Suppliers | 440/4 | €18,283 | €18,283 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €1,773 | €1,773 | = | 0.0% |
| Taxes | 450/3 | €1,773 | €1,773 | = | 0.0% |
| Other amounts payable | 47/48 | €101,426 | - | -€101,426 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,160 | €16,273 | -€8,887 | -35.3% |
| Other operating charges | 640/8 | €2,214 | €401 | -€1,813 | -81.9% |
| Non-recurring operating charges | 66A | €5,150 | - | -€5,150 | |
| Gross operating margin | 9900 | -€9,555 | -€214 | +€9,342 | +97.8% |
| Operating profit (loss) | 9901 | -€42,079 | -€16,888 | +€25,192 | +59.9% |
| Financial charges | 65/66B | €179 | €136 | -€44 | -24.3% |
| Recurring financial charges | 65 | €179 | €136 | -€44 | -24.3% |
| Profit (loss) for the period before taxes | 9903 | -€42,259 | -€17,023 | +€25,235 | +59.7% |
| Profit (loss) for the period | 9904 | -€42,259 | -€17,023 | +€25,235 | +59.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€42,259 | -€17,023 | +€25,235 | +59.7% |
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.