M & A: 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 & A
Largest movements
- Stocks and contracts +€30,173
up €30,173 (+90.7%), from €33,282 to €63,455
- Cash -€8,300
down €8,300 (-84.5%), from €9,825 to €1,525
mainly Stocks and contracts (-€30,173) and Receivables within one year (-€3,810)
- Receivables within one year +€3,810
up €3,810 (+2008.9%), from €190 to €4,000
of which Trade receivables: +€4,000
- Tangible fixed assets +€1,971
new in 2025: €1,971
- Trade debts +€16,940
up €16,940 (+138.7%), from €12,211 to €29,151
- Reserves +€5,309
up €5,309 (+61.6%), from €8,622 to €13,931
of which Distributable reserves: +€5,309
- Tax, wage and social debts +€5,023
up €5,023 (+111.1%), from €4,522 to €9,545
of which Taxes: +€5,023
- Gross operating margin +€3,512
up €3,512 (+24.3%), from €14,430 to €17,942
- Other operating charges +€1,650
up €1,650 (+33.6%), from €4,913 to €6,563
- Financial charges -€519
down €519 (-41.8%), from €1,241 to €722
- Taxes +€474
up €474 (+10.5%), from €4,522 to €4,996
- Depreciation +€377
new in 2025: €377
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 | €43,968 | €71,645 | +€27,677 | +62.9% |
| Fixed assets | 21/28 | - | €1,971 | +€1,971 | |
| Tangible fixed assets | 22/27 | - | €1,971 | +€1,971 | |
| Furniture and vehicles | 24 | - | €1,971 | +€1,971 | |
| Current assets | 29/58 | €43,968 | €69,674 | +€25,706 | +58.5% |
| Stocks and contracts in progress | 3 | €33,282 | €63,455 | +€30,173 | +90.7% |
| Stocks | 30/36 | €33,282 | €63,455 | +€30,173 | +90.7% |
| Amounts receivable within one year | 40/41 | €190 | €4,000 | +€3,810 | +2008.9% |
| Trade receivables | 40 | €0 | €4,000 | +€4,000 | |
| Other amounts receivable | 41 | €190 | €0 | -€190 | -100.0% |
| Cash at bank and in hand | 54/58 | €9,825 | €1,525 | -€8,300 | -84.5% |
| Deferred charges and accrued income | 490/1 | €671 | €694 | +€23 | +3.4% |
| Total equity and liabilities | 10/49 | €43,968 | €71,645 | +€27,677 | +62.9% |
| Equity | 10/15 | €27,222 | €32,531 | +€5,309 | +19.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €8,622 | €13,931 | +€5,309 | +61.6% |
| Non-distributable reserves | 130/1 | €126 | €126 | = | 0.0% |
| Reserves not available under the articles | 1311 | €126 | €126 | = | 0.0% |
| Distributable reserves | 133 | €8,496 | €13,805 | +€5,309 | +62.5% |
| Amounts payable | 17/49 | €16,746 | €39,114 | +€22,368 | +133.6% |
| Amounts payable within one year | 42/48 | €16,746 | €39,114 | +€22,368 | +133.6% |
| Financial debts | 43 | €13 | €13 | = | 0.0% |
| Credit institutions | 430/8 | €13 | €13 | = | 0.0% |
| Trade debts | 44 | €12,211 | €29,151 | +€16,940 | +138.7% |
| Suppliers | 440/4 | €12,211 | €29,151 | +€16,940 | +138.7% |
| Taxes, remuneration and social security | 45 | €4,522 | €9,545 | +€5,023 | +111.1% |
| Taxes | 450/3 | €4,522 | €9,545 | +€5,023 | +111.1% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | - | €405 | +€405 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €377 | +€377 | |
| Other operating charges | 640/8 | €4,913 | €6,563 | +€1,650 | +33.6% |
| Gross operating margin | 9900 | €14,430 | €17,942 | +€3,512 | +24.3% |
| Operating profit (loss) | 9901 | €9,517 | €11,002 | +€1,485 | +15.6% |
| Financial income | 75/76B | €9 | €24 | +€15 | +170.1% |
| Recurring financial income | 75 | €9 | €24 | +€15 | +170.1% |
| Financial charges | 65/66B | €1,241 | €722 | -€519 | -41.8% |
| Recurring financial charges | 65 | €1,241 | €722 | -€519 | -41.8% |
| Profit (loss) for the period before taxes | 9903 | €8,286 | €10,305 | +€2,019 | +24.4% |
| Income taxes | 67/77 | €4,522 | €4,996 | +€474 | +10.5% |
| Profit (loss) for the period | 9904 | €3,764 | €5,309 | +€1,545 | +41.0% |
| Profit (loss) for the period to be appropriated | 9905 | €3,764 | €5,309 | +€1,545 | +41.0% |
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.