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
- Receivables within one year +€7,557
up €7,557 (+61.1%), from €12,366 to €19,923
of which Trade receivables: +€7,562
- Tangible fixed assets +€4,728
up €4,728 (+270%), from €1,754 to €6,482
of which Plant, machinery and equipment: +€4,728
- Cash +€1,910
up €1,910 (+23.6%), from €8,079 to €9,989
mainly Net result for the year (+€13,935) and Tax, wage and social debts (+€4,894)
- Profit (loss) carried forward +€13,935
up €13,935 (+455%), from €3,064 to €16,999
- Tax, wage and social debts +€4,894
up €4,894 (+109%), from €4,490 to €9,383
of which Taxes: +€8,556
- Trade debts -€3,283
down €3,283 (-54.1%), from €6,070 to €2,787
- Other debts -€1,350
no longer reported in 2025 (was €1,350)
- Taxes +€7,912
up €7,912 (+957%), from €827 to €8,738
- Gross operating margin +€6,522
up €6,522 (+25.2%), from €25,831 to €32,354
- Other operating charges -€1,070
down €1,070 (-34.2%), from €3,130 to €2,060
- Staff costs +€864
up €864 (+239%), from €361 to €1,225
- Depreciation +€463
up €463 (+57.2%), from €809 to €1,272
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 | €24,951 | €39,146 | +€14,195 | +56.9% |
| Fixed assets | 21/28 | €1,754 | €6,482 | +€4,728 | +270% |
| Tangible fixed assets | 22/27 | €1,754 | €6,482 | +€4,728 | +270% |
| Plant, machinery and equipment | 23 | €1,754 | €6,482 | +€4,728 | +270% |
| Furniture and vehicles | 24 | - | €0 | = | |
| Current assets | 29/58 | €23,197 | €32,664 | +€9,467 | +40.8% |
| Amounts receivable within one year | 40/41 | €12,366 | €19,923 | +€7,557 | +61.1% |
| Trade receivables | 40 | €8,384 | €15,946 | +€7,562 | +90.2% |
| Other amounts receivable | 41 | €3,982 | €3,977 | -€5 | -0.1% |
| Cash at bank and in hand | 54/58 | €8,079 | €9,989 | +€1,910 | +23.6% |
| Deferred charges and accrued income | 490/1 | €2,753 | €2,753 | = | 0.0% |
| Total equity and liabilities | 10/49 | €24,951 | €39,146 | +€14,195 | +56.9% |
| Equity | 10/15 | €11,677 | €25,612 | +€13,935 | +119% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €2,414 | €2,414 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €554 | €554 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,064 | €16,999 | +€13,935 | +455% |
| Amounts payable | 17/49 | €13,274 | €13,534 | +€260 | +2.0% |
| Amounts payable within one year | 42/48 | €11,910 | €12,170 | +€260 | +2.2% |
| Trade debts | 44 | €6,070 | €2,787 | -€3,283 | -54.1% |
| Suppliers | 440/4 | €6,070 | €2,787 | -€3,283 | -54.1% |
| Taxes, remuneration and social security | 45 | €4,490 | €9,383 | +€4,894 | +109% |
| Taxes | 450/3 | €827 | €9,383 | +€8,556 | +1,035% |
| Remuneration and social security | 454/9 | €3,663 | - | -€3,663 | |
| Other amounts payable | 47/48 | €1,350 | - | -€1,350 | |
| Accrued charges and deferred income | 492/3 | €1,364 | €1,364 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €361 | €1,225 | +€864 | +239% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €809 | €1,272 | +€463 | +57.2% |
| Other operating charges | 640/8 | €3,130 | €2,060 | -€1,070 | -34.2% |
| Gross operating margin | 9900 | €25,831 | €32,354 | +€6,522 | +25.2% |
| Operating profit (loss) | 9901 | €21,531 | €27,797 | +€6,266 | +29.1% |
| Financial income | 75/76B | - | €26 | +€26 | |
| Recurring financial income | 75 | - | €26 | +€26 | |
| Financial charges | 65/66B | €5,509 | €5,150 | -€359 | -6.5% |
| Recurring financial charges | 65 | €5,509 | €5,150 | -€359 | -6.5% |
| Profit (loss) for the period before taxes | 9903 | €16,022 | €22,673 | +€6,652 | +41.5% |
| Income taxes | 67/77 | €827 | €8,738 | +€7,912 | +957% |
| Profit (loss) for the period | 9904 | €15,195 | €13,935 | -€1,260 | -8.3% |
| Profit (loss) for the period to be appropriated | 9905 | €15,195 | €13,935 | -€1,260 | -8.3% |
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 24 October 2026 via checked.be.