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
- Receivables within one year -€25,083
down €25,083 (-60.7%), from €41,298 to €16,215
of which Trade receivables: -€22,305
- Tangible fixed assets -€20,080
down €20,080 (-25.9%), from €77,491 to €57,410
of which Furniture and vehicles: -€11,886
- Other debts -€16,447
down €16,447 (-96.7%), from €17,000 to €553
- Tax, wage and social debts -€14,586
down €14,586 (-42.0%), from €34,749 to €20,164
of which Taxes: -€14,448
- Debts after one year -€9,004
down €9,004 (-80.1%), from €11,244 to €2,240
- Reserves -€6,348
down €6,348 (-6.9%), from €91,685 to €85,337
- Gross operating margin -€39,706
down €39,706 (-27.2%), from €146,101 to €106,396
- Taxes -€15,580
down €15,580, from €8,021 to -€7,559
- Financial charges -€6,670
down €6,670, from €5,310 to -€1,360
- Depreciation +€6,359
up €6,359 (+27.6%), from €23,021 to €29,379
- Other operating charges +€5,228
up €5,228 (+183.8%), from €2,844 to €8,072
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 | €185,152 | €139,311 | -€45,841 | -24.8% |
| Fixed assets | 21/28 | €81,491 | €60,410 | -€21,080 | -25.9% |
| Tangible fixed assets | 22/27 | €77,491 | €57,410 | -€20,080 | -25.9% |
| Land and buildings | 22 | €2,388 | €1,859 | -€530 | -22.2% |
| Plant, machinery and equipment | 23 | €21,582 | €13,918 | -€7,664 | -35.5% |
| Furniture and vehicles | 24 | €53,520 | €41,634 | -€11,886 | -22.2% |
| Financial fixed assets | 28 | €4,000 | €3,000 | -€1,000 | -25.0% |
| Current assets | 29/58 | €103,661 | €78,900 | -€24,760 | -23.9% |
| Stocks and contracts in progress | 3 | - | €1,500 | +€1,500 | |
| Stocks | 30/36 | - | €1,500 | +€1,500 | |
| Amounts receivable within one year | 40/41 | €41,298 | €16,215 | -€25,083 | -60.7% |
| Trade receivables | 40 | €22,723 | €418 | -€22,305 | -98.2% |
| Other amounts receivable | 41 | €18,575 | €15,796 | -€2,778 | -15.0% |
| Cash at bank and in hand | 54/58 | €62,223 | €61,186 | -€1,037 | -1.7% |
| Deferred charges and accrued income | 490/1 | €140 | - | -€140 | |
| Total equity and liabilities | 10/49 | €185,152 | €139,311 | -€45,841 | -24.8% |
| Equity | 10/15 | €94,185 | €87,837 | -€6,348 | -6.7% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €91,685 | €85,337 | -€6,348 | -6.9% |
| Distributable reserves | 133 | €91,685 | €85,337 | -€6,348 | -6.9% |
| Amounts payable | 17/49 | €90,967 | €51,474 | -€39,493 | -43.4% |
| Amounts payable after more than one year | 17 | €11,244 | €2,240 | -€9,004 | -80.1% |
| Financial debts | 170/4 | €11,244 | €2,240 | -€9,004 | -80.1% |
| Amounts payable within one year | 42/48 | €79,722 | €49,233 | -€30,489 | -38.2% |
| Current portion of amounts payable after more than one year | 42 | €8,916 | €8,960 | +€44 | +0.5% |
| Trade debts | 44 | €18,355 | €19,557 | +€1,201 | +6.5% |
| Suppliers | 440/4 | €18,355 | €19,557 | +€1,201 | +6.5% |
| Advances received on contracts in progress | 46 | €702 | - | -€702 | |
| Taxes, remuneration and social security | 45 | €34,749 | €20,164 | -€14,586 | -42.0% |
| Taxes | 450/3 | €22,487 | €8,040 | -€14,448 | -64.2% |
| Remuneration and social security | 454/9 | €12,262 | €12,124 | -€138 | -1.1% |
| Other amounts payable | 47/48 | €17,000 | €553 | -€16,447 | -96.7% |
| Remuneration, social security and pensions | 62 | €89,092 | €84,234 | -€4,858 | -5.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,021 | €29,379 | +€6,359 | +27.6% |
| Other operating charges | 640/8 | €2,844 | €8,072 | +€5,228 | +183.8% |
| Non-recurring operating charges | 66A | €3,769 | - | -€3,769 | |
| Gross operating margin | 9900 | €146,101 | €106,396 | -€39,706 | -27.2% |
| Operating profit (loss) | 9901 | €27,376 | -€15,290 | -€42,666 | |
| Financial income | 75/76B | €50 | €23 | -€27 | -54.4% |
| Recurring financial income | 75 | €50 | €23 | -€27 | -54.4% |
| Financial charges | 65/66B | €5,310 | -€1,360 | -€6,670 | |
| Recurring financial charges | 65 | €5,310 | -€1,360 | -€6,670 | |
| Profit (loss) for the period before taxes | 9903 | €22,116 | -€13,907 | -€36,023 | |
| Income taxes | 67/77 | €8,021 | -€7,559 | -€15,580 | |
| Profit (loss) for the period | 9904 | €14,095 | -€6,348 | -€20,442 | |
| Profit (loss) for the period to be appropriated | 9905 | €14,095 | -€6,348 | -€20,442 |
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 6 October 2026 via checked.be.