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
- Tangible fixed assets -€60,668
down €60,668 (-16.7%), from €363,573 to €302,905
of which Land and buildings: -€58,892
- Cash +€34,252
up €34,252 (+20.7%), from €165,705 to €199,957
mainly Depreciation (+€59,828) and Net result for the year (+€17,801)
- Deferred charges and accrued income +€23,730
up €23,730 (+2914.9%), from €814 to €24,544
- Receivables within one year -€10,336
down €10,336 (-58.5%), from €17,658 to €7,321
of which Trade receivables: -€15,333
- Debts after one year -€29,370
down €29,370 (-49.0%), from €59,964 to €30,594
of which Financial debts: -€29,760
- Accrued charges and deferred income -€17,949
down €17,949 (-100.0%), from €17,949 to €0
- Profit (loss) carried forward +€17,801
up €17,801 (+26305.4%), from €68 to €17,869
- Other debts +€17,082
up €17,082 (+21.1%), from €80,905 to €97,986
- Trade debts +€15,383
up €15,383 (+649.0%), from €2,370 to €17,754
- Gross operating margin -€52,383
down €52,383 (-36.0%), from €145,609 to €93,226
- Taxes -€17,831
down €17,831 (-65.2%), from €27,352 to €9,521
- Provisions -€8,125
down €8,125, from €1,903 to -€6,222
- Depreciation -€5,761
down €5,761 (-8.8%), from €65,589 to €59,828
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 | €547,749 | €534,726 | -€13,022 | -2.4% |
| Fixed assets | 21/28 | €363,573 | €302,905 | -€60,668 | -16.7% |
| Tangible fixed assets | 22/27 | €363,573 | €302,905 | -€60,668 | -16.7% |
| Land and buildings | 22 | €360,903 | €302,011 | -€58,892 | -16.3% |
| Plant, machinery and equipment | 23 | €1,585 | €893 | -€692 | -43.6% |
| Furniture and vehicles | 24 | €1,085 | €0 | -€1,085 | -100.0% |
| Current assets | 29/58 | €184,176 | €231,822 | +€47,645 | +25.9% |
| Amounts receivable within one year | 40/41 | €17,658 | €7,321 | -€10,336 | -58.5% |
| Trade receivables | 40 | €16,956 | €1,623 | -€15,333 | -90.4% |
| Other amounts receivable | 41 | €701 | €5,698 | +€4,997 | +712.4% |
| Cash at bank and in hand | 54/58 | €165,705 | €199,957 | +€34,252 | +20.7% |
| Deferred charges and accrued income | 490/1 | €814 | €24,544 | +€23,730 | +2914.9% |
| Total equity and liabilities | 10/49 | €547,749 | €534,726 | -€13,022 | -2.4% |
| Equity | 10/15 | €290,635 | €308,436 | +€17,801 | +6.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €271,968 | €271,968 | = | 0.0% |
| Distributable reserves | 133 | €271,968 | €271,968 | = | 0.0% |
| Profit (loss) carried forward | 14 | €68 | €17,869 | +€17,801 | +26305.4% |
| Provisions and deferred taxes | 16 | €55,084 | €48,861 | -€6,222 | -11.3% |
| Provisions for liabilities and charges | 160/5 | €55,084 | €48,861 | -€6,222 | -11.3% |
| Pensions and similar obligations | 160 | €29,750 | €29,750 | = | 0.0% |
| Other liabilities and charges | 164/5 | €25,334 | €19,111 | -€6,222 | -24.6% |
| Amounts payable | 17/49 | €202,030 | €177,428 | -€24,601 | -12.2% |
| Amounts payable after more than one year | 17 | €59,964 | €30,594 | -€29,370 | -49.0% |
| Financial debts | 170/4 | €58,209 | €28,449 | -€29,760 | -51.1% |
| Other amounts payable | 178/9 | €1,755 | €2,145 | +€390 | +22.2% |
| Amounts payable within one year | 42/48 | €124,116 | €146,834 | +€22,718 | +18.3% |
| Current portion of amounts payable after more than one year | 42 | €28,485 | €29,760 | +€1,275 | +4.5% |
| Trade debts | 44 | €2,370 | €17,754 | +€15,383 | +649.0% |
| Suppliers | 440/4 | €2,370 | €17,754 | +€15,383 | +649.0% |
| Taxes, remuneration and social security | 45 | €12,356 | €1,334 | -€11,022 | -89.2% |
| Taxes | 450/3 | €12,356 | €1,334 | -€11,022 | -89.2% |
| Other amounts payable | 47/48 | €80,905 | €97,986 | +€17,082 | +21.1% |
| Accrued charges and deferred income | 492/3 | €17,949 | €0 | -€17,949 | -100.0% |
| Non-recurring operating income | 76A | €892 | €0 | -€892 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,589 | €59,828 | -€5,761 | -8.8% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €1,903 | -€6,222 | -€8,125 | |
| Other operating charges | 640/8 | €6,923 | €7,403 | +€479 | +6.9% |
| Gross operating margin | 9900 | €145,609 | €93,226 | -€52,383 | -36.0% |
| Operating profit (loss) | 9901 | €71,194 | €32,218 | -€38,977 | -54.7% |
| Financial income | 75/76B | €729 | €732 | +€2 | +0.3% |
| Recurring financial income | 75 | €729 | €732 | +€2 | +0.3% |
| Financial charges | 65/66B | €4,518 | €5,627 | +€1,110 | +24.6% |
| Recurring financial charges | 65 | €4,518 | €5,627 | +€1,110 | +24.6% |
| Profit (loss) for the period before taxes | 9903 | €67,406 | €27,322 | -€40,084 | -59.5% |
| Income taxes | 67/77 | €27,352 | €9,521 | -€17,831 | -65.2% |
| Profit (loss) for the period | 9904 | €40,054 | €17,801 | -€22,253 | -55.6% |
| Profit (loss) for the period to be appropriated | 9905 | €40,054 | €17,801 | -€22,253 | -55.6% |
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 3 October 2026 via checked.be.