M&A Construct: 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 Construct
Largest movements
- Receivables within one year +€140,025
up €140,025 (+1114.2%), from €12,568 to €152,593
of which Other amounts receivable: +€75,226
- Cash +€32,539
up €32,539 (+1359.2%), from €2,394 to €34,933
mainly Net result for the year (+€128,912) and Tax, wage and social debts (+€26,919)
- Tangible fixed assets +€20,935
up €20,935 (+104.5%), from €20,030 to €40,965
of which Furniture and vehicles: +€26,008
- Profit (loss) carried forward +€128,912
up €128,912 (+177.2%), from €72,747 to €201,660
- Tax, wage and social debts +€26,919
up €26,919 (+98.2%), from €27,421 to €54,341
of which Taxes: +€31,850
- Debts after one year +€16,612
up €16,612 (+107.7%), from €15,430 to €32,042
- Trade debts +€14,561
up €14,561 (+53.5%), from €27,203 to €41,765
- Current portion of long-term debt +€5,250
up €5,250 (+125.3%), from €4,190 to €9,440
- Gross operating margin +€146,468
up €146,468 (+190.9%), from €76,706 to €223,174
- Staff costs +€39,595
new in 2024: €39,595
- Taxes +€22,395
up €22,395 (+161.0%), from €13,909 to €36,304
- Depreciation +€7,073
up €7,073 (+139.4%), from €5,074 to €12,146
- Financial charges +€4,298
up €4,298 (+190.9%), from €2,251 to €6,550
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €149,992 | €342,247 | +€192,255 | +128.2% |
| Fixed assets | 21/28 | €20,030 | €41,160 | +€21,130 | +105.5% |
| Tangible fixed assets | 22/27 | €20,030 | €40,965 | +€20,935 | +104.5% |
| Furniture and vehicles | 24 | - | €26,008 | +€26,008 | |
| Leasing and similar rights | 25 | €20,030 | €14,956 | -€5,074 | -25.3% |
| Financial fixed assets | 28 | - | €196 | +€196 | |
| Current assets | 29/58 | €129,962 | €301,087 | +€171,125 | +131.7% |
| Amounts receivable after more than one year | 29 | €115,000 | €112,091 | -€2,910 | -2.5% |
| Other amounts receivable | 291 | €115,000 | €112,091 | -€2,910 | -2.5% |
| Amounts receivable within one year | 40/41 | €12,568 | €152,593 | +€140,025 | +1114.2% |
| Trade receivables | 40 | €4,150 | €68,950 | +€64,800 | +1561.4% |
| Other amounts receivable | 41 | €8,418 | €83,643 | +€75,226 | +893.6% |
| Cash at bank and in hand | 54/58 | €2,394 | €34,933 | +€32,539 | +1359.2% |
| Deferred charges and accrued income | 490/1 | - | €1,470 | +€1,470 | |
| Total equity and liabilities | 10/49 | €149,992 | €342,247 | +€192,255 | +128.2% |
| Equity | 10/15 | €75,747 | €204,660 | +€128,912 | +170.2% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €72,747 | €201,660 | +€128,912 | +177.2% |
| Amounts payable | 17/49 | €74,245 | €137,587 | +€63,343 | +85.3% |
| Amounts payable after more than one year | 17 | €15,430 | €32,042 | +€16,612 | +107.7% |
| Financial debts | 170/4 | €15,430 | €32,042 | +€16,612 | +107.7% |
| Amounts payable within one year | 42/48 | €58,815 | €105,545 | +€46,731 | +79.5% |
| Current portion of amounts payable after more than one year | 42 | €4,190 | €9,440 | +€5,250 | +125.3% |
| Trade debts | 44 | €27,203 | €41,765 | +€14,561 | +53.5% |
| Suppliers | 440/4 | €27,203 | €41,765 | +€14,561 | +53.5% |
| Taxes, remuneration and social security | 45 | €27,421 | €54,341 | +€26,919 | +98.2% |
| Taxes | 450/3 | €18,421 | €50,271 | +€31,850 | +172.9% |
| Remuneration and social security | 454/9 | €9,000 | €4,069 | -€4,931 | -54.8% |
| Remuneration, social security and pensions | 62 | - | €39,595 | +€39,595 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,074 | €12,146 | +€7,073 | +139.4% |
| Other operating charges | 640/8 | €773 | €2,136 | +€1,364 | +176.5% |
| Gross operating margin | 9900 | €76,706 | €223,174 | +€146,468 | +190.9% |
| Operating profit (loss) | 9901 | €70,860 | €169,297 | +€98,437 | +138.9% |
| Financial income | 75/76B | - | €2,469 | +€2,469 | |
| Recurring financial income | 75 | - | €2,469 | +€2,469 | |
| Financial charges | 65/66B | €2,251 | €6,550 | +€4,298 | +190.9% |
| Recurring financial charges | 65 | €2,251 | €6,550 | +€4,298 | +190.9% |
| Profit (loss) for the period before taxes | 9903 | €68,609 | €165,216 | +€96,608 | +140.8% |
| Income taxes | 67/77 | €13,909 | €36,304 | +€22,395 | +161.0% |
| Profit (loss) for the period | 9904 | €54,699 | €128,912 | +€74,213 | +135.7% |
| Profit (loss) for the period to be appropriated | 9905 | €54,699 | €128,912 | +€74,213 | +135.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.