M & A PARTNERS: 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 PARTNERS
Largest movements
- Tangible fixed assets +€13,304
new in 2025: €13,304
- Cash -€10,832
down €10,832 (-31.7%), from €34,208 to €23,376
mainly Investment in fixed assets (net) (-€13,839) and Trade debts (-€1,287)
- Reserves +€3,545
up €3,545 (+15.2%), from €23,381 to €26,926
of which Distributable reserves: +€3,545
- Trade debts -€1,287
down €1,287 (-94.8%), from €1,357 to €70
- Gross operating margin +€1,173
up €1,173 (+23.4%), from €5,015 to €6,188
- Depreciation +€336
up €336 (+169%), from €199 to €536
- Taxes +€176
up €176 (+12.0%), from €1,469 to €1,646
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 | €34,208 | €36,765 | +€2,557 | +7.5% |
| Fixed assets | 21/28 | - | €13,304 | +€13,304 | |
| Tangible fixed assets | 22/27 | - | €13,304 | +€13,304 | |
| Other tangible fixed assets | 26 | - | €13,304 | +€13,304 | |
| Current assets | 29/58 | €34,208 | €23,461 | -€10,747 | -31.4% |
| Amounts receivable within one year | 40/41 | - | €85 | +€85 | |
| Trade receivables | 40 | - | €85 | +€85 | |
| Cash at bank and in hand | 54/58 | €34,208 | €23,376 | -€10,832 | -31.7% |
| Total equity and liabilities | 10/49 | €34,208 | €36,765 | +€2,557 | +7.5% |
| Equity | 10/15 | €30,381 | €33,926 | +€3,545 | +11.7% |
| Contributions | 10/11 | €7,000 | €7,000 | = | 0.0% |
| Reserves | 13 | €23,381 | €26,926 | +€3,545 | +15.2% |
| Non-distributable reserves | 130/1 | €700 | €700 | = | 0.0% |
| Reserves not available under the articles | 1311 | €700 | €700 | = | 0.0% |
| Distributable reserves | 133 | €22,681 | €26,226 | +€3,545 | +15.6% |
| Amounts payable | 17/49 | €3,827 | €2,839 | -€988 | -25.8% |
| Amounts payable within one year | 42/48 | €3,807 | €2,839 | -€968 | -25.4% |
| Trade debts | 44 | €1,357 | €70 | -€1,287 | -94.8% |
| Suppliers | 440/4 | €1,357 | €70 | -€1,287 | -94.8% |
| Taxes, remuneration and social security | 45 | €2,205 | €2,504 | +€299 | +13.6% |
| Taxes | 450/3 | €2,205 | €2,504 | +€299 | +13.6% |
| Other amounts payable | 47/48 | €245 | €265 | +€20 | +8.0% |
| Accrued charges and deferred income | 492/3 | €20 | - | -€20 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €199 | €536 | +€336 | +169% |
| Other operating charges | 640/8 | €449 | €462 | +€12 | +2.8% |
| Gross operating margin | 9900 | €5,015 | €6,188 | +€1,173 | +23.4% |
| Operating profit (loss) | 9901 | €4,366 | €5,191 | +€824 | +18.9% |
| Profit (loss) for the period before taxes | 9903 | €4,366 | €5,191 | +€824 | +18.9% |
| Income taxes | 67/77 | €1,469 | €1,646 | +€176 | +12.0% |
| Profit (loss) for the period | 9904 | €2,897 | €3,545 | +€648 | +22.4% |
| Profit (loss) for the period to be appropriated | 9905 | €2,897 | €3,545 | +€648 | +22.4% |
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 15 October 2026 via checked.be.