M&A PROJECTS: 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 PROJECTS
Largest movements
- Stocks and contracts +€5,451
up €5,451 (+7.3%), from €74,273 to €79,724
- Receivables within one year -€4,355
down €4,355 (-36.1%), from €12,049 to €7,694
of which Trade receivables: -€6,698
- Tangible fixed assets -€2,922
down €2,922 (-28.0%), from €10,432 to €7,511
of which Furniture and vehicles: -€1,611
- Cash -€2,238
down €2,238 (-15.6%), from €14,331 to €12,093
mainly Tax, wage and social debts (-€5,956) and Net result for the year (-€5,933)
- Deferred charges and accrued income +€1,952
up €1,952 (+62.6%), from €3,120 to €5,072
- Short-term financial debts +€10,000
new in 2025: €10,000
- Tax, wage and social debts -€5,956
down €5,956 (-58.2%), from €10,239 to €4,284
of which Taxes: -€3,741
- Profit (loss) carried forward -€5,933
down €5,933 (-11.2%), from -€53,137 to -€59,070
- Other debts -€3,440
down €3,440 (-3.2%), from €107,359 to €103,919
- Trade debts +€3,026
up €3,026 (+29.2%), from €10,366 to €13,391
- Staff costs -€8,985
down €8,985 (-18.7%), from €48,134 to €39,148
- Gross operating margin +€6,626
up €6,626 (+17.6%), from €37,709 to €44,335
- Financial income -€1,242
down €1,242 (-24.6%), from €5,040 to €3,798
- Financial charges -€1,172
down €1,172 (-20.3%), from €5,768 to €4,596
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 | €114,206 | €112,093 | -€2,113 | -1.8% |
| Fixed assets | 21/28 | €10,432 | €7,511 | -€2,922 | -28.0% |
| Tangible fixed assets | 22/27 | €10,432 | €7,511 | -€2,922 | -28.0% |
| Plant, machinery and equipment | 23 | €4,028 | €2,717 | -€1,310 | -32.5% |
| Furniture and vehicles | 24 | €6,405 | €4,793 | -€1,611 | -25.2% |
| Current assets | 29/58 | €103,774 | €104,583 | +€809 | +0.8% |
| Stocks and contracts in progress | 3 | €74,273 | €79,724 | +€5,451 | +7.3% |
| Stocks | 30/36 | €74,273 | €79,724 | +€5,451 | +7.3% |
| Amounts receivable within one year | 40/41 | €12,049 | €7,694 | -€4,355 | -36.1% |
| Trade receivables | 40 | €12,049 | €5,351 | -€6,698 | -55.6% |
| Other amounts receivable | 41 | €0 | €2,344 | +€2,344 | |
| Cash at bank and in hand | 54/58 | €14,331 | €12,093 | -€2,238 | -15.6% |
| Deferred charges and accrued income | 490/1 | €3,120 | €5,072 | +€1,952 | +62.6% |
| Total equity and liabilities | 10/49 | €114,206 | €112,093 | -€2,113 | -1.8% |
| Equity | 10/15 | -€14,052 | -€19,985 | -€5,933 | -42.2% |
| Contributions | 10/11 | €30,987 | €30,987 | = | 0.0% |
| Reserves | 13 | €8,099 | €8,099 | = | 0.0% |
| Distributable reserves | 133 | €8,099 | €8,099 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€53,137 | -€59,070 | -€5,933 | -11.2% |
| Amounts payable | 17/49 | €128,258 | €132,078 | +€3,821 | +3.0% |
| Amounts payable within one year | 42/48 | €127,964 | €131,594 | +€3,630 | +2.8% |
| Financial debts | 43 | - | €10,000 | +€10,000 | |
| Credit institutions | 430/8 | - | €10,000 | +€10,000 | |
| Trade debts | 44 | €10,366 | €13,391 | +€3,026 | +29.2% |
| Suppliers | 440/4 | €10,366 | €13,391 | +€3,026 | +29.2% |
| Taxes, remuneration and social security | 45 | €10,239 | €4,284 | -€5,956 | -58.2% |
| Taxes | 450/3 | €5,208 | €1,467 | -€3,741 | -71.8% |
| Remuneration and social security | 454/9 | €5,032 | €2,817 | -€2,214 | -44.0% |
| Other amounts payable | 47/48 | €107,359 | €103,919 | -€3,440 | -3.2% |
| Accrued charges and deferred income | 492/3 | €294 | €484 | +€190 | +64.7% |
| Non-recurring operating income | 76A | €0 | €181 | +€181 | |
| Remuneration, social security and pensions | 62 | €48,134 | €39,148 | -€8,985 | -18.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,700 | €2,922 | +€221 | +8.2% |
| Other operating charges | 640/8 | €5,464 | €5,563 | +€99 | +1.8% |
| Non-recurring operating charges | 66A | - | €1,402 | +€1,402 | |
| Gross operating margin | 9900 | €37,709 | €44,335 | +€6,626 | +17.6% |
| Operating profit (loss) | 9901 | -€18,589 | -€4,700 | +€13,889 | +74.7% |
| Financial income | 75/76B | €5,040 | €3,798 | -€1,242 | -24.6% |
| Recurring financial income | 75 | €5,040 | €3,798 | -€1,242 | -24.6% |
| Financial charges | 65/66B | €5,768 | €4,596 | -€1,172 | -20.3% |
| Recurring financial charges | 65 | €5,768 | €4,596 | -€1,172 | -20.3% |
| Profit (loss) for the period before taxes | 9903 | -€19,317 | -€5,498 | +€13,819 | +71.5% |
| Income taxes | 67/77 | €323 | €435 | +€112 | +34.7% |
| Profit (loss) for the period | 9904 | -€19,640 | -€5,933 | +€13,707 | +69.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€19,640 | -€5,933 | +€13,707 | +69.8% |
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 14 October 2026 via checked.be.