M&A Projects: 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 Projects
Largest movements
- Tangible fixed assets +€57,688
up €57,688 (+8179.6%), from €705 to €58,393
- Cash -€49,611
down €49,611 (-71.7%), from €69,238 to €19,626
mainly Investment in fixed assets (net) (-€60,219) and Receivables within one year (-€33,064)
- Receivables within one year +€33,064
up €33,064 (+47.4%), from €69,794 to €102,858
of which Trade receivables: +€34,100
- Current investments -€15,058
down €15,058 (-10.8%), from €140,059 to €125,001
- Reserves +€15,425
up €15,425 (+12.7%), from €121,787 to €137,212
- Tax, wage and social debts +€7,520
up €7,520 (+212.8%), from €3,534 to €11,054
- Other debts +€4,481
up €4,481 (+5.3%), from €84,502 to €88,983
- Gross operating margin -€13,191
down €13,191 (-31.4%), from €42,022 to €28,830
- Taxes -€3,614
down €3,614 (-27.3%), from €13,244 to €9,630
- Financial income +€2,051
up €2,051 (+99.5%), from €2,062 to €4,113
- Depreciation +€1,367
up €1,367 (+376.1%), from €364 to €1,731
- Other operating charges -€1,083
down €1,083 (-64.9%), from €1,669 to €586
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 | €282,528 | €309,932 | +€27,404 | +9.7% |
| Fixed assets | 21/28 | €705 | €59,193 | +€58,488 | +8293.1% |
| Tangible fixed assets | 22/27 | €705 | €58,393 | +€57,688 | +8179.6% |
| Furniture and vehicles | 24 | €705 | €58,393 | +€57,688 | +8179.6% |
| Financial fixed assets | 28 | - | €800 | +€800 | |
| Current assets | 29/58 | €281,822 | €250,739 | -€31,083 | -11.0% |
| Amounts receivable within one year | 40/41 | €69,794 | €102,858 | +€33,064 | +47.4% |
| Trade receivables | 40 | €68,150 | €102,250 | +€34,100 | +50.0% |
| Other amounts receivable | 41 | €1,644 | €609 | -€1,036 | -63.0% |
| Current investments | 50/53 | €140,059 | €125,001 | -€15,058 | -10.8% |
| Cash at bank and in hand | 54/58 | €69,238 | €19,626 | -€49,611 | -71.7% |
| Deferred charges and accrued income | 490/1 | €2,731 | €3,253 | +€522 | +19.1% |
| Total equity and liabilities | 10/49 | €282,528 | €309,932 | +€27,404 | +9.7% |
| Equity | 10/15 | €193,980 | €209,405 | +€15,425 | +8.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €121,787 | €137,212 | +€15,425 | +12.7% |
| Distributable reserves | 133 | €121,787 | €137,212 | +€15,425 | +12.7% |
| Profit (loss) carried forward | 14 | €65,994 | €65,994 | = | 0.0% |
| Amounts payable | 17/49 | €88,547 | €100,527 | +€11,979 | +13.5% |
| Amounts payable within one year | 42/48 | €88,547 | €100,527 | +€11,979 | +13.5% |
| Trade debts | 44 | €511 | €490 | -€21 | -4.2% |
| Suppliers | 440/4 | €511 | €490 | -€21 | -4.2% |
| Taxes, remuneration and social security | 45 | €3,534 | €11,054 | +€7,520 | +212.8% |
| Taxes | 450/3 | €3,534 | €11,054 | +€7,520 | +212.8% |
| Other amounts payable | 47/48 | €84,502 | €88,983 | +€4,481 | +5.3% |
| Non-recurring operating income | 76A | - | €9,750 | +€9,750 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €364 | €1,731 | +€1,367 | +376.1% |
| Other operating charges | 640/8 | €1,669 | €586 | -€1,083 | -64.9% |
| Gross operating margin | 9900 | €42,022 | €28,830 | -€13,191 | -31.4% |
| Operating profit (loss) | 9901 | €39,989 | €26,514 | -€13,475 | -33.7% |
| Financial income | 75/76B | €2,062 | €4,113 | +€2,051 | +99.5% |
| Recurring financial income | 75 | €2,062 | €4,113 | +€2,051 | +99.5% |
| Financial charges | 65/66B | €6,188 | €5,572 | -€616 | -10.0% |
| Recurring financial charges | 65 | €6,188 | €5,572 | -€616 | -10.0% |
| Profit (loss) for the period before taxes | 9903 | €35,863 | €25,055 | -€10,808 | -30.1% |
| Income taxes | 67/77 | €13,244 | €9,630 | -€3,614 | -27.3% |
| Profit (loss) for the period | 9904 | €22,619 | €15,425 | -€7,194 | -31.8% |
| Profit (loss) for the period to be appropriated | 9905 | €22,619 | €15,425 | -€7,194 | -31.8% |
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 1 October 2026 via checked.be.