M&A TECHNICS: 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 TECHNICS
Largest movements
- Tangible fixed assets +€47,951
up €47,951 (+354.4%), from €13,530 to €61,481
of which Furniture and vehicles: +€47,477
- Cash +€20,415
up €20,415 (+76.4%), from €26,733 to €47,148
mainly Debts after one year (+€48,202) and Net result for the year (+€41,253)
- Deferred charges and accrued income +€15,299
new in 2025: €15,299
- Receivables within one year +€7,944
up €7,944 (+23.4%), from €34,017 to €41,961
of which Other amounts receivable: +€14,263
- Debts after one year +€48,202
new in 2025: €48,202
- Reserves +€41,253
up €41,253 (+122.2%), from €33,745 to €74,997
- Other debts -€17,574
down €17,574 (-89.7%), from €19,597 to €2,023
- Tax, wage and social debts +€11,806
up €11,806 (+70.2%), from €16,821 to €28,626
of which Taxes: +€9,545
- Current portion of long-term debt +€4,913
new in 2025: €4,913
- Gross operating margin +€75,040
up €75,040 (+132.6%), from €56,595 to €131,634
- Staff costs +€44,473
up €44,473 (+364.2%), from €12,211 to €56,684
- Depreciation +€14,974
up €14,974 (+889.3%), from €1,684 to €16,658
- Taxes +€6,111
up €6,111 (+65.6%), from €9,311 to €15,422
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 | €74,280 | €165,889 | +€91,608 | +123.3% |
| Fixed assets | 21/28 | €13,530 | €61,481 | +€47,951 | +354.4% |
| Tangible fixed assets | 22/27 | €13,530 | €61,481 | +€47,951 | +354.4% |
| Plant, machinery and equipment | 23 | €3,394 | €3,868 | +€474 | +14.0% |
| Furniture and vehicles | 24 | €10,136 | €57,613 | +€47,477 | +468.4% |
| Current assets | 29/58 | €60,750 | €104,408 | +€43,657 | +71.9% |
| Amounts receivable within one year | 40/41 | €34,017 | €41,961 | +€7,944 | +23.4% |
| Trade receivables | 40 | €34,017 | €27,698 | -€6,319 | -18.6% |
| Other amounts receivable | 41 | - | €14,263 | +€14,263 | |
| Cash at bank and in hand | 54/58 | €26,733 | €47,148 | +€20,415 | +76.4% |
| Deferred charges and accrued income | 490/1 | - | €15,299 | +€15,299 | |
| Total equity and liabilities | 10/49 | €74,280 | €165,889 | +€91,608 | +123.3% |
| Equity | 10/15 | €35,245 | €76,497 | +€41,253 | +117.0% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €33,745 | €74,997 | +€41,253 | +122.2% |
| Distributable reserves | 133 | €33,745 | €74,997 | +€41,253 | +122.2% |
| Amounts payable | 17/49 | €39,036 | €89,392 | +€50,356 | +129.0% |
| Amounts payable after more than one year | 17 | - | €48,202 | +€48,202 | |
| Financial debts | 170/4 | - | €48,202 | +€48,202 | |
| Amounts payable within one year | 42/48 | €39,036 | €41,092 | +€2,056 | +5.3% |
| Current portion of amounts payable after more than one year | 42 | - | €4,913 | +€4,913 | |
| Trade debts | 44 | €2,618 | €5,529 | +€2,911 | +111.2% |
| Suppliers | 440/4 | €2,618 | €5,529 | +€2,911 | +111.2% |
| Taxes, remuneration and social security | 45 | €16,821 | €28,626 | +€11,806 | +70.2% |
| Taxes | 450/3 | €14,557 | €24,102 | +€9,545 | +65.6% |
| Remuneration and social security | 454/9 | €2,263 | €4,524 | +€2,261 | +99.9% |
| Other amounts payable | 47/48 | €19,597 | €2,023 | -€17,574 | -89.7% |
| Accrued charges and deferred income | 492/3 | - | €98 | +€98 | |
| Remuneration, social security and pensions | 62 | €12,211 | €56,684 | +€44,473 | +364.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,684 | €16,658 | +€14,974 | +889.3% |
| Other operating charges | 640/8 | €662 | €329 | -€333 | -50.2% |
| Gross operating margin | 9900 | €56,595 | €131,634 | +€75,040 | +132.6% |
| Operating profit (loss) | 9901 | €42,037 | €57,963 | +€15,925 | +37.9% |
| Financial income | 75/76B | €4 | €0 | -€3 | -92.0% |
| Recurring financial income | 75 | €4 | €0 | -€3 | -92.0% |
| Financial charges | 65/66B | €975 | €1,289 | +€314 | +32.2% |
| Recurring financial charges | 65 | €975 | €1,289 | +€314 | +32.2% |
| Profit (loss) for the period before taxes | 9903 | €41,066 | €56,674 | +€15,608 | +38.0% |
| Income taxes | 67/77 | €9,311 | €15,422 | +€6,111 | +65.6% |
| Profit (loss) for the period | 9904 | €31,756 | €41,253 | +€9,497 | +29.9% |
| Profit (loss) for the period to be appropriated | 9905 | €31,756 | €41,253 | +€9,497 | +29.9% |
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 5 October 2026 via checked.be.