M&A TRANS: 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 TRANS
Largest movements
- Receivables within one year +€112,035
up €112,035 (+102%), from €110,193 to €222,228
of which Trade receivables: +€106,057
- Cash +€17,279
up €17,279 (+18.7%), from €92,527 to €109,806
mainly Trade debts (+€134,642) and Depreciation (+€36,366)
- Tangible fixed assets +€8,653
up €8,653 (+3.9%), from €219,219 to €227,872
of which Leasing and similar rights: +€28,855
- Deferred charges and accrued income +€7,684
up €7,684 (+103%), from €7,471 to €15,156
- Trade debts +€134,642
up €134,642 (+857%), from €15,703 to €150,345
- Debts after one year +€14,708
up €14,708 (+9.9%), from €148,387 to €163,096
- Tax, wage and social debts -€12,427
down €12,427 (-60.0%), from €20,700 to €8,273
of which Taxes: -€6,241
- Gross operating margin -€79,719
down €79,719 (-49.5%), from €160,904 to €81,184
- Staff costs -€55,066
down €55,066 (-71.3%), from €77,206 to €22,140
- Depreciation -€10,664
down €10,664 (-22.7%), from €47,030 to €36,366
- Taxes -€2,804
down €2,804 (-67.9%), from €4,132 to €1,327
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 | €450,167 | €595,817 | +€145,650 | +32.4% |
| Fixed assets | 21/28 | €220,187 | €228,840 | +€8,653 | +3.9% |
| Tangible fixed assets | 22/27 | €219,219 | €227,872 | +€8,653 | +3.9% |
| Plant, machinery and equipment | 23 | €342 | €134 | -€208 | -60.8% |
| Furniture and vehicles | 24 | €41,474 | €21,696 | -€19,778 | -47.7% |
| Leasing and similar rights | 25 | €176,800 | €205,655 | +€28,855 | +16.3% |
| Other tangible fixed assets | 26 | €603 | €386 | -€216 | -35.9% |
| Financial fixed assets | 28 | €968 | €968 | = | 0.0% |
| Current assets | 29/58 | €229,980 | €366,977 | +€136,998 | +59.6% |
| Amounts receivable within one year | 40/41 | €110,193 | €222,228 | +€112,035 | +102% |
| Trade receivables | 40 | €105,951 | €212,008 | +€106,057 | +100% |
| Other amounts receivable | 41 | €4,242 | €10,220 | +€5,978 | +141% |
| Current investments | 50/53 | €19,788 | €19,788 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €92,527 | €109,806 | +€17,279 | +18.7% |
| Deferred charges and accrued income | 490/1 | €7,471 | €15,156 | +€7,684 | +103% |
| Total equity and liabilities | 10/49 | €450,167 | €595,817 | +€145,650 | +32.4% |
| Equity | 10/15 | €208,268 | €213,718 | +€5,450 | +2.6% |
| Contributions | 10/11 | €6,465 | €6,465 | = | 0.0% |
| Reserves | 13 | €201,803 | €207,253 | +€5,450 | +2.7% |
| Distributable reserves | 133 | €201,803 | €207,253 | +€5,450 | +2.7% |
| Amounts payable | 17/49 | €241,898 | €382,099 | +€140,200 | +58.0% |
| Amounts payable after more than one year | 17 | €148,387 | €163,096 | +€14,708 | +9.9% |
| Financial debts | 170/4 | €148,387 | €163,096 | +€14,708 | +9.9% |
| Amounts payable within one year | 42/48 | €93,511 | €219,003 | +€125,492 | +134% |
| Current portion of amounts payable after more than one year | 42 | €55,508 | €59,785 | +€4,277 | +7.7% |
| Trade debts | 44 | €15,703 | €150,345 | +€134,642 | +857% |
| Suppliers | 440/4 | €15,703 | €150,345 | +€134,642 | +857% |
| Taxes, remuneration and social security | 45 | €20,700 | €8,273 | -€12,427 | -60.0% |
| Taxes | 450/3 | €9,136 | €2,895 | -€6,241 | -68.3% |
| Remuneration and social security | 454/9 | €11,564 | €5,378 | -€6,186 | -53.5% |
| Other amounts payable | 47/48 | €1,600 | €600 | -€1,000 | -62.5% |
| Remuneration, social security and pensions | 62 | €77,206 | €22,140 | -€55,066 | -71.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,030 | €36,366 | -€10,664 | -22.7% |
| Other operating charges | 640/8 | - | €124 | +€124 | |
| Non-recurring operating charges | 66A | €154 | - | -€154 | |
| Gross operating margin | 9900 | €160,904 | €81,184 | -€79,719 | -49.5% |
| Operating profit (loss) | 9901 | €36,514 | €22,554 | -€13,960 | -38.2% |
| Financial income | 75/76B | €563 | €709 | +€145 | +25.8% |
| Recurring financial income | 75 | €563 | €709 | +€145 | +25.8% |
| Financial charges | 65/66B | €10,408 | €9,484 | -€924 | -8.9% |
| Recurring financial charges | 65 | €10,408 | €9,472 | -€936 | -9.0% |
| Non-recurring financial charges | 66B | - | €12 | +€12 | |
| Profit (loss) for the period before taxes | 9903 | €26,670 | €13,778 | -€12,891 | -48.3% |
| Income taxes | 67/77 | €4,132 | €1,327 | -€2,804 | -67.9% |
| Profit (loss) for the period | 9904 | €22,538 | €12,451 | -€10,087 | -44.8% |
| Profit (loss) for the period to be appropriated | 9905 | €22,538 | €12,451 | -€10,087 | -44.8% |
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.