M Advisors: 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 Advisors
Largest movements
- Receivables within one year -€24,972
down €24,972 (-24.7%), from €101,289 to €76,317
of which Trade receivables: -€19,663
- Cash +€12,216
up €12,216 (+2,951%), from €414 to €12,630
mainly Receivables within one year (+€24,972) and Net result for the year (+€24,290)
- Intangible fixed assets +€9,461
up €9,461 (+101%), from €9,407 to €18,868
- Deferred charges and accrued income +€3,824
up €3,824 (+117%), from €3,281 to €7,105
- Trade debts -€24,878
down €24,878 (-83.1%), from €29,938 to €5,061
- Reserves +€12,500
up €12,500 (+61.6%), from €20,284 to €32,784
of which Distributable reserves: +€12,500
- Other debts +€9,100
up €9,100 (+2,150%), from €423 to €9,524
- Tax, wage and social debts -€2,501
down €2,501 (-7.7%), from €32,303 to €29,802
of which Taxes: -€4,482
- Accrued charges and deferred income +€2,344
up €2,344 (+297%), from €790 to €3,134
- Gross operating margin +€24,573
up €24,573 (+20.2%), from €121,831 to €146,404
- Staff costs -€7,649
down €7,649 (-7.4%), from €103,159 to €95,510
- Financial charges +€6,489
up €6,489 (+245%), from €2,645 to €9,134
of which Non-recurring financial charges: +€3,570
- Taxes +€5,641
up €5,641 (+143%), from €3,956 to €9,597
- Depreciation +€4,019
up €4,019 (+112%), from €3,582 to €7,601
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 | €115,546 | €115,112 | -€434 | -0.4% |
| Fixed assets | 21/28 | €10,562 | €19,061 | +€8,499 | +80.5% |
| Intangible fixed assets | 21 | €9,407 | €18,868 | +€9,461 | +101% |
| Tangible fixed assets | 22/27 | €1,055 | €93 | -€962 | -91.2% |
| Furniture and vehicles | 24 | €1,055 | €93 | -€962 | -91.2% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €104,984 | €96,051 | -€8,933 | -8.5% |
| Amounts receivable within one year | 40/41 | €101,289 | €76,317 | -€24,972 | -24.7% |
| Trade receivables | 40 | €90,823 | €71,160 | -€19,663 | -21.6% |
| Other amounts receivable | 41 | €10,466 | €5,157 | -€5,310 | -50.7% |
| Cash at bank and in hand | 54/58 | €414 | €12,630 | +€12,216 | +2,951% |
| Deferred charges and accrued income | 490/1 | €3,281 | €7,105 | +€3,824 | +117% |
| Total equity and liabilities | 10/49 | €115,546 | €115,112 | -€434 | -0.4% |
| Equity | 10/15 | €39,987 | €54,277 | +€14,290 | +35.7% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €20,284 | €32,784 | +€12,500 | +61.6% |
| Non-distributable reserves | 130/1 | €1,900 | €1,900 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,900 | €1,900 | = | 0.0% |
| Distributable reserves | 133 | €18,384 | €30,884 | +€12,500 | +68.0% |
| Profit (loss) carried forward | 14 | €703 | €2,493 | +€1,790 | +255% |
| Amounts payable | 17/49 | €75,559 | €60,835 | -€14,724 | -19.5% |
| Amounts payable within one year | 42/48 | €74,769 | €57,701 | -€17,067 | -22.8% |
| Current portion of amounts payable after more than one year | 42 | €12,104 | €11,815 | -€290 | -2.4% |
| Financial debts | 43 | - | €1,500 | +€1,500 | |
| Credit institutions | 430/8 | - | €1,500 | +€1,500 | |
| Trade debts | 44 | €29,938 | €5,061 | -€24,878 | -83.1% |
| Suppliers | 440/4 | €29,938 | €5,061 | -€24,878 | -83.1% |
| Taxes, remuneration and social security | 45 | €32,303 | €29,802 | -€2,501 | -7.7% |
| Taxes | 450/3 | €14,306 | €9,824 | -€4,482 | -31.3% |
| Remuneration and social security | 454/9 | €17,997 | €19,978 | +€1,981 | +11.0% |
| Other amounts payable | 47/48 | €423 | €9,524 | +€9,100 | +2,150% |
| Accrued charges and deferred income | 492/3 | €790 | €3,134 | +€2,344 | +297% |
| Remuneration, social security and pensions | 62 | €103,159 | €95,510 | -€7,649 | -7.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,582 | €7,601 | +€4,019 | +112% |
| Other operating charges | 640/8 | €2,657 | €938 | -€1,719 | -64.7% |
| Gross operating margin | 9900 | €121,831 | €146,404 | +€24,573 | +20.2% |
| Operating profit (loss) | 9901 | €12,433 | €42,354 | +€29,921 | +241% |
| Financial income | 75/76B | €2,620 | €666 | -€1,954 | -74.6% |
| Recurring financial income | 75 | €2,620 | €666 | -€1,954 | -74.6% |
| Financial charges | 65/66B | €2,645 | €9,134 | +€6,489 | +245% |
| Recurring financial charges | 65 | €2,645 | €5,564 | +€2,920 | +110% |
| Non-recurring financial charges | 66B | - | €3,570 | +€3,570 | |
| Profit (loss) for the period before taxes | 9903 | €12,409 | €33,887 | +€21,478 | +173% |
| Income taxes | 67/77 | €3,956 | €9,597 | +€5,641 | +143% |
| Profit (loss) for the period | 9904 | €8,453 | €24,290 | +€15,837 | +187% |
| Profit (loss) for the period to be appropriated | 9905 | €8,453 | €24,290 | +€15,837 | +187% |
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 23 October 2026 via checked.be.