M-ART: 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-ART
Largest movements
- Receivables within one year -€41,491
down €41,491 (-63.8%), from €65,069 to €23,578
of which Trade receivables: -€37,547
- Deferred charges and accrued income -€9,807
no longer reported in 2025 (was €9,807)
- Cash -€3,883
no longer reported in 2025 (was €3,883)
mainly Trade debts (-€45,988) and Net result for the year (-€35,416)
- Trade debts -€45,988
down €45,988 (-27.6%), from €166,699 to €120,711
- Profit (loss) carried forward -€35,416
down €35,416, from €31,159 to -€4,257
- Other debts +€23,108
new in 2025: €23,108
- Short-term financial debts +€3,114
new in 2025: €3,114
- Turnover -€118,658
down €118,658 (-79.7%), from €148,840 to €30,183
- Gross operating margin -€77,189
down €77,189, from €43,587 to -€33,602
- Purchases and services -€41,469
down €41,469 (-39.4%), from €105,253 to €63,784
- Depreciation -€30,850
no longer reported in 2025 (was €30,850)
- Other operating charges -€5,657
down €5,657 (-79.7%), from €7,096 to €1,439
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 | €212,518 | €157,336 | -€55,181 | -26.0% |
| Fixed assets | 21/28 | €133,758 | €133,758 | = | 0.0% |
| Tangible fixed assets | 22/27 | €133,758 | €133,758 | = | 0.0% |
| Furniture and vehicles | 24 | €133,758 | €133,758 | = | 0.0% |
| Current assets | 29/58 | €78,760 | €23,578 | -€55,181 | -70.1% |
| Amounts receivable within one year | 40/41 | €65,069 | €23,578 | -€41,491 | -63.8% |
| Trade receivables | 40 | €52,346 | €14,799 | -€37,547 | -71.7% |
| Other amounts receivable | 41 | €12,723 | €8,779 | -€3,944 | -31.0% |
| Cash at bank and in hand | 54/58 | €3,883 | - | -€3,883 | |
| Deferred charges and accrued income | 490/1 | €9,807 | - | -€9,807 | |
| Total equity and liabilities | 10/49 | €212,518 | €157,336 | -€55,181 | -26.0% |
| Equity | 10/15 | €45,819 | €10,403 | -€35,416 | -77.3% |
| Contributions | 10/11 | €12,800 | €12,800 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €31,159 | -€4,257 | -€35,416 | |
| Amounts payable | 17/49 | €166,699 | €146,933 | -€19,766 | -11.9% |
| Amounts payable within one year | 42/48 | €166,699 | €146,933 | -€19,766 | -11.9% |
| Financial debts | 43 | - | €3,114 | +€3,114 | |
| Credit institutions | 430/8 | - | €3,114 | +€3,114 | |
| Trade debts | 44 | €166,699 | €120,711 | -€45,988 | -27.6% |
| Suppliers | 440/4 | €166,699 | €120,711 | -€45,988 | -27.6% |
| Other amounts payable | 47/48 | - | €23,108 | +€23,108 | |
| Turnover | 70 | €148,840 | €30,183 | -€118,658 | -79.7% |
| Goods, raw materials, services and sundry goods | 60/61 | €105,253 | €63,784 | -€41,469 | -39.4% |
| Remuneration, social security and pensions | 62 | €146 | €380 | +€235 | +161% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,850 | - | -€30,850 | |
| Other operating charges | 640/8 | €7,096 | €1,439 | -€5,657 | -79.7% |
| Gross operating margin | 9900 | €43,587 | -€33,602 | -€77,189 | |
| Operating profit (loss) | 9901 | €5,495 | -€35,421 | -€40,916 | |
| Financial income | 75/76B | - | €6 | +€6 | |
| Recurring financial income | 75 | - | €6 | +€6 | |
| Financial charges | 65/66B | €5,431 | - | -€5,431 | |
| Recurring financial charges | 65 | €5,431 | - | -€5,431 | |
| Profit (loss) for the period before taxes | 9903 | €64 | -€35,416 | -€35,479 | |
| Profit (loss) for the period | 9904 | €64 | -€35,416 | -€35,479 | |
| Profit (loss) for the period to be appropriated | 9905 | €64 | -€35,416 | -€35,479 |
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.