M&AS: 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&AS
Largest movements
- Cash -€20,641
down €20,641 (-7.4%), from €277,538 to €256,897
mainly Net result for the year (-€15,581) and Current investments (-€8,244)
- Profit (loss) carried forward -€15,581
down €15,581 (-14.7%), from €105,995 to €90,414
- Financial charges -€10,664
down €10,664 (-25.4%), from €42,060 to €31,396
- Taxes +€5,099
up €5,099, from -€2,545 to €2,554
- Other operating charges -€4,092
down €4,092 (-79.3%), from €5,157 to €1,066
- Financial income -€2,467
down €2,467 (-7.5%), from €32,994 to €30,527
- Gross operating margin +€1,515
up €1,515 (+13.3%), from -€11,352 to -€9,837
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 | €927,008 | €910,224 | -€16,784 | -1.8% |
| Fixed assets | 21/28 | €14,070 | €12,814 | -€1,256 | -8.9% |
| Tangible fixed assets | 22/27 | €14,070 | €12,814 | -€1,256 | -8.9% |
| Land and buildings | 22 | €12,121 | €11,515 | -€606 | -5.0% |
| Plant, machinery and equipment | 23 | €1,949 | €1,299 | -€650 | -33.3% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Current assets | 29/58 | €912,938 | €897,410 | -€15,529 | -1.7% |
| Amounts receivable after more than one year | 29 | €14,109 | €8,632 | -€5,477 | -38.8% |
| Other amounts receivable | 291 | €14,109 | €8,632 | -€5,477 | -38.8% |
| Amounts receivable within one year | 40/41 | €5,681 | €6,856 | +€1,175 | +20.7% |
| Other amounts receivable | 41 | €5,681 | €6,856 | +€1,175 | +20.7% |
| Current investments | 50/53 | €614,144 | €622,388 | +€8,244 | +1.3% |
| Cash at bank and in hand | 54/58 | €277,538 | €256,897 | -€20,641 | -7.4% |
| Deferred charges and accrued income | 490/1 | €1,466 | €2,637 | +€1,170 | +79.8% |
| Total equity and liabilities | 10/49 | €927,008 | €910,224 | -€16,784 | -1.8% |
| Equity | 10/15 | €925,805 | €910,224 | -€15,581 | -1.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €813,610 | €813,610 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €813,610 | €813,610 | = | 0.0% |
| Profit (loss) carried forward | 14 | €105,995 | €90,414 | -€15,581 | -14.7% |
| Amounts payable | 17/49 | €1,203 | €0 | -€1,203 | -100.0% |
| Amounts payable within one year | 42/48 | €1,203 | €0 | -€1,203 | -100.0% |
| Trade debts | 44 | €1,203 | €0 | -€1,203 | -100.0% |
| Suppliers | 440/4 | €1,203 | €0 | -€1,203 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,934 | €1,256 | -€678 | -35.1% |
| Other operating charges | 640/8 | €5,157 | €1,066 | -€4,092 | -79.3% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | -€11,352 | -€9,837 | +€1,515 | +13.3% |
| Operating profit (loss) | 9901 | -€18,443 | -€12,158 | +€6,285 | +34.1% |
| Financial income | 75/76B | €32,994 | €30,527 | -€2,467 | -7.5% |
| Recurring financial income | 75 | €32,994 | €30,527 | -€2,467 | -7.5% |
| Financial charges | 65/66B | €42,060 | €31,396 | -€10,664 | -25.4% |
| Recurring financial charges | 65 | €42,060 | €31,396 | -€10,664 | -25.4% |
| Profit (loss) for the period before taxes | 9903 | -€27,509 | -€13,027 | +€14,482 | +52.6% |
| Income taxes | 67/77 | -€2,545 | €2,554 | +€5,099 | |
| Profit (loss) for the period | 9904 | -€24,964 | -€15,581 | +€9,383 | +37.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€24,964 | -€15,581 | +€9,383 | +37.6% |
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 11 October 2026 via checked.be.