M-ats: 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-ats
Largest movements
- Tangible fixed assets +€373,301
up €373,301 (+549.3%), from €67,966 to €441,267
of which Land and buildings: +€343,691
- Receivables within one year -€13,368
down €13,368 (-61.7%), from €21,656 to €8,288
- Debts after one year +€304,140
up €304,140 (+851.4%), from €35,724 to €339,864
- Reserves +€27,842
up €27,842 (+221.9%), from €12,547 to €40,389
- Current portion of long-term debt +€14,709
up €14,709 (+140.7%), from €10,450 to €25,159
- Other debts +€7,659
up €7,659 (+39.1%), from €19,598 to €27,257
- Tax, wage and social debts +€4,984
up €4,984 (+56.0%), from €8,900 to €13,884
of which Taxes: +€4,960
- Gross operating margin +€34,401
up €34,401 (+93.1%), from €36,954 to €71,355
- Depreciation +€11,529
up €11,529 (+59.5%), from €19,374 to €30,903
- Financial charges +€4,109
up €4,109 (+220.5%), from €1,863 to €5,973
- Taxes +€3,469
up €3,469 (+109.5%), from €3,169 to €6,638
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 | €96,479 | €457,103 | +€360,624 | +373.8% |
| Fixed assets | 21/28 | €67,966 | €441,268 | +€373,301 | +549.2% |
| Intangible fixed assets | 21 | €1 | €1 | -€0 | -16.3% |
| Tangible fixed assets | 22/27 | €67,966 | €441,267 | +€373,301 | +549.3% |
| Land and buildings | 22 | - | €343,691 | +€343,691 | |
| Plant, machinery and equipment | 23 | €6,249 | €25,878 | +€19,629 | +314.1% |
| Furniture and vehicles | 24 | €61,717 | €71,698 | +€9,981 | +16.2% |
| Current assets | 29/58 | €28,513 | €15,835 | -€12,678 | -44.5% |
| Amounts receivable within one year | 40/41 | €21,656 | €8,288 | -€13,368 | -61.7% |
| Trade receivables | 40 | €21,656 | €8,288 | -€13,368 | -61.7% |
| Cash at bank and in hand | 54/58 | €6,793 | €6,230 | -€562 | -8.3% |
| Deferred charges and accrued income | 490/1 | €64 | €1,317 | +€1,253 | +1964.0% |
| Total equity and liabilities | 10/49 | €96,479 | €457,103 | +€360,624 | +373.8% |
| Equity | 10/15 | €17,547 | €45,389 | +€27,842 | +158.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €12,547 | €40,389 | +€27,842 | +221.9% |
| Distributable reserves | 133 | €12,547 | €40,389 | +€27,842 | +221.9% |
| Amounts payable | 17/49 | €78,932 | €411,714 | +€332,782 | +421.6% |
| Amounts payable after more than one year | 17 | €35,724 | €339,864 | +€304,140 | +851.4% |
| Financial debts | 170/4 | €35,724 | €339,864 | +€304,140 | +851.4% |
| Amounts payable within one year | 42/48 | €43,208 | €71,850 | +€28,643 | +66.3% |
| Current portion of amounts payable after more than one year | 42 | €10,450 | €25,159 | +€14,709 | +140.7% |
| Trade debts | 44 | €4,260 | €5,550 | +€1,291 | +30.3% |
| Suppliers | 440/4 | €4,260 | €5,550 | +€1,291 | +30.3% |
| Taxes, remuneration and social security | 45 | €8,900 | €13,884 | +€4,984 | +56.0% |
| Taxes | 450/3 | €6,472 | €11,433 | +€4,960 | +76.6% |
| Remuneration and social security | 454/9 | €2,428 | €2,451 | +€24 | +1.0% |
| Other amounts payable | 47/48 | €19,598 | €27,257 | +€7,659 | +39.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,374 | €30,903 | +€11,529 | +59.5% |
| Gross operating margin | 9900 | €36,954 | €71,355 | +€34,401 | +93.1% |
| Operating profit (loss) | 9901 | €17,580 | €40,452 | +€22,873 | +130.1% |
| Financial income | 75/76B | €0 | €0 | +€0 | +60.0% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +60.0% |
| Financial charges | 65/66B | €1,863 | €5,973 | +€4,109 | +220.5% |
| Recurring financial charges | 65 | €1,863 | €5,973 | +€4,109 | +220.5% |
| Profit (loss) for the period before taxes | 9903 | €15,717 | €34,480 | +€18,763 | +119.4% |
| Income taxes | 67/77 | €3,169 | €6,638 | +€3,469 | +109.5% |
| Profit (loss) for the period | 9904 | €12,547 | €27,842 | +€15,294 | +121.9% |
| Profit (loss) for the period to be appropriated | 9905 | €12,547 | €27,842 | +€15,294 | +121.9% |
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.