M.B.: 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.B.
Largest movements
- Receivables within one year +€249,749
up €249,749 (+154.0%), from €162,128 to €411,877
of which Trade receivables: +€186,625
- Cash -€103,933
down €103,933 (-72.2%), from €143,977 to €40,044
mainly Receivables within one year (-€249,749) and Investment in fixed assets (net) (-€152,050)
- Tangible fixed assets +€77,773
up €77,773 (+33.8%), from €230,074 to €307,847
of which Plant, machinery and equipment: +€94,417
- Trade debts +€183,542
up €183,542 (+217.9%), from €84,214 to €267,756
- Reserves +€78,000
up €78,000 (+17.3%), from €451,500 to €529,500
of which Distributable reserves: +€78,000
- Debts after one year -€22,540
down €22,540 (-30.5%), from €74,011 to €51,471
- Other debts -€15,902
down €15,902 (-21.0%), from €75,762 to €59,860
- Gross operating margin +€46,958
up €46,958 (+10.6%), from €443,237 to €490,195
- Turnover +€41,389
up €41,389 (+3.0%), from €1.4m to €1.4m
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 | €863,623 | €1,079,310 | +€215,687 | +25.0% |
| Fixed assets | 21/28 | €230,074 | €307,847 | +€77,773 | +33.8% |
| Tangible fixed assets | 22/27 | €230,074 | €307,847 | +€77,773 | +33.8% |
| Plant, machinery and equipment | 23 | €196,234 | €290,651 | +€94,417 | +48.1% |
| Furniture and vehicles | 24 | €33,840 | €17,196 | -€16,644 | -49.2% |
| Current assets | 29/58 | €633,549 | €771,463 | +€137,914 | +21.8% |
| Stocks and contracts in progress | 3 | €327,444 | €319,542 | -€7,902 | -2.4% |
| Stocks | 30/36 | €307,444 | €299,542 | -€7,902 | -2.6% |
| Contracts in progress | 37 | €20,000 | €20,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €162,128 | €411,877 | +€249,749 | +154.0% |
| Trade receivables | 40 | €162,128 | €348,753 | +€186,625 | +115.1% |
| Other amounts receivable | 41 | - | €63,124 | +€63,124 | |
| Cash at bank and in hand | 54/58 | €143,977 | €40,044 | -€103,933 | -72.2% |
| Total equity and liabilities | 10/49 | €863,623 | €1,079,310 | +€215,687 | +25.0% |
| Equity | 10/15 | €551,898 | €629,855 | +€77,957 | +14.1% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €451,500 | €529,500 | +€78,000 | +17.3% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €441,500 | €519,500 | +€78,000 | +17.7% |
| Profit (loss) carried forward | 14 | €398 | €355 | -€43 | -10.8% |
| Amounts payable | 17/49 | €311,725 | €449,455 | +€137,730 | +44.2% |
| Amounts payable after more than one year | 17 | €74,011 | €51,471 | -€22,540 | -30.5% |
| Financial debts | 170/4 | €74,011 | €51,471 | -€22,540 | -30.5% |
| Amounts payable within one year | 42/48 | €237,714 | €397,144 | +€159,430 | +67.1% |
| Current portion of amounts payable after more than one year | 42 | €23,674 | €22,541 | -€1,133 | -4.8% |
| Trade debts | 44 | €84,214 | €267,756 | +€183,542 | +217.9% |
| Suppliers | 440/4 | €84,214 | €267,756 | +€183,542 | +217.9% |
| Taxes, remuneration and social security | 45 | €54,064 | €46,987 | -€7,077 | -13.1% |
| Taxes | 450/3 | €33,112 | €20,457 | -€12,655 | -38.2% |
| Remuneration and social security | 454/9 | €20,952 | €26,530 | +€5,578 | +26.6% |
| Other amounts payable | 47/48 | €75,762 | €59,860 | -€15,902 | -21.0% |
| Accrued charges and deferred income | 492/3 | - | €840 | +€840 | |
| Turnover | 70 | €1,362,972 | €1,404,361 | +€41,389 | +3.0% |
| Goods, raw materials, services and sundry goods | 60/61 | €962,291 | €960,361 | -€1,930 | -0.2% |
| Remuneration, social security and pensions | 62 | €296,595 | €307,441 | +€10,846 | +3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €76,820 | €74,277 | -€2,543 | -3.3% |
| Other operating charges | 640/8 | €716 | €736 | +€20 | +2.8% |
| Gross operating margin | 9900 | €443,237 | €490,195 | +€46,958 | +10.6% |
| Operating profit (loss) | 9901 | €69,106 | €107,741 | +€38,635 | +55.9% |
| Financial income | 75/76B | €199 | €2,252 | +€2,053 | +1031.7% |
| Recurring financial income | 75 | €199 | €2,252 | +€2,053 | +1031.7% |
| Financial charges | 65/66B | €8,091 | €5,768 | -€2,323 | -28.7% |
| Recurring financial charges | 65 | €8,091 | €5,768 | -€2,323 | -28.7% |
| Profit (loss) for the period before taxes | 9903 | €61,214 | €104,225 | +€43,011 | +70.3% |
| Income taxes | 67/77 | €20,169 | €26,268 | +€6,099 | +30.2% |
| Profit (loss) for the period | 9904 | €41,045 | €77,957 | +€36,912 | +89.9% |
| Profit (loss) for the period to be appropriated | 9905 | €41,045 | €77,957 | +€36,912 | +89.9% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.