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
- Stocks and contracts +€302,779
up €302,779 (+6,056%), from €5,000 to €307,779
- Receivables within one year +€146,069
up €146,069 (+49.4%), from €295,543 to €441,612
of which Trade receivables: +€140,765
- Receivables after one year +€50,000
new in 2025: €50,000
- Short-term financial debts +€403,422
new in 2025: €403,422
- Trade debts +€89,293
up €89,293 (+123%), from €72,606 to €161,899
- Other debts -€11,448
down €11,448 (-5.2%), from €220,190 to €208,742
- Tax, wage and social debts +€10,461
up €10,461 (+104%), from €10,072 to €20,533
of which Remuneration and social security: +€10,517
- Gross operating margin -€120,660
down €120,660 (-62.4%), from €193,306 to €72,645
- Financial charges +€10,337
up €10,337 (+416%), from €2,484 to €12,821
- Other operating charges -€6,238
down €6,238 (-84.2%), from €7,408 to €1,170
- Financial income -€2,514
down €2,514 (-98.6%), from €2,550 to €36
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 | €315,905 | €815,412 | +€499,507 | +158% |
| Fixed assets | 21/28 | €7,641 | €6,948 | -€693 | -9.1% |
| Tangible fixed assets | 22/27 | €1,386 | €693 | -€693 | -50.0% |
| Furniture and vehicles | 24 | €1,386 | €693 | -€693 | -50.0% |
| Financial fixed assets | 28 | €6,255 | €6,255 | = | 0.0% |
| Current assets | 29/58 | €308,264 | €808,464 | +€500,200 | +162% |
| Amounts receivable after more than one year | 29 | - | €50,000 | +€50,000 | |
| Other amounts receivable | 291 | - | €50,000 | +€50,000 | |
| Stocks and contracts in progress | 3 | €5,000 | €307,779 | +€302,779 | +6,056% |
| Contracts in progress | 37 | €5,000 | €307,779 | +€302,779 | +6,056% |
| Amounts receivable within one year | 40/41 | €295,543 | €441,612 | +€146,069 | +49.4% |
| Trade receivables | 40 | €294,530 | €435,295 | +€140,765 | +47.8% |
| Other amounts receivable | 41 | €1,013 | €6,317 | +€5,304 | +524% |
| Cash at bank and in hand | 54/58 | €7,721 | €8,900 | +€1,179 | +15.3% |
| Deferred charges and accrued income | 490/1 | - | €174 | +€174 | |
| Total equity and liabilities | 10/49 | €315,905 | €815,412 | +€499,507 | +158% |
| Equity | 10/15 | -€126,963 | -€119,184 | +€7,779 | +6.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €100,281 | €100,281 | = | 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% |
| Distributable reserves | 133 | €98,421 | €98,421 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€245,844 | -€238,065 | +€7,779 | +3.2% |
| Amounts payable | 17/49 | €442,867 | €934,596 | +€491,729 | +111% |
| Amounts payable after more than one year | 17 | €140,000 | €140,000 | = | 0.0% |
| Other amounts payable | 178/9 | €140,000 | €140,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €302,867 | €794,596 | +€491,729 | +162% |
| Financial debts | 43 | - | €403,422 | +€403,422 | |
| Credit institutions | 430/8 | - | €403,422 | +€403,422 | |
| Trade debts | 44 | €72,606 | €161,899 | +€89,293 | +123% |
| Suppliers | 440/4 | €72,606 | €161,899 | +€89,293 | +123% |
| Taxes, remuneration and social security | 45 | €10,072 | €20,533 | +€10,461 | +104% |
| Taxes | 450/3 | €1,668 | €1,612 | -€56 | -3.4% |
| Remuneration and social security | 454/9 | €8,403 | €18,921 | +€10,517 | +125% |
| Other amounts payable | 47/48 | €220,190 | €208,742 | -€11,448 | -5.2% |
| Non-recurring operating income | 76A | €24,495 | - | -€24,495 | |
| Remuneration, social security and pensions | 62 | €51,352 | €50,220 | -€1,133 | -2.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €693 | €693 | = | 0.0% |
| Other operating charges | 640/8 | €7,408 | €1,170 | -€6,238 | -84.2% |
| Non-recurring operating charges | 66A | €53,807 | - | -€53,807 | |
| Gross operating margin | 9900 | €193,306 | €72,645 | -€120,660 | -62.4% |
| Operating profit (loss) | 9901 | €80,046 | €20,563 | -€59,483 | -74.3% |
| Financial income | 75/76B | €2,550 | €36 | -€2,514 | -98.6% |
| Recurring financial income | 75 | €2,550 | €36 | -€2,514 | -98.6% |
| Financial charges | 65/66B | €2,484 | €12,821 | +€10,337 | +416% |
| Recurring financial charges | 65 | €2,484 | €12,821 | +€10,337 | +416% |
| Profit (loss) for the period before taxes | 9903 | €80,112 | €7,779 | -€72,333 | -90.3% |
| Profit (loss) for the period | 9904 | €80,112 | €7,779 | -€72,333 | -90.3% |
| Profit (loss) for the period to be appropriated | 9905 | €80,112 | €7,779 | -€72,333 | -90.3% |
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 28 October 2026 via checked.be.