M. @ B.: what changed
M. @ B.
Largest movements
- Current investments -€183,000
down €183,000 (-94.8%), from €193,093 to €10,093
- Cash +€173,039
up €173,039 (+511%), from €33,850 to €206,889
mainly Debts after one year (+€221,222) and Current investments (+€183,000)
- Tangible fixed assets -€37,663
down €37,663 (-6.1%), from €614,433 to €576,770
of which Furniture and vehicles: -€20,546
- Debts after one year +€221,222
up €221,222 (+236%), from €93,652 to €314,874
- Other debts -€143,487
down €143,487 (-35.5%), from €404,255 to €260,768
- Reserves -€115,433
down €115,433 (-43.1%), from €267,840 to €152,407
of which Distributable reserves: -€115,433
- Accrued charges and deferred income -€9,631
no longer reported in 2025 (was €9,631)
- Current portion of long-term debt +€8,930
up €8,930 (+75.0%), from €11,902 to €20,832
- Depreciation -€36,525
down €36,525 (-64.5%), from €56,626 to €20,101
- Gross operating margin -€29,993
down €29,993 (-28.0%), from €107,186 to €77,194
- Financial charges +€10,371
up €10,371 (+235%), from €4,404 to €14,775
- Other operating charges -€6,421
down €6,421 (-63.4%), from €10,130 to €3,709
- Taxes +€3,524
up €3,524 (+55.6%), from €6,338 to €9,862
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €853,729 | €806,554 | -€47,175 | -5.5% |
| Fixed assets | 21/28 | €614,433 | €576,770 | -€37,663 | -6.1% |
| Tangible fixed assets | 22/27 | €614,433 | €576,770 | -€37,663 | -6.1% |
| Land and buildings | 22 | €593,593 | €573,922 | -€19,670 | -3.3% |
| Plant, machinery and equipment | 23 | - | €2,554 | +€2,554 | |
| Furniture and vehicles | 24 | €20,840 | €294 | -€20,546 | -98.6% |
| Current assets | 29/58 | €239,297 | €229,784 | -€9,512 | -4.0% |
| Amounts receivable within one year | 40/41 | €12,353 | €12,802 | +€449 | +3.6% |
| Trade receivables | 40 | €12,353 | €12,802 | +€449 | +3.6% |
| Current investments | 50/53 | €193,093 | €10,093 | -€183,000 | -94.8% |
| Cash at bank and in hand | 54/58 | €33,850 | €206,889 | +€173,039 | +511% |
| Total equity and liabilities | 10/49 | €853,729 | €806,554 | -€47,175 | -5.5% |
| Equity | 10/15 | €307,840 | €192,407 | -€115,433 | -37.5% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €267,840 | €152,407 | -€115,433 | -43.1% |
| Non-distributable reserves | 130/1 | €4,000 | €4,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,000 | €4,000 | = | 0.0% |
| Distributable reserves | 133 | €263,840 | €148,407 | -€115,433 | -43.8% |
| Amounts payable | 17/49 | €545,889 | €614,147 | +€68,258 | +12.5% |
| Amounts payable after more than one year | 17 | €93,652 | €314,874 | +€221,222 | +236% |
| Financial debts | 170/4 | €93,652 | €314,874 | +€221,222 | +236% |
| Amounts payable within one year | 42/48 | €442,606 | €299,273 | -€143,332 | -32.4% |
| Current portion of amounts payable after more than one year | 42 | €11,902 | €20,832 | +€8,930 | +75.0% |
| Trade debts | 44 | €6,147 | €6,147 | -€0 | 0.0% |
| Suppliers | 440/4 | €6,147 | €6,147 | -€0 | 0.0% |
| Taxes, remuneration and social security | 45 | €20,301 | €11,526 | -€8,775 | -43.2% |
| Taxes | 450/3 | €20,301 | €11,526 | -€8,775 | -43.2% |
| Other amounts payable | 47/48 | €404,255 | €260,768 | -€143,487 | -35.5% |
| Accrued charges and deferred income | 492/3 | €9,631 | - | -€9,631 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,626 | €20,101 | -€36,525 | -64.5% |
| Other operating charges | 640/8 | €10,130 | €3,709 | -€6,421 | -63.4% |
| Gross operating margin | 9900 | €107,186 | €77,194 | -€29,993 | -28.0% |
| Operating profit (loss) | 9901 | €40,430 | €53,384 | +€12,954 | +32.0% |
| Financial income | 75/76B | €4,377 | €5,820 | +€1,443 | +33.0% |
| Recurring financial income | 75 | €4,377 | €5,820 | +€1,443 | +33.0% |
| Financial charges | 65/66B | €4,404 | €14,775 | +€10,371 | +235% |
| Recurring financial charges | 65 | €4,404 | €14,775 | +€10,371 | +235% |
| Profit (loss) for the period before taxes | 9903 | €40,403 | €44,429 | +€4,026 | +10.0% |
| Income taxes | 67/77 | €6,338 | €9,862 | +€3,524 | +55.6% |
| Profit (loss) for the period | 9904 | €34,065 | €34,567 | +€502 | +1.5% |
| Profit (loss) for the period to be appropriated | 9905 | €34,065 | €34,567 | +€502 | +1.5% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.