M & B: what changed
Two fiscal 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
- Cash -€41,509
down €41,509 (-100.0%), from €41,509 to €0
mainly Tax, wage and social debts (-€31,899) and Net result for the year (-€17,326)
- Tangible fixed assets -€27,893
down €27,893 (-35.2%), from €79,262 to €51,369
of which Plant, machinery and equipment: -€19,221
- Receivables within one year +€8,350
up €8,350 (+11.2%), from €74,435 to €82,786
of which Other amounts receivable: +€6,384
- Deferred charges and accrued income -€2,819
down €2,819 (-59.7%), from €4,721 to €1,902
- Tax, wage and social debts -€31,899
down €31,899 (-78.4%), from €40,662 to €8,763
of which Taxes: -€31,419
- Profit (loss) carried forward -€17,326
down €17,326, from €3,358 to -€13,967
- Debts after one year -€11,610
down €11,610 (-38.8%), from €29,935 to €18,325
- Other debts -€6,634
no longer reported in 2025 (was €6,634)
- Trade debts +€2,665
up €2,665 (+20.1%), from €13,228 to €15,893
- Gross operating margin -€60,127
down €60,127 (-77.3%), from €77,738 to €17,611
- Taxes -€9,366
down €9,366 (-99.5%), from €9,414 to €49
- Other operating charges -€6,513
down €6,513 (-81.3%), from €8,014 to €1,501
- Financial charges -€2,565
down €2,565 (-51.7%), from €4,962 to €2,398
- Write-downs -€1,415
new in 2025: -€1,415
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 | €200,133 | €136,262 | -€63,871 | -31.9% |
| Fixed assets | 21/28 | €79,467 | €51,574 | -€27,893 | -35.1% |
| Tangible fixed assets | 22/27 | €79,262 | €51,369 | -€27,893 | -35.2% |
| Plant, machinery and equipment | 23 | €52,455 | €33,234 | -€19,221 | -36.6% |
| Furniture and vehicles | 24 | €26,807 | €18,135 | -€8,673 | -32.4% |
| Financial fixed assets | 28 | €205 | €205 | = | 0.0% |
| Current assets | 29/58 | €120,665 | €84,688 | -€35,978 | -29.8% |
| Amounts receivable within one year | 40/41 | €74,435 | €82,786 | +€8,350 | +11.2% |
| Trade receivables | 40 | €69,317 | €71,284 | +€1,966 | +2.8% |
| Other amounts receivable | 41 | €5,118 | €11,502 | +€6,384 | +124.7% |
| Cash at bank and in hand | 54/58 | €41,509 | €0 | -€41,509 | -100.0% |
| Deferred charges and accrued income | 490/1 | €4,721 | €1,902 | -€2,819 | -59.7% |
| Total equity and liabilities | 10/49 | €200,133 | €136,262 | -€63,871 | -31.9% |
| Equity | 10/15 | €98,526 | €81,200 | -€17,326 | -17.6% |
| Contributions | 10/11 | €6,580 | €6,580 | = | 0.0% |
| Reserves | 13 | €88,587 | €88,587 | = | 0.0% |
| Distributable reserves | 133 | €88,587 | €88,587 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,358 | -€13,967 | -€17,326 | |
| Amounts payable | 17/49 | €101,607 | €55,062 | -€46,545 | -45.8% |
| Amounts payable after more than one year | 17 | €29,935 | €18,325 | -€11,610 | -38.8% |
| Financial debts | 170/4 | €29,935 | €18,325 | -€11,610 | -38.8% |
| Amounts payable within one year | 42/48 | €71,672 | €36,737 | -€34,935 | -48.7% |
| Current portion of amounts payable after more than one year | 42 | €11,148 | €12,081 | +€933 | +8.4% |
| Trade debts | 44 | €13,228 | €15,893 | +€2,665 | +20.1% |
| Suppliers | 440/4 | €13,228 | €15,893 | +€2,665 | +20.1% |
| Taxes, remuneration and social security | 45 | €40,662 | €8,763 | -€31,899 | -78.4% |
| Taxes | 450/3 | €40,183 | €8,763 | -€31,419 | -78.2% |
| Remuneration and social security | 454/9 | €480 | - | -€480 | |
| Other amounts payable | 47/48 | €6,634 | - | -€6,634 | |
| Remuneration, social security and pensions | 62 | €3,918 | €3,804 | -€114 | -2.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,365 | €28,674 | +€1,309 | +4.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€1,415 | -€1,415 | |
| Other operating charges | 640/8 | €8,014 | €1,501 | -€6,513 | -81.3% |
| Gross operating margin | 9900 | €77,738 | €17,611 | -€60,127 | -77.3% |
| Operating profit (loss) | 9901 | €38,440 | -€14,954 | -€53,394 | |
| Financial income | 75/76B | €92 | €75 | -€17 | -18.8% |
| Recurring financial income | 75 | €92 | €75 | -€17 | -18.8% |
| Financial charges | 65/66B | €4,962 | €2,398 | -€2,565 | -51.7% |
| Recurring financial charges | 65 | €4,962 | €2,398 | -€2,565 | -51.7% |
| Profit (loss) for the period before taxes | 9903 | €33,570 | -€17,277 | -€50,847 | |
| Income taxes | 67/77 | €9,414 | €49 | -€9,366 | -99.5% |
| Profit (loss) for the period | 9904 | €24,156 | -€17,326 | -€41,481 | |
| Profit (loss) for the period to be appropriated | 9905 | €24,156 | -€17,326 | -€41,481 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.