M.-BAAR: 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.-BAAR
Largest movements
- Cash +€2,538
up €2,538 (+167.5%), from €1,516 to €4,054
mainly Depreciation (+€2,518) and Tax, wage and social debts (+€605)
- Tangible fixed assets -€2,518
down €2,518 (-46.4%), from €5,422 to €2,905
of which Plant, machinery and equipment: -€1,638
- Stocks and contracts +€1,035
new in 2025: €1,035
- Receivables within one year -€210
down €210 (-26.4%), from €794 to €585
of which Trade receivables: -€294
- Deferred charges and accrued income +€133
up €133 (+250.2%), from €53 to €186
- Reserves -€5,483
down €5,483 (-57.7%), from €9,508 to €4,026
- Profit (loss) carried forward +€5,328
no longer reported in 2025 (was -€5,328)
- Tax, wage and social debts +€605
up €605 (+18918.4%), from €3 to €609
- Trade debts +€284
up €284 (+17.2%), from €1,654 to €1,938
- Other debts +€243
up €243 (+649.3%), from €37 to €281
- Gross operating margin +€4,678
up €4,678, from -€1,534 to €3,144
- Financial charges -€273
down €273 (-84.1%), from €325 to €52
- Write-downs +€83
new in 2025: €83
- Other operating charges -€35
down €35 (-5.1%), from €681 to €646
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 | €7,875 | €8,853 | +€978 | +12.4% |
| Fixed assets | 21/28 | €5,512 | €2,995 | -€2,518 | -45.7% |
| Tangible fixed assets | 22/27 | €5,422 | €2,905 | -€2,518 | -46.4% |
| Plant, machinery and equipment | 23 | €3,235 | €1,598 | -€1,638 | -50.6% |
| Furniture and vehicles | 24 | €2,187 | €1,307 | -€880 | -40.2% |
| Financial fixed assets | 28 | €90 | €90 | = | 0.0% |
| Current assets | 29/58 | €2,363 | €5,859 | +€3,496 | +147.9% |
| Stocks and contracts in progress | 3 | - | €1,035 | +€1,035 | |
| Stocks | 30/36 | - | €1,035 | +€1,035 | |
| Amounts receivable within one year | 40/41 | €794 | €585 | -€210 | -26.4% |
| Trade receivables | 40 | €588 | €293 | -€294 | -50.1% |
| Other amounts receivable | 41 | €207 | €291 | +€85 | +41.0% |
| Cash at bank and in hand | 54/58 | €1,516 | €4,054 | +€2,538 | +167.5% |
| Deferred charges and accrued income | 490/1 | €53 | €186 | +€133 | +250.2% |
| Total equity and liabilities | 10/49 | €7,875 | €8,853 | +€978 | +12.4% |
| Equity | 10/15 | €6,180 | €6,026 | -€155 | -2.5% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €9,508 | €4,026 | -€5,483 | -57.7% |
| Distributable reserves | 133 | €9,508 | €4,026 | -€5,483 | -57.7% |
| Profit (loss) carried forward | 14 | -€5,328 | - | +€5,328 | |
| Amounts payable | 17/49 | €1,695 | €2,828 | +€1,133 | +66.9% |
| Amounts payable within one year | 42/48 | €1,695 | €2,828 | +€1,133 | +66.9% |
| Trade debts | 44 | €1,654 | €1,938 | +€284 | +17.2% |
| Suppliers | 440/4 | €1,654 | €1,938 | +€284 | +17.2% |
| Taxes, remuneration and social security | 45 | €3 | €609 | +€605 | +18918.4% |
| Taxes | 450/3 | €3 | €609 | +€605 | +18918.4% |
| Other amounts payable | 47/48 | €37 | €281 | +€243 | +649.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,518 | €2,518 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €83 | +€83 | |
| Other operating charges | 640/8 | €681 | €646 | -€35 | -5.1% |
| Gross operating margin | 9900 | -€1,534 | €3,144 | +€4,678 | |
| Operating profit (loss) | 9901 | -€4,733 | -€103 | +€4,629 | +97.8% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €325 | €52 | -€273 | -84.1% |
| Recurring financial charges | 65 | €325 | €52 | -€273 | -84.1% |
| Profit (loss) for the period before taxes | 9903 | -€5,057 | -€155 | +€4,902 | +96.9% |
| Profit (loss) for the period | 9904 | -€5,057 | -€155 | +€4,902 | +96.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,057 | -€155 | +€4,902 | +96.9% |
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 10 October 2026 via checked.be.