M Bajwa: 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 Bajwa
Largest movements
- Receivables within one year +€17,410
up €17,410 (+79.0%), from €22,048 to €39,458
of which Other amounts receivable: +€26,892
- Tangible fixed assets +€14,821
up €14,821 (+1,058%), from €1,401 to €16,222
- Cash +€8,980
up €8,980 (+2,334%), from €385 to €9,365
mainly Net result for the year (+€35,471) and Tax, wage and social debts (+€17,596)
- Reserves +€35,471
up €35,471 (+213%), from €16,660 to €52,131
of which Distributable reserves: +€35,471
- Tax, wage and social debts +€17,596
up €17,596 (+237%), from €7,429 to €25,025
of which Taxes: +€15,296
- Other debts -€15,692
no longer reported in 2025 (was €15,692)
- Debts after one year +€10,461
new in 2025: €10,461
- Trade debts -€10,034
down €10,034 (-90.8%), from €11,054 to €1,020
- Taxes +€10,914
up €10,914 (+267%), from €4,083 to €14,997
- Gross operating margin -€8,942
down €8,942 (-13.4%), from €66,737 to €57,795
- Depreciation +€4,943
up €4,943 (+1,967%), from €251 to €5,194
- Financial charges +€1,009
up €1,009 (+259%), from €389 to €1,398
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 | €57,035 | €98,600 | +€41,565 | +72.9% |
| Fixed assets | 21/28 | €3,276 | €18,097 | +€14,821 | +452% |
| Tangible fixed assets | 22/27 | €1,401 | €16,222 | +€14,821 | +1,058% |
| Furniture and vehicles | 24 | €1,401 | €16,222 | +€14,821 | +1,058% |
| Financial fixed assets | 28 | €1,875 | €1,875 | = | 0.0% |
| Current assets | 29/58 | €53,759 | €80,504 | +€26,744 | +49.7% |
| Stocks and contracts in progress | 3 | €30,164 | €30,164 | = | 0.0% |
| Stocks | 30/36 | €30,164 | €30,164 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €22,048 | €39,458 | +€17,410 | +79.0% |
| Trade receivables | 40 | €21,904 | €12,422 | -€9,482 | -43.3% |
| Other amounts receivable | 41 | €144 | €27,036 | +€26,892 | +18,721% |
| Cash at bank and in hand | 54/58 | €385 | €9,365 | +€8,980 | +2,334% |
| Deferred charges and accrued income | 490/1 | €1,163 | €1,517 | +€354 | +30.5% |
| Total equity and liabilities | 10/49 | €57,035 | €98,600 | +€41,565 | +72.9% |
| Equity | 10/15 | €22,860 | €58,331 | +€35,471 | +155% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €16,660 | €52,131 | +€35,471 | +213% |
| Non-distributable reserves | 130/1 | €169 | €169 | = | 0.0% |
| Reserves not available under the articles | 1311 | €169 | €169 | = | 0.0% |
| Distributable reserves | 133 | €16,490 | €51,961 | +€35,471 | +215% |
| Amounts payable | 17/49 | €34,175 | €40,269 | +€6,094 | +17.8% |
| Amounts payable after more than one year | 17 | - | €10,461 | +€10,461 | |
| Financial debts | 170/4 | - | €10,461 | +€10,461 | |
| Amounts payable within one year | 42/48 | €34,175 | €29,808 | -€4,367 | -12.8% |
| Current portion of amounts payable after more than one year | 42 | - | €3,763 | +€3,763 | |
| Trade debts | 44 | €11,054 | €1,020 | -€10,034 | -90.8% |
| Suppliers | 440/4 | €11,054 | €1,020 | -€10,034 | -90.8% |
| Taxes, remuneration and social security | 45 | €7,429 | €25,025 | +€17,596 | +237% |
| Taxes | 450/3 | €7,429 | €22,725 | +€15,296 | +206% |
| Remuneration and social security | 454/9 | - | €2,300 | +€2,300 | |
| Other amounts payable | 47/48 | €15,692 | - | -€15,692 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €251 | €5,194 | +€4,943 | +1,967% |
| Other operating charges | 640/8 | €181 | €735 | +€554 | +306% |
| Gross operating margin | 9900 | €66,737 | €57,795 | -€8,942 | -13.4% |
| Operating profit (loss) | 9901 | €66,304 | €51,866 | -€14,438 | -21.8% |
| Financial income | 75/76B | €2 | - | -€2 | |
| Recurring financial income | 75 | €2 | - | -€2 | |
| Financial charges | 65/66B | €389 | €1,398 | +€1,009 | +259% |
| Recurring financial charges | 65 | €389 | €1,398 | +€1,009 | +259% |
| Profit (loss) for the period before taxes | 9903 | €65,917 | €50,468 | -€15,449 | -23.4% |
| Income taxes | 67/77 | €4,083 | €14,997 | +€10,914 | +267% |
| Profit (loss) for the period | 9904 | €61,834 | €35,471 | -€26,363 | -42.6% |
| Profit (loss) for the period to be appropriated | 9905 | €61,834 | €35,471 | -€26,363 | -42.6% |
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 27 October 2026 via checked.be.