M Build: 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 Build
Largest movements
- Stocks and contracts -€1.7m
no longer reported in 2025 (was €1.7m)
- Cash +€882,717
up €882,717 (+406.6%), from €217,096 to €1.1m
mainly Stocks and contracts (+€1.7m) and Net result for the year (+€9,576)
- Tangible fixed assets +€465,217
up €465,217 (+10805.7%), from €4,305 to €469,523
of which Land and buildings: +€466,306
- Other debts -€312,083
down €312,083 (-18.1%), from €1.7m to €1.4m
- Financial charges -€71,310
down €71,310 (-98.6%), from €72,311 to €1,002
- Gross operating margin -€12,304
down €12,304 (-47.0%), from €26,190 to €13,886
- Other operating charges -€9,943
down €9,943 (-85.0%), from €11,697 to €1,753
- Depreciation +€1,481
up €1,481 (+136.0%), from €1,089 to €2,570
- Financial income +€1,227
new in 2025: €1,227
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 | €1,908,921 | €1,595,807 | -€313,113 | -16.4% |
| Fixed assets | 21/28 | €4,405 | €469,623 | +€465,217 | +10560.5% |
| Tangible fixed assets | 22/27 | €4,305 | €469,523 | +€465,217 | +10805.7% |
| Land and buildings | 22 | - | €466,306 | +€466,306 | |
| Plant, machinery and equipment | 23 | €4,305 | €3,216 | -€1,089 | -25.3% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €1,904,515 | €1,126,185 | -€778,331 | -40.9% |
| Stocks and contracts in progress | 3 | €1,672,696 | - | -€1.7m | |
| Stocks | 30/36 | €1,672,696 | - | -€1.7m | |
| Amounts receivable within one year | 40/41 | €9,942 | €21,436 | +€11,493 | +115.6% |
| Trade receivables | 40 | €9,942 | €21,280 | +€11,338 | +114.0% |
| Other amounts receivable | 41 | - | €156 | +€156 | |
| Cash at bank and in hand | 54/58 | €217,096 | €1,099,812 | +€882,717 | +406.6% |
| Deferred charges and accrued income | 490/1 | €4,781 | €4,936 | +€155 | +3.3% |
| Total equity and liabilities | 10/49 | €1,908,921 | €1,595,807 | -€313,113 | -16.4% |
| Equity | 10/15 | €166,489 | €176,065 | +€9,576 | +5.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €146,489 | €156,065 | +€9,576 | +6.5% |
| Amounts payable | 17/49 | €1,742,431 | €1,419,742 | -€322,689 | -18.5% |
| Amounts payable within one year | 42/48 | €1,742,431 | €1,419,742 | -€322,689 | -18.5% |
| Trade debts | 44 | €14,306 | €3,700 | -€10,606 | -74.1% |
| Suppliers | 440/4 | €14,306 | €3,700 | -€10,606 | -74.1% |
| Other amounts payable | 47/48 | €1,728,125 | €1,416,042 | -€312,083 | -18.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,089 | €2,570 | +€1,481 | +136.0% |
| Other operating charges | 640/8 | €11,697 | €1,753 | -€9,943 | -85.0% |
| Gross operating margin | 9900 | €26,190 | €13,886 | -€12,304 | -47.0% |
| Operating profit (loss) | 9901 | €13,404 | €9,563 | -€3,841 | -28.7% |
| Financial income | 75/76B | - | €1,227 | +€1,227 | |
| Recurring financial income | 75 | - | €1,227 | +€1,227 | |
| Financial charges | 65/66B | €72,311 | €1,002 | -€71,310 | -98.6% |
| Recurring financial charges | 65 | €72,311 | €1,002 | -€71,310 | -98.6% |
| Profit (loss) for the period before taxes | 9903 | -€58,907 | €9,788 | +€68,695 | |
| Income taxes | 67/77 | €229 | €212 | -€16 | -7.0% |
| Profit (loss) for the period | 9904 | -€59,136 | €9,576 | +€68,711 | |
| Profit (loss) for the period to be appropriated | 9905 | -€59,136 | €9,576 | +€68,711 |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.