M & C: 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.
What changed
M & C
NACE 43.320, Joinery installation
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€8,866
2024 · -€11,710+€20,576
Equity
€31,436
2024 · €22,570+€8,866
Cash
€11,557
2024 · €619+€10,938
Balance sheet total
€1.7m
2024 · €1.5m+€129,376
Largest movements
Assets
- Receivables within one year +€120,325
up €120,325 (+7.9%), from €1.5m to €1.6m
of which Trade receivables: +€114,034
Equity and liabilities
- Trade debts +€113,834
up €113,834 (+14.5%), from €782,373 to €896,206
- Tax, wage and social debts +€52,285
up €52,285 (+36.0%), from €145,042 to €197,327
of which Taxes: +€91,221
- Debts after one year -€46,327
down €46,327 (-33.1%), from €140,048 to €93,721
Income statement
- Staff costs -€9,912
down €9,912 (-2.2%), from €442,816 to €432,904
- Gross operating margin +€8,507
up €8,507 (+1.8%), from €484,459 to €492,966
- Financial charges +€8,170
up €8,170 (+31.9%), from €25,587 to €33,757
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.
Result 2024
-€11,710
Gross operating margin
+€8,507
Staff costs
+€9,912
Depreciation
-€966
Other operating charges
+€1,005
Other operating items
+€10,337
Financial income
-€89
Financial charges
-€8,170
Taxes
+€42
Result 2025
€8,866
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€65,646
Investment
-€2,099
Financing
-€52,609
Cash 2024
€619
From operations (derived)
+€65,646
Net result for the year
+€8,866
Depreciation
+€6,971
Receivables within one year
-€120,325
Deferred charges and accrued income
-€2,986
Trade debts
+€113,834
Tax, wage and social debts
+€52,285
Other debts
+€7,000
Investment (derived)
-€2,099
Investment in fixed assets (net)
-€2,099
Financing
-€52,609
Debts after one year
-€46,327
Current portion of long-term debt
-€6,281
Cash 2025
€11,557
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,542,594 | €1,671,970 | +€129,376 | +8.4% |
| Fixed assets | 21/28 | €11,835 | €6,963 | -€4,872 | -41.2% |
| Tangible fixed assets | 22/27 | €11,835 | €6,963 | -€4,872 | -41.2% |
| Plant, machinery and equipment | 23 | €3,346 | €3,647 | +€301 | +9.0% |
| Furniture and vehicles | 24 | €4,352 | €3,316 | -€1,036 | -23.8% |
| Leasing and similar rights | 25 | €4,137 | €0 | -€4,137 | -100% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €1,530,759 | €1,665,007 | +€134,248 | +8.8% |
| Amounts receivable within one year | 40/41 | €1,528,255 | €1,648,580 | +€120,325 | +7.9% |
| Trade receivables | 40 | €827,641 | €941,675 | +€114,034 | +13.8% |
| Other amounts receivable | 41 | €700,614 | €706,905 | +€6,291 | +0.9% |
| Cash at bank and in hand | 54/58 | €619 | €11,557 | +€10,938 | +1,766% |
| Deferred charges and accrued income | 490/1 | €1,885 | €4,871 | +€2,986 | +158% |
| Total equity and liabilities | 10/49 | €1,542,594 | €1,671,970 | +€129,376 | +8.4% |
| Equity | 10/15 | €22,570 | €31,436 | +€8,866 | +39.3% |
| Contributions | 10/11 | €18,626 | €18,626 | = | 0.0% |
| Reserves | 13 | €8,463 | €12,810 | +€4,347 | +51.4% |
| Non-distributable reserves | 130/1 | €8,463 | €8,463 | = | 0.0% |
| Reserves not available under the articles | 1311 | €8,463 | €0 | -€8,463 | -100% |
| Other | 1319 | - | €8,463 | +€8,463 | |
| Distributable reserves | 133 | €0 | €4,347 | +€4,347 | |
| Profit (loss) carried forward | 14 | -€4,519 | €0 | +€4,519 | |
| Amounts payable | 17/49 | €1,520,024 | €1,640,534 | +€120,510 | +7.9% |
| Amounts payable after more than one year | 17 | €140,048 | €93,721 | -€46,327 | -33.1% |
| Financial debts | 170/4 | €140,048 | €93,721 | -€46,327 | -33.1% |
| Amounts payable within one year | 42/48 | €1,379,975 | €1,546,813 | +€166,838 | +12.1% |
| Current portion of amounts payable after more than one year | 42 | €56,953 | €50,671 | -€6,281 | -11.0% |
| Trade debts | 44 | €782,373 | €896,206 | +€113,834 | +14.5% |
| Suppliers | 440/4 | €782,373 | €896,206 | +€113,834 | +14.5% |
| Taxes, remuneration and social security | 45 | €145,042 | €197,327 | +€52,285 | +36.0% |
| Taxes | 450/3 | €18,502 | €109,723 | +€91,221 | +493% |
| Remuneration and social security | 454/9 | €126,539 | €87,604 | -€38,935 | -30.8% |
| Other amounts payable | 47/48 | €395,609 | €402,609 | +€7,000 | +1.8% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €1,412 | €0 | -€1,412 | -100% |
| Remuneration, social security and pensions | 62 | €442,816 | €432,904 | -€9,912 | -2.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,005 | €6,971 | +€966 | +16.1% |
| Other operating charges | 640/8 | €10,767 | €9,762 | -€1,005 | -9.3% |
| Non-recurring operating charges | 66A | €10,337 | €0 | -€10,337 | -100% |
| Gross operating margin | 9900 | €484,459 | €492,966 | +€8,507 | +1.8% |
| Operating profit (loss) | 9901 | €14,535 | €43,328 | +€28,794 | +198% |
| Financial income | 75/76B | €89 | €0 | -€89 | -99.7% |
| Recurring financial income | 75 | €89 | €0 | -€89 | -99.7% |
| Financial charges | 65/66B | €25,587 | €33,757 | +€8,170 | +31.9% |
| Recurring financial charges | 65 | €25,587 | €33,757 | +€8,170 | +31.9% |
| Profit (loss) for the period before taxes | 9903 | -€10,963 | €9,572 | +€20,535 | |
| Income taxes | 67/77 | €747 | €706 | -€42 | -5.6% |
| Profit (loss) for the period | 9904 | -€11,710 | €8,866 | +€20,576 | |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | -€11,710 | €8,866 | +€20,576 |
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 15 October 2026 via checked.be.