M&C: 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&C
Largest movements
- Cash -€16,704
down €16,704 (-78.7%), from €21,216 to €4,512
mainly Tax, wage and social debts (-€25,192) and Accrued charges and deferred income (-€7,610)
- Tangible fixed assets -€4,656
down €4,656 (-23.0%), from €20,220 to €15,564
of which Furniture and vehicles: -€3,799
- Receivables within one year +€1,551
up €1,551 (+3877.8%), from €40 to €1,591
- Tax, wage and social debts -€25,192
down €25,192 (-99.3%), from €25,368 to €176
of which Remuneration and social security: -€16,403
- Profit (loss) carried forward +€17,751
up €17,751 (+11.6%), from -€152,633 to -€134,882
- Accrued charges and deferred income -€7,610
down €7,610 (-69.7%), from €10,916 to €3,306
- Trade debts -€3,584
down €3,584 (-56.8%), from €6,311 to €2,727
- Debts after one year -€1,551
down €1,551 (-1.7%), from €88,676 to €87,124
- Gross operating margin -€144,147
down €144,147 (-52.7%), from €273,648 to €129,501
- Staff costs -€123,975
down €123,975 (-55.4%), from €223,903 to €99,929
- Other operating charges +€5,525
up €5,525 (+3633.1%), from €152 to €5,677
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 | €70,173 | €49,987 | -€20,187 | -28.8% |
| Fixed assets | 21/28 | €48,507 | €43,852 | -€4,656 | -9.6% |
| Tangible fixed assets | 22/27 | €20,220 | €15,564 | -€4,656 | -23.0% |
| Land and buildings | 22 | €529 | - | -€529 | |
| Plant, machinery and equipment | 23 | €3,885 | €3,558 | -€328 | -8.4% |
| Furniture and vehicles | 24 | €15,806 | €12,007 | -€3,799 | -24.0% |
| Financial fixed assets | 28 | €28,287 | €28,287 | = | 0.0% |
| Current assets | 29/58 | €21,666 | €6,135 | -€15,531 | -71.7% |
| Amounts receivable within one year | 40/41 | €40 | €1,591 | +€1,551 | +3877.8% |
| Other amounts receivable | 41 | €40 | €1,591 | +€1,551 | +3877.8% |
| Cash at bank and in hand | 54/58 | €21,216 | €4,512 | -€16,704 | -78.7% |
| Deferred charges and accrued income | 490/1 | €410 | €32 | -€378 | -92.1% |
| Total equity and liabilities | 10/49 | €70,173 | €49,987 | -€20,187 | -28.8% |
| Equity | 10/15 | -€61,098 | -€43,347 | +€17,751 | +29.1% |
| Contributions | 10/11 | €68,233 | €68,233 | = | 0.0% |
| Reserves | 13 | €23,302 | €23,302 | = | 0.0% |
| Non-distributable reserves | 130/1 | €4,552 | €4,552 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,552 | €4,552 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€152,633 | -€134,882 | +€17,751 | +11.6% |
| Amounts payable | 17/49 | €131,271 | €93,334 | -€37,937 | -28.9% |
| Amounts payable after more than one year | 17 | €88,676 | €87,124 | -€1,551 | -1.7% |
| Financial debts | 170/4 | €88,676 | €87,124 | -€1,551 | -1.7% |
| Amounts payable within one year | 42/48 | €31,679 | €2,904 | -€28,776 | -90.8% |
| Trade debts | 44 | €6,311 | €2,727 | -€3,584 | -56.8% |
| Suppliers | 440/4 | €6,311 | €2,727 | -€3,584 | -56.8% |
| Taxes, remuneration and social security | 45 | €25,368 | €176 | -€25,192 | -99.3% |
| Taxes | 450/3 | €8,965 | €176 | -€8,789 | -98.0% |
| Remuneration and social security | 454/9 | €16,403 | - | -€16,403 | |
| Accrued charges and deferred income | 492/3 | €10,916 | €3,306 | -€7,610 | -69.7% |
| Remuneration, social security and pensions | 62 | €223,903 | €99,929 | -€123,975 | -55.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,821 | €4,012 | -€809 | -16.8% |
| Other operating charges | 640/8 | €152 | €5,677 | +€5,525 | +3633.1% |
| Gross operating margin | 9900 | €273,648 | €129,501 | -€144,147 | -52.7% |
| Operating profit (loss) | 9901 | €44,771 | €19,883 | -€24,889 | -55.6% |
| Financial income | 75/76B | €31 | €69 | +€38 | +124.1% |
| Recurring financial income | 75 | €31 | €69 | +€38 | +124.1% |
| Financial charges | 65/66B | €3,377 | €2,021 | -€1,357 | -40.2% |
| Recurring financial charges | 65 | €3,377 | €2,021 | -€1,357 | -40.2% |
| Profit (loss) for the period before taxes | 9903 | €41,425 | €17,931 | -€23,494 | -56.7% |
| Income taxes | 67/77 | €1 | €180 | +€179 | +13243.0% |
| Profit (loss) for the period | 9904 | €41,423 | €17,751 | -€23,673 | -57.1% |
| Profit (loss) for the period to be appropriated | 9905 | €41,423 | €17,751 | -€23,673 | -57.1% |
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 8 October 2026 via checked.be.