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
- Receivables within one year -€18,490
down €18,490 (-14.7%), from €125,832 to €107,342
of which Other amounts receivable: -€11,230
- Advances received +€267,675
up €267,675 (+213.7%), from €125,250 to €392,925
- Current portion of long-term debt -€111,767
down €111,767 (-90.9%), from €122,953 to €11,186
- Profit (loss) carried forward -€91,497
new in 2025: -€91,497
- Reserves -€44,417
down €44,417 (-6.6%), from €673,124 to €628,708
- Tax, wage and social debts -€26,580
down €26,580 (-72.2%), from €36,794 to €10,214
of which Taxes: -€26,712
- Gross operating margin -€159,789
down €159,789, from €75,984 to -€83,805
- Taxes -€13,482
down €13,482 (-99.0%), from €13,623 to €141
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 | €1,164,992 | €1,133,403 | -€31,589 | -2.7% |
| Fixed assets | 21/28 | €1,023,140 | €1,020,760 | -€2,379 | -0.2% |
| Tangible fixed assets | 22/27 | €20,013 | €17,634 | -€2,379 | -11.9% |
| Land and buildings | 22 | €19,231 | €17,488 | -€1,743 | -9.1% |
| Furniture and vehicles | 24 | €783 | €146 | -€636 | -81.3% |
| Financial fixed assets | 28 | €1,003,126 | €1,003,126 | = | 0.0% |
| Current assets | 29/58 | €141,852 | €112,643 | -€29,210 | -20.6% |
| Amounts receivable within one year | 40/41 | €125,832 | €107,342 | -€18,490 | -14.7% |
| Trade receivables | 40 | €7,260 | €0 | -€7,260 | -100.0% |
| Other amounts receivable | 41 | €118,572 | €107,342 | -€11,230 | -9.5% |
| Cash at bank and in hand | 54/58 | €80 | €62 | -€18 | -22.2% |
| Deferred charges and accrued income | 490/1 | €15,941 | €5,239 | -€10,702 | -67.1% |
| Total equity and liabilities | 10/49 | €1,164,992 | €1,133,403 | -€31,589 | -2.7% |
| Equity | 10/15 | €691,674 | €555,761 | -€135,914 | -19.6% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €673,124 | €628,708 | -€44,417 | -6.6% |
| Distributable reserves | 133 | €673,124 | €628,708 | -€44,417 | -6.6% |
| Profit (loss) carried forward | 14 | - | -€91,497 | -€91,497 | |
| Amounts payable | 17/49 | €473,318 | €577,642 | +€104,325 | +22.0% |
| Amounts payable after more than one year | 17 | €126,186 | €115,000 | -€11,186 | -8.9% |
| Financial debts | 170/4 | €126,186 | €115,000 | -€11,186 | -8.9% |
| Amounts payable within one year | 42/48 | €344,372 | €459,882 | +€115,510 | +33.5% |
| Current portion of amounts payable after more than one year | 42 | €122,953 | €11,186 | -€111,767 | -90.9% |
| Financial debts | 43 | €17,131 | €15,591 | -€1,540 | -9.0% |
| Credit institutions | 430/8 | €17,131 | €15,591 | -€1,540 | -9.0% |
| Trade debts | 44 | €42,244 | €29,967 | -€12,277 | -29.1% |
| Suppliers | 440/4 | €42,244 | €29,967 | -€12,277 | -29.1% |
| Advances received on contracts in progress | 46 | €125,250 | €392,925 | +€267,675 | +213.7% |
| Taxes, remuneration and social security | 45 | €36,794 | €10,214 | -€26,580 | -72.2% |
| Taxes | 450/3 | €32,780 | €6,068 | -€26,712 | -81.5% |
| Remuneration and social security | 454/9 | €4,014 | €4,146 | +€131 | +3.3% |
| Accrued charges and deferred income | 492/3 | €2,760 | €2,760 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,648 | €2,379 | -€269 | -10.2% |
| Other operating charges | 640/8 | €5,258 | €4,823 | -€435 | -8.3% |
| Non-recurring operating charges | 66A | - | €32,176 | +€32,176 | |
| Gross operating margin | 9900 | €75,984 | -€83,805 | -€159,789 | |
| Operating profit (loss) | 9901 | €68,078 | -€123,183 | -€191,261 | |
| Financial income | 75/76B | €5,281 | €4,787 | -€494 | -9.4% |
| Recurring financial income | 75 | €5,281 | €4,787 | -€494 | -9.4% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €17,175 | €17,377 | +€202 | +1.2% |
| Recurring financial charges | 65 | €17,175 | €17,377 | +€202 | +1.2% |
| Profit (loss) for the period before taxes | 9903 | €56,184 | -€135,773 | -€191,957 | |
| Income taxes | 67/77 | €13,623 | €141 | -€13,482 | -99.0% |
| Profit (loss) for the period | 9904 | €42,562 | -€135,914 | -€178,475 | |
| Profit (loss) for the period to be appropriated | 9905 | €42,562 | -€135,914 | -€178,475 |
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 3 October 2026 via checked.be.