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.
M&C
Largest movements
- Receivables within one year +€115,612
up €115,612 (+1,287%), from €8,985 to €124,597
of which Trade receivables: +€124,090
- Tangible fixed assets -€12,749
down €12,749 (-67.3%), from €18,955 to €6,206
of which Furniture and vehicles: -€10,500
- Cash -€5,094
down €5,094 (-74.1%), from €6,872 to €1,778
mainly Receivables within one year (-€115,612) and Trade debts (-€1,482)
- Reserves +€79,303
new in 2025: €79,303
- Tax, wage and social debts +€18,184
up €18,184 (+112%), from €16,298 to €34,482
of which Taxes: +€18,332
- Other debts +€12,833
new in 2025: €12,833
- Profit (loss) carried forward -€11,069
no longer reported in 2025 (was €11,069)
- Trade debts -€1,482
down €1,482 (-79.2%), from €1,871 to €388
- Gross operating margin +€112,652
up €112,652 (+41.2%), from €273,180 to €385,832
- Taxes +€18,332
new in 2025: €18,332
- Staff costs +€17,681
up €17,681 (+6.6%), from €266,220 to €283,901
- Depreciation +€4,189
up €4,189 (+48.9%), from €8,560 to €12,749
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 | €34,812 | €132,582 | +€97,769 | +281% |
| Fixed assets | 21/28 | €18,955 | €6,206 | -€12,749 | -67.3% |
| Tangible fixed assets | 22/27 | €18,955 | €6,206 | -€12,749 | -67.3% |
| Plant, machinery and equipment | 23 | €3,994 | €1,745 | -€2,249 | -56.3% |
| Furniture and vehicles | 24 | €14,962 | €4,461 | -€10,500 | -70.2% |
| Current assets | 29/58 | €15,857 | €126,375 | +€110,518 | +697% |
| Amounts receivable within one year | 40/41 | €8,985 | €124,597 | +€115,612 | +1,287% |
| Trade receivables | 40 | - | €124,090 | +€124,090 | |
| Other amounts receivable | 41 | €8,985 | €507 | -€8,478 | -94.4% |
| Cash at bank and in hand | 54/58 | €6,872 | €1,778 | -€5,094 | -74.1% |
| Total equity and liabilities | 10/49 | €34,812 | €132,582 | +€97,769 | +281% |
| Equity | 10/15 | €16,644 | €84,878 | +€68,235 | +410% |
| Contributions | 10/11 | €5,575 | €5,575 | = | 0.0% |
| Reserves | 13 | - | €79,303 | +€79,303 | |
| Distributable reserves | 133 | - | €79,303 | +€79,303 | |
| Profit (loss) carried forward | 14 | €11,069 | - | -€11,069 | |
| Amounts payable | 17/49 | €18,169 | €47,703 | +€29,535 | +163% |
| Amounts payable within one year | 42/48 | €18,169 | €47,703 | +€29,535 | +163% |
| Trade debts | 44 | €1,871 | €388 | -€1,482 | -79.2% |
| Suppliers | 440/4 | €1,871 | €388 | -€1,482 | -79.2% |
| Taxes, remuneration and social security | 45 | €16,298 | €34,482 | +€18,184 | +112% |
| Taxes | 450/3 | €9,086 | €27,417 | +€18,332 | +202% |
| Remuneration and social security | 454/9 | €7,212 | €7,065 | -€148 | -2.0% |
| Other amounts payable | 47/48 | - | €12,833 | +€12,833 | |
| Remuneration, social security and pensions | 62 | €266,220 | €283,901 | +€17,681 | +6.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,560 | €12,749 | +€4,189 | +48.9% |
| Other operating charges | 640/8 | €553 | €1,428 | +€875 | +158% |
| Gross operating margin | 9900 | €273,180 | €385,832 | +€112,652 | +41.2% |
| Operating profit (loss) | 9901 | -€2,153 | €87,754 | +€89,907 | |
| Financial charges | 65/66B | €275 | €1,188 | +€913 | +332% |
| Recurring financial charges | 65 | €275 | €1,188 | +€913 | +332% |
| Profit (loss) for the period before taxes | 9903 | -€2,428 | €86,566 | +€88,994 | |
| Income taxes | 67/77 | - | €18,332 | +€18,332 | |
| Profit (loss) for the period | 9904 | -€2,428 | €68,235 | +€70,662 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,428 | €68,235 | +€70,662 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.