M & C: what changed
M & C
Largest movements
- Cash -€20,857
down €20,857 (-43.6%), from €47,836 to €26,978
mainly Contributions, distributions and other (-€53,075) and Debts after one year (-€30,124)
- Tangible fixed assets -€7,314
down €7,314 (-1.6%), from €459,978 to €452,664
of which Land and buildings: -€6,089
- Receivables within one year +€6,026
new in 2025: €6,026
- Reserves -€34,472
down €34,472 (-26.6%), from €129,660 to €95,188
of which Distributable reserves: -€34,472
- Debts after one year -€30,124
down €30,124 (-11.9%), from €252,832 to €222,708
- Other debts +€30,086
up €30,086 (+289%), from €10,406 to €40,492
- Tax, wage and social debts +€8,241
up €8,241 (+19.9%), from €41,330 to €49,571
of which Remuneration and social security: +€7,614
- Gross operating margin -€54,235
down €54,235 (-34.4%), from €157,644 to €103,409
- Staff costs -€28,967
down €28,967 (-36.4%), from €79,531 to €50,564
- Depreciation -€6,228
down €6,228 (-46.0%), from €13,542 to €7,314
- Financial charges +€3,630
up €3,630 (+90.1%), from €4,028 to €7,657
- Other operating charges +€1,625
up €1,625 (+438%), from €371 to €1,996
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €511,364 | €488,771 | -€22,593 | -4.4% |
| Fixed assets | 21/28 | €462,778 | €455,464 | -€7,314 | -1.6% |
| Tangible fixed assets | 22/27 | €459,978 | €452,664 | -€7,314 | -1.6% |
| Land and buildings | 22 | €444,086 | €437,997 | -€6,089 | -1.4% |
| Plant, machinery and equipment | 23 | €1,837 | €1,712 | -€125 | -6.8% |
| Furniture and vehicles | 24 | €8,875 | €8,456 | -€419 | -4.7% |
| Other tangible fixed assets | 26 | €5,181 | €4,500 | -€681 | -13.1% |
| Financial fixed assets | 28 | €2,800 | €2,800 | = | 0.0% |
| Current assets | 29/58 | €48,585 | €33,307 | -€15,279 | -31.4% |
| Amounts receivable within one year | 40/41 | - | €6,026 | +€6,026 | |
| Trade receivables | 40 | - | €6,026 | +€6,026 | |
| Cash at bank and in hand | 54/58 | €47,836 | €26,978 | -€20,857 | -43.6% |
| Deferred charges and accrued income | 490/1 | €750 | €303 | -€447 | -59.6% |
| Total equity and liabilities | 10/49 | €511,364 | €488,771 | -€22,593 | -4.4% |
| Equity | 10/15 | €148,260 | €113,788 | -€34,472 | -23.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €129,660 | €95,188 | -€34,472 | -26.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €8,343 | €8,343 | = | 0.0% |
| Distributable reserves | 133 | €119,457 | €84,985 | -€34,472 | -28.9% |
| Amounts payable | 17/49 | €363,104 | €374,982 | +€11,879 | +3.3% |
| Amounts payable after more than one year | 17 | €252,832 | €222,708 | -€30,124 | -11.9% |
| Financial debts | 170/4 | €252,832 | €222,708 | -€30,124 | -11.9% |
| Amounts payable within one year | 42/48 | €110,272 | €152,274 | +€42,002 | +38.1% |
| Current portion of amounts payable after more than one year | 42 | €48,992 | €48,479 | -€513 | -1.0% |
| Trade debts | 44 | €9,544 | €13,732 | +€4,188 | +43.9% |
| Suppliers | 440/4 | €9,544 | €13,732 | +€4,188 | +43.9% |
| Taxes, remuneration and social security | 45 | €41,330 | €49,571 | +€8,241 | +19.9% |
| Taxes | 450/3 | €29,875 | €30,502 | +€627 | +2.1% |
| Remuneration and social security | 454/9 | €11,455 | €19,069 | +€7,614 | +66.5% |
| Other amounts payable | 47/48 | €10,406 | €40,492 | +€30,086 | +289% |
| Remuneration, social security and pensions | 62 | €79,531 | €50,564 | -€28,967 | -36.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,542 | €7,314 | -€6,228 | -46.0% |
| Other operating charges | 640/8 | €371 | €1,996 | +€1,625 | +438% |
| Gross operating margin | 9900 | €157,644 | €103,409 | -€54,235 | -34.4% |
| Operating profit (loss) | 9901 | €64,201 | €43,535 | -€20,666 | -32.2% |
| Financial income | 75/76B | €76 | - | -€76 | |
| Recurring financial income | 75 | €76 | - | -€76 | |
| Financial charges | 65/66B | €4,028 | €7,657 | +€3,630 | +90.1% |
| Recurring financial charges | 65 | €4,028 | €7,657 | +€3,630 | +90.1% |
| Profit (loss) for the period before taxes | 9903 | €60,249 | €35,877 | -€24,372 | -40.5% |
| Income taxes | 67/77 | €18,375 | €17,274 | -€1,101 | -6.0% |
| Profit (loss) for the period | 9904 | €41,874 | €18,603 | -€23,271 | -55.6% |
| Profit (loss) for the period to be appropriated | 9905 | €41,874 | €18,603 | -€23,271 | -55.6% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.