M CARRE: 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 CARRE
Largest movements
- Tangible fixed assets +€146,840
up €146,840 (+21.2%), from €692,379 to €839,219
of which Land and buildings: +€148,371
- Receivables within one year -€112,310
down €112,310 (-44.5%), from €252,272 to €139,962
of which Trade receivables: -€211,322
- Debts after one year +€461,091
up €461,091 (+209.1%), from €220,557 to €681,648
- Other debts -€385,483
down €385,483 (-62.6%), from €615,874 to €230,391
- Profit (loss) carried forward -€53,123
down €53,123 (-66.1%), from €80,370 to €27,247
- Current portion of long-term debt +€17,730
up €17,730 (+82.4%), from €21,527 to €39,257
- Depreciation +€62,763
up €62,763 (+80.5%), from €77,945 to €140,708
- Gross operating margin +€48,400
up €48,400 (+44.5%), from €108,806 to €157,206
- Other operating charges +€21,052
up €21,052 (+364.8%), from €5,771 to €26,823
- Financial charges +€19,991
up €19,991 (+99.0%), from €20,203 to €40,194
- Taxes -€3,320
down €3,320 (-57.2%), from €5,804 to €2,484
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 | €959,469 | €994,844 | +€35,375 | +3.7% |
| Fixed assets | 21/28 | €693,129 | €839,969 | +€146,840 | +21.2% |
| Tangible fixed assets | 22/27 | €692,379 | €839,219 | +€146,840 | +21.2% |
| Land and buildings | 22 | €689,201 | €837,572 | +€148,371 | +21.5% |
| Furniture and vehicles | 24 | €3,178 | €1,647 | -€1,531 | -48.2% |
| Financial fixed assets | 28 | €750 | €750 | = | 0.0% |
| Current assets | 29/58 | €266,340 | €154,875 | -€111,465 | -41.9% |
| Amounts receivable within one year | 40/41 | €252,272 | €139,962 | -€112,310 | -44.5% |
| Trade receivables | 40 | €214,472 | €3,150 | -€211,322 | -98.5% |
| Other amounts receivable | 41 | €37,800 | €136,812 | +€99,012 | +261.9% |
| Current investments | 50/53 | €2,073 | €2,074 | +€1 | 0.0% |
| Cash at bank and in hand | 54/58 | €11,995 | €12,839 | +€844 | +7.0% |
| Total equity and liabilities | 10/49 | €959,469 | €994,844 | +€35,375 | +3.7% |
| Equity | 10/15 | €92,230 | €39,107 | -€53,123 | -57.6% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €80,370 | €27,247 | -€53,123 | -66.1% |
| Amounts payable | 17/49 | €867,239 | €955,737 | +€88,498 | +10.2% |
| Amounts payable after more than one year | 17 | €220,557 | €681,648 | +€461,091 | +209.1% |
| Financial debts | 170/4 | €220,557 | €681,648 | +€461,091 | +209.1% |
| Amounts payable within one year | 42/48 | €646,682 | €274,089 | -€372,593 | -57.6% |
| Current portion of amounts payable after more than one year | 42 | €21,527 | €39,257 | +€17,730 | +82.4% |
| Trade debts | 44 | €8,876 | €4,441 | -€4,435 | -50.0% |
| Suppliers | 440/4 | €8,876 | €4,441 | -€4,435 | -50.0% |
| Taxes, remuneration and social security | 45 | €405 | - | -€405 | |
| Taxes | 450/3 | €405 | - | -€405 | |
| Other amounts payable | 47/48 | €615,874 | €230,391 | -€385,483 | -62.6% |
| Remuneration, social security and pensions | 62 | - | €120 | +€120 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,945 | €140,708 | +€62,763 | +80.5% |
| Other operating charges | 640/8 | €5,771 | €26,823 | +€21,052 | +364.8% |
| Gross operating margin | 9900 | €108,806 | €157,206 | +€48,400 | +44.5% |
| Operating profit (loss) | 9901 | €25,090 | -€10,445 | -€35,535 | |
| Financial income | 75/76B | €1,402 | - | -€1,402 | |
| Recurring financial income | 75 | €1,402 | - | -€1,402 | |
| Financial charges | 65/66B | €20,203 | €40,194 | +€19,991 | +99.0% |
| Recurring financial charges | 65 | €20,203 | €40,194 | +€19,991 | +99.0% |
| Profit (loss) for the period before taxes | 9903 | €6,289 | -€50,639 | -€56,928 | |
| Income taxes | 67/77 | €5,804 | €2,484 | -€3,320 | -57.2% |
| Profit (loss) for the period | 9904 | €485 | -€53,123 | -€53,608 | |
| Profit (loss) for the period to be appropriated | 9905 | €485 | -€53,123 | -€53,608 |
Source: filed annual accounts (NBB), fiscal years ended 31 July 2024 and 31 July 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.