M-CAVE: 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-CAVE
Largest movements
- Stocks and contracts -€98,290
down €98,290 (-13.8%), from €710,387 to €612,098
- Cash -€44,960
down €44,960 (-80.7%), from €55,712 to €10,752
- Tangible fixed assets +€40,915
up €40,915 (+234%), from €17,451 to €58,366
of which Land and buildings: +€42,665
- Short-term financial debts -€355,000
down €355,000 (-84.0%), from €422,700 to €67,700
- Debts after one year +€122,270
up €122,270 (+1,521%), from €8,036 to €130,306
- Reserves +€121,856
up €121,856 (+143%), from €85,390 to €207,247
of which Distributable reserves: +€121,856
- Tax, wage and social debts +€67,530
up €67,530 (+824%), from €8,197 to €75,727
- Other debts -€53,059
down €53,059 (-6.3%), from €840,704 to €787,645
- Gross operating margin +€63,636
up €63,636 (+161%), from €39,624 to €103,259
- Taxes +€9,208
up €9,208 (+159%), from €5,792 to €15,000
- Depreciation +€3,961
up €3,961 (+76.2%), from €5,200 to €9,160
- Financial charges +€1,133
up €1,133 (+6.0%), from €18,913 to €20,046
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,378,275 | €1,286,836 | -€91,440 | -6.6% |
| Fixed assets | 21/28 | €606,847 | €649,762 | +€42,915 | +7.1% |
| Tangible fixed assets | 22/27 | €17,451 | €58,366 | +€40,915 | +234% |
| Land and buildings | 22 | €15,701 | €58,366 | +€42,665 | +272% |
| Furniture and vehicles | 24 | €1,750 | - | -€1,750 | |
| Financial fixed assets | 28 | €589,396 | €591,396 | +€2,000 | +0.3% |
| Current assets | 29/58 | €771,428 | €637,074 | -€134,355 | -17.4% |
| Stocks and contracts in progress | 3 | €710,387 | €612,098 | -€98,290 | -13.8% |
| Stocks | 30/36 | €710,387 | €612,098 | -€98,290 | -13.8% |
| Amounts receivable within one year | 40/41 | €5,329 | €14,224 | +€8,895 | +167% |
| Trade receivables | 40 | €3,996 | €11,966 | +€7,969 | +199% |
| Other amounts receivable | 41 | €1,333 | €2,258 | +€925 | +69.4% |
| Cash at bank and in hand | 54/58 | €55,712 | €10,752 | -€44,960 | -80.7% |
| Total equity and liabilities | 10/49 | €1,378,275 | €1,286,836 | -€91,440 | -6.6% |
| Equity | 10/15 | €87,390 | €209,247 | +€121,856 | +139% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €85,390 | €207,247 | +€121,856 | +143% |
| Non-distributable reserves | 130/1 | €200 | €200 | = | 0.0% |
| Reserves not available under the articles | 1311 | €200 | €200 | = | 0.0% |
| Distributable reserves | 133 | €85,190 | €207,047 | +€121,856 | +143% |
| Amounts payable | 17/49 | €1,290,885 | €1,077,589 | -€213,296 | -16.5% |
| Amounts payable after more than one year | 17 | €8,036 | €130,306 | +€122,270 | +1,521% |
| Financial debts | 170/4 | €8,036 | €130,306 | +€122,270 | +1,521% |
| Amounts payable within one year | 42/48 | €1,282,849 | €947,283 | -€335,566 | -26.2% |
| Current portion of amounts payable after more than one year | 42 | €5,233 | €6,926 | +€1,693 | +32.4% |
| Financial debts | 43 | €422,700 | €67,700 | -€355,000 | -84.0% |
| Credit institutions | 430/8 | €422,700 | €67,700 | -€355,000 | -84.0% |
| Trade debts | 44 | €6,016 | €9,285 | +€3,270 | +54.4% |
| Suppliers | 440/4 | €6,016 | €9,285 | +€3,270 | +54.4% |
| Taxes, remuneration and social security | 45 | €8,197 | €75,727 | +€67,530 | +824% |
| Taxes | 450/3 | €8,197 | €75,727 | +€67,530 | +824% |
| Other amounts payable | 47/48 | €840,704 | €787,645 | -€53,059 | -6.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,200 | €9,160 | +€3,961 | +76.2% |
| Other operating charges | 640/8 | €3,118 | €3,693 | +€575 | +18.4% |
| Gross operating margin | 9900 | €39,624 | €103,259 | +€63,636 | +161% |
| Operating profit (loss) | 9901 | €31,306 | €90,406 | +€59,100 | +189% |
| Financial charges | 65/66B | €18,913 | €20,046 | +€1,133 | +6.0% |
| Recurring financial charges | 65 | €18,913 | €20,046 | +€1,133 | +6.0% |
| Profit (loss) for the period before taxes | 9903 | €12,393 | €70,360 | +€57,967 | +468% |
| Income taxes | 67/77 | €5,792 | €15,000 | +€9,208 | +159% |
| Profit (loss) for the period | 9904 | €6,601 | €55,360 | +€48,759 | +739% |
| Profit (loss) for the period to be appropriated | 9905 | €6,601 | €55,360 | +€48,759 | +739% |
Source: filed annual accounts (NBB), financial years ended 31 March 2023 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.