M. CONCEPT: 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. CONCEPT
Largest movements
- Receivables within one year +€137,430
up €137,430 (+57.1%), from €240,822 to €378,252
of which Trade receivables: +€136,200
- Cash -€84,261
down €84,261 (-47.0%), from €179,347 to €95,086
mainly Receivables within one year (-€137,430) and Contributions, distributions and other (-€134,500)
- Tangible fixed assets +€14,951
up €14,951 (+38.3%), from €39,063 to €54,013
of which Other tangible fixed assets: +€31,652
- Stocks and contracts -€8,461
down €8,461 (-25.1%), from €33,763 to €25,302
- Profit (loss) carried forward +€212,160
up €212,160 (+24.8%), from -€856,090 to -€643,930
- Contributions -€120,000
down €120,000 (-11.9%), from €1.0m to €892,000
- Other debts -€83,683
down €83,683 (-58.7%), from €142,469 to €58,787
- Trade debts +€37,193
up €37,193 (+21.4%), from €173,932 to €211,125
- Tax, wage and social debts +€14,675
up €14,675 (+44.3%), from €33,099 to €47,774
of which Taxes: +€8,665
- Gross operating margin +€138,095
up €138,095 (+62.0%), from €222,642 to €360,737
- Write-downs -€7,789
no longer reported in 2025 (was €7,789)
- Staff costs -€6,925
down €6,925 (-5.8%), from €119,424 to €112,499
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 | €508,657 | €569,003 | +€60,346 | +11.9% |
| Formation expenses | 20 | - | €459 | +€459 | |
| Fixed assets | 21/28 | €46,225 | €57,603 | +€11,378 | +24.6% |
| Intangible fixed assets | 21 | €6,982 | €3,410 | -€3,572 | -51.2% |
| Tangible fixed assets | 22/27 | €39,063 | €54,013 | +€14,951 | +38.3% |
| Plant, machinery and equipment | 23 | - | €2,770 | +€2,770 | |
| Furniture and vehicles | 24 | €39,063 | €19,591 | -€19,472 | -49.8% |
| Other tangible fixed assets | 26 | - | €31,652 | +€31,652 | |
| Financial fixed assets | 28 | €180 | €180 | = | 0.0% |
| Current assets | 29/58 | €462,433 | €510,941 | +€48,508 | +10.5% |
| Stocks and contracts in progress | 3 | €33,763 | €25,302 | -€8,461 | -25.1% |
| Stocks | 30/36 | €33,763 | €25,302 | -€8,461 | -25.1% |
| Amounts receivable within one year | 40/41 | €240,822 | €378,252 | +€137,430 | +57.1% |
| Trade receivables | 40 | €239,996 | €376,196 | +€136,200 | +56.8% |
| Other amounts receivable | 41 | €826 | €2,056 | +€1,230 | +149% |
| Cash at bank and in hand | 54/58 | €179,347 | €95,086 | -€84,261 | -47.0% |
| Deferred charges and accrued income | 490/1 | €8,501 | €12,301 | +€3,801 | +44.7% |
| Total equity and liabilities | 10/49 | €508,657 | €569,003 | +€60,346 | +11.9% |
| Equity | 10/15 | €159,157 | €251,317 | +€92,160 | +57.9% |
| Contributions | 10/11 | €1,012,000 | €892,000 | -€120,000 | -11.9% |
| Capital | 10 | €1,012,000 | €892,000 | -€120,000 | -11.9% |
| Issued capital | 100 | €1,012,000 | €892,000 | -€120,000 | -11.9% |
| Reserves | 13 | €3,247 | €3,247 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,247 | €3,247 | = | 0.0% |
| Legal reserve | 130 | €3,247 | €3,247 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€856,090 | -€643,930 | +€212,160 | +24.8% |
| Amounts payable | 17/49 | €349,500 | €317,686 | -€31,814 | -9.1% |
| Amounts payable within one year | 42/48 | €349,500 | €317,686 | -€31,814 | -9.1% |
| Trade debts | 44 | €173,932 | €211,125 | +€37,193 | +21.4% |
| Suppliers | 440/4 | €173,932 | €211,125 | +€37,193 | +21.4% |
| Taxes, remuneration and social security | 45 | €33,099 | €47,774 | +€14,675 | +44.3% |
| Taxes | 450/3 | €13,080 | €21,745 | +€8,665 | +66.2% |
| Remuneration and social security | 454/9 | €20,018 | €26,029 | +€6,010 | +30.0% |
| Other amounts payable | 47/48 | €142,469 | €58,787 | -€83,683 | -58.7% |
| Remuneration, social security and pensions | 62 | €119,424 | €112,499 | -€6,925 | -5.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,678 | €11,923 | +€2,245 | +23.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €7,789 | - | -€7,789 | |
| Other operating charges | 640/8 | €2,472 | €3,072 | +€601 | +24.3% |
| Gross operating margin | 9900 | €222,642 | €360,737 | +€138,095 | +62.0% |
| Operating profit (loss) | 9901 | €83,280 | €233,242 | +€149,963 | +180% |
| Financial income | 75/76B | €1,120 | €824 | -€296 | -26.4% |
| Recurring financial income | 75 | €1,120 | €824 | -€296 | -26.4% |
| Financial charges | 65/66B | €3,387 | €3,245 | -€142 | -4.2% |
| Recurring financial charges | 65 | €3,387 | €3,245 | -€142 | -4.2% |
| Profit (loss) for the period before taxes | 9903 | €81,013 | €230,822 | +€149,809 | +185% |
| Income taxes | 67/77 | €905 | €4,162 | +€3,257 | +360% |
| Profit (loss) for the period | 9904 | €80,107 | €226,660 | +€146,552 | +183% |
| Profit (loss) for the period to be appropriated | 9905 | €80,107 | €226,660 | +€146,552 | +183% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.