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 +€70,047
up €70,047 (+203%), from €34,557 to €104,604
of which Trade receivables: +€61,897
- Cash -€51,882
down €51,882 (-64.9%), from €79,943 to €28,061
mainly Receivables within one year (-€70,047) and Net result for the year (-€33,561)
- Tangible fixed assets -€20,507
down €20,507 (-5.8%), from €354,077 to €333,569
- Stocks and contracts +€8,572
up €8,572 (+10.5%), from €81,864 to €90,436
- Trade debts +€57,159
up €57,159 (+463%), from €12,342 to €69,501
- Profit (loss) carried forward -€33,561
down €33,561 (-26.0%), from €129,024 to €95,462
- Debts after one year -€29,407
down €29,407 (-11.8%), from €248,250 to €218,844
of which Financial debts: -€29,407
- Advances received +€10,936
up €10,936 (+49.2%), from €22,221 to €33,157
- Tax, wage and social debts -€8,096
down €8,096 (-79.5%), from €10,181 to €2,084
of which Taxes: -€4,098
- Gross operating margin -€27,937
down €27,937 (-33.3%), from €83,964 to €56,027
- Depreciation +€11,527
up €11,527 (+68.5%), from €16,821 to €28,347
- Staff costs +€7,883
up €7,883 (+20.1%), from €39,135 to €47,018
- Taxes -€3,896
no longer reported in 2024 (was €3,896)
- Financial charges +€1,385
up €1,385 (+22.2%), from €6,249 to €7,634
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €552,525 | €560,558 | +€8,034 | +1.5% |
| Fixed assets | 21/28 | €354,232 | €333,724 | -€20,507 | -5.8% |
| Tangible fixed assets | 22/27 | €354,077 | €333,569 | -€20,507 | -5.8% |
| Land and buildings | 22 | €270,682 | €262,500 | -€8,182 | -3.0% |
| Plant, machinery and equipment | 23 | €21,673 | €16,534 | -€5,139 | -23.7% |
| Furniture and vehicles | 24 | €61,722 | €54,535 | -€7,187 | -11.6% |
| Financial fixed assets | 28 | €155 | €155 | = | 0.0% |
| Current assets | 29/58 | €198,293 | €226,834 | +€28,541 | +14.4% |
| Stocks and contracts in progress | 3 | €81,864 | €90,436 | +€8,572 | +10.5% |
| Stocks | 30/36 | €81,864 | €90,436 | +€8,572 | +10.5% |
| Amounts receivable within one year | 40/41 | €34,557 | €104,604 | +€70,047 | +203% |
| Trade receivables | 40 | €21,586 | €83,484 | +€61,897 | +287% |
| Other amounts receivable | 41 | €12,971 | €21,121 | +€8,150 | +62.8% |
| Cash at bank and in hand | 54/58 | €79,943 | €28,061 | -€51,882 | -64.9% |
| Deferred charges and accrued income | 490/1 | €1,928 | €3,732 | +€1,804 | +93.6% |
| Total equity and liabilities | 10/49 | €552,525 | €560,558 | +€8,034 | +1.5% |
| Equity | 10/15 | €167,167 | €133,606 | -€33,561 | -20.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €19,543 | €19,543 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €17,683 | €17,683 | = | 0.0% |
| Profit (loss) carried forward | 14 | €129,024 | €95,462 | -€33,561 | -26.0% |
| Amounts payable | 17/49 | €385,357 | €426,953 | +€41,595 | +10.8% |
| Amounts payable after more than one year | 17 | €248,250 | €218,844 | -€29,407 | -11.8% |
| Financial debts | 170/4 | €247,850 | €218,444 | -€29,407 | -11.9% |
| Other amounts payable | 178/9 | €400 | €400 | = | 0.0% |
| Amounts payable within one year | 42/48 | €137,107 | €208,085 | +€70,977 | +51.8% |
| Current portion of amounts payable after more than one year | 42 | €28,592 | €29,407 | +€814 | +2.8% |
| Financial debts | 43 | €20,000 | €25,000 | +€5,000 | +25.0% |
| Credit institutions | 430/8 | €20,000 | €25,000 | +€5,000 | +25.0% |
| Trade debts | 44 | €12,342 | €69,501 | +€57,159 | +463% |
| Suppliers | 440/4 | €12,342 | €69,501 | +€57,159 | +463% |
| Advances received on contracts in progress | 46 | €22,221 | €33,157 | +€10,936 | +49.2% |
| Taxes, remuneration and social security | 45 | €10,181 | €2,084 | -€8,096 | -79.5% |
| Taxes | 450/3 | €4,400 | €302 | -€4,098 | -93.1% |
| Remuneration and social security | 454/9 | €5,781 | €1,783 | -€3,998 | -69.2% |
| Other amounts payable | 47/48 | €43,772 | €48,935 | +€5,163 | +11.8% |
| Accrued charges and deferred income | 492/3 | - | €25 | +€25 | |
| Remuneration, social security and pensions | 62 | €39,135 | €47,018 | +€7,883 | +20.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,821 | €28,347 | +€11,527 | +68.5% |
| Other operating charges | 640/8 | €6,180 | €6,594 | +€414 | +6.7% |
| Gross operating margin | 9900 | €83,964 | €56,027 | -€27,937 | -33.3% |
| Operating profit (loss) | 9901 | €21,828 | -€25,933 | -€47,761 | |
| Financial income | 75/76B | €9 | €6 | -€3 | -33.6% |
| Recurring financial income | 75 | €9 | €6 | -€3 | -33.6% |
| Financial charges | 65/66B | €6,249 | €7,634 | +€1,385 | +22.2% |
| Recurring financial charges | 65 | €6,249 | €7,634 | +€1,385 | +22.2% |
| Profit (loss) for the period before taxes | 9903 | €15,588 | -€33,561 | -€49,149 | |
| Income taxes | 67/77 | €3,896 | - | -€3,896 | |
| Profit (loss) for the period | 9904 | €11,691 | -€33,561 | -€45,253 | |
| Profit (loss) for the period to be appropriated | 9905 | €11,691 | -€33,561 | -€45,253 |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.