M CONSTRUCT: 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 CONSTRUCT
Largest movements
- Receivables within one year -€34,570
down €34,570 (-71.8%), from €48,170 to €13,599
of which Trade receivables: -€29,043
- Tangible fixed assets +€17,632
up €17,632 (+395.9%), from €4,454 to €22,086
of which Furniture and vehicles: +€18,345
- Cash -€10,530
down €10,530 (-57.4%), from €18,354 to €7,823
mainly Net result for the year (-€42,520) and Investment in fixed assets (net) (-€23,770)
- Deferred charges and accrued income -€2,578
down €2,578 (-55.2%), from €4,670 to €2,091
- Stocks and contracts -€1,838
down €1,838 (-100.0%), from €1,838 to €0
- Profit (loss) carried forward -€42,520
down €42,520 (-67.9%), from €62,609 to €20,089
- Other debts +€11,336
up €11,336 (+288.2%), from €3,933 to €15,269
- Trade debts -€983
down €983 (-24.9%), from €3,943 to €2,960
- Gross operating margin -€46,323
down €46,323, from €6,208 to -€40,115
- Financial income +€5,592
up €5,592 (+2320.7%), from €241 to €5,833
of which Non-recurring financial income: +€5,702
- Depreciation +€3,538
up €3,538 (+136.1%), from €2,600 to €6,138
- Taxes -€624
down €624 (-68.9%), from €906 to €282
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 | €80,485 | €48,600 | -€31,886 | -39.6% |
| Fixed assets | 21/28 | €7,454 | €25,086 | +€17,632 | +236.5% |
| Tangible fixed assets | 22/27 | €4,454 | €22,086 | +€17,632 | +395.9% |
| Plant, machinery and equipment | 23 | €817 | €103 | -€713 | -87.3% |
| Furniture and vehicles | 24 | €3,637 | €21,982 | +€18,345 | +504.4% |
| Financial fixed assets | 28 | €3,000 | €3,000 | = | 0.0% |
| Current assets | 29/58 | €73,031 | €23,514 | -€49,517 | -67.8% |
| Stocks and contracts in progress | 3 | €1,838 | €0 | -€1,838 | -100.0% |
| Stocks | 30/36 | €1,838 | €0 | -€1,838 | -100.0% |
| Amounts receivable within one year | 40/41 | €48,170 | €13,599 | -€34,570 | -71.8% |
| Trade receivables | 40 | €40,967 | €11,924 | -€29,043 | -70.9% |
| Other amounts receivable | 41 | €7,202 | €1,675 | -€5,527 | -76.7% |
| Cash at bank and in hand | 54/58 | €18,354 | €7,823 | -€10,530 | -57.4% |
| Deferred charges and accrued income | 490/1 | €4,670 | €2,091 | -€2,578 | -55.2% |
| Total equity and liabilities | 10/49 | €80,485 | €48,600 | -€31,886 | -39.6% |
| Equity | 10/15 | €70,609 | €28,089 | -€42,520 | -60.2% |
| Contributions | 10/11 | €7,000 | €7,000 | = | 0.0% |
| Reserves | 13 | €1,000 | €1,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,000 | €1,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €62,609 | €20,089 | -€42,520 | -67.9% |
| Amounts payable | 17/49 | €9,876 | €20,511 | +€10,634 | +107.7% |
| Amounts payable within one year | 42/48 | €9,876 | €20,511 | +€10,634 | +107.7% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €3,943 | €2,960 | -€983 | -24.9% |
| Suppliers | 440/4 | €3,943 | €2,960 | -€983 | -24.9% |
| Taxes, remuneration and social security | 45 | €2,000 | €2,282 | +€282 | +14.1% |
| Taxes | 450/3 | €2,000 | €2,282 | +€282 | +14.1% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €3,933 | €15,269 | +€11,336 | +288.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,600 | €6,138 | +€3,538 | +136.1% |
| Other operating charges | 640/8 | €722 | €985 | +€263 | +36.4% |
| Non-recurring operating charges | 66A | €133 | €670 | +€538 | +405.1% |
| Gross operating margin | 9900 | €6,208 | -€40,115 | -€46,323 | |
| Operating profit (loss) | 9901 | €2,754 | -€47,907 | -€50,661 | |
| Financial income | 75/76B | €241 | €5,833 | +€5,592 | +2320.7% |
| Recurring financial income | 75 | €241 | €130 | -€111 | -45.9% |
| Non-recurring financial income | 76B | - | €5,702 | +€5,702 | |
| Financial charges | 65/66B | €157 | €164 | +€6 | +4.1% |
| Recurring financial charges | 65 | €157 | €164 | +€6 | +4.1% |
| Profit (loss) for the period before taxes | 9903 | €2,837 | -€42,238 | -€45,076 | |
| Income taxes | 67/77 | €906 | €282 | -€624 | -68.9% |
| Profit (loss) for the period | 9904 | €1,931 | -€42,520 | -€44,451 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,931 | -€42,520 | -€44,451 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.