M CREATION: 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 CREATION
Largest movements
- Cash +€113,927
up €113,927 (+21.6%), from €528,327 to €642,254
mainly Net result for the year (+€126,234) and Trade debts (+€117,880)
- Receivables within one year +€28,911
up €28,911 (+134.5%), from €21,491 to €50,402
of which Trade receivables: +€16,671
- Tangible fixed assets -€22,193
down €22,193 (-20.3%), from €109,190 to €86,998
of which Other tangible fixed assets: -€14,896
- Trade debts +€117,880
up €117,880 (+317.9%), from €37,078 to €154,958
- Advances received +€63,294
up €63,294 (+24.5%), from €258,772 to €322,066
- Other debts -€52,300
down €52,300 (-29.3%), from €178,500 to €126,200
- Debts after one year -€24,360
down €24,360 (-16.1%), from €151,581 to €127,221
of which Financial debts: -€24,360
- Tax, wage and social debts +€20,224
up €20,224 (+21.9%), from €92,153 to €112,377
of which Remuneration and social security: +€18,971
- Gross operating margin -€58,291
down €58,291 (-12.5%), from €464,579 to €406,289
- Staff costs -€19,831
down €19,831 (-7.8%), from €254,192 to €234,362
- Taxes +€15,667
up €15,667 (+80.7%), from €19,421 to €35,088
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.
Cash bridge derived
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 | €756,787 | €884,123 | +€127,336 | +16.8% |
| Fixed assets | 21/28 | €109,476 | €87,283 | -€22,193 | -20.3% |
| Tangible fixed assets | 22/27 | €109,190 | €86,998 | -€22,193 | -20.3% |
| Plant, machinery and equipment | 23 | €12,086 | €10,004 | -€2,081 | -17.2% |
| Furniture and vehicles | 24 | €10,342 | €5,127 | -€5,215 | -50.4% |
| Other tangible fixed assets | 26 | €86,763 | €71,867 | -€14,896 | -17.2% |
| Financial fixed assets | 28 | €285 | €285 | = | 0.0% |
| Current assets | 29/58 | €647,311 | €796,839 | +€149,528 | +23.1% |
| Stocks and contracts in progress | 3 | €83,810 | €84,349 | +€539 | +0.6% |
| Stocks | 30/36 | €83,810 | €84,349 | +€539 | +0.6% |
| Amounts receivable within one year | 40/41 | €21,491 | €50,402 | +€28,911 | +134.5% |
| Trade receivables | 40 | €21,491 | €38,162 | +€16,671 | +77.6% |
| Other amounts receivable | 41 | - | €12,240 | +€12,240 | |
| Cash at bank and in hand | 54/58 | €528,327 | €642,254 | +€113,927 | +21.6% |
| Deferred charges and accrued income | 490/1 | €13,684 | €19,834 | +€6,150 | +44.9% |
| Total equity and liabilities | 10/49 | €756,787 | €884,123 | +€127,336 | +16.8% |
| Equity | 10/15 | €10,064 | €10,098 | +€34 | +0.3% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €64 | €98 | +€34 | +53.6% |
| Amounts payable | 17/49 | €746,723 | €874,024 | +€127,301 | +17.0% |
| Amounts payable after more than one year | 17 | €151,581 | €127,221 | -€24,360 | -16.1% |
| Financial debts | 170/4 | €91,581 | €67,221 | -€24,360 | -26.6% |
| Other amounts payable | 178/9 | €60,000 | €60,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €590,584 | €739,961 | +€149,377 | +25.3% |
| Current portion of amounts payable after more than one year | 42 | €24,081 | €24,360 | +€279 | +1.2% |
| Trade debts | 44 | €37,078 | €154,958 | +€117,880 | +317.9% |
| Suppliers | 440/4 | €37,078 | €154,958 | +€117,880 | +317.9% |
| Advances received on contracts in progress | 46 | €258,772 | €322,066 | +€63,294 | +24.5% |
| Taxes, remuneration and social security | 45 | €92,153 | €112,377 | +€20,224 | +21.9% |
| Taxes | 450/3 | €57,187 | €58,441 | +€1,254 | +2.2% |
| Remuneration and social security | 454/9 | €34,966 | €53,936 | +€18,971 | +54.3% |
| Other amounts payable | 47/48 | €178,500 | €126,200 | -€52,300 | -29.3% |
| Accrued charges and deferred income | 492/3 | €4,558 | €6,842 | +€2,285 | +50.1% |
| Remuneration, social security and pensions | 62 | €254,192 | €234,362 | -€19,831 | -7.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,816 | €22,002 | -€814 | -3.6% |
| Other operating charges | 640/8 | €1,702 | €2,514 | +€812 | +47.7% |
| Gross operating margin | 9900 | €464,579 | €406,289 | -€58,291 | -12.5% |
| Operating profit (loss) | 9901 | €185,869 | €147,411 | -€38,458 | -20.7% |
| Financial income | 75/76B | €17,747 | €20,535 | +€2,788 | +15.7% |
| Recurring financial income | 75 | €17,747 | €20,535 | +€2,788 | +15.7% |
| Financial charges | 65/66B | €5,806 | €6,624 | +€818 | +14.1% |
| Recurring financial charges | 65 | €5,806 | €6,624 | +€818 | +14.1% |
| Profit (loss) for the period before taxes | 9903 | €197,811 | €161,322 | -€36,488 | -18.4% |
| Income taxes | 67/77 | €19,421 | €35,088 | +€15,667 | +80.7% |
| Profit (loss) for the period | 9904 | €178,390 | €126,234 | -€52,156 | -29.2% |
| Profit (loss) for the period to be appropriated | 9905 | €178,390 | €126,234 | -€52,156 | -29.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.