M & D: 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 & D
Largest movements
- Cash -€850,155
down €850,155 (-85.2%), from €998,294 to €148,139
- Current investments +€500,000
new in 2024: €500,000
- Tangible fixed assets -€171,330
down €171,330 (-12.6%), from €1.4m to €1.2m
of which Land and buildings: -€170,898
- Other debts -€491,513
down €491,513 (-92.6%), from €530,514 to €39,001
- Debts after one year +€145,531
up €145,531 (+67.2%), from €216,679 to €362,210
of which Other amounts payable: +€259,085
- Reserves -€116,057
down €116,057 (-8.5%), from €1.4m to €1.2m
of which Distributable reserves: -€65,000
- Current portion of long-term debt -€39,024
down €39,024 (-55.7%), from €70,030 to €31,006
- Gross operating margin -€1.0m
down €1.0m (-97.0%), from €1.0m to €30,946
From the 2022 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
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 | 2022 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,640,561 | €2,121,131 | -€519,430 | -19.7% |
| Fixed assets | 21/28 | €1,642,267 | €1,470,937 | -€171,330 | -10.4% |
| Tangible fixed assets | 22/27 | €1,360,222 | €1,188,892 | -€171,330 | -12.6% |
| Land and buildings | 22 | €1,359,791 | €1,188,892 | -€170,898 | -12.6% |
| Plant, machinery and equipment | 23 | €432 | - | -€432 | |
| Financial fixed assets | 28 | €282,044 | €282,044 | = | 0.0% |
| Current assets | 29/58 | €998,294 | €650,194 | -€348,100 | -34.9% |
| Amounts receivable within one year | 40/41 | - | €2,055 | +€2,055 | |
| Other amounts receivable | 41 | - | €2,055 | +€2,055 | |
| Current investments | 50/53 | - | €500,000 | +€500,000 | |
| Cash at bank and in hand | 54/58 | €998,294 | €148,139 | -€850,155 | -85.2% |
| Total equity and liabilities | 10/49 | €2,640,561 | €2,121,131 | -€519,430 | -19.7% |
| Equity | 10/15 | €1,465,691 | €1,357,264 | -€108,427 | -7.4% |
| Contributions | 10/11 | €103,892 | €103,892 | = | 0.0% |
| Capital | 10 | €103,892 | €103,892 | = | 0.0% |
| Issued capital | 100 | €103,892 | €103,892 | = | 0.0% |
| Reserves | 13 | €1,358,382 | €1,242,326 | -€116,057 | -8.5% |
| Non-distributable reserves | 130/1 | €10,389 | €10,389 | = | 0.0% |
| Legal reserve | 130 | €10,389 | €10,389 | = | 0.0% |
| Tax-exempt reserves | 132 | €952,993 | €901,936 | -€51,057 | -5.4% |
| Distributable reserves | 133 | €395,000 | €330,000 | -€65,000 | -16.5% |
| Profit (loss) carried forward | 14 | €3,416 | €11,046 | +€7,630 | +223.3% |
| Provisions and deferred taxes | 16 | €356,234 | €329,944 | -€26,290 | -7.4% |
| Deferred taxes | 168 | €356,234 | €329,944 | -€26,290 | -7.4% |
| Amounts payable | 17/49 | €818,636 | €433,923 | -€384,713 | -47.0% |
| Amounts payable after more than one year | 17 | €216,679 | €362,210 | +€145,531 | +67.2% |
| Financial debts | 170/4 | €216,679 | €103,125 | -€113,554 | -52.4% |
| Other amounts payable | 178/9 | - | €259,085 | +€259,085 | |
| Amounts payable within one year | 42/48 | €601,957 | €71,713 | -€530,244 | -88.1% |
| Current portion of amounts payable after more than one year | 42 | €70,030 | €31,006 | -€39,024 | -55.7% |
| Trade debts | 44 | €1,413 | €1,706 | +€293 | +20.7% |
| Suppliers | 440/4 | €1,413 | €1,706 | +€293 | +20.7% |
| Other amounts payable | 47/48 | €530,514 | €39,001 | -€491,513 | -92.6% |
| Non-recurring operating income | 76A | €987,454 | - | -€987,454 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €85,881 | €85,449 | -€432 | -0.5% |
| Other operating charges | 640/8 | €14,846 | €22,933 | +€8,087 | +54.5% |
| Gross operating margin | 9900 | €1,032,786 | €30,946 | -€1.0m | -97.0% |
| Operating profit (loss) | 9901 | €932,059 | -€77,436 | -€1.0m | |
| Financial charges | 65/66B | €8,910 | €2,954 | -€5,956 | -66.8% |
| Recurring financial charges | 65 | €8,910 | €2,954 | -€5,956 | -66.8% |
| Profit (loss) for the period before taxes | 9903 | €923,149 | -€80,391 | -€1.0m | |
| Transfer from deferred taxes | 780 | €13,145 | €13,145 | = | 0.0% |
| Transfer to deferred taxes | 680 | €246,863 | - | -€246,863 | |
| Profit (loss) for the period | 9904 | €689,430 | -€67,245 | -€756,676 | |
| Transfer from tax-exempt reserves | 789 | €25,528 | €25,528 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €740,590 | - | -€740,590 | |
| Profit (loss) for the period to be appropriated | 9905 | -€25,632 | -€41,717 | -€16,085 | -62.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2022 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.