M & D: 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 & D
Largest movements
- Cash -€13,741
down €13,741 (-76.8%), from €17,882 to €4,141
mainly Net result for the year (-€8,479) and Receivables within one year (-€6,054)
- Stocks and contracts -€7,141
down €7,141 (-29.5%), from €24,241 to €17,101
- Receivables within one year +€6,054
up €6,054 (+8.7%), from €69,726 to €75,780
of which Other amounts receivable: +€34,040
- Tangible fixed assets +€3,898
new in 2025: €3,898
- Deferred charges and accrued income -€2,372
down €2,372 (-63.0%), from €3,766 to €1,393
- Profit (loss) carried forward -€8,479
down €8,479 (-54.9%), from -€15,447 to -€23,926
- Accrued charges and deferred income -€3,100
down €3,100 (-42.8%), from €7,250 to €4,150
- Tax, wage and social debts -€1,824
down €1,824 (-96.2%), from €1,897 to €72
- Write-downs -€18,779
no longer reported in 2025 (was €18,779)
- Gross operating margin -€16,978
down €16,978, from €6,883 to -€10,095
- Financial income +€5,631
up €5,631 (+737.2%), from €764 to €6,395
- Financial charges +€317
up €317 (+9.3%), from €3,402 to €3,719
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 | €115,615 | €102,314 | -€13,302 | -11.5% |
| Fixed assets | 21/28 | - | €3,898 | +€3,898 | |
| Tangible fixed assets | 22/27 | - | €3,898 | +€3,898 | |
| Other tangible fixed assets | 26 | - | €3,898 | +€3,898 | |
| Current assets | 29/58 | €115,615 | €98,415 | -€17,200 | -14.9% |
| Stocks and contracts in progress | 3 | €24,241 | €17,101 | -€7,141 | -29.5% |
| Stocks | 30/36 | €24,241 | €17,101 | -€7,141 | -29.5% |
| Amounts receivable within one year | 40/41 | €69,726 | €75,780 | +€6,054 | +8.7% |
| Trade receivables | 40 | €55,955 | €27,969 | -€27,986 | -50.0% |
| Other amounts receivable | 41 | €13,772 | €47,811 | +€34,040 | +247.2% |
| Cash at bank and in hand | 54/58 | €17,882 | €4,141 | -€13,741 | -76.8% |
| Deferred charges and accrued income | 490/1 | €3,766 | €1,393 | -€2,372 | -63.0% |
| Total equity and liabilities | 10/49 | €115,615 | €102,314 | -€13,302 | -11.5% |
| Equity | 10/15 | €64,699 | €56,219 | -€8,479 | -13.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €18,145 | €18,145 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | - | -€6,200 | |
| Reserves not available under the articles | 1311 | €6,200 | - | -€6,200 | |
| Distributable reserves | 133 | €11,945 | €18,145 | +€6,200 | +51.9% |
| Profit (loss) carried forward | 14 | -€15,447 | -€23,926 | -€8,479 | -54.9% |
| Amounts payable | 17/49 | €50,917 | €46,095 | -€4,822 | -9.5% |
| Amounts payable within one year | 42/48 | €43,667 | €41,945 | -€1,722 | -3.9% |
| Financial debts | 43 | €28,805 | €29,115 | +€310 | +1.1% |
| Credit institutions | 430/8 | €28,805 | €29,115 | +€310 | +1.1% |
| Trade debts | 44 | €12,965 | €12,757 | -€208 | -1.6% |
| Suppliers | 440/4 | €12,965 | €12,757 | -€208 | -1.6% |
| Taxes, remuneration and social security | 45 | €1,897 | €72 | -€1,824 | -96.2% |
| Taxes | 450/3 | €1,897 | €72 | -€1,824 | -96.2% |
| Accrued charges and deferred income | 492/3 | €7,250 | €4,150 | -€3,100 | -42.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €51 | +€51 | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €18,779 | - | -€18,779 | |
| Other operating charges | 640/8 | €912 | €1,010 | +€98 | +10.7% |
| Gross operating margin | 9900 | €6,883 | -€10,095 | -€16,978 | |
| Operating profit (loss) | 9901 | -€12,809 | -€11,155 | +€1,653 | +12.9% |
| Financial income | 75/76B | €764 | €6,395 | +€5,631 | +737.2% |
| Recurring financial income | 75 | €764 | €6,395 | +€5,631 | +737.2% |
| Financial charges | 65/66B | €3,402 | €3,719 | +€317 | +9.3% |
| Recurring financial charges | 65 | €3,402 | €3,719 | +€317 | +9.3% |
| Profit (loss) for the period before taxes | 9903 | -€15,447 | -€8,479 | +€6,967 | +45.1% |
| Profit (loss) for the period | 9904 | -€15,447 | -€8,479 | +€6,967 | +45.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€15,447 | -€8,479 | +€6,967 | +45.1% |
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.