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 +€8,858
up €8,858 (+4.9%), from €180,434 to €189,292
mainly Net result for the year (+€20,081) and Receivables within one year (+€2,900)
- Receivables within one year -€2,900
down €2,900 (-22.5%), from €12,909 to €10,010
- Reserves +€20,081
up €20,081 (+15.7%), from €127,538 to €147,620
of which Distributable reserves: +€20,081
- Tax, wage and social debts -€13,024
down €13,024 (-48.4%), from €26,935 to €13,911
- Gross operating margin +€4,264
up €4,264 (+15.4%), from €27,718 to €31,982
- Taxes +€837
up €837 (+9.4%), from €8,937 to €9,774
- Other operating charges +€400
new in 2025: €400
- Depreciation -€357
down €357 (-94.5%), from €378 to €21
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.
Derived cash bridge
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 | €193,669 | €199,694 | +€6,026 | +3.1% |
| Fixed assets | 21/28 | €21 | - | -€21 | |
| Tangible fixed assets | 22/27 | €21 | - | -€21 | |
| Furniture and vehicles | 24 | €21 | - | -€21 | |
| Current assets | 29/58 | €193,648 | €199,694 | +€6,047 | +3.1% |
| Amounts receivable within one year | 40/41 | €12,909 | €10,010 | -€2,900 | -22.5% |
| Trade receivables | 40 | €12,909 | €10,010 | -€2,900 | -22.5% |
| Cash at bank and in hand | 54/58 | €180,434 | €189,292 | +€8,858 | +4.9% |
| Deferred charges and accrued income | 490/1 | €304 | €393 | +€89 | +29.1% |
| Total equity and liabilities | 10/49 | €193,669 | €199,694 | +€6,026 | +3.1% |
| Equity | 10/15 | €139,563 | €158,812 | +€19,248 | +13.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €127,538 | €147,620 | +€20,081 | +15.7% |
| Tax-exempt reserves | 132 | €2,455 | €2,455 | = | 0.0% |
| Distributable reserves | 133 | €125,083 | €145,165 | +€20,081 | +16.1% |
| Profit (loss) carried forward | 14 | €5,825 | €4,992 | -€833 | -14.3% |
| Amounts payable | 17/49 | €54,105 | €40,883 | -€13,222 | -24.4% |
| Amounts payable within one year | 42/48 | €54,105 | €40,883 | -€13,222 | -24.4% |
| Taxes, remuneration and social security | 45 | €26,935 | €13,911 | -€13,024 | -48.4% |
| Taxes | 450/3 | €26,935 | €13,911 | -€13,024 | -48.4% |
| Other amounts payable | 47/48 | €27,170 | €26,972 | -€198 | -0.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €378 | €21 | -€357 | -94.5% |
| Other operating charges | 640/8 | - | €400 | +€400 | |
| Gross operating margin | 9900 | €27,718 | €31,982 | +€4,264 | +15.4% |
| Operating profit (loss) | 9901 | €27,340 | €31,561 | +€4,221 | +15.4% |
| Financial charges | 65/66B | €1,907 | €1,706 | -€201 | -10.6% |
| Recurring financial charges | 65 | €1,907 | €1,706 | -€201 | -10.6% |
| Profit (loss) for the period before taxes | 9903 | €25,433 | €29,855 | +€4,422 | +17.4% |
| Income taxes | 67/77 | €8,937 | €9,774 | +€837 | +9.4% |
| Profit (loss) for the period | 9904 | €16,496 | €20,081 | +€3,585 | +21.7% |
| Profit (loss) for the period to be appropriated | 9905 | €16,496 | €20,081 | +€3,585 | +21.7% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.