M. d'O: 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'O
Largest movements
- Cash +€159,446
up €159,446 (+190.9%), from €83,507 to €242,953
mainly Net result for the year (+€137,936) and Tax, wage and social debts (+€41,066)
- Receivables within one year +€16,435
up €16,435 (+96.0%), from €17,118 to €33,553
of which Other amounts receivable: +€10,753
- Reserves +€137,936
up €137,936 (+86.6%), from €159,235 to €297,171
- Tax, wage and social debts +€41,066
up €41,066 (+110.2%), from €37,249 to €78,315
- Other debts -€4,582
no longer reported in 2025 (was €4,582)
- Gross operating margin +€14,837
up €14,837 (+9.0%), from €164,325 to €179,162
- Taxes +€3,818
up €3,818 (+10.2%), from €37,249 to €41,066
- Financial income +€3,245
up €3,245 (+151625.2%), from €2 to €3,247
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 | €203,926 | €378,604 | +€174,678 | +85.7% |
| Fixed assets | 21/28 | €3,164 | €2,098 | -€1,066 | -33.7% |
| Tangible fixed assets | 22/27 | €3,164 | €2,098 | -€1,066 | -33.7% |
| Plant, machinery and equipment | 23 | €3,164 | €2,098 | -€1,066 | -33.7% |
| Current assets | 29/58 | €200,762 | €376,506 | +€175,744 | +87.5% |
| Amounts receivable after more than one year | 29 | €100,000 | €100,000 | = | 0.0% |
| Other amounts receivable | 291 | €100,000 | €100,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €17,118 | €33,553 | +€16,435 | +96.0% |
| Trade receivables | 40 | €17,118 | €22,800 | +€5,682 | +33.2% |
| Other amounts receivable | 41 | - | €10,753 | +€10,753 | |
| Cash at bank and in hand | 54/58 | €83,507 | €242,953 | +€159,446 | +190.9% |
| Deferred charges and accrued income | 490/1 | €136 | - | -€136 | |
| Total equity and liabilities | 10/49 | €203,926 | €378,604 | +€174,678 | +85.7% |
| Equity | 10/15 | €161,735 | €299,671 | +€137,936 | +85.3% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €159,235 | €297,171 | +€137,936 | +86.6% |
| Distributable reserves | 133 | €159,235 | €297,171 | +€137,936 | +86.6% |
| Amounts payable | 17/49 | €42,191 | €78,933 | +€36,742 | +87.1% |
| Amounts payable within one year | 42/48 | €42,191 | €78,933 | +€36,742 | +87.1% |
| Trade debts | 44 | €361 | €618 | +€258 | +71.4% |
| Suppliers | 440/4 | €361 | €618 | +€258 | +71.4% |
| Taxes, remuneration and social security | 45 | €37,249 | €78,315 | +€41,066 | +110.2% |
| Taxes | 450/3 | €37,249 | €78,315 | +€41,066 | +110.2% |
| Other amounts payable | 47/48 | €4,582 | - | -€4,582 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €672 | €571 | -€101 | -15.0% |
| Non-recurring operating charges | 66A | - | €2,224 | +€2,224 | |
| Gross operating margin | 9900 | €164,325 | €179,162 | +€14,837 | +9.0% |
| Operating profit (loss) | 9901 | €163,653 | €176,367 | +€12,714 | +7.8% |
| Financial income | 75/76B | €2 | €3,247 | +€3,245 | +151625.2% |
| Recurring financial income | 75 | €2 | €3,247 | +€3,245 | +151625.2% |
| Financial charges | 65/66B | €44 | €612 | +€568 | +1306.0% |
| Recurring financial charges | 65 | €44 | €612 | +€568 | +1306.0% |
| Profit (loss) for the period before taxes | 9903 | €163,612 | €179,002 | +€15,391 | +9.4% |
| Income taxes | 67/77 | €37,249 | €41,066 | +€3,818 | +10.2% |
| Profit (loss) for the period | 9904 | €126,363 | €137,936 | +€11,573 | +9.2% |
| Profit (loss) for the period to be appropriated | 9905 | €126,363 | €137,936 | +€11,573 | +9.2% |
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 3 October 2026 via checked.be.