M DEUX: 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 DEUX
Largest movements
- Current assets -€384,681
down €384,681 (-7.2%), from €5.3m to €4.9m
of which Stocks and contracts: -€311,995
- Debts after one year +€525,660
up €525,660 (+9.5%), from €5.5m to €6.1m
of which Financial debts: +€6.0m
- Equity -€458,360
down €458,360 (-57.8%), from -€793,566 to -€1.3m
of which Profit (loss) carried forward: -€458,360
- Debts within one year -€454,531
down €454,531 (-78.8%), from €576,730 to €122,200
of which Trade debts: -€445,457
- Financial charges +€522,077
new in 2021: €522,077
- Gross operating margin +€81,651
up €81,651, from -€15,276 to €66,375
- Staff costs +€2,460
new in 2021: €2,460
From the 2020 result to the 2021 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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2020 | 2021 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,333,657 | €4,948,976 | -€384,681 | -7.2% |
| Current assets | 29/58 | €5,333,657 | €4,948,976 | -€384,681 | -7.2% |
| Stocks and contracts in progress | 3 | €3,919,172 | €3,607,177 | -€311,995 | -8.0% |
| Stocks | 30/36 | - | €3,607,177 | +€3.6m | |
| Amounts receivable within one year | 40/41 | €1,393,328 | €1,319,555 | -€73,772 | -5.3% |
| Trade receivables | 40 | - | €1,000,977 | +€1.0m | |
| Other amounts receivable | 41 | - | €318,578 | +€318,578 | |
| Cash at bank and in hand | 54/58 | €3,103 | €4,189 | +€1,087 | +35.0% |
| Deferred charges and accrued income | 490/1 | - | €18,054 | +€18,054 | |
| Total equity and liabilities | 10/49 | €5,333,657 | €4,948,976 | -€384,681 | -7.2% |
| Equity | 10/15 | -€793,566 | -€1,251,927 | -€458,360 | -57.8% |
| Contributions | 10/11 | €1,531,100 | €1,531,100 | = | 0.0% |
| Capital | 10 | - | €1,531,100 | +€1.5m | |
| Issued capital | 100 | - | €1,531,100 | +€1.5m | |
| Revaluation surpluses | 12 | - | €947 | +€947 | |
| Reserves | 13 | €1,750 | €1,750 | = | 0.0% |
| Non-distributable reserves | 130/1 | - | €1,750 | +€1,750 | |
| Legal reserve | 130 | - | €1,750 | +€1,750 | |
| Profit (loss) carried forward | 14 | -€2,327,363 | -€2,785,723 | -€458,360 | -19.7% |
| Amounts payable | 17/49 | €6,127,223 | €6,200,902 | +€73,679 | +1.2% |
| Amounts payable after more than one year | 17 | €5,548,493 | €6,074,153 | +€525,660 | +9.5% |
| Financial debts | 170/4 | - | €6,049,433 | +€6.0m | |
| Other amounts payable | 178/9 | - | €24,720 | +€24,720 | |
| Amounts payable within one year | 42/48 | €576,730 | €122,200 | -€454,531 | -78.8% |
| Trade debts | 44 | €459,377 | €13,920 | -€445,457 | -97.0% |
| Suppliers | 440/4 | - | €13,920 | +€13,920 | |
| Taxes, remuneration and social security | 45 | - | €103,424 | +€103,424 | |
| Taxes | 450/3 | - | €76,591 | +€76,591 | |
| Remuneration and social security | 454/9 | - | €26,833 | +€26,833 | |
| Other amounts payable | 47/48 | - | €4,856 | +€4,856 | |
| Accrued charges and deferred income | 492/3 | - | €4,550 | +€4,550 | |
| Remuneration, social security and pensions | 62 | - | €2,460 | +€2,460 | |
| Other operating charges | 640/8 | - | €199 | +€199 | |
| Gross operating margin | 9900 | -€15,276 | €66,375 | +€81,651 | |
| Operating profit (loss) | 9901 | -€18,028 | €63,717 | +€81,745 | |
| Financial charges | 65/66B | - | €522,077 | +€522,077 | |
| Recurring financial charges | 65 | €523,158 | €522,077 | -€1,080 | -0.2% |
| Profit (loss) for the period before taxes | 9903 | -€541,185 | -€458,360 | +€82,825 | +15.3% |
| Profit (loss) for the period | 9904 | -€541,185 | -€458,360 | +€82,825 | +15.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€541,185 | -€458,360 | +€82,825 | +15.3% |
Source: filed annual accounts (NBB), financial years ended 31 December 2020 and 31 December 2021. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.