M Development: what changed
M Development
Largest movements
- Receivables after one year -€6,000
no longer reported in 2025 (was €6,000)
- Receivables within one year -€5,541
down €5,541 (-58.3%), from €9,508 to €3,968
of which Trade receivables: -€4,548
- Cash +€4,584
up €4,584 (+276%), from €1,659 to €6,243
mainly Other debts (+€11,780) and Receivables after one year (+€6,000)
- Tangible fixed assets +€961
new in 2025: €961
- Deferred charges and accrued income +€236
up €236 (+21.7%), from €1,087 to €1,323
- Profit (loss) carried forward -€12,833
down €12,833 (-171%), from -€7,511 to -€20,345
- Other debts +€11,780
up €11,780 (+140%), from €8,392 to €20,172
- Trade debts -€4,837
down €4,837 (-56.5%), from €8,566 to €3,729
- Gross operating margin -€4,883
down €4,883 (-69.6%), from -€7,017 to -€11,900
- Taxes +€254
up €254, from -€105 to €148
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €18,254 | €12,494 | -€5,760 | -31.6% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | - | €961 | +€961 | |
| Tangible fixed assets | 22/27 | - | €961 | +€961 | |
| Plant, machinery and equipment | 23 | - | €961 | +€961 | |
| Current assets | 29/58 | €18,254 | €11,534 | -€6,720 | -36.8% |
| Amounts receivable after more than one year | 29 | €6,000 | - | -€6,000 | |
| Other amounts receivable | 291 | €6,000 | - | -€6,000 | |
| Amounts receivable within one year | 40/41 | €9,508 | €3,968 | -€5,541 | -58.3% |
| Trade receivables | 40 | €8,414 | €3,866 | -€4,548 | -54.1% |
| Other amounts receivable | 41 | €1,094 | €102 | -€993 | -90.7% |
| Cash at bank and in hand | 54/58 | €1,659 | €6,243 | +€4,584 | +276% |
| Deferred charges and accrued income | 490/1 | €1,087 | €1,323 | +€236 | +21.7% |
| Total equity and liabilities | 10/49 | €18,254 | €12,494 | -€5,760 | -31.6% |
| Equity | 10/15 | €1,278 | -€11,556 | -€12,833 | |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €5,789 | €5,789 | = | 0.0% |
| Distributable reserves | 133 | €5,789 | €5,789 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€7,511 | -€20,345 | -€12,833 | -171% |
| Amounts payable | 17/49 | €16,976 | €24,050 | +€7,074 | +41.7% |
| Amounts payable within one year | 42/48 | €16,976 | €24,050 | +€7,074 | +41.7% |
| Trade debts | 44 | €8,566 | €3,729 | -€4,837 | -56.5% |
| Suppliers | 440/4 | €8,566 | €3,729 | -€4,837 | -56.5% |
| Taxes, remuneration and social security | 45 | €17 | €148 | +€131 | +748% |
| Taxes | 450/3 | €17 | €148 | +€131 | +748% |
| Other amounts payable | 47/48 | €8,392 | €20,172 | +€11,780 | +140% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €106 | +€106 | |
| Other operating charges | 640/8 | €502 | €565 | +€63 | +12.5% |
| Gross operating margin | 9900 | -€7,017 | -€11,900 | -€4,883 | -69.6% |
| Operating profit (loss) | 9901 | -€7,519 | -€12,572 | -€5,053 | -67.2% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €98 | €113 | +€16 | +16.0% |
| Recurring financial charges | 65 | €98 | €113 | +€16 | +16.0% |
| Profit (loss) for the period before taxes | 9903 | -€7,617 | -€12,685 | -€5,068 | -66.5% |
| Income taxes | 67/77 | -€105 | €148 | +€254 | |
| Profit (loss) for the period | 9904 | -€7,511 | -€12,833 | -€5,322 | -70.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,511 | -€12,833 | -€5,322 | -70.9% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.