M-DOORS: 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-DOORS
Largest movements
- Receivables within one year -€90,197
down €90,197 (-43.6%), from €206,663 to €116,466
of which Trade receivables: -€99,164
- Cash -€50,980
down €50,980 (-80.0%), from €63,722 to €12,742
mainly Net result for the year (-€137,537) and Debts after one year (-€28,724)
- Tangible fixed assets -€14,679
down €14,679 (-28.6%), from €51,406 to €36,727
of which Furniture and vehicles: -€10,258
- Stocks and contracts +€10,522
up €10,522 (+7.7%), from €135,848 to €146,371
- Profit (loss) carried forward -€137,537
down €137,537 (-164%), from -€83,795 to -€221,332
- Debts after one year -€28,724
down €28,724 (-7.1%), from €406,466 to €377,741
- Trade debts +€24,033
up €24,033 (+65.2%), from €36,851 to €60,885
- Tax, wage and social debts -€5,150
down €5,150 (-66.5%), from €7,744 to €2,594
of which Remuneration and social security: -€5,150
- Gross operating margin -€227,850
down €227,850, from €127,356 to -€100,494
- Staff costs -€54,851
down €54,851 (-80.1%), from €68,487 to €13,636
- Depreciation -€1,788
down €1,788 (-10.0%), from €17,818 to €16,030
- Other operating charges -€1,298
down €1,298 (-52.3%), from €2,484 to €1,186
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 | €469,242 | €321,445 | -€147,797 | -31.5% |
| Fixed assets | 21/28 | €59,871 | €45,192 | -€14,679 | -24.5% |
| Tangible fixed assets | 22/27 | €51,406 | €36,727 | -€14,679 | -28.6% |
| Plant, machinery and equipment | 23 | €12,513 | €8,092 | -€4,421 | -35.3% |
| Furniture and vehicles | 24 | €38,893 | €28,635 | -€10,258 | -26.4% |
| Financial fixed assets | 28 | €8,465 | €8,465 | = | 0.0% |
| Current assets | 29/58 | €409,371 | €276,253 | -€133,118 | -32.5% |
| Stocks and contracts in progress | 3 | €135,848 | €146,371 | +€10,522 | +7.7% |
| Stocks | 30/36 | €135,848 | €146,371 | +€10,522 | +7.7% |
| Amounts receivable within one year | 40/41 | €206,663 | €116,466 | -€90,197 | -43.6% |
| Trade receivables | 40 | €191,401 | €92,237 | -€99,164 | -51.8% |
| Other amounts receivable | 41 | €15,263 | €24,230 | +€8,967 | +58.7% |
| Cash at bank and in hand | 54/58 | €63,722 | €12,742 | -€50,980 | -80.0% |
| Deferred charges and accrued income | 490/1 | €3,137 | €674 | -€2,463 | -78.5% |
| Total equity and liabilities | 10/49 | €469,242 | €321,445 | -€147,797 | -31.5% |
| Equity | 10/15 | €12,017 | -€125,520 | -€137,537 | |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €75,811 | €75,811 | = | 0.0% |
| Distributable reserves | 133 | €75,811 | €75,811 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€83,795 | -€221,332 | -€137,537 | -164% |
| Amounts payable | 17/49 | €457,225 | €446,965 | -€10,259 | -2.2% |
| Amounts payable after more than one year | 17 | €406,466 | €377,741 | -€28,724 | -7.1% |
| Financial debts | 170/4 | €406,466 | €377,741 | -€28,724 | -7.1% |
| Amounts payable within one year | 42/48 | €44,595 | €63,479 | +€18,883 | +42.3% |
| Trade debts | 44 | €36,851 | €60,885 | +€24,033 | +65.2% |
| Suppliers | 440/4 | €36,851 | €60,885 | +€24,033 | +65.2% |
| Taxes, remuneration and social security | 45 | €7,744 | €2,594 | -€5,150 | -66.5% |
| Taxes | 450/3 | €0 | - | = | |
| Remuneration and social security | 454/9 | €7,744 | €2,594 | -€5,150 | -66.5% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €6,164 | €5,745 | -€418 | -6.8% |
| Non-recurring operating income | 76A | - | €1,671 | +€1,671 | |
| Remuneration, social security and pensions | 62 | €68,487 | €13,636 | -€54,851 | -80.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,818 | €16,030 | -€1,788 | -10.0% |
| Other operating charges | 640/8 | €2,484 | €1,186 | -€1,298 | -52.3% |
| Gross operating margin | 9900 | €127,356 | -€100,494 | -€227,850 | |
| Operating profit (loss) | 9901 | €38,567 | -€131,345 | -€169,913 | |
| Financial income | 75/76B | €467 | €154 | -€313 | -67.0% |
| Recurring financial income | 75 | €467 | €154 | -€313 | -67.0% |
| Financial charges | 65/66B | €6,341 | €6,346 | +€5 | +0.1% |
| Recurring financial charges | 65 | €6,341 | €6,346 | +€5 | +0.1% |
| Profit (loss) for the period before taxes | 9903 | €32,693 | -€137,537 | -€170,230 | |
| Profit (loss) for the period | 9904 | €32,693 | -€137,537 | -€170,230 | |
| Profit (loss) for the period to be appropriated | 9905 | €32,693 | -€137,537 | -€170,230 |
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 23 October 2026 via checked.be.