M.DOYEN: 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.DOYEN
Largest movements
- Tangible fixed assets +€36,554
up €36,554 (+44.4%), from €82,337 to €118,891
of which Assets under construction and advance payments: +€47,000
- Receivables within one year +€26,176
up €26,176 (+165%), from €15,856 to €42,032
of which Trade receivables: +€15,006
- Cash +€24,311
up €24,311 (+60.1%), from €40,436 to €64,748
mainly Other debts (+€57,024) and Net result for the year (+€23,083)
- Other debts +€57,024
up €57,024 (+234%), from €24,382 to €81,407
- Reserves +€23,000
up €23,000 (+55.4%), from €41,520 to €64,520
of which Distributable reserves: +€23,000
- Trade debts +€18,648
up €18,648 (+29.0%), from €64,349 to €82,997
- Debts after one year -€9,416
down €9,416 (-20.3%), from €46,282 to €36,866
- Tax, wage and social debts -€8,190
down €8,190 (-21.5%), from €38,069 to €29,879
of which Remuneration and social security: -€10,048
- Staff costs -€26,162
down €26,162 (-27.5%), from €95,190 to €69,027
- Taxes +€10,729
up €10,729 (+1,073%), from €1,000 to €11,729
- Gross operating margin +€10,626
up €10,626 (+8.7%), from €122,569 to €133,195
- Financial income -€4,418
down €4,418 (-100.0%), from €4,418 to €0
of which Non-recurring financial income: -€4,413
- Depreciation +€2,611
up €2,611 (+16.2%), from €16,165 to €18,776
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 | €239,177 | €321,678 | +€82,501 | +34.5% |
| Fixed assets | 21/28 | €170,099 | €206,653 | +€36,554 | +21.5% |
| Tangible fixed assets | 22/27 | €82,337 | €118,891 | +€36,554 | +44.4% |
| Land and buildings | 22 | €41,356 | €38,649 | -€2,707 | -6.5% |
| Plant, machinery and equipment | 23 | €15,626 | €11,264 | -€4,362 | -27.9% |
| Furniture and vehicles | 24 | €20,914 | €14,244 | -€6,670 | -31.9% |
| Other tangible fixed assets | 26 | €4,442 | €7,734 | +€3,292 | +74.1% |
| Assets under construction and advance payments | 27 | - | €47,000 | +€47,000 | |
| Financial fixed assets | 28 | €87,762 | €87,762 | = | 0.0% |
| Current assets | 29/58 | €69,078 | €115,025 | +€45,947 | +66.5% |
| Stocks and contracts in progress | 3 | €6,897 | €4,234 | -€2,663 | -38.6% |
| Stocks | 30/36 | €6,897 | €4,234 | -€2,663 | -38.6% |
| Amounts receivable within one year | 40/41 | €15,856 | €42,032 | +€26,176 | +165% |
| Trade receivables | 40 | €15,856 | €30,862 | +€15,006 | +94.6% |
| Other amounts receivable | 41 | - | €11,170 | +€11,170 | |
| Cash at bank and in hand | 54/58 | €40,436 | €64,748 | +€24,311 | +60.1% |
| Deferred charges and accrued income | 490/1 | €5,888 | €4,011 | -€1,877 | -31.9% |
| Total equity and liabilities | 10/49 | €239,177 | €321,678 | +€82,501 | +34.5% |
| Equity | 10/15 | €54,583 | €77,666 | +€23,083 | +42.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €41,520 | €64,520 | +€23,000 | +55.4% |
| Tax-exempt reserves | 132 | €4,760 | €4,760 | = | 0.0% |
| Distributable reserves | 133 | €36,760 | €59,760 | +€23,000 | +62.6% |
| Profit (loss) carried forward | 14 | €6,864 | €6,946 | +€83 | +1.2% |
| Amounts payable | 17/49 | €184,594 | €244,012 | +€59,419 | +32.2% |
| Amounts payable after more than one year | 17 | €46,282 | €36,866 | -€9,416 | -20.3% |
| Financial debts | 170/4 | €46,282 | €36,866 | -€9,416 | -20.3% |
| Amounts payable within one year | 42/48 | €136,926 | €203,699 | +€66,773 | +48.8% |
| Current portion of amounts payable after more than one year | 42 | €10,126 | €9,416 | -€710 | -7.0% |
| Trade debts | 44 | €64,349 | €82,997 | +€18,648 | +29.0% |
| Suppliers | 440/4 | €64,349 | €82,997 | +€18,648 | +29.0% |
| Taxes, remuneration and social security | 45 | €38,069 | €29,879 | -€8,190 | -21.5% |
| Taxes | 450/3 | €11,486 | €13,343 | +€1,857 | +16.2% |
| Remuneration and social security | 454/9 | €26,584 | €16,536 | -€10,048 | -37.8% |
| Other amounts payable | 47/48 | €24,382 | €81,407 | +€57,024 | +234% |
| Accrued charges and deferred income | 492/3 | €1,386 | €3,447 | +€2,062 | +149% |
| Remuneration, social security and pensions | 62 | €95,190 | €69,027 | -€26,162 | -27.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,165 | €18,776 | +€2,611 | +16.2% |
| Other operating charges | 640/8 | €1,676 | €2,024 | +€347 | +20.7% |
| Non-recurring operating charges | 66A | €3,926 | €0 | -€3,926 | -100% |
| Gross operating margin | 9900 | €122,569 | €133,195 | +€10,626 | +8.7% |
| Operating profit (loss) | 9901 | €5,613 | €43,368 | +€37,755 | +673% |
| Financial income | 75/76B | €4,418 | €0 | -€4,418 | -100.0% |
| Recurring financial income | 75 | €5 | €0 | -€5 | -93.3% |
| Non-recurring financial income | 76B | €4,413 | €0 | -€4,413 | -100% |
| Financial charges | 65/66B | €6,943 | €8,557 | +€1,614 | +23.2% |
| Recurring financial charges | 65 | €6,943 | €8,557 | +€1,614 | +23.2% |
| Profit (loss) for the period before taxes | 9903 | €3,088 | €34,811 | +€31,723 | +1,027% |
| Income taxes | 67/77 | €1,000 | €11,729 | +€10,729 | +1,073% |
| Profit (loss) for the period | 9904 | €2,088 | €23,083 | +€20,995 | +1,006% |
| Profit (loss) for the period to be appropriated | 9905 | €2,088 | €23,083 | +€20,995 | +1,006% |
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 18 October 2026 via checked.be.