M & E: 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 & E
Largest movements
- Cash +€117,280
up €117,280 (+35.2%), from €333,019 to €450,299
mainly Net result for the year (+€125,148) and Depreciation (+€39,350)
- Intangible fixed assets -€21,800
down €21,800 (-25.0%), from €87,200 to €65,400
- Tangible fixed assets -€18,399
down €18,399 (-38.9%), from €47,330 to €28,931
of which Furniture and vehicles: -€15,266
- Reserves +€65,148
up €65,148 (+16.0%), from €408,415 to €473,563
- Trade debts +€8,860
up €8,860 (+226.0%), from €3,921 to €12,780
- Other debts +€7,435
up €7,435 (+17.5%), from €42,568 to €50,003
- Gross operating margin -€13,969
down €13,969 (-6.3%), from €221,123 to €207,155
- Taxes -€10,090
down €10,090 (-18.6%), from €54,279 to €44,188
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 | €475,518 | €556,096 | +€80,578 | +16.9% |
| Fixed assets | 21/28 | €134,560 | €94,361 | -€40,199 | -29.9% |
| Intangible fixed assets | 21 | €87,200 | €65,400 | -€21,800 | -25.0% |
| Tangible fixed assets | 22/27 | €47,330 | €28,931 | -€18,399 | -38.9% |
| Plant, machinery and equipment | 23 | €6,761 | €3,628 | -€3,132 | -46.3% |
| Furniture and vehicles | 24 | €40,569 | €25,303 | -€15,266 | -37.6% |
| Financial fixed assets | 28 | €30 | €30 | = | 0.0% |
| Current assets | 29/58 | €340,959 | €461,735 | +€120,777 | +35.4% |
| Amounts receivable within one year | 40/41 | €4,963 | €6,709 | +€1,747 | +35.2% |
| Trade receivables | 40 | €1,729 | €0 | -€1,729 | -100.0% |
| Other amounts receivable | 41 | €3,234 | €6,709 | +€3,476 | +107.5% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €333,019 | €450,299 | +€117,280 | +35.2% |
| Deferred charges and accrued income | 490/1 | €2,977 | €4,727 | +€1,750 | +58.8% |
| Total equity and liabilities | 10/49 | €475,518 | €556,096 | +€80,578 | +16.9% |
| Equity | 10/15 | €426,965 | €492,113 | +€65,148 | +15.3% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €408,415 | €473,563 | +€65,148 | +16.0% |
| Distributable reserves | 133 | €408,415 | €473,563 | +€65,148 | +16.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €48,553 | €63,984 | +€15,430 | +31.8% |
| Amounts payable within one year | 42/48 | €46,489 | €63,984 | +€17,494 | +37.6% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €3,921 | €12,780 | +€8,860 | +226.0% |
| Suppliers | 440/4 | €3,921 | €12,780 | +€8,860 | +226.0% |
| Taxes, remuneration and social security | 45 | €0 | €1,200 | +€1,200 | |
| Taxes | 450/3 | €0 | €1,200 | +€1,200 | |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €42,568 | €50,003 | +€7,435 | +17.5% |
| Accrued charges and deferred income | 492/3 | €2,064 | €0 | -€2,064 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,885 | €39,350 | -€534 | -1.3% |
| Other operating charges | 640/8 | €591 | €544 | -€47 | -8.0% |
| Non-recurring operating charges | 66A | - | €848 | +€848 | |
| Gross operating margin | 9900 | €221,123 | €207,155 | -€13,969 | -6.3% |
| Operating profit (loss) | 9901 | €180,648 | €166,412 | -€14,235 | -7.9% |
| Financial income | 75/76B | €1,710 | €2,992 | +€1,282 | +75.0% |
| Recurring financial income | 75 | €1,710 | €2,992 | +€1,282 | +75.0% |
| Financial charges | 65/66B | €51 | €69 | +€18 | +34.3% |
| Recurring financial charges | 65 | €51 | €69 | +€18 | +34.3% |
| Profit (loss) for the period before taxes | 9903 | €182,307 | €169,336 | -€12,971 | -7.1% |
| Income taxes | 67/77 | €54,279 | €44,188 | -€10,090 | -18.6% |
| Profit (loss) for the period | 9904 | €128,028 | €125,148 | -€2,880 | -2.2% |
| Profit (loss) for the period to be appropriated | 9905 | €128,028 | €125,148 | -€2,880 | -2.2% |
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 29 September 2026 via checked.be.