M en B: 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 en B
Largest movements
- Cash -€53,256
down €53,256 (-47.1%), from €113,160 to €59,904
mainly Other debts (-€39,713) and Debts after one year (-€32,645)
- Tangible fixed assets -€31,498
down €31,498 (-17.2%), from €183,269 to €151,771
of which Land and buildings: -€20,377
- Receivables within one year -€6,996
down €6,996 (-24.3%), from €28,810 to €21,814
of which Trade receivables: -€4,053
- Other debts -€39,713
down €39,713 (-79.7%), from €49,806 to €10,092
- Debts after one year -€32,645
down €32,645 (-45.2%), from €72,212 to €39,567
- Trade debts -€15,948
down €15,948 (-90.4%), from €17,643 to €1,695
- Gross operating margin -€23,092
down €23,092 (-22.9%), from €101,053 to €77,961
- Taxes -€3,734
down €3,734 (-22.1%), from €16,910 to €13,176
- Financial charges -€1,250
down €1,250 (-17.1%), from €7,308 to €6,058
- Financial income -€1,074
down €1,074 (-69.4%), from €1,547 to €474
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 | €573,819 | €479,547 | -€94,272 | -16.4% |
| Fixed assets | 21/28 | €183,269 | €151,771 | -€31,498 | -17.2% |
| Tangible fixed assets | 22/27 | €183,269 | €151,771 | -€31,498 | -17.2% |
| Land and buildings | 22 | €153,417 | €133,041 | -€20,377 | -13.3% |
| Plant, machinery and equipment | 23 | €3,820 | €2,748 | -€1,072 | -28.1% |
| Furniture and vehicles | 24 | €6,322 | €4,523 | -€1,799 | -28.5% |
| Leasing and similar rights | 25 | €19,710 | €11,460 | -€8,250 | -41.9% |
| Current assets | 29/58 | €390,550 | €327,776 | -€62,774 | -16.1% |
| Stocks and contracts in progress | 3 | €243,385 | €246,058 | +€2,673 | +1.1% |
| Stocks | 30/36 | €243,385 | €246,058 | +€2,673 | +1.1% |
| Amounts receivable within one year | 40/41 | €28,810 | €21,814 | -€6,996 | -24.3% |
| Trade receivables | 40 | €24,414 | €20,361 | -€4,053 | -16.6% |
| Other amounts receivable | 41 | €4,396 | €1,453 | -€2,943 | -66.9% |
| Cash at bank and in hand | 54/58 | €113,160 | €59,904 | -€53,256 | -47.1% |
| Deferred charges and accrued income | 490/1 | €5,196 | - | -€5,196 | |
| Total equity and liabilities | 10/49 | €573,819 | €479,547 | -€94,272 | -16.4% |
| Equity | 10/15 | €374,531 | €374,427 | -€103 | 0.0% |
| Contributions | 10/11 | €6,355 | €6,355 | = | 0.0% |
| Reserves | 13 | €368,175 | €368,072 | -€103 | 0.0% |
| Tax-exempt reserves | 132 | €34,808 | €34,808 | = | 0.0% |
| Distributable reserves | 133 | €333,367 | €333,264 | -€103 | 0.0% |
| Provisions and deferred taxes | 16 | €8,702 | €8,702 | = | 0.0% |
| Deferred taxes | 168 | €8,702 | €8,702 | = | 0.0% |
| Amounts payable | 17/49 | €190,587 | €96,418 | -€94,169 | -49.4% |
| Amounts payable after more than one year | 17 | €72,212 | €39,567 | -€32,645 | -45.2% |
| Financial debts | 170/4 | €72,212 | €39,567 | -€32,645 | -45.2% |
| Amounts payable within one year | 42/48 | €117,675 | €56,051 | -€61,624 | -52.4% |
| Current portion of amounts payable after more than one year | 42 | €36,536 | €32,645 | -€3,892 | -10.7% |
| Financial debts | 43 | €3,396 | €3,400 | +€4 | +0.1% |
| Credit institutions | 430/8 | €3,396 | €3,400 | +€4 | +0.1% |
| Trade debts | 44 | €17,643 | €1,695 | -€15,948 | -90.4% |
| Suppliers | 440/4 | €17,643 | €1,695 | -€15,948 | -90.4% |
| Taxes, remuneration and social security | 45 | €10,294 | €8,219 | -€2,075 | -20.2% |
| Taxes | 450/3 | €8,484 | €8,219 | -€265 | -3.1% |
| Remuneration and social security | 454/9 | €1,810 | - | -€1,810 | |
| Other amounts payable | 47/48 | €49,806 | €10,092 | -€39,713 | -79.7% |
| Accrued charges and deferred income | 492/3 | €700 | €800 | +€100 | +14.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,177 | €31,498 | -€680 | -2.1% |
| Other operating charges | 640/8 | €3,986 | €4,420 | +€434 | +10.9% |
| Non-recurring operating charges | 66A | €825 | - | -€825 | |
| Gross operating margin | 9900 | €101,053 | €77,961 | -€23,092 | -22.9% |
| Operating profit (loss) | 9901 | €64,064 | €42,043 | -€22,021 | -34.4% |
| Financial income | 75/76B | €1,547 | €474 | -€1,074 | -69.4% |
| Recurring financial income | 75 | €1,547 | €474 | -€1,074 | -69.4% |
| Financial charges | 65/66B | €7,308 | €6,058 | -€1,250 | -17.1% |
| Recurring financial charges | 65 | €7,308 | €6,058 | -€1,250 | -17.1% |
| Profit (loss) for the period before taxes | 9903 | €58,304 | €36,459 | -€21,845 | -37.5% |
| Income taxes | 67/77 | €16,910 | €13,176 | -€3,734 | -22.1% |
| Profit (loss) for the period | 9904 | €41,394 | €23,283 | -€18,111 | -43.8% |
| Profit (loss) for the period to be appropriated | 9905 | €41,394 | €23,283 | -€18,111 | -43.8% |
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 21 October 2026 via checked.be.