M-en-M: 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.
What changed
M-en-M
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€23,914
2024 · €20,699+€3,215
Equity
€195,703
2024 · €171,789+€23,914
Cash
€3,273
2024 · €10,384-€7,111
Balance sheet total
€820,606
2024 · €876,215-€55,609
Largest movements
Assets
- Tangible fixed assets -€52,641
down €52,641 (-6.1%), from €865,831 to €813,190
Equity and liabilities
- Debts after one year -€80,661
down €80,661 (-14.1%), from €572,080 to €491,418
- Reserves +€23,914
up €23,914 (+21.7%), from €110,289 to €134,203
of which Distributable reserves: +€23,914
Income statement
- Gross operating margin +€4,030
up €4,030 (+4.1%), from €99,393 to €103,423
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.
Result 2024
€20,699
Gross operating margin
+€4,030
Other operating charges
-€324
Financial income
+€0
Financial charges
+€514
Taxes
-€1,005
Result 2025
€23,914
raises the resultlowers the result
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.
From operations
+€72,159
Investment
€0
Financing
-€79,270
Cash 2024
€10,384
From operations (derived)
+€72,159
Net result for the year
+€23,914
Depreciation
+€52,641
Smaller working-capital items
+€17
Deferred charges and accrued income
-€4,135
Trade debts
+€5,389
Tax, wage and social debts
+€1,335
Other debts
-€7,000
Financing
-€79,270
Debts after one year
-€80,661
Current portion of long-term debt
+€1,391
Cash 2025
€3,273
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €876,215 | €820,606 | -€55,609 | -6.3% |
| Fixed assets | 21/28 | €865,831 | €813,190 | -€52,641 | -6.1% |
| Tangible fixed assets | 22/27 | €865,831 | €813,190 | -€52,641 | -6.1% |
| Land and buildings | 22 | €865,831 | €813,190 | -€52,641 | -6.1% |
| Current assets | 29/58 | €10,384 | €7,416 | -€2,968 | -28.6% |
| Amounts receivable within one year | 40/41 | €0 | €8 | +€8 | |
| Other amounts receivable | 41 | €0 | €8 | +€8 | |
| Cash at bank and in hand | 54/58 | €10,384 | €3,273 | -€7,111 | -68.5% |
| Deferred charges and accrued income | 490/1 | - | €4,135 | +€4,135 | |
| Total equity and liabilities | 10/49 | €876,215 | €820,606 | -€55,609 | -6.3% |
| Equity | 10/15 | €171,789 | €195,703 | +€23,914 | +13.9% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €110,289 | €134,203 | +€23,914 | +21.7% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €104,139 | €128,053 | +€23,914 | +23.0% |
| Amounts payable | 17/49 | €704,426 | €624,903 | -€79,523 | -11.3% |
| Amounts payable after more than one year | 17 | €572,080 | €491,418 | -€80,661 | -14.1% |
| Financial debts | 170/4 | €572,080 | €491,418 | -€80,661 | -14.1% |
| Amounts payable within one year | 42/48 | €123,020 | €124,134 | +€1,114 | +0.9% |
| Current portion of amounts payable after more than one year | 42 | €79,270 | €80,661 | +€1,391 | +1.8% |
| Trade debts | 44 | €5,882 | €11,271 | +€5,389 | +91.6% |
| Suppliers | 440/4 | €5,882 | €11,271 | +€5,389 | +91.6% |
| Taxes, remuneration and social security | 45 | €7,258 | €8,593 | +€1,335 | +18.4% |
| Taxes | 450/3 | €7,258 | €8,593 | +€1,335 | +18.4% |
| Other amounts payable | 47/48 | €30,609 | €23,609 | -€7,000 | -22.9% |
| Accrued charges and deferred income | 492/3 | €9,326 | €9,350 | +€24 | +0.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,641 | €52,641 | = | 0.0% |
| Other operating charges | 640/8 | €6,980 | €7,304 | +€324 | +4.6% |
| Gross operating margin | 9900 | €99,393 | €103,423 | +€4,030 | +4.1% |
| Operating profit (loss) | 9901 | €39,772 | €43,479 | +€3,706 | +9.3% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €12,049 | €11,535 | -€514 | -4.3% |
| Recurring financial charges | 65 | €12,049 | €11,535 | -€514 | -4.3% |
| Profit (loss) for the period before taxes | 9903 | €27,724 | €31,944 | +€4,220 | +15.2% |
| Income taxes | 67/77 | €7,025 | €8,030 | +€1,005 | +14.3% |
| Profit (loss) for the period | 9904 | €20,699 | €23,914 | +€3,215 | +15.5% |
| Profit (loss) for the period to be appropriated | 9905 | €20,699 | €23,914 | +€3,215 | +15.5% |
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 19 October 2026 via checked.be.