M en T: 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 T
Largest movements
- Tangible fixed assets -€10,228
down €10,228 (-1.2%), from €870,920 to €860,692
of which Land and buildings: -€11,771
- Receivables within one year -€9,543
down €9,543 (-35.0%), from €27,234 to €17,691
of which Other amounts receivable: -€10,966
- Profit (loss) carried forward -€48,825
new in 2025: -€48,825
- Other debts +€48,736
up €48,736 (+143%), from €34,067 to €82,803
- Debts after one year -€14,745
down €14,745 (-9.8%), from €150,689 to €135,945
- Short-term financial debts -€10,000
no longer reported in 2025 (was €10,000)
- Gross operating margin -€58,389
down €58,389, from €33,635 to -€24,753
- Taxes -€4,756
down €4,756 (-89.4%), from €5,320 to €564
- Financial charges -€1,615
down €1,615 (-18.2%), from €8,861 to €7,246
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 | €918,596 | €901,784 | -€16,811 | -1.8% |
| Fixed assets | 21/28 | €875,037 | €864,809 | -€10,228 | -1.2% |
| Tangible fixed assets | 22/27 | €870,920 | €860,692 | -€10,228 | -1.2% |
| Land and buildings | 22 | €869,685 | €857,914 | -€11,771 | -1.4% |
| Plant, machinery and equipment | 23 | €1,235 | €1,476 | +€241 | +19.5% |
| Furniture and vehicles | 24 | - | €1,302 | +€1,302 | |
| Financial fixed assets | 28 | €4,117 | €4,117 | = | 0.0% |
| Current assets | 29/58 | €43,559 | €36,976 | -€6,583 | -15.1% |
| Stocks and contracts in progress | 3 | €11,365 | €9,541 | -€1,825 | -16.1% |
| Stocks | 30/36 | €11,365 | €9,541 | -€1,825 | -16.1% |
| Amounts receivable within one year | 40/41 | €27,234 | €17,691 | -€9,543 | -35.0% |
| Trade receivables | 40 | €16,267 | €17,691 | +€1,423 | +8.7% |
| Other amounts receivable | 41 | €10,966 | - | -€10,966 | |
| Cash at bank and in hand | 54/58 | €4,148 | €9,744 | +€5,597 | +135% |
| Deferred charges and accrued income | 490/1 | €812 | - | -€812 | |
| Total equity and liabilities | 10/49 | €918,596 | €901,784 | -€16,811 | -1.8% |
| Equity | 10/15 | €697,142 | €648,318 | -€48,825 | -7.0% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Revaluation surpluses | 12 | €465,000 | €465,000 | = | 0.0% |
| Reserves | 13 | €170,142 | €170,142 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €163,942 | €163,942 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€48,825 | -€48,825 | |
| Amounts payable | 17/49 | €221,453 | €253,467 | +€32,013 | +14.5% |
| Amounts payable after more than one year | 17 | €150,689 | €135,945 | -€14,745 | -9.8% |
| Financial debts | 170/4 | €150,689 | €135,945 | -€14,745 | -9.8% |
| Amounts payable within one year | 42/48 | €70,764 | €117,522 | +€46,758 | +66.1% |
| Current portion of amounts payable after more than one year | 42 | €14,465 | €14,745 | +€280 | +1.9% |
| Financial debts | 43 | €10,000 | - | -€10,000 | |
| Credit institutions | 430/8 | €10,000 | - | -€10,000 | |
| Trade debts | 44 | €12,232 | €17,915 | +€5,683 | +46.5% |
| Suppliers | 440/4 | €12,232 | €17,915 | +€5,683 | +46.5% |
| Taxes, remuneration and social security | 45 | - | €2,059 | +€2,059 | |
| Taxes | 450/3 | - | €2,059 | +€2,059 | |
| Other amounts payable | 47/48 | €34,067 | €82,803 | +€48,736 | +143% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,564 | €13,277 | -€287 | -2.1% |
| Other operating charges | 640/8 | €2,728 | €2,990 | +€262 | +9.6% |
| Gross operating margin | 9900 | €33,635 | -€24,753 | -€58,389 | |
| Operating profit (loss) | 9901 | €17,344 | -€41,020 | -€58,364 | |
| Financial income | 75/76B | €109 | €5 | -€105 | -95.9% |
| Recurring financial income | 75 | €109 | €5 | -€105 | -95.9% |
| Financial charges | 65/66B | €8,861 | €7,246 | -€1,615 | -18.2% |
| Recurring financial charges | 65 | €8,861 | €7,246 | -€1,615 | -18.2% |
| Profit (loss) for the period before taxes | 9903 | €8,592 | -€48,261 | -€56,853 | |
| Income taxes | 67/77 | €5,320 | €564 | -€4,756 | -89.4% |
| Profit (loss) for the period | 9904 | €3,272 | -€48,825 | -€52,097 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,272 | -€48,825 | -€52,097 |
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 25 October 2026 via checked.be.