M-EXPRESS: 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-EXPRESS
Largest movements
- Tangible fixed assets -€858,009
down €858,009 (-31.3%), from €2.7m to €1.9m
of which Leasing and similar rights: -€661,893
- Receivables within one year -€546,635
down €546,635 (-98.8%), from €553,163 to €6,528
of which Trade receivables: -€546,534
- Deferred charges and accrued income -€43,448
no longer reported in 2025 (was €43,448)
- Debts after one year -€764,572
down €764,572 (-54.8%), from €1.4m to €629,827
of which Financial debts: -€595,572
- Other debts +€690,277
up €690,277 (+1041.7%), from €66,261 to €756,539
- Trade debts -€536,760
down €536,760 (-91.4%), from €586,968 to €50,208
- Current portion of long-term debt -€288,161
down €288,161 (-83.2%), from €346,329 to €58,168
- Short-term financial debts -€237,089
down €237,089 (-70.3%), from €337,089 to €100,000
- Gross operating margin -€863,315
down €863,315 (-55.7%), from €1.5m to €686,452
- Staff costs -€595,860
down €595,860 (-52.0%), from €1.1m to €549,137
- Depreciation -€126,336
down €126,336 (-42.8%), from €295,324 to €168,988
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 | €3,370,323 | €1,907,770 | -€1.5m | -43.4% |
| Fixed assets | 21/28 | €2,764,245 | €1,883,671 | -€880,574 | -31.9% |
| Intangible fixed assets | 21 | €21,771 | - | -€21,771 | |
| Tangible fixed assets | 22/27 | €2,739,935 | €1,881,926 | -€858,009 | -31.3% |
| Land and buildings | 22 | €1,912,469 | €1,881,926 | -€30,543 | -1.6% |
| Plant, machinery and equipment | 23 | €24,283 | - | -€24,283 | |
| Furniture and vehicles | 24 | €141,290 | - | -€141,290 | |
| Leasing and similar rights | 25 | €661,893 | - | -€661,893 | |
| Financial fixed assets | 28 | €2,539 | €1,745 | -€794 | -31.3% |
| Current assets | 29/58 | €606,078 | €24,099 | -€581,979 | -96.0% |
| Amounts receivable within one year | 40/41 | €553,163 | €6,528 | -€546,635 | -98.8% |
| Trade receivables | 40 | €553,062 | €6,528 | -€546,534 | -98.8% |
| Other amounts receivable | 41 | €101 | - | -€101 | |
| Cash at bank and in hand | 54/58 | €9,468 | €17,571 | +€8,103 | +85.6% |
| Deferred charges and accrued income | 490/1 | €43,448 | - | -€43,448 | |
| Total equity and liabilities | 10/49 | €3,370,323 | €1,907,770 | -€1.5m | -43.4% |
| Equity | 10/15 | €463,518 | €312,767 | -€150,751 | -32.5% |
| Contributions | 10/11 | €18,600 | €17,494 | -€1,106 | -5.9% |
| Revaluation surpluses | 12 | €319,794 | €319,794 | = | 0.0% |
| Reserves | 13 | €125,124 | €118,795 | -€6,329 | -5.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,749 | -€111 | -5.9% |
| Other | 1319 | €1,860 | €1,749 | -€111 | -5.9% |
| Distributable reserves | 133 | €123,264 | €117,045 | -€6,218 | -5.0% |
| Profit (loss) carried forward | 14 | - | -€143,316 | -€143,316 | |
| Amounts payable | 17/49 | €2,906,805 | €1,595,003 | -€1.3m | -45.1% |
| Amounts payable after more than one year | 17 | €1,394,400 | €629,827 | -€764,572 | -54.8% |
| Financial debts | 170/4 | €1,225,400 | €629,827 | -€595,572 | -48.6% |
| Other amounts payable | 178/9 | €169,000 | - | -€169,000 | |
| Amounts payable within one year | 42/48 | €1,512,406 | €965,175 | -€547,231 | -36.2% |
| Current portion of amounts payable after more than one year | 42 | €346,329 | €58,168 | -€288,161 | -83.2% |
| Financial debts | 43 | €337,089 | €100,000 | -€237,089 | -70.3% |
| Credit institutions | 430/8 | €337,089 | €100,000 | -€237,089 | -70.3% |
| Trade debts | 44 | €586,968 | €50,208 | -€536,760 | -91.4% |
| Suppliers | 440/4 | €586,968 | €50,208 | -€536,760 | -91.4% |
| Taxes, remuneration and social security | 45 | €175,758 | €261 | -€175,498 | -99.9% |
| Taxes | 450/3 | €52,800 | €261 | -€52,539 | -99.5% |
| Remuneration and social security | 454/9 | €122,959 | - | -€122,959 | |
| Other amounts payable | 47/48 | €66,261 | €756,539 | +€690,277 | +1041.7% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | - | €6,138 | +€6,138 | |
| Remuneration, social security and pensions | 62 | €1,144,998 | €549,137 | -€595,860 | -52.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €295,324 | €168,988 | -€126,336 | -42.8% |
| Other operating charges | 640/8 | €65,714 | €63,982 | -€1,732 | -2.6% |
| Gross operating margin | 9900 | €1,549,767 | €686,452 | -€863,315 | -55.7% |
| Operating profit (loss) | 9901 | €43,731 | -€95,656 | -€139,387 | |
| Financial income | 75/76B | €6,272 | - | -€6,272 | |
| Recurring financial income | 75 | €6,272 | - | -€6,272 | |
| Financial charges | 65/66B | €59,993 | €47,399 | -€12,594 | -21.0% |
| Recurring financial charges | 65 | €59,993 | €47,399 | -€12,594 | -21.0% |
| Profit (loss) for the period before taxes | 9903 | -€9,991 | -€143,056 | -€133,065 | -1331.9% |
| Income taxes | 67/77 | €578 | €261 | -€318 | -54.9% |
| Profit (loss) for the period | 9904 | -€10,569 | -€143,316 | -€132,747 | -1256.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€10,569 | -€143,316 | -€132,747 | -1256.0% |
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 6 October 2026 via checked.be.