M-Fellow: 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-Fellow
Largest movements
- Tangible fixed assets +€7,262
up €7,262 (+301%), from €2,412 to €9,673
- Cash +€5,196
up €5,196 (+362%), from €1,437 to €6,633
mainly Net result for the year (+€19,846) and Receivables within one year (+€4,489)
- Receivables within one year -€4,489
down €4,489 (-51.8%), from €8,666 to €4,177
of which Trade receivables: -€4,489
- Deferred charges and accrued income +€2,629
new in 2025: €2,629
- Profit (loss) carried forward +€19,846
up €19,846 (+45.4%), from -€43,730 to -€23,884
- Other debts -€9,003
down €9,003 (-33.5%), from €26,898 to €17,895
- Tax, wage and social debts +€3,327
up €3,327 (+293%), from €1,135 to €4,462
- Accrued charges and deferred income -€1,800
down €1,800 (-100%), from €1,800 to €0
- Trade debts -€1,771
down €1,771 (-29.7%), from €5,960 to €4,188
- Gross operating margin +€8,943
up €8,943 (+47.1%), from €18,995 to €27,938
- Taxes +€3,133
up €3,133 (+89.5%), from €3,500 to €6,633
- Depreciation +€532
up €532 (+117%), from €456 to €988
- Financial charges -€346
down €346 (-82.8%), from €418 to €72
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 | €12,514 | €23,112 | +€10,598 | +84.7% |
| Fixed assets | 21/28 | €2,412 | €9,673 | +€7,262 | +301% |
| Tangible fixed assets | 22/27 | €2,412 | €9,673 | +€7,262 | +301% |
| Furniture and vehicles | 24 | €2,412 | €9,673 | +€7,262 | +301% |
| Current assets | 29/58 | €10,103 | €13,439 | +€3,336 | +33.0% |
| Amounts receivable within one year | 40/41 | €8,666 | €4,177 | -€4,489 | -51.8% |
| Trade receivables | 40 | €4,852 | €363 | -€4,489 | -92.5% |
| Other amounts receivable | 41 | €3,814 | €3,814 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €1,437 | €6,633 | +€5,196 | +362% |
| Deferred charges and accrued income | 490/1 | - | €2,629 | +€2,629 | |
| Total equity and liabilities | 10/49 | €12,514 | €23,112 | +€10,598 | +84.7% |
| Equity | 10/15 | -€23,279 | -€3,433 | +€19,846 | +85.3% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€43,730 | -€23,884 | +€19,846 | +45.4% |
| Amounts payable | 17/49 | €35,793 | €26,545 | -€9,248 | -25.8% |
| Amounts payable within one year | 42/48 | €33,993 | €26,545 | -€7,448 | -21.9% |
| Trade debts | 44 | €5,960 | €4,188 | -€1,771 | -29.7% |
| Suppliers | 440/4 | €5,960 | €4,188 | -€1,771 | -29.7% |
| Taxes, remuneration and social security | 45 | €1,135 | €4,462 | +€3,327 | +293% |
| Taxes | 450/3 | €1,135 | €4,462 | +€3,327 | +293% |
| Other amounts payable | 47/48 | €26,898 | €17,895 | -€9,003 | -33.5% |
| Accrued charges and deferred income | 492/3 | €1,800 | €0 | -€1,800 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €456 | €988 | +€532 | +117% |
| Other operating charges | 640/8 | €453 | €400 | -€53 | -11.7% |
| Gross operating margin | 9900 | €18,995 | €27,938 | +€8,943 | +47.1% |
| Operating profit (loss) | 9901 | €18,086 | €26,550 | +€8,464 | +46.8% |
| Financial income | 75/76B | €0 | €1 | +€1 | +1,329% |
| Recurring financial income | 75 | €0 | €1 | +€1 | +1,329% |
| Financial charges | 65/66B | €418 | €72 | -€346 | -82.8% |
| Recurring financial charges | 65 | €418 | €72 | -€346 | -82.8% |
| Profit (loss) for the period before taxes | 9903 | €17,667 | €26,479 | +€8,811 | +49.9% |
| Income taxes | 67/77 | €3,500 | €6,633 | +€3,133 | +89.5% |
| Profit (loss) for the period | 9904 | €14,167 | €19,846 | +€5,678 | +40.1% |
| Profit (loss) for the period to be appropriated | 9905 | €14,167 | €19,846 | +€5,678 | +40.1% |
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 17 October 2026 via checked.be.