M-FORCE: 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-FORCE
Largest movements
- Financial fixed assets +€810,000
new in 2025: €810,000
- Cash +€24,224
up €24,224 (+622.2%), from €3,894 to €28,118
mainly Debts after one year (+€699,416) and Current portion of long-term debt (+€73,607)
- Debts after one year +€699,416
up €699,416 (+266.2%), from €262,779 to €962,195
- Current portion of long-term debt +€73,607
up €73,607 (+293.6%), from €25,068 to €98,675
- Reserves +€44,000
up €44,000 (+231.6%), from €19,000 to €63,000
- Tax, wage and social debts +€17,939
up €17,939 (+165.0%), from €10,872 to €28,811
- Depreciation -€24,987
down €24,987 (-65.2%), from €38,326 to €13,338
- Financial charges +€10,361
up €10,361 (+154.3%), from €6,713 to €17,074
- Taxes +€10,078
up €10,078 (+208.9%), from €4,824 to €14,902
- Gross operating margin +€6,313
up €6,313 (+7.7%), from €82,488 to €88,801
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 | €402,355 | €1,237,180 | +€834,825 | +207.5% |
| Fixed assets | 21/28 | €381,378 | €1,180,289 | +€798,911 | +209.5% |
| Tangible fixed assets | 22/27 | €381,378 | €370,289 | -€11,089 | -2.9% |
| Land and buildings | 22 | €377,099 | €365,436 | -€11,663 | -3.1% |
| Furniture and vehicles | 24 | €4,279 | €4,853 | +€574 | +13.4% |
| Financial fixed assets | 28 | - | €810,000 | +€810,000 | |
| Current assets | 29/58 | €20,977 | €56,891 | +€35,914 | +171.2% |
| Amounts receivable within one year | 40/41 | €12,471 | €24,321 | +€11,850 | +95.0% |
| Trade receivables | 40 | €12,471 | €24,321 | +€11,850 | +95.0% |
| Cash at bank and in hand | 54/58 | €3,894 | €28,118 | +€24,224 | +622.2% |
| Deferred charges and accrued income | 490/1 | €4,613 | €4,452 | -€161 | -3.5% |
| Total equity and liabilities | 10/49 | €402,355 | €1,237,180 | +€834,825 | +207.5% |
| Equity | 10/15 | €24,695 | €68,065 | +€43,371 | +175.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €19,000 | €63,000 | +€44,000 | +231.6% |
| Distributable reserves | 133 | €19,000 | €63,000 | +€44,000 | +231.6% |
| Profit (loss) carried forward | 14 | €695 | €65 | -€629 | -90.6% |
| Amounts payable | 17/49 | €377,660 | €1,169,114 | +€791,454 | +209.6% |
| Amounts payable after more than one year | 17 | €262,779 | €962,195 | +€699,416 | +266.2% |
| Financial debts | 170/4 | €262,779 | €962,195 | +€699,416 | +266.2% |
| Amounts payable within one year | 42/48 | €114,807 | €205,060 | +€90,253 | +78.6% |
| Current portion of amounts payable after more than one year | 42 | €25,068 | €98,675 | +€73,607 | +293.6% |
| Trade debts | 44 | €2,131 | €1,895 | -€236 | -11.1% |
| Suppliers | 440/4 | €2,131 | €1,895 | -€236 | -11.1% |
| Taxes, remuneration and social security | 45 | €10,872 | €28,811 | +€17,939 | +165.0% |
| Taxes | 450/3 | €10,872 | €28,811 | +€17,939 | +165.0% |
| Other amounts payable | 47/48 | €76,736 | €75,680 | -€1,057 | -1.4% |
| Accrued charges and deferred income | 492/3 | €75 | €1,859 | +€1,785 | +2392.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,326 | €13,338 | -€24,987 | -65.2% |
| Other operating charges | 640/8 | €978 | €117 | -€861 | -88.0% |
| Non-recurring operating charges | 66A | €12,000 | - | -€12,000 | |
| Gross operating margin | 9900 | €82,488 | €88,801 | +€6,313 | +7.7% |
| Operating profit (loss) | 9901 | €31,184 | €75,345 | +€44,161 | +141.6% |
| Financial income | 75/76B | €48 | €1 | -€47 | -97.0% |
| Recurring financial income | 75 | €48 | €1 | -€47 | -97.0% |
| Financial charges | 65/66B | €6,713 | €17,074 | +€10,361 | +154.3% |
| Recurring financial charges | 65 | €6,713 | €17,074 | +€10,361 | +154.3% |
| Profit (loss) for the period before taxes | 9903 | €24,519 | €58,272 | +€33,753 | +137.7% |
| Income taxes | 67/77 | €4,824 | €14,902 | +€10,078 | +208.9% |
| Profit (loss) for the period | 9904 | €19,695 | €43,371 | +€23,676 | +120.2% |
| Profit (loss) for the period to be appropriated | 9905 | €19,695 | €43,371 | +€23,676 | +120.2% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.