M-FRAME: 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-FRAME
Largest movements
- Receivables within one year +€19,686
up €19,686 (+28.2%), from €69,779 to €89,465
of which Trade receivables: +€10,763
- Tangible fixed assets -€5,232
down €5,232 (-46.1%), from €11,354 to €6,122
of which Furniture and vehicles: -€3,170
- Deferred charges and accrued income +€4,872
new in 2024: €4,872
- Intangible fixed assets -€3,509
down €3,509 (-4.4%), from €79,612 to €76,103
- Tax, wage and social debts +€8,671
up €8,671 (+58.2%), from €14,903 to €23,574
- Reserves +€5,449
up €5,449 (+8.6%), from €63,381 to €68,830
of which Distributable reserves: +€7,309
- Debts after one year -€5,050
down €5,050 (-8.1%), from €62,402 to €57,352
- Trade debts +€2,733
up €2,733 (+159.0%), from €1,719 to €4,452
- Short-term financial debts +€2,497
new in 2024: €2,497
- Gross operating margin +€18,349
up €18,349 (+90.8%), from €20,211 to €38,560
- Taxes +€5,023
up €5,023 (+183.7%), from €2,735 to €7,758
- Financial charges +€3,279
up €3,279 (+94.2%), from €3,482 to €6,761
- Other operating charges +€2,825
up €2,825 (+482.0%), from €586 to €3,411
- Depreciation +€1,975
up €1,975 (+19.3%), from €10,214 to €12,189
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €165,971 | €181,332 | +€15,361 | +9.3% |
| Fixed assets | 21/28 | €91,066 | €82,325 | -€8,741 | -9.6% |
| Intangible fixed assets | 21 | €79,612 | €76,103 | -€3,509 | -4.4% |
| Tangible fixed assets | 22/27 | €11,354 | €6,122 | -€5,232 | -46.1% |
| Plant, machinery and equipment | 23 | €4,584 | €2,522 | -€2,062 | -45.0% |
| Furniture and vehicles | 24 | €6,770 | €3,600 | -€3,170 | -46.8% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €74,905 | €99,007 | +€24,102 | +32.2% |
| Stocks and contracts in progress | 3 | €2,260 | €1,974 | -€286 | -12.6% |
| Stocks | 30/36 | €2,260 | €1,974 | -€286 | -12.6% |
| Amounts receivable within one year | 40/41 | €69,779 | €89,465 | +€19,686 | +28.2% |
| Trade receivables | 40 | €20,768 | €31,531 | +€10,763 | +51.8% |
| Other amounts receivable | 41 | €49,011 | €57,934 | +€8,923 | +18.2% |
| Cash at bank and in hand | 54/58 | €2,866 | €2,696 | -€170 | -5.9% |
| Deferred charges and accrued income | 490/1 | - | €4,872 | +€4,872 | |
| Total equity and liabilities | 10/49 | €165,971 | €181,332 | +€15,361 | +9.3% |
| Equity | 10/15 | €81,981 | €87,430 | +€5,449 | +6.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Outside capital | 11 | €18,600 | - | -€18,600 | |
| Other | 1109/19 | €18,600 | - | -€18,600 | |
| Reserves | 13 | €63,381 | €68,830 | +€5,449 | +8.6% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Tax-exempt reserves | 132 | €3,500 | €3,500 | = | 0.0% |
| Distributable reserves | 133 | €58,021 | €65,330 | +€7,309 | +12.6% |
| Amounts payable | 17/49 | €83,990 | €93,901 | +€9,911 | +11.8% |
| Amounts payable after more than one year | 17 | €62,402 | €57,352 | -€5,050 | -8.1% |
| Financial debts | 170/4 | €62,402 | €57,352 | -€5,050 | -8.1% |
| Amounts payable within one year | 42/48 | €21,588 | €36,549 | +€14,961 | +69.3% |
| Current portion of amounts payable after more than one year | 42 | €4,952 | €5,050 | +€98 | +2.0% |
| Financial debts | 43 | - | €2,497 | +€2,497 | |
| Credit institutions | 430/8 | - | €2,497 | +€2,497 | |
| Trade debts | 44 | €1,719 | €4,452 | +€2,733 | +159.0% |
| Suppliers | 440/4 | €1,719 | €4,452 | +€2,733 | +159.0% |
| Taxes, remuneration and social security | 45 | €14,903 | €23,574 | +€8,671 | +58.2% |
| Taxes | 450/3 | €14,903 | €23,574 | +€8,671 | +58.2% |
| Other amounts payable | 47/48 | €14 | €975 | +€961 | +6865.6% |
| Non-recurring operating income | 76A | €3,500 | - | -€3,500 | |
| Remuneration, social security and pensions | 62 | - | €1,616 | +€1,616 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,214 | €12,189 | +€1,975 | +19.3% |
| Other operating charges | 640/8 | €586 | €3,411 | +€2,825 | +482.0% |
| Non-recurring operating charges | 66A | €196 | €464 | +€268 | +136.8% |
| Gross operating margin | 9900 | €20,211 | €38,560 | +€18,349 | +90.8% |
| Operating profit (loss) | 9901 | €9,215 | €20,880 | +€11,665 | +126.6% |
| Financial income | 75/76B | €1,723 | €0 | -€1,723 | -100.0% |
| Recurring financial income | 75 | €1,723 | €0 | -€1,723 | -100.0% |
| Financial charges | 65/66B | €3,482 | €6,761 | +€3,279 | +94.2% |
| Recurring financial charges | 65 | €3,482 | €6,761 | +€3,279 | +94.2% |
| Profit (loss) for the period before taxes | 9903 | €7,456 | €14,119 | +€6,663 | +89.4% |
| Income taxes | 67/77 | €2,735 | €7,758 | +€5,023 | +183.7% |
| Profit (loss) for the period | 9904 | €4,721 | €6,361 | +€1,640 | +34.7% |
| Transfer to tax-exempt reserves | 689 | €3,500 | - | -€3,500 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,221 | €6,361 | +€5,140 | +421.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.