M. Gent: 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. Gent
Largest movements
- Stocks and contracts +€245,565
up €245,565 (+18.6%), from €1.3m to €1.6m
- Cash -€129,267
down €129,267 (-20.7%), from €624,744 to €495,477
mainly Debts after one year (-€316,057) and Stocks and contracts (-€245,565)
- Receivables within one year +€87,492
up €87,492 (+235%), from €37,204 to €124,696
of which Other amounts receivable: +€59,271
- Trade debts +€316,743
up €316,743 (+52.9%), from €598,780 to €915,523
- Debts after one year -€316,057
down €316,057 (-9.5%), from €3.3m to €3.0m
of which Financial debts: -€610,165
- Reserves +€210,000
up €210,000 (+34.3%), from €612,920 to €822,920
of which Distributable reserves: +€210,000
- Current portion of long-term debt +€99,045
new in 2025: €99,045
- Tax, wage and social debts -€75,233
down €75,233 (-80.3%), from €93,651 to €18,417
of which Taxes: -€59,240
- Depreciation -€187,478
down €187,478 (-57.8%), from €324,396 to €136,918
- Gross operating margin +€109,218
up €109,218 (+17.2%), from €633,933 to €743,150
- Financial charges +€51,770
up €51,770 (+499%), from €10,365 to €62,136
- Staff costs +€49,372
up €49,372 (+21.8%), from €226,758 to €276,131
- Taxes +€45,295
up €45,295 (+265%), from €17,092 to €62,386
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 | €4,735,430 | €4,962,492 | +€227,062 | +4.8% |
| Fixed assets | 21/28 | €2,750,242 | €2,761,251 | +€11,009 | +0.4% |
| Tangible fixed assets | 22/27 | €2,739,350 | €2,760,027 | +€20,677 | +0.8% |
| Land and buildings | 22 | €2,649,747 | €2,556,997 | -€92,750 | -3.5% |
| Plant, machinery and equipment | 23 | €2,127 | €30,451 | +€28,323 | +1,331% |
| Furniture and vehicles | 24 | €3,279 | €4,147 | +€868 | +26.5% |
| Other tangible fixed assets | 26 | €84,198 | €168,433 | +€84,235 | +100% |
| Financial fixed assets | 28 | €10,892 | €1,224 | -€9,668 | -88.8% |
| Current assets | 29/58 | €1,985,188 | €2,201,241 | +€216,053 | +10.9% |
| Stocks and contracts in progress | 3 | €1,323,240 | €1,568,805 | +€245,565 | +18.6% |
| Stocks | 30/36 | €1,323,240 | €1,568,805 | +€245,565 | +18.6% |
| Amounts receivable within one year | 40/41 | €37,204 | €124,696 | +€87,492 | +235% |
| Trade receivables | 40 | €0 | €28,220 | +€28,220 | |
| Other amounts receivable | 41 | €37,204 | €96,475 | +€59,271 | +159% |
| Cash at bank and in hand | 54/58 | €624,744 | €495,477 | -€129,267 | -20.7% |
| Deferred charges and accrued income | 490/1 | - | €12,263 | +€12,263 | |
| Total equity and liabilities | 10/49 | €4,735,430 | €4,962,492 | +€227,062 | +4.8% |
| Equity | 10/15 | €666,583 | €849,390 | +€182,807 | +27.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €612,920 | €822,920 | +€210,000 | +34.3% |
| Non-distributable reserves | 130/1 | €45,653 | €45,653 | = | 0.0% |
| Reserves not available under the articles | 1311 | €45,653 | €45,653 | = | 0.0% |
| Tax-exempt reserves | 132 | €50,268 | €50,268 | = | 0.0% |
| Distributable reserves | 133 | €517,000 | €727,000 | +€210,000 | +40.6% |
| Profit (loss) carried forward | 14 | €33,662 | €6,469 | -€27,193 | -80.8% |
| Amounts payable | 17/49 | €4,068,847 | €4,113,102 | +€44,255 | +1.1% |
| Amounts payable after more than one year | 17 | €3,339,750 | €3,023,693 | -€316,057 | -9.5% |
| Financial debts | 170/4 | €2,703,000 | €2,092,835 | -€610,165 | -22.6% |
| Other amounts payable | 178/9 | €636,750 | €930,857 | +€294,107 | +46.2% |
| Amounts payable within one year | 42/48 | €724,497 | €1,065,004 | +€340,507 | +47.0% |
| Current portion of amounts payable after more than one year | 42 | - | €99,045 | +€99,045 | |
| Financial debts | 43 | €6,889 | €6,842 | -€47 | -0.7% |
| Credit institutions | 430/8 | €6,889 | €6,842 | -€47 | -0.7% |
| Trade debts | 44 | €598,780 | €915,523 | +€316,743 | +52.9% |
| Suppliers | 440/4 | €598,780 | €915,523 | +€316,743 | +52.9% |
| Taxes, remuneration and social security | 45 | €93,651 | €18,417 | -€75,233 | -80.3% |
| Taxes | 450/3 | €65,131 | €5,891 | -€59,240 | -91.0% |
| Remuneration and social security | 454/9 | €28,520 | €12,526 | -€15,994 | -56.1% |
| Other amounts payable | 47/48 | €25,178 | €25,178 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €4,600 | €24,405 | +€19,805 | +431% |
| Non-recurring operating income | 76A | €3,957 | €0 | -€3,957 | -100% |
| Remuneration, social security and pensions | 62 | €226,758 | €276,131 | +€49,372 | +21.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €324,396 | €136,918 | -€187,478 | -57.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€6,536 | €2,158 | +€8,693 | |
| Other operating charges | 640/8 | €10,716 | €20,811 | +€10,095 | +94.2% |
| Gross operating margin | 9900 | €633,933 | €743,150 | +€109,218 | +17.2% |
| Operating profit (loss) | 9901 | €78,598 | €307,133 | +€228,535 | +291% |
| Financial income | 75/76B | €107 | €196 | +€89 | +83.5% |
| Recurring financial income | 75 | €107 | €196 | +€89 | +83.5% |
| Financial charges | 65/66B | €10,365 | €62,136 | +€51,770 | +499% |
| Recurring financial charges | 65 | €10,365 | €62,136 | +€51,770 | +499% |
| Profit (loss) for the period before taxes | 9903 | €68,340 | €245,193 | +€176,854 | +259% |
| Income taxes | 67/77 | €17,092 | €62,386 | +€45,295 | +265% |
| Profit (loss) for the period | 9904 | €51,248 | €182,807 | +€131,559 | +257% |
| Profit (loss) for the period to be appropriated | 9905 | €51,248 | €182,807 | +€131,559 | +257% |
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 24 October 2026 via checked.be.