M-GROUP: what changed
What changed
M-GROUP
NACE 68.310, Real estate agency activities
filed annual accounts (NBB)
Net result for the year
€185,486
2024 · €248,637-€63,151
Equity
€8.4m
2024 · €8.3m+€185,486
Cash
€213,658
2024 · €158,900+€54,758
Balance sheet total
€18.8m
2024 · €17.3m+€1.5m
Largest movements
Assets
- Receivables within one year +€742,301
up €742,301 (+297%), from €250,118 to €992,419
of which Other amounts receivable: +€692,590
- Stocks and contracts +€351,960
new in 2025: €351,960
- Tangible fixed assets +€293,186
up €293,186 (+2.3%), from €12.6m to €12.9m
of which Land and buildings: +€290,808
Equity and liabilities
- Debts after one year +€3.2m
up €3.2m (+60.8%), from €5.2m to €8.4m
of which Financial debts: +€3.2m
- Short-term financial debts -€1.7m
no longer reported in 2025 (was €1.7m)
- Current portion of long-term debt +€602,385
up €602,385 (+128%), from €472,388 to €1.1m
- Other debts -€550,000
no longer reported in 2025 (was €550,000)
Income statement
- Gross operating margin -€141,376
down €141,376 (-9.5%), from €1.5m to €1.3m
- Taxes -€70,296
down €70,296 (-45.3%), from €155,038 to €84,742
- Financial charges -€17,910
down €17,910 (-6.1%), from €294,159 to €276,249
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€248,637
Gross operating margin
-€141,376
Depreciation
+€2,893
Other operating charges
-€10,226
Other operating items
+€1,581
Financial income
-€4,104
Financial charges
+€17,910
Taxes
+€70,296
Deferred taxes and other
-€125
Result 2025
€185,486
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€1.0m
Investment
-€981,414
Financing
+€2.1m
Cash 2024
€158,900
From operations (derived)
-€1.0m
Net result for the year
+€185,486
Depreciation
+€656,228
Stocks and contracts
-€351,960
Receivables within one year
-€742,301
Deferred charges and accrued income
-€1,391
Provisions
-€39,588
Trade debts
-€32,434
Tax, wage and social debts
-€110,656
Other debts
-€550,000
Accrued charges and deferred income
-€50,129
Investment (derived)
-€981,414
Investment in fixed assets (net)
-€981,414
Financing
+€2.1m
Debts after one year
+€3.2m
Current portion of long-term debt
+€602,385
Short-term financial debts
-€1.7m
Cash 2025
€213,658
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €17,313,952 | €18,789,548 | +€1.5m | +8.5% |
| Fixed assets | 21/28 | €16,772,771 | €17,097,957 | +€325,186 | +1.9% |
| Tangible fixed assets | 22/27 | €12,597,771 | €12,890,957 | +€293,186 | +2.3% |
| Land and buildings | 22 | €12,592,777 | €12,883,586 | +€290,808 | +2.3% |
| Furniture and vehicles | 24 | €494 | €2,872 | +€2,378 | +481% |
| Other tangible fixed assets | 26 | €4,500 | €4,500 | = | 0.0% |
| Financial fixed assets | 28 | €4,175,000 | €4,207,000 | +€32,000 | +0.8% |
| Current assets | 29/58 | €541,181 | €1,691,590 | +€1.2m | +213% |
| Stocks and contracts in progress | 3 | - | €351,960 | +€351,960 | |
| Stocks | 30/36 | - | €351,960 | +€351,960 | |
| Amounts receivable within one year | 40/41 | €250,118 | €992,419 | +€742,301 | +297% |
| Trade receivables | 40 | €5,850 | €55,561 | +€49,711 | +850% |
| Other amounts receivable | 41 | €244,268 | €936,858 | +€692,590 | +284% |
| Current investments | 50/53 | €119,174 | €119,174 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €158,900 | €213,658 | +€54,758 | +34.5% |
| Deferred charges and accrued income | 490/1 | €12,988 | €14,379 | +€1,391 | +10.7% |
| Total equity and liabilities | 10/49 | €17,313,952 | €18,789,548 | +€1.5m | +8.5% |
| Equity | 10/15 | €8,256,999 | €8,442,485 | +€185,486 | +2.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | €3,681,502 | €3,681,502 | = | 0.0% |
| Reserves | 13 | €4,556,896 | €4,742,382 | +€185,486 | +4.1% |
| Tax-exempt reserves | 132 | €1,851,153 | €1,311,390 | -€539,763 | -29.2% |
| Distributable reserves | 133 | €2,705,743 | €3,430,992 | +€725,249 | +26.8% |
| Provisions and deferred taxes | 16 | €476,530 | €436,943 | -€39,588 | -8.3% |
| Deferred taxes | 168 | €476,530 | €436,943 | -€39,588 | -8.3% |
| Amounts payable | 17/49 | €8,580,423 | €9,910,121 | +€1.3m | +15.5% |
| Amounts payable after more than one year | 17 | €5,218,178 | €8,388,709 | +€3.2m | +60.8% |
| Financial debts | 170/4 | €5,202,958 | €8,373,489 | +€3.2m | +60.9% |
| Other amounts payable | 178/9 | €15,220 | €15,220 | = | 0.0% |
| Amounts payable within one year | 42/48 | €3,137,604 | €1,346,899 | -€1.8m | -57.1% |
| Current portion of amounts payable after more than one year | 42 | €472,388 | €1,074,773 | +€602,385 | +128% |
| Financial debts | 43 | €1,700,000 | - | -€1.7m | |
| Credit institutions | 430/8 | €1,700,000 | - | -€1.7m | |
| Trade debts | 44 | €90,671 | €58,237 | -€32,434 | -35.8% |
| Suppliers | 440/4 | €90,671 | €58,237 | -€32,434 | -35.8% |
| Taxes, remuneration and social security | 45 | €324,545 | €213,889 | -€110,656 | -34.1% |
| Taxes | 450/3 | €324,545 | €213,889 | -€110,656 | -34.1% |
| Other amounts payable | 47/48 | €550,000 | - | -€550,000 | |
| Accrued charges and deferred income | 492/3 | €224,641 | €174,512 | -€50,129 | -22.3% |
| Non-recurring operating income | 76A | €20,000 | €20,000 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €659,121 | €656,228 | -€2,893 | -0.4% |
| Other operating charges | 640/8 | €171,897 | €182,123 | +€10,226 | +5.9% |
| Non-recurring operating charges | 66A | €1,581 | - | -€1,581 | |
| Gross operating margin | 9900 | €1,486,119 | €1,344,743 | -€141,376 | -9.5% |
| Operating profit (loss) | 9901 | €653,520 | €506,393 | -€147,128 | -22.5% |
| Financial income | 75/76B | €4,601 | €497 | -€4,104 | -89.2% |
| Recurring financial income | 75 | €4,601 | €497 | -€4,104 | -89.2% |
| Financial charges | 65/66B | €294,159 | €276,249 | -€17,910 | -6.1% |
| Recurring financial charges | 65 | €294,159 | €276,249 | -€17,910 | -6.1% |
| Profit (loss) for the period before taxes | 9903 | €363,962 | €230,641 | -€133,322 | -36.6% |
| Transfer from deferred taxes | 780 | €39,713 | €39,588 | -€125 | -0.3% |
| Income taxes | 67/77 | €155,038 | €84,742 | -€70,296 | -45.3% |
| Profit (loss) for the period | 9904 | €248,637 | €185,486 | -€63,151 | -25.4% |
| Transfer from tax-exempt reserves | 789 | €119,138 | €118,763 | -€375 | -0.3% |
| Transfer to tax-exempt reserves | 689 | €12,136 | - | -€12,136 | |
| Profit (loss) for the period to be appropriated | 9905 | €355,639 | €304,249 | -€51,390 | -14.5% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.