M GROUP VV: what changed
M GROUP VV
Largest movements
- Receivables within one year +€67,918
up €67,918 (+32.7%), from €207,433 to €275,351
of which Trade receivables: +€61,241
- Tangible fixed assets -€29,488
down €29,488 (-35.9%), from €82,183 to €52,696
of which Leasing and similar rights: -€14,853
- Cash -€21,470
no longer reported in 2025 (was €21,470)
mainly Receivables within one year (-€67,918) and Tax, wage and social debts (-€31,058)
- Deferred charges and accrued income -€6,500
down €6,500 (-31.4%), from €20,729 to €14,229
- Short-term financial debts +€39,374
new in 2025: €39,374
- Tax, wage and social debts -€31,058
down €31,058 (-62.7%), from €49,540 to €18,482
of which Taxes: -€36,695
- Trade debts +€18,532
up €18,532 (+27.2%), from €68,016 to €86,548
- Debts after one year -€9,453
down €9,453 (-28.3%), from €33,370 to €23,918
- Other debts -€8,612
no longer reported in 2025 (was €8,612)
- Write-downs +€39,618
new in 2025: €39,618
- Gross operating margin +€31,734
up €31,734 (+36.5%), from €86,979 to €118,712
- Staff costs +€11,264
up €11,264 (+39.2%), from €28,751 to €40,015
- Taxes -€3,788
down €3,788 (-81.4%), from €4,654 to €866
- Depreciation -€2,949
down €2,949 (-8.2%), from €35,813 to €32,865
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €331,816 | €342,276 | +€10,460 | +3.2% |
| Fixed assets | 21/28 | €82,183 | €52,696 | -€29,488 | -35.9% |
| Tangible fixed assets | 22/27 | €82,183 | €52,696 | -€29,488 | -35.9% |
| Plant, machinery and equipment | 23 | €13,077 | €6,847 | -€6,229 | -47.6% |
| Furniture and vehicles | 24 | €15,697 | €7,292 | -€8,405 | -53.5% |
| Leasing and similar rights | 25 | €53,409 | €38,556 | -€14,853 | -27.8% |
| Current assets | 29/58 | €249,633 | €289,580 | +€39,948 | +16.0% |
| Amounts receivable within one year | 40/41 | €207,433 | €275,351 | +€67,918 | +32.7% |
| Trade receivables | 40 | €203,010 | €264,250 | +€61,241 | +30.2% |
| Other amounts receivable | 41 | €4,424 | €11,101 | +€6,677 | +151% |
| Cash at bank and in hand | 54/58 | €21,470 | - | -€21,470 | |
| Deferred charges and accrued income | 490/1 | €20,729 | €14,229 | -€6,500 | -31.4% |
| Total equity and liabilities | 10/49 | €331,816 | €342,276 | +€10,460 | +3.2% |
| Equity | 10/15 | €163,404 | €164,062 | +€658 | +0.4% |
| Reserves | 13 | €116,000 | €116,000 | = | 0.0% |
| Distributable reserves | 133 | €116,000 | €116,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €47,404 | €48,062 | +€658 | +1.4% |
| Amounts payable | 17/49 | €168,412 | €178,214 | +€9,802 | +5.8% |
| Amounts payable after more than one year | 17 | €33,370 | €23,918 | -€9,453 | -28.3% |
| Other amounts payable | 178/9 | €33,370 | €23,918 | -€9,453 | -28.3% |
| Amounts payable within one year | 42/48 | €135,041 | €154,170 | +€19,129 | +14.2% |
| Current portion of amounts payable after more than one year | 42 | €8,873 | €9,765 | +€892 | +10.1% |
| Financial debts | 43 | - | €39,374 | +€39,374 | |
| Credit institutions | 430/8 | - | €39,374 | +€39,374 | |
| Trade debts | 44 | €68,016 | €86,548 | +€18,532 | +27.2% |
| Suppliers | 440/4 | €68,016 | €86,548 | +€18,532 | +27.2% |
| Taxes, remuneration and social security | 45 | €49,540 | €18,482 | -€31,058 | -62.7% |
| Taxes | 450/3 | €43,383 | €6,687 | -€36,695 | -84.6% |
| Remuneration and social security | 454/9 | €6,158 | €11,795 | +€5,637 | +91.5% |
| Other amounts payable | 47/48 | €8,612 | - | -€8,612 | |
| Accrued charges and deferred income | 492/3 | €0 | €126 | +€126 | +180,100% |
| Remuneration, social security and pensions | 62 | €28,751 | €40,015 | +€11,264 | +39.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,813 | €32,865 | -€2,949 | -8.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €39,618 | +€39,618 | |
| Other operating charges | 640/8 | €1,124 | €985 | -€139 | -12.3% |
| Gross operating margin | 9900 | €86,979 | €118,712 | +€31,734 | +36.5% |
| Operating profit (loss) | 9901 | €21,291 | €5,230 | -€16,061 | -75.4% |
| Financial income | 75/76B | - | €421 | +€421 | |
| Recurring financial income | 75 | - | €421 | +€421 | |
| Financial charges | 65/66B | €2,629 | €4,127 | +€1,498 | +57.0% |
| Recurring financial charges | 65 | €2,629 | €4,127 | +€1,498 | +57.0% |
| Profit (loss) for the period before taxes | 9903 | €18,662 | €1,524 | -€17,138 | -91.8% |
| Income taxes | 67/77 | €4,654 | €866 | -€3,788 | -81.4% |
| Profit (loss) for the period | 9904 | €14,008 | €658 | -€13,350 | -95.3% |
| Profit (loss) for the period to be appropriated | 9905 | €14,008 | €658 | -€13,350 | -95.3% |
Next steps
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 2 November 2026 via checked.be.