M&I: 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&I
Largest movements
- Tangible fixed assets +€129,776
up €129,776 (+251.6%), from €51,586 to €181,363
- Cash -€58,294
down €58,294 (-59.3%), from €98,331 to €40,037
mainly Net result for the year (-€145,658) and Investment in fixed assets (net) (-€128,694)
- Deferred charges and accrued income +€18,762
up €18,762 (+84322.7%), from €22 to €18,784
- Receivables within one year -€6,299
down €6,299 (-21.1%), from €29,894 to €23,595
of which Other amounts receivable: -€9,154
- Stocks and contracts -€5,772
down €5,772 (-53.4%), from €10,805 to €5,033
- Trade debts +€158,333
up €158,333 (+442.6%), from €35,775 to €194,108
- Profit (loss) carried forward -€145,658
down €145,658, from €108,165 to -€37,493
- Debts after one year +€99,577
new in 2025: €99,577
- Tax, wage and social debts -€35,883
no longer reported in 2025 (was €35,883)
- Gross operating margin -€113,959
down €113,959 (-67.4%), from €169,137 to €55,178
- Taxes +€90,537
up €90,537 (+283.7%), from €31,908 to €122,446
- Depreciation -€7,789
down €7,789 (-91.5%), from €8,510 to €722
- Financial charges +€4,869
up €4,869 (+247.7%), from €1,966 to €6,835
- Financial income -€2,163
down €2,163 (-99.8%), from €2,167 to €4
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 | €200,283 | €276,652 | +€76,369 | +38.1% |
| Fixed assets | 21/28 | €61,230 | €189,203 | +€127,973 | +209.0% |
| Intangible fixed assets | 21 | €8,744 | €6,940 | -€1,804 | -20.6% |
| Tangible fixed assets | 22/27 | €51,586 | €181,363 | +€129,776 | +251.6% |
| Land and buildings | 22 | €2,229 | €60,941 | +€58,712 | +2634.3% |
| Plant, machinery and equipment | 23 | €26,305 | €63,960 | +€37,655 | +143.2% |
| Furniture and vehicles | 24 | €23,053 | €56,461 | +€33,409 | +144.9% |
| Financial fixed assets | 28 | €900 | €900 | = | 0.0% |
| Current assets | 29/58 | €139,053 | €87,449 | -€51,604 | -37.1% |
| Stocks and contracts in progress | 3 | €10,805 | €5,033 | -€5,772 | -53.4% |
| Stocks | 30/36 | €10,805 | €5,033 | -€5,772 | -53.4% |
| Amounts receivable within one year | 40/41 | €29,894 | €23,595 | -€6,299 | -21.1% |
| Trade receivables | 40 | - | €2,855 | +€2,855 | |
| Other amounts receivable | 41 | €29,894 | €20,740 | -€9,154 | -30.6% |
| Cash at bank and in hand | 54/58 | €98,331 | €40,037 | -€58,294 | -59.3% |
| Deferred charges and accrued income | 490/1 | €22 | €18,784 | +€18,762 | +84322.7% |
| Total equity and liabilities | 10/49 | €200,283 | €276,652 | +€76,369 | +38.1% |
| Equity | 10/15 | €128,625 | -€17,033 | -€145,658 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €108,165 | -€37,493 | -€145,658 | |
| Amounts payable | 17/49 | €71,658 | €293,685 | +€222,027 | +309.8% |
| Amounts payable after more than one year | 17 | - | €99,577 | +€99,577 | |
| Other amounts payable | 178/9 | - | €99,577 | +€99,577 | |
| Amounts payable within one year | 42/48 | €71,658 | €194,108 | +€122,451 | +170.9% |
| Trade debts | 44 | €35,775 | €194,108 | +€158,333 | +442.6% |
| Suppliers | 440/4 | €35,775 | €194,108 | +€158,333 | +442.6% |
| Taxes, remuneration and social security | 45 | €35,883 | - | -€35,883 | |
| Taxes | 450/3 | €35,883 | - | -€35,883 | |
| Non-recurring operating income | 76A | €3,012 | €6,711 | +€3,698 | +122.8% |
| Remuneration, social security and pensions | 62 | €65,497 | €66,513 | +€1,016 | +1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,510 | €722 | -€7,789 | -91.5% |
| Other operating charges | 640/8 | €3,514 | €4,326 | +€812 | +23.1% |
| Gross operating margin | 9900 | €169,137 | €55,178 | -€113,959 | -67.4% |
| Operating profit (loss) | 9901 | €91,616 | -€16,382 | -€107,998 | |
| Financial income | 75/76B | €2,167 | €4 | -€2,163 | -99.8% |
| Recurring financial income | 75 | €2,167 | €4 | -€2,163 | -99.8% |
| Financial charges | 65/66B | €1,966 | €6,835 | +€4,869 | +247.7% |
| Recurring financial charges | 65 | €1,966 | €6,835 | +€4,869 | +247.7% |
| Profit (loss) for the period before taxes | 9903 | €91,818 | -€23,213 | -€115,030 | |
| Income taxes | 67/77 | €31,908 | €122,446 | +€90,537 | +283.7% |
| Profit (loss) for the period | 9904 | €59,909 | -€145,658 | -€205,568 | |
| Profit (loss) for the period to be appropriated | 9905 | €59,909 | -€145,658 | -€205,568 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.