M-INVEST: 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-INVEST
Largest movements
- Receivables within one year -€213,059
down €213,059 (-97.2%), from €219,134 to €6,075
of which Other amounts receivable: -€216,059
- Tangible fixed assets -€26,584
down €26,584 (-3.5%), from €765,141 to €738,557
- Financial fixed assets -€20,000
down €20,000 (-24.1%), from €83,081 to €63,081
- Contributions -€400,000
down €400,000 (-72.7%), from €550,000 to €150,000
- Other debts +€146,982
up €146,982 (+316%), from €46,481 to €193,463
- Debts after one year -€37,463
down €37,463 (-22.6%), from €165,970 to €128,506
- Tax, wage and social debts +€22,731
up €22,731 (+1,113%), from €2,043 to €24,774
- Profit (loss) carried forward +€20,976
up €20,976 (+11.2%), from €188,052 to €209,027
- Financial income -€20,161
no longer reported in 2025 (was €20,161)
- Gross operating margin +€8,604
up €8,604 (+11.0%), from €78,248 to €86,852
- Financial charges -€3,694
down €3,694 (-25.8%), from €14,304 to €10,610
- Depreciation -€1,093
down €1,093 (-2.9%), from €37,752 to €36,659
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 | €1,074,715 | €815,929 | -€258,786 | -24.1% |
| Fixed assets | 21/28 | €855,222 | €807,638 | -€47,584 | -5.6% |
| Intangible fixed assets | 21 | €7,000 | €6,000 | -€1,000 | -14.3% |
| Tangible fixed assets | 22/27 | €765,141 | €738,557 | -€26,584 | -3.5% |
| Land and buildings | 22 | €765,141 | €738,557 | -€26,584 | -3.5% |
| Financial fixed assets | 28 | €83,081 | €63,081 | -€20,000 | -24.1% |
| Current assets | 29/58 | €219,493 | €8,291 | -€211,203 | -96.2% |
| Amounts receivable within one year | 40/41 | €219,134 | €6,075 | -€213,059 | -97.2% |
| Trade receivables | 40 | - | €3,000 | +€3,000 | |
| Other amounts receivable | 41 | €219,134 | €3,075 | -€216,059 | -98.6% |
| Cash at bank and in hand | 54/58 | €11 | €33 | +€22 | +211% |
| Deferred charges and accrued income | 490/1 | €349 | €2,183 | +€1,834 | +526% |
| Total equity and liabilities | 10/49 | €1,074,715 | €815,929 | -€258,786 | -24.1% |
| Equity | 10/15 | €763,628 | €385,707 | -€377,920 | -49.5% |
| Contributions | 10/11 | €550,000 | €150,000 | -€400,000 | -72.7% |
| Capital | 10 | €550,000 | €150,000 | -€400,000 | -72.7% |
| Issued capital | 100 | €550,000 | €150,000 | -€400,000 | -72.7% |
| Reserves | 13 | €25,576 | €26,680 | +€1,104 | +4.3% |
| Non-distributable reserves | 130/1 | €25,576 | €26,680 | +€1,104 | +4.3% |
| Legal reserve | 130 | €25,576 | €26,680 | +€1,104 | +4.3% |
| Profit (loss) carried forward | 14 | €188,052 | €209,027 | +€20,976 | +11.2% |
| Amounts payable | 17/49 | €311,088 | €430,222 | +€119,134 | +38.3% |
| Amounts payable after more than one year | 17 | €165,970 | €128,506 | -€37,463 | -22.6% |
| Financial debts | 170/4 | €165,970 | €128,506 | -€37,463 | -22.6% |
| Amounts payable within one year | 42/48 | €145,064 | €301,668 | +€156,604 | +108% |
| Current portion of amounts payable after more than one year | 42 | €40,030 | €37,463 | -€2,567 | -6.4% |
| Financial debts | 43 | €30,786 | €29,880 | -€906 | -2.9% |
| Credit institutions | 430/8 | €30,786 | €29,880 | -€906 | -2.9% |
| Trade debts | 44 | €25,724 | €16,089 | -€9,635 | -37.5% |
| Suppliers | 440/4 | €25,724 | €16,089 | -€9,635 | -37.5% |
| Taxes, remuneration and social security | 45 | €2,043 | €24,774 | +€22,731 | +1,113% |
| Taxes | 450/3 | €2,043 | €24,774 | +€22,731 | +1,113% |
| Other amounts payable | 47/48 | €46,481 | €193,463 | +€146,982 | +316% |
| Accrued charges and deferred income | 492/3 | €53 | €47 | -€7 | -12.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,752 | €36,659 | -€1,093 | -2.9% |
| Other operating charges | 640/8 | €9,407 | €9,773 | +€366 | +3.9% |
| Gross operating margin | 9900 | €78,248 | €86,852 | +€8,604 | +11.0% |
| Operating profit (loss) | 9901 | €31,089 | €40,420 | +€9,331 | +30.0% |
| Financial income | 75/76B | €20,161 | - | -€20,161 | |
| Recurring financial income | 75 | €20,161 | - | -€20,161 | |
| Financial charges | 65/66B | €14,304 | €10,610 | -€3,694 | -25.8% |
| Recurring financial charges | 65 | €14,304 | €10,610 | -€3,694 | -25.8% |
| Profit (loss) for the period before taxes | 9903 | €36,947 | €29,810 | -€7,136 | -19.3% |
| Income taxes | 67/77 | €7,043 | €7,731 | +€688 | +9.8% |
| Profit (loss) for the period | 9904 | €29,904 | €22,080 | -€7,824 | -26.2% |
| Profit (loss) for the period to be appropriated | 9905 | €29,904 | €22,080 | -€7,824 | -26.2% |
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 30 October 2026 via checked.be.