M-IUS: 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-IUS
Largest movements
- Current investments +€249,681
new in 2025: €249,681
- Cash -€218,451
down €218,451 (-62.0%), from €352,102 to €133,651
mainly Current investments (-€249,681) and Contributions, distributions and other (-€114,819)
- Receivables within one year +€17,651
up €17,651 (+48.1%), from €36,668 to €54,320
of which Other amounts receivable: +€10,967
- Other debts +€54,378
up €54,378 (+1,548%), from €3,513 to €57,891
- Tax, wage and social debts +€20,266
up €20,266 (+101%), from €20,117 to €40,383
- Reserves -€12,320
down €12,320 (-3.4%), from €357,240 to €344,920
- Trade debts -€6,879
down €6,879 (-94.4%), from €7,291 to €412
- Gross operating margin +€29,094
up €29,094 (+22.5%), from €129,199 to €158,294
- Taxes +€15,285
up €15,285 (+41.1%), from €37,165 to €52,450
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 | €394,362 | €449,806 | +€55,445 | +14.1% |
| Fixed assets | 21/28 | €1,081 | €4,830 | +€3,749 | +347% |
| Tangible fixed assets | 22/27 | €1,081 | €4,830 | +€3,749 | +347% |
| Furniture and vehicles | 24 | €1,081 | €4,830 | +€3,749 | +347% |
| Current assets | 29/58 | €393,280 | €444,976 | +€51,696 | +13.1% |
| Amounts receivable within one year | 40/41 | €36,668 | €54,320 | +€17,651 | +48.1% |
| Trade receivables | 40 | €36,422 | €43,106 | +€6,684 | +18.4% |
| Other amounts receivable | 41 | €246 | €11,213 | +€10,967 | +4,459% |
| Current investments | 50/53 | - | €249,681 | +€249,681 | |
| Cash at bank and in hand | 54/58 | €352,102 | €133,651 | -€218,451 | -62.0% |
| Deferred charges and accrued income | 490/1 | €4,510 | €7,324 | +€2,814 | +62.4% |
| Total equity and liabilities | 10/49 | €394,362 | €449,806 | +€55,445 | +14.1% |
| Equity | 10/15 | €363,440 | €351,120 | -€12,320 | -3.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €357,240 | €344,920 | -€12,320 | -3.4% |
| Distributable reserves | 133 | €357,240 | €344,920 | -€12,320 | -3.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €30,922 | €98,686 | +€67,765 | +219% |
| Amounts payable within one year | 42/48 | €30,922 | €98,686 | +€67,765 | +219% |
| Trade debts | 44 | €7,291 | €412 | -€6,879 | -94.4% |
| Suppliers | 440/4 | €7,291 | €412 | -€6,879 | -94.4% |
| Taxes, remuneration and social security | 45 | €20,117 | €40,383 | +€20,266 | +101% |
| Taxes | 450/3 | €20,117 | €40,383 | +€20,266 | +101% |
| Other amounts payable | 47/48 | €3,513 | €57,891 | +€54,378 | +1,548% |
| Non-recurring operating income | 76A | - | €2,847 | +€2,847 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €551 | €591 | +€41 | +7.4% |
| Other operating charges | 640/8 | €1,402 | €1,261 | -€141 | -10.0% |
| Gross operating margin | 9900 | €129,199 | €158,294 | +€29,094 | +22.5% |
| Operating profit (loss) | 9901 | €127,246 | €156,441 | +€29,195 | +22.9% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €289 | €1,492 | +€1,204 | +417% |
| Recurring financial charges | 65 | €289 | €1,492 | +€1,204 | +417% |
| Profit (loss) for the period before taxes | 9903 | €126,958 | €154,949 | +€27,991 | +22.0% |
| Income taxes | 67/77 | €37,165 | €52,450 | +€15,285 | +41.1% |
| Profit (loss) for the period | 9904 | €89,793 | €102,499 | +€12,706 | +14.2% |
| Profit (loss) for the period to be appropriated | 9905 | €89,793 | €102,499 | +€12,706 | +14.2% |
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 20 October 2026 via checked.be.