M.J.: 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.J.
Largest movements
- Cash -€96,507
down €96,507 (-83.4%), from €115,673 to €19,166
- Stocks and contracts -€21,109
down €21,109 (-26.2%), from €80,660 to €59,551
- Receivables within one year -€20,998
down €20,998 (-15.4%), from €136,126 to €115,128
of which Other amounts receivable: -€21,536
- Tangible fixed assets -€14,597
down €14,597 (-16.2%), from €90,352 to €75,755
of which Plant, machinery and equipment: -€18,201
- Profit (loss) carried forward -€126,876
down €126,876 (-100%), from -€126,369 to -€253,245
- Debts after one year -€21,555
down €21,555 (-79.7%), from €27,055 to €5,499
- Other debts +€15,000
up €15,000 (+4.4%), from €339,406 to €354,406
- Trade debts -€12,226
down €12,226 (-41.0%), from €29,819 to €17,593
- Short-term financial debts -€11,737
down €11,737 (-44.1%), from €26,609 to €14,873
- Gross operating margin -€165,617
down €165,617, from €146,519 to -€19,098
- Staff costs -€65,528
down €65,528 (-43.5%), from €150,588 to €85,060
- Financial income -€15,377
down €15,377 (-64.5%), from €23,842 to €8,465
- Depreciation +€12,525
up €12,525 (+103%), from €12,210 to €24,735
- Other operating charges -€10,860
down €10,860 (-91.0%), from €11,930 to €1,070
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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €423,441 | €272,039 | -€151,403 | -35.8% |
| Fixed assets | 21/28 | €90,982 | €76,385 | -€14,597 | -16.0% |
| Tangible fixed assets | 22/27 | €90,352 | €75,755 | -€14,597 | -16.2% |
| Plant, machinery and equipment | 23 | €73,049 | €54,849 | -€18,201 | -24.9% |
| Furniture and vehicles | 24 | - | €7,074 | +€7,074 | |
| Other tangible fixed assets | 26 | €17,303 | €13,832 | -€3,471 | -20.1% |
| Financial fixed assets | 28 | €630 | €630 | = | 0.0% |
| Current assets | 29/58 | €332,459 | €195,654 | -€136,805 | -41.1% |
| Stocks and contracts in progress | 3 | €80,660 | €59,551 | -€21,109 | -26.2% |
| Stocks | 30/36 | €80,660 | €59,551 | -€21,109 | -26.2% |
| Amounts receivable within one year | 40/41 | €136,126 | €115,128 | -€20,998 | -15.4% |
| Trade receivables | 40 | - | €538 | +€538 | |
| Other amounts receivable | 41 | €136,126 | €114,590 | -€21,536 | -15.8% |
| Cash at bank and in hand | 54/58 | €115,673 | €19,166 | -€96,507 | -83.4% |
| Deferred charges and accrued income | 490/1 | - | €1,809 | +€1,809 | |
| Total equity and liabilities | 10/49 | €423,441 | €272,039 | -€151,403 | -35.8% |
| Equity | 10/15 | -€10,211 | -€137,087 | -€126,876 | -1,243% |
| Contributions | 10/11 | €109,958 | €109,958 | = | 0.0% |
| Capital | 10 | €109,958 | €109,958 | = | 0.0% |
| Issued capital | 100 | €109,958 | €109,958 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Profit (loss) carried forward | 14 | -€126,369 | -€253,245 | -€126,876 | -100% |
| Amounts payable | 17/49 | €433,652 | €409,126 | -€24,526 | -5.7% |
| Amounts payable after more than one year | 17 | €27,055 | €5,499 | -€21,555 | -79.7% |
| Financial debts | 170/4 | €27,055 | €5,499 | -€21,555 | -79.7% |
| Amounts payable within one year | 42/48 | €406,598 | €403,627 | -€2,971 | -0.7% |
| Financial debts | 43 | €26,609 | €14,873 | -€11,737 | -44.1% |
| Credit institutions | 430/8 | €26,609 | €14,873 | -€11,737 | -44.1% |
| Trade debts | 44 | €29,819 | €17,593 | -€12,226 | -41.0% |
| Suppliers | 440/4 | €29,819 | €17,593 | -€12,226 | -41.0% |
| Taxes, remuneration and social security | 45 | €10,763 | €16,755 | +€5,992 | +55.7% |
| Taxes | 450/3 | €0 | €3,577 | +€3,577 | |
| Remuneration and social security | 454/9 | €10,763 | €13,178 | +€2,415 | +22.4% |
| Other amounts payable | 47/48 | €339,406 | €354,406 | +€15,000 | +4.4% |
| Non-recurring operating income | 76A | €348 | - | -€348 | |
| Remuneration, social security and pensions | 62 | €150,588 | €85,060 | -€65,528 | -43.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,210 | €24,735 | +€12,525 | +103% |
| Other operating charges | 640/8 | €11,930 | €1,070 | -€10,860 | -91.0% |
| Gross operating margin | 9900 | €146,519 | -€19,098 | -€165,617 | |
| Operating profit (loss) | 9901 | -€28,209 | -€129,963 | -€101,754 | -361% |
| Financial income | 75/76B | €23,842 | €8,465 | -€15,377 | -64.5% |
| Recurring financial income | 75 | €23,842 | €8,465 | -€15,377 | -64.5% |
| Financial charges | 65/66B | €5,631 | €1,730 | -€3,902 | -69.3% |
| Recurring financial charges | 65 | €5,631 | €1,657 | -€3,975 | -70.6% |
| Non-recurring financial charges | 66B | - | €73 | +€73 | |
| Profit (loss) for the period before taxes | 9903 | -€9,998 | -€123,227 | -€113,229 | -1,133% |
| Income taxes | 67/77 | €213 | €3,649 | +€3,436 | +1,614% |
| Profit (loss) for the period | 9904 | -€10,211 | -€126,876 | -€116,665 | -1,143% |
| Transfer from tax-exempt reserves | 789 | €37,500 | - | -€37,500 | |
| Profit (loss) for the period to be appropriated | 9905 | €27,289 | -€126,876 | -€154,165 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.