M & K: what changed
M & K
Largest movements
- Current investments +€113,472
up €113,472 (+16.0%), from €709,268 to €822,740
- Cash +€60,038
up €60,038 (+8.5%), from €703,258 to €763,297
mainly Net result for the year (+€158,821) and Depreciation (+€29,133)
- Reserves +€158,821
up €158,821 (+12.0%), from €1.3m to €1.5m
- Other debts -€25,688
down €25,688 (-18.7%), from €137,059 to €111,371
- Financial charges +€33,906
up €33,906, from -€21,292 to €12,614
- Gross operating margin +€17,912
up €17,912 (+8.7%), from €205,249 to €223,161
- Depreciation -€7,891
down €7,891 (-21.3%), from €37,024 to €29,133
- Financial income +€7,517
up €7,517 (+22.3%), from €33,736 to €41,253
- Taxes +€7,005
up €7,005 (+12.7%), from €55,017 to €62,022
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 | €1,484,042 | €1,627,749 | +€143,707 | +9.7% |
| Fixed assets | 21/28 | €45,700 | €30,436 | -€15,263 | -33.4% |
| Tangible fixed assets | 22/27 | €45,700 | €30,436 | -€15,263 | -33.4% |
| Furniture and vehicles | 24 | €45,700 | €30,436 | -€15,263 | -33.4% |
| Current assets | 29/58 | €1,438,342 | €1,597,313 | +€158,971 | +11.1% |
| Amounts receivable within one year | 40/41 | €15,867 | €0 | -€15,867 | -100% |
| Other amounts receivable | 41 | €15,867 | €0 | -€15,867 | -100% |
| Current investments | 50/53 | €709,268 | €822,740 | +€113,472 | +16.0% |
| Cash at bank and in hand | 54/58 | €703,258 | €763,297 | +€60,038 | +8.5% |
| Deferred charges and accrued income | 490/1 | €9,948 | €11,276 | +€1,327 | +13.3% |
| Total equity and liabilities | 10/49 | €1,484,042 | €1,627,749 | +€143,707 | +9.7% |
| Equity | 10/15 | €1,338,170 | €1,496,991 | +€158,821 | +11.9% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €1,318,170 | €1,476,991 | +€158,821 | +12.0% |
| Distributable reserves | 133 | €1,318,170 | €1,476,991 | +€158,821 | +12.0% |
| Amounts payable | 17/49 | €145,872 | €130,758 | -€15,114 | -10.4% |
| Amounts payable within one year | 42/48 | €145,872 | €130,758 | -€15,114 | -10.4% |
| Trade debts | 44 | €2,142 | €4,374 | +€2,232 | +104% |
| Suppliers | 440/4 | €2,142 | €4,374 | +€2,232 | +104% |
| Taxes, remuneration and social security | 45 | €6,671 | €15,013 | +€8,342 | +125% |
| Taxes | 450/3 | €5,671 | €15,013 | +€9,342 | +165% |
| Remuneration and social security | 454/9 | €1,000 | €0 | -€1,000 | -100% |
| Other amounts payable | 47/48 | €137,059 | €111,371 | -€25,688 | -18.7% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,024 | €29,133 | -€7,891 | -21.3% |
| Other operating charges | 640/8 | €1,767 | €1,824 | +€56 | +3.2% |
| Gross operating margin | 9900 | €205,249 | €223,161 | +€17,912 | +8.7% |
| Operating profit (loss) | 9901 | €166,458 | €192,204 | +€25,747 | +15.5% |
| Financial income | 75/76B | €33,736 | €41,253 | +€7,517 | +22.3% |
| Recurring financial income | 75 | €33,736 | €41,253 | +€7,517 | +22.3% |
| Financial charges | 65/66B | -€21,292 | €12,614 | +€33,906 | |
| Recurring financial charges | 65 | -€21,292 | €12,614 | +€33,906 | |
| Profit (loss) for the period before taxes | 9903 | €221,485 | €220,843 | -€642 | -0.3% |
| Income taxes | 67/77 | €55,017 | €62,022 | +€7,005 | +12.7% |
| Profit (loss) for the period | 9904 | €166,468 | €158,821 | -€7,647 | -4.6% |
| Profit (loss) for the period to be appropriated | 9905 | €166,468 | €158,821 | -€7,647 | -4.6% |
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 6 November 2026 via checked.be.