M-K: 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-K
Largest movements
- Receivables within one year +€11,557
up €11,557 (+170.8%), from €6,765 to €18,323
of which Trade receivables: +€11,500
- Cash -€11,160
down €11,160 (-51.6%), from €21,609 to €10,449
mainly Receivables within one year (-€11,557) and Tax, wage and social debts (-€2,031)
- Tangible fixed assets -€3,100
down €3,100 (-64.0%), from €4,844 to €1,744
- Tax, wage and social debts -€2,031
down €2,031 (-69.1%), from €2,937 to €906
- Profit (loss) carried forward -€742
down €742 (-3.3%), from €22,417 to €21,675
- Turnover -€135,125
no longer reported in 2025 (was €135,125)
- Purchases and services -€120,616
no longer reported in 2025 (was €120,616)
- Gross operating margin -€8,719
down €8,719 (-60.1%), from €14,510 to €5,791
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 | €34,700 | €31,679 | -€3,021 | -8.7% |
| Fixed assets | 21/28 | €6,108 | €2,690 | -€3,419 | -56.0% |
| Intangible fixed assets | 21 | €1,264 | €946 | -€319 | -25.2% |
| Tangible fixed assets | 22/27 | €4,844 | €1,744 | -€3,100 | -64.0% |
| Furniture and vehicles | 24 | €4,844 | €1,744 | -€3,100 | -64.0% |
| Current assets | 29/58 | €28,592 | €28,989 | +€397 | +1.4% |
| Amounts receivable within one year | 40/41 | €6,765 | €18,323 | +€11,557 | +170.8% |
| Trade receivables | 40 | €2,990 | €14,490 | +€11,500 | +384.6% |
| Other amounts receivable | 41 | €3,776 | €3,833 | +€57 | +1.5% |
| Cash at bank and in hand | 54/58 | €21,609 | €10,449 | -€11,160 | -51.6% |
| Deferred charges and accrued income | 490/1 | €217 | €217 | +€0 | +0.2% |
| Total equity and liabilities | 10/49 | €34,700 | €31,679 | -€3,021 | -8.7% |
| Equity | 10/15 | €24,277 | €23,535 | -€742 | -3.1% |
| Contributions | 10/11 | €1,860 | €1,860 | = | 0.0% |
| Reserves | 13 | €0 | €0 | = | |
| Non-distributable reserves | 130/1 | €0 | €0 | = | |
| Reserves not available under the articles | 1311 | €0 | €0 | = | |
| Profit (loss) carried forward | 14 | €22,417 | €21,675 | -€742 | -3.3% |
| Amounts payable | 17/49 | €10,424 | €8,144 | -€2,280 | -21.9% |
| Amounts payable within one year | 42/48 | €10,424 | €8,144 | -€2,280 | -21.9% |
| Trade debts | 44 | €5,926 | €5,803 | -€124 | -2.1% |
| Suppliers | 440/4 | €5,926 | €5,803 | -€124 | -2.1% |
| Taxes, remuneration and social security | 45 | €2,937 | €906 | -€2,031 | -69.1% |
| Taxes | 450/3 | €2,937 | €906 | -€2,031 | -69.1% |
| Other amounts payable | 47/48 | €1,560 | €1,435 | -€125 | -8.0% |
| Turnover | 70 | €135,125 | - | -€135,125 | |
| Goods, raw materials, services and sundry goods | 60/61 | €120,616 | - | -€120,616 | |
| Remuneration, social security and pensions | 62 | €582 | €884 | +€302 | +51.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,312 | €4,624 | +€312 | +7.2% |
| Other operating charges | 640/8 | €123 | - | -€123 | |
| Gross operating margin | 9900 | €14,510 | €5,791 | -€8,719 | -60.1% |
| Operating profit (loss) | 9901 | €9,494 | €284 | -€9,210 | -97.0% |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €119 | €119 | = | 0.0% |
| Recurring financial charges | 65 | €119 | €119 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €9,375 | €165 | -€9,210 | -98.2% |
| Income taxes | 67/77 | €1,559 | €906 | -€653 | -41.9% |
| Profit (loss) for the period | 9904 | €7,816 | -€742 | -€8,557 | |
| Profit (loss) for the period to be appropriated | 9905 | €7,816 | -€742 | -€8,557 |
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 3 October 2026 via checked.be.