M&K: 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.
What changed
M&K
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€655,184
2024 · €482,759+€172,425
Equity
€13.7m
2024 · €13.0m+€655,184
Cash
€472,041
2024 · €351,138+€120,903
Balance sheet total
€20.5m
2024 · €18.6m+€2.0m
Largest movements
Assets
- Tangible fixed assets +€2.6m
up €2.6m (+18.2%), from €14.2m to €16.7m
of which Land and buildings: +€2.5m
- Current investments -€766,248
down €766,248 (-64.4%), from €1.2m to €422,888
Equity and liabilities
- Debts after one year +€2.0m
up €2.0m (+136%), from €1.5m to €3.5m
of which Financial debts: +€2.0m
- Other debts -€1.4m
down €1.4m (-44.7%), from €3.1m to €1.7m
- Reserves +€655,184
up €655,184 (+11.6%), from €5.7m to €6.3m
of which Distributable reserves: +€593,710
- Provisions +€414,717
up €414,717 (+60.5%), from €685,283 to €1.1m
Income statement
- Gross operating margin +€493,913
up €493,913 (+28.9%), from €1.7m to €2.2m
- Depreciation +€171,877
up €171,877 (+31.4%), from €547,621 to €719,498
- Taxes +€54,038
up €54,038 (+29.6%), from €182,497 to €236,535
- Financial charges -€35,524
down €35,524 (-19.4%), from €182,779 to €147,255
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.
Result 2024
€482,759
Gross operating margin
+€493,913
Staff costs
+€14,495
Depreciation
-€171,877
Other operating charges
+€9,625
Other operating items
-€151,686
Financial income
-€3,531
Financial charges
+€35,524
Taxes
-€54,038
Result 2025
€655,184
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€646,609
Investment
-€2.5m
Financing
+€2.0m
Cash 2024
€351,138
From operations (derived)
+€646,609
Net result for the year
+€655,184
Depreciation
+€719,498
Receivables within one year
-€25,537
Deferred charges and accrued income
-€4,118
Provisions
+€414,717
Trade debts
+€33,383
Tax, wage and social debts
+€116,292
Other debts
-€1.4m
Accrued charges and deferred income
+€112,759
Investment (derived)
-€2.5m
Investment in fixed assets (net)
-€3.3m
Current investments
+€766,248
Financing
+€2.0m
Debts after one year
+€2.0m
Cash 2025
€472,041
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €18,594,185 | €20,547,057 | +€2.0m | +10.5% |
| Fixed assets | 21/28 | €15,271,323 | €17,839,885 | +€2.6m | +16.8% |
| Tangible fixed assets | 22/27 | €14,151,187 | €16,719,749 | +€2.6m | +18.2% |
| Land and buildings | 22 | €14,102,508 | €16,590,654 | +€2.5m | +17.6% |
| Plant, machinery and equipment | 23 | €10,545 | €8,561 | -€1,983 | -18.8% |
| Furniture and vehicles | 24 | €38,135 | €120,533 | +€82,399 | +216% |
| Financial fixed assets | 28 | €1,120,136 | €1,120,136 | = | 0.0% |
| Current assets | 29/58 | €3,322,862 | €2,707,172 | -€615,690 | -18.5% |
| Amounts receivable after more than one year | 29 | €1,780,000 | €1,780,000 | = | 0.0% |
| Other amounts receivable | 291 | €1,780,000 | €1,780,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €2,000 | €27,537 | +€25,537 | +1,277% |
| Trade receivables | 40 | €2,000 | €27,537 | +€25,537 | +1,277% |
| Other amounts receivable | 41 | €0 | - | = | |
| Current investments | 50/53 | €1,189,136 | €422,888 | -€766,248 | -64.4% |
| Cash at bank and in hand | 54/58 | €351,138 | €472,041 | +€120,903 | +34.4% |
| Deferred charges and accrued income | 490/1 | €589 | €4,706 | +€4,118 | +700% |
| Total equity and liabilities | 10/49 | €18,594,185 | €20,547,057 | +€2.0m | +10.5% |
| Equity | 10/15 | €13,039,991 | €13,695,175 | +€655,184 | +5.0% |
| Contributions | 10/11 | €7,373,000 | €7,373,000 | = | 0.0% |
| Capital | 10 | €7,373,000 | €7,373,000 | = | 0.0% |
| Issued capital | 100 | €7,373,000 | €7,373,000 | = | 0.0% |
| Reserves | 13 | €5,666,991 | €6,322,175 | +€655,184 | +11.6% |
| Non-distributable reserves | 130/1 | €283,800 | €315,300 | +€31,500 | +11.1% |
| Legal reserve | 130 | €283,800 | €315,300 | +€31,500 | +11.1% |
| Tax-exempt reserves | 132 | €843,079 | €873,054 | +€29,974 | +3.6% |
| Distributable reserves | 133 | €4,540,112 | €5,133,822 | +€593,710 | +13.1% |
| Provisions and deferred taxes | 16 | €685,283 | €1,100,000 | +€414,717 | +60.5% |
| Provisions for liabilities and charges | 160/5 | €685,283 | €1,100,000 | +€414,717 | +60.5% |
| Other liabilities and charges | 164/5 | €685,283 | €1,100,000 | +€414,717 | +60.5% |
| Amounts payable | 17/49 | €4,868,911 | €5,751,882 | +€882,971 | +18.1% |
| Amounts payable after more than one year | 17 | €1,467,013 | €3,463,120 | +€2.0m | +136% |
| Financial debts | 170/4 | €1,462,670 | €3,462,670 | +€2.0m | +137% |
| Other amounts payable | 178/9 | €4,344 | €450 | -€3,894 | -89.6% |
| Amounts payable within one year | 42/48 | €3,276,732 | €2,050,839 | -€1.2m | -37.4% |
| Trade debts | 44 | €142,744 | €176,128 | +€33,383 | +23.4% |
| Suppliers | 440/4 | €142,744 | €176,128 | +€33,383 | +23.4% |
| Taxes, remuneration and social security | 45 | €58,355 | €174,647 | +€116,292 | +199% |
| Taxes | 450/3 | €14,612 | €129,611 | +€114,999 | +787% |
| Remuneration and social security | 454/9 | €43,743 | €45,036 | +€1,293 | +3.0% |
| Other amounts payable | 47/48 | €3,075,633 | €1,700,064 | -€1.4m | -44.7% |
| Accrued charges and deferred income | 492/3 | €125,165 | €237,924 | +€112,759 | +90.1% |
| Non-recurring operating income | 76A | - | €260,056 | +€260,056 | |
| Remuneration, social security and pensions | 62 | €251,549 | €237,054 | -€14,495 | -5.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €547,621 | €719,498 | +€171,877 | +31.4% |
| Other operating charges | 640/8 | €88,436 | €78,811 | -€9,625 | -10.9% |
| Non-recurring operating charges | 66A | - | €151,686 | +€151,686 | |
| Gross operating margin | 9900 | €1,711,195 | €2,205,108 | +€493,913 | +28.9% |
| Operating profit (loss) | 9901 | €823,588 | €1,018,058 | +€194,470 | +23.6% |
| Financial income | 75/76B | €24,446 | €20,915 | -€3,531 | -14.4% |
| Recurring financial income | 75 | €24,446 | €20,915 | -€3,531 | -14.4% |
| Financial charges | 65/66B | €182,779 | €147,255 | -€35,524 | -19.4% |
| Recurring financial charges | 65 | €182,779 | €147,255 | -€35,524 | -19.4% |
| Profit (loss) for the period before taxes | 9903 | €665,255 | €891,719 | +€226,463 | +34.0% |
| Income taxes | 67/77 | €182,497 | €236,535 | +€54,038 | +29.6% |
| Profit (loss) for the period | 9904 | €482,759 | €655,184 | +€172,425 | +35.7% |
| Transfer from tax-exempt reserves | 789 | €227,830 | €222,626 | -€5,204 | -2.3% |
| Transfer to tax-exempt reserves | 689 | €210,500 | €252,600 | +€42,100 | +20.0% |
| Profit (loss) for the period to be appropriated | 9905 | €500,089 | €625,210 | +€125,121 | +25.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.