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.
M & K
Largest movements
- Cash -€62,908
down €62,908 (-70.1%), from €89,799 to €26,891
mainly Net result for the year (-€66,025) and Stocks and contracts (-€33,000)
- Stocks and contracts +€33,000
up €33,000 (+76.7%), from €43,050 to €76,050
- Deferred charges and accrued income +€5,125
up €5,125 (+210.8%), from €2,431 to €7,556
- Profit (loss) carried forward -€66,025
down €66,025 (-65.2%), from -€101,317 to -€167,342
- Short-term financial debts +€36,830
up €36,830 (+18.4%), from €200,000 to €236,830
of which Other loans: +€20,000
- Trade debts +€4,927
up €4,927 (+179.3%), from €2,748 to €7,675
- Debts after one year -€3,000
down €3,000 (-6.0%), from €50,000 to €47,000
- Gross operating margin -€22,447
down €22,447 (-83.8%), from -€26,791 to -€49,238
- Other operating charges +€1,383
up €1,383 (+52.2%), from €2,651 to €4,034
- Depreciation -€622
down €622 (-32.2%), from €1,930 to €1,308
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 | €169,131 | €141,864 | -€27,267 | -16.1% |
| Fixed assets | 21/28 | €4,788 | €3,480 | -€1,308 | -27.3% |
| Tangible fixed assets | 22/27 | €3,888 | €2,580 | -€1,308 | -33.6% |
| Plant, machinery and equipment | 23 | €892 | €632 | -€260 | -29.2% |
| Furniture and vehicles | 24 | €2,996 | €1,949 | -€1,048 | -35.0% |
| Financial fixed assets | 28 | €900 | €900 | = | 0.0% |
| Current assets | 29/58 | €164,343 | €138,383 | -€25,959 | -15.8% |
| Stocks and contracts in progress | 3 | €43,050 | €76,050 | +€33,000 | +76.7% |
| Stocks | 30/36 | €43,050 | €76,050 | +€33,000 | +76.7% |
| Amounts receivable within one year | 40/41 | €29,063 | €27,886 | -€1,177 | -4.0% |
| Trade receivables | 40 | €15,250 | €7,990 | -€7,260 | -47.6% |
| Other amounts receivable | 41 | €13,813 | €19,896 | +€6,083 | +44.0% |
| Cash at bank and in hand | 54/58 | €89,799 | €26,891 | -€62,908 | -70.1% |
| Deferred charges and accrued income | 490/1 | €2,431 | €7,556 | +€5,125 | +210.8% |
| Total equity and liabilities | 10/49 | €169,131 | €141,864 | -€27,267 | -16.1% |
| Equity | 10/15 | -€83,617 | -€149,642 | -€66,025 | -79.0% |
| Contributions | 10/11 | €17,700 | €17,700 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€101,317 | -€167,342 | -€66,025 | -65.2% |
| Amounts payable | 17/49 | €252,748 | €291,505 | +€38,757 | +15.3% |
| Amounts payable after more than one year | 17 | €50,000 | €47,000 | -€3,000 | -6.0% |
| Other amounts payable | 178/9 | €50,000 | €47,000 | -€3,000 | -6.0% |
| Amounts payable within one year | 42/48 | €202,748 | €244,505 | +€41,757 | +20.6% |
| Financial debts | 43 | €200,000 | €236,830 | +€36,830 | +18.4% |
| Credit institutions | 430/8 | €150,000 | €166,830 | +€16,830 | +11.2% |
| Other loans | 439 | €50,000 | €70,000 | +€20,000 | +40.0% |
| Trade debts | 44 | €2,748 | €7,675 | +€4,927 | +179.3% |
| Suppliers | 440/4 | €2,748 | €7,675 | +€4,927 | +179.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,930 | €1,308 | -€622 | -32.2% |
| Other operating charges | 640/8 | €2,651 | €4,034 | +€1,383 | +52.2% |
| Gross operating margin | 9900 | -€26,791 | -€49,238 | -€22,447 | -83.8% |
| Operating profit (loss) | 9901 | -€31,372 | -€54,580 | -€23,207 | -74.0% |
| Financial income | 75/76B | €45 | €59 | +€14 | +31.7% |
| Recurring financial income | 75 | €45 | €59 | +€14 | +31.7% |
| Financial charges | 65/66B | €11,429 | €11,504 | +€75 | +0.7% |
| Recurring financial charges | 65 | €11,429 | €11,504 | +€75 | +0.7% |
| Profit (loss) for the period before taxes | 9903 | -€42,756 | -€66,025 | -€23,268 | -54.4% |
| Profit (loss) for the period | 9904 | -€42,756 | -€66,025 | -€23,268 | -54.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€42,756 | -€66,025 | -€23,268 | -54.4% |
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 10 October 2026 via checked.be.