M-KEY SOLUTIONS: 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-KEY SOLUTIONS
Largest movements
- Receivables within one year -€26,094
down €26,094 (-79.6%), from €32,773 to €6,680
of which Trade receivables: -€25,979
- Tangible fixed assets -€24,285
down €24,285 (-20.2%), from €120,429 to €96,145
of which Leasing and similar rights: -€24,392
- Deferred charges and accrued income -€3,399
down €3,399 (-82.9%), from €4,100 to €701
- Reserves -€27,000
down €27,000 (-36.5%), from €74,000 to €47,000
- Debts after one year -€15,394
down €15,394 (-73.6%), from €20,913 to €5,519
- Other debts +€10,755
up €10,755 (+48.9%), from €22,005 to €32,759
- Current portion of long-term debt -€9,374
down €9,374 (-39.0%), from €24,059 to €14,685
- Trade debts -€8,793
down €8,793 (-60.3%), from €14,585 to €5,793
- Gross operating margin -€34,776
down €34,776 (-69.5%), from €50,017 to €15,241
- Taxes -€4,150
down €4,150 (-86.6%), from €4,793 to €643
- Depreciation +€1,380
up €1,380 (+4.3%), from €31,873 to €33,253
- Other operating charges +€852
up €852 (+134.2%), from €635 to €1,487
- Financial charges +€550
up €550 (+24.1%), from €2,283 to €2,834
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 | €178,082 | €124,903 | -€53,180 | -29.9% |
| Fixed assets | 21/28 | €120,429 | €96,145 | -€24,285 | -20.2% |
| Tangible fixed assets | 22/27 | €120,429 | €96,145 | -€24,285 | -20.2% |
| Plant, machinery and equipment | 23 | €8,833 | €6,341 | -€2,492 | -28.2% |
| Furniture and vehicles | 24 | €1,150 | €1,061 | -€89 | -7.8% |
| Leasing and similar rights | 25 | €65,739 | €41,346 | -€24,392 | -37.1% |
| Other tangible fixed assets | 26 | €44,708 | €47,397 | +€2,689 | +6.0% |
| Current assets | 29/58 | €57,653 | €28,758 | -€28,895 | -50.1% |
| Amounts receivable within one year | 40/41 | €32,773 | €6,680 | -€26,094 | -79.6% |
| Trade receivables | 40 | €32,500 | €6,521 | -€25,979 | -79.9% |
| Other amounts receivable | 41 | €273 | €159 | -€114 | -41.9% |
| Cash at bank and in hand | 54/58 | €20,780 | €21,377 | +€598 | +2.9% |
| Deferred charges and accrued income | 490/1 | €4,100 | €701 | -€3,399 | -82.9% |
| Total equity and liabilities | 10/49 | €178,082 | €124,903 | -€53,180 | -29.9% |
| Equity | 10/15 | €84,899 | €57,824 | -€27,075 | -31.9% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €74,000 | €47,000 | -€27,000 | -36.5% |
| Distributable reserves | 133 | €74,000 | €47,000 | -€27,000 | -36.5% |
| Profit (loss) carried forward | 14 | €899 | €824 | -€75 | -8.4% |
| Amounts payable | 17/49 | €93,183 | €67,079 | -€26,104 | -28.0% |
| Amounts payable after more than one year | 17 | €20,913 | €5,519 | -€15,394 | -73.6% |
| Financial debts | 170/4 | €20,913 | €5,519 | -€15,394 | -73.6% |
| Amounts payable within one year | 42/48 | €72,270 | €61,560 | -€10,710 | -14.8% |
| Current portion of amounts payable after more than one year | 42 | €24,059 | €14,685 | -€9,374 | -39.0% |
| Trade debts | 44 | €14,585 | €5,793 | -€8,793 | -60.3% |
| Suppliers | 440/4 | €14,585 | €5,793 | -€8,793 | -60.3% |
| Taxes, remuneration and social security | 45 | €11,621 | €8,323 | -€3,298 | -28.4% |
| Taxes | 450/3 | €9,621 | €8,323 | -€1,298 | -13.5% |
| Remuneration and social security | 454/9 | €2,000 | €0 | -€2,000 | -100.0% |
| Other amounts payable | 47/48 | €22,005 | €32,759 | +€10,755 | +48.9% |
| Non-recurring operating income | 76A | - | €350 | +€350 | |
| Remuneration, social security and pensions | 62 | €59 | €0 | -€59 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,873 | €33,253 | +€1,380 | +4.3% |
| Other operating charges | 640/8 | €635 | €1,487 | +€852 | +134.2% |
| Non-recurring operating charges | 66A | - | €4,100 | +€4,100 | |
| Gross operating margin | 9900 | €50,017 | €15,241 | -€34,776 | -69.5% |
| Operating profit (loss) | 9901 | €17,450 | -€23,599 | -€41,049 | |
| Financial income | 75/76B | €0 | €0 | -€0 | -100.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100.0% |
| Financial charges | 65/66B | €2,283 | €2,834 | +€550 | +24.1% |
| Recurring financial charges | 65 | €2,283 | €2,834 | +€550 | +24.1% |
| Profit (loss) for the period before taxes | 9903 | €15,167 | -€26,432 | -€41,599 | |
| Income taxes | 67/77 | €4,793 | €643 | -€4,150 | -86.6% |
| Profit (loss) for the period | 9904 | €10,374 | -€27,075 | -€37,450 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,374 | -€27,075 | -€37,450 |
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 6 October 2026 via checked.be.