M & L: 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 & L
Largest movements
- Stocks and contracts -€76,113
down €76,113 (-44.4%), from €171,398 to €95,284
- Receivables within one year +€39,894
up €39,894 (+251.0%), from €15,894 to €55,788
of which Trade receivables: +€33,395
- Tangible fixed assets -€4,551
down €4,551 (-49.5%), from €9,193 to €4,642
of which Plant, machinery and equipment: -€2,525
- Other debts -€41,675
no longer reported in 2024 (was €41,675)
- Debts after one year -€12,972
down €12,972 (-79.7%), from €16,277 to €3,305
- Tax, wage and social debts +€12,465
up €12,465 (+201705.7%), from €6 to €12,472
of which Taxes: +€12,472
- Short-term financial debts +€5,874
up €5,874 (+11.2%), from €52,239 to €58,113
- Trade debts -€5,699
down €5,699 (-18.3%), from €31,070 to €25,371
- Gross operating margin +€15,168
up €15,168 (+457.7%), from €3,314 to €18,482
- Depreciation -€3,024
down €3,024 (-39.9%), from €7,574 to €4,551
- Financial charges +€2,923
up €2,923 (+31.4%), from €9,295 to €12,217
- Staff costs +€289
up €289 (+235.8%), from €123 to €412
- Taxes +€200
new in 2024: €200
From the 2023 result to the 2024 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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €196,484 | €155,714 | -€40,770 | -20.7% |
| Fixed assets | 21/28 | €9,193 | €4,642 | -€4,551 | -49.5% |
| Tangible fixed assets | 22/27 | €9,193 | €4,642 | -€4,551 | -49.5% |
| Land and buildings | 22 | €1,848 | €1,522 | -€326 | -17.7% |
| Plant, machinery and equipment | 23 | €5,206 | €2,681 | -€2,525 | -48.5% |
| Furniture and vehicles | 24 | €2,139 | €440 | -€1,699 | -79.4% |
| Current assets | 29/58 | €187,291 | €151,072 | -€36,219 | -19.3% |
| Stocks and contracts in progress | 3 | €171,398 | €95,284 | -€76,113 | -44.4% |
| Stocks | 30/36 | €171,398 | €95,284 | -€76,113 | -44.4% |
| Amounts receivable within one year | 40/41 | €15,894 | €55,788 | +€39,894 | +251.0% |
| Trade receivables | 40 | €13,890 | €47,286 | +€33,395 | +240.4% |
| Other amounts receivable | 41 | €2,003 | €8,502 | +€6,499 | +324.4% |
| Total equity and liabilities | 10/49 | €196,484 | €155,714 | -€40,770 | -20.7% |
| Equity | 10/15 | €42,632 | €40,439 | -€2,193 | -5.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €24,032 | €21,839 | -€2,193 | -9.1% |
| Amounts payable | 17/49 | €153,852 | €115,276 | -€38,577 | -25.1% |
| Amounts payable after more than one year | 17 | €16,277 | €3,305 | -€12,972 | -79.7% |
| Financial debts | 170/4 | €16,277 | €3,305 | -€12,972 | -79.7% |
| Amounts payable within one year | 42/48 | €137,575 | €111,971 | -€25,604 | -18.6% |
| Current portion of amounts payable after more than one year | 42 | €12,585 | €12,972 | +€387 | +3.1% |
| Financial debts | 43 | €52,239 | €58,113 | +€5,874 | +11.2% |
| Credit institutions | 430/8 | €52,239 | €58,113 | +€5,874 | +11.2% |
| Trade debts | 44 | €31,070 | €25,371 | -€5,699 | -18.3% |
| Suppliers | 440/4 | €31,070 | €25,371 | -€5,699 | -18.3% |
| Advances received on contracts in progress | 46 | - | €3,043 | +€3,043 | |
| Taxes, remuneration and social security | 45 | €6 | €12,472 | +€12,465 | +201705.7% |
| Taxes | 450/3 | - | €12,472 | +€12,472 | |
| Remuneration and social security | 454/9 | €6 | - | -€6 | |
| Other amounts payable | 47/48 | €41,675 | - | -€41,675 | |
| Remuneration, social security and pensions | 62 | €123 | €412 | +€289 | +235.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,574 | €4,551 | -€3,024 | -39.9% |
| Other operating charges | 640/8 | €3,406 | €3,296 | -€110 | -3.2% |
| Gross operating margin | 9900 | €3,314 | €18,482 | +€15,168 | +457.7% |
| Operating profit (loss) | 9901 | -€7,789 | €10,224 | +€18,013 | |
| Financial charges | 65/66B | €9,295 | €12,217 | +€2,923 | +31.4% |
| Recurring financial charges | 65 | €9,295 | €12,217 | +€2,923 | +31.4% |
| Profit (loss) for the period before taxes | 9903 | -€17,083 | -€1,993 | +€15,090 | +88.3% |
| Income taxes | 67/77 | - | €200 | +€200 | |
| Profit (loss) for the period | 9904 | -€17,083 | -€2,193 | +€14,890 | +87.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€17,083 | -€2,193 | +€14,890 | +87.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.