M&L: 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&L
Largest movements
- Financial fixed assets +€200,000
up €200,000 (+366,367%), from €55 to €200,055
- Cash -€58,333
down €58,333 (-82.4%), from €70,815 to €12,482
mainly Investment in fixed assets (net) (-€233,673) and Receivables within one year (-€23,018)
- Tangible fixed assets +€30,370
up €30,370 (+9,201%), from €330 to €30,700
of which Furniture and vehicles: +€30,444
- Receivables within one year +€23,018
up €23,018 (+2,610%), from €882 to €23,900
- Debts after one year +€135,901
up €135,901 (+1,038%), from €13,090 to €148,992
- Other debts +€39,136
up €39,136 (+265%), from €14,790 to €53,926
- Tax, wage and social debts +€11,052
up €11,052 (+269%), from €4,104 to €15,156
- Reserves +€10,545
up €10,545 (+74.6%), from €14,129 to €24,674
- Current portion of long-term debt +€10,159
up €10,159 (+120%), from €8,489 to €18,648
- Gross operating margin -€24,007
down €24,007 (-62.3%), from €38,540 to €14,533
- Financial charges +€7,151
up €7,151 (+793%), from €901 to €8,052
- Taxes -€4,102
down €4,102 (-84.3%), from €4,864 to €762
- Depreciation +€3,262
up €3,262 (+7,896%), from €41 to €3,303
- Other operating charges -€2,315
down €2,315 (-55.6%), from €4,162 to €1,846
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €72,081 | €267,136 | +€195,054 | +271% |
| Fixed assets | 21/28 | €385 | €230,754 | +€230,370 | +59,891% |
| Tangible fixed assets | 22/27 | €330 | €30,700 | +€30,370 | +9,201% |
| Plant, machinery and equipment | 23 | €330 | €256 | -€74 | -22.5% |
| Furniture and vehicles | 24 | - | €30,444 | +€30,444 | |
| Financial fixed assets | 28 | €55 | €200,055 | +€200,000 | +366,367% |
| Current assets | 29/58 | €71,697 | €36,381 | -€35,316 | -49.3% |
| Amounts receivable within one year | 40/41 | €882 | €23,900 | +€23,018 | +2,610% |
| Other amounts receivable | 41 | €882 | €23,900 | +€23,018 | +2,610% |
| Cash at bank and in hand | 54/58 | €70,815 | €12,482 | -€58,333 | -82.4% |
| Total equity and liabilities | 10/49 | €72,081 | €267,136 | +€195,054 | +271% |
| Equity | 10/15 | €29,104 | €29,674 | +€570 | +2.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €14,129 | €24,674 | +€10,545 | +74.6% |
| Distributable reserves | 133 | €14,129 | €24,674 | +€10,545 | +74.6% |
| Profit (loss) carried forward | 14 | €9,975 | - | -€9,975 | |
| Amounts payable | 17/49 | €42,977 | €237,462 | +€194,485 | +453% |
| Amounts payable after more than one year | 17 | €13,090 | €148,992 | +€135,901 | +1,038% |
| Financial debts | 170/4 | €13,090 | €148,992 | +€135,901 | +1,038% |
| Amounts payable within one year | 42/48 | €29,887 | €88,470 | +€58,583 | +196% |
| Current portion of amounts payable after more than one year | 42 | €8,489 | €18,648 | +€10,159 | +120% |
| Trade debts | 44 | €2,504 | €740 | -€1,764 | -70.4% |
| Suppliers | 440/4 | €2,504 | €740 | -€1,764 | -70.4% |
| Taxes, remuneration and social security | 45 | €4,104 | €15,156 | +€11,052 | +269% |
| Taxes | 450/3 | €4,104 | €15,156 | +€11,052 | +269% |
| Other amounts payable | 47/48 | €14,790 | €53,926 | +€39,136 | +265% |
| Non-recurring operating income | 76A | €3,434 | - | -€3,434 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41 | €3,303 | +€3,262 | +7,896% |
| Other operating charges | 640/8 | €4,162 | €1,846 | -€2,315 | -55.6% |
| Non-recurring operating charges | 66A | €6,953 | - | -€6,953 | |
| Gross operating margin | 9900 | €38,540 | €14,533 | -€24,007 | -62.3% |
| Operating profit (loss) | 9901 | €27,384 | €9,384 | -€18,000 | -65.7% |
| Financial income | 75/76B | €10 | - | -€10 | |
| Recurring financial income | 75 | €10 | - | -€10 | |
| Financial charges | 65/66B | €901 | €8,052 | +€7,151 | +793% |
| Recurring financial charges | 65 | €901 | €8,052 | +€7,151 | +793% |
| Profit (loss) for the period before taxes | 9903 | €26,493 | €1,332 | -€25,161 | -95.0% |
| Income taxes | 67/77 | €4,864 | €762 | -€4,102 | -84.3% |
| Profit (loss) for the period | 9904 | €21,629 | €570 | -€21,059 | -97.4% |
| Profit (loss) for the period to be appropriated | 9905 | €21,629 | €570 | -€21,059 | -97.4% |
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 27 October 2026 via checked.be.