M.L.M..: 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.M..
Largest movements
- Tangible fixed assets +€252,767
up €252,767 (+205%), from €123,016 to €375,783
- Cash -€107,421
down €107,421 (-29.0%), from €369,793 to €262,371
mainly Investment in fixed assets (net) (-€321,880) and Receivables within one year (-€106,263)
- Receivables within one year +€106,263
up €106,263 (+37.6%), from €282,473 to €388,736
of which Other amounts receivable: +€80,555
- Debts after one year +€160,546
up €160,546 (+3,598%), from €4,462 to €165,009
- Reserves +€90,145
up €90,145 (+19.5%), from €462,537 to €552,682
of which Distributable reserves: +€100,000
- Tax, wage and social debts -€77,634
down €77,634 (-39.8%), from €195,025 to €117,392
of which Taxes: -€69,106
- Current portion of long-term debt +€53,306
up €53,306 (+317%), from €16,828 to €70,134
- Trade debts +€25,164
up €25,164 (+70.7%), from €35,606 to €60,770
- Gross operating margin -€67,384
down €67,384 (-15.4%), from €436,382 to €368,998
- Depreciation +€47,924
up €47,924 (+226%), from €21,189 to €69,112
- Financial income +€20,097
up €20,097 (+208%), from €9,677 to €29,774
of which Non-recurring financial income: +€16,052
- Taxes +€16,969
up €16,969 (+41.6%), from €40,797 to €57,767
- Staff costs -€13,353
down €13,353 (-8.0%), from €167,336 to €153,983
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 | €835,122 | €1,087,884 | +€252,762 | +30.3% |
| Fixed assets | 21/28 | €182,857 | €435,624 | +€252,767 | +138% |
| Tangible fixed assets | 22/27 | €123,016 | €375,783 | +€252,767 | +205% |
| Furniture and vehicles | 24 | €123,016 | €375,783 | +€252,767 | +205% |
| Financial fixed assets | 28 | €59,841 | €59,841 | = | 0.0% |
| Current assets | 29/58 | €652,265 | €652,260 | -€5 | 0.0% |
| Amounts receivable within one year | 40/41 | €282,473 | €388,736 | +€106,263 | +37.6% |
| Trade receivables | 40 | €66,106 | €91,815 | +€25,709 | +38.9% |
| Other amounts receivable | 41 | €216,366 | €296,921 | +€80,555 | +37.2% |
| Cash at bank and in hand | 54/58 | €369,793 | €262,371 | -€107,421 | -29.0% |
| Deferred charges and accrued income | 490/1 | - | €1,153 | +€1,153 | |
| Total equity and liabilities | 10/49 | €835,122 | €1,087,884 | +€252,762 | +30.3% |
| Equity | 10/15 | €550,166 | €644,830 | +€94,665 | +17.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €462,537 | €552,682 | +€90,145 | +19.5% |
| Tax-exempt reserves | 132 | €94,275 | €84,420 | -€9,855 | -10.5% |
| Distributable reserves | 133 | €368,262 | €468,262 | +€100,000 | +27.2% |
| Profit (loss) carried forward | 14 | €69,029 | €73,549 | +€4,520 | +6.5% |
| Provisions and deferred taxes | 16 | €31,425 | €28,140 | -€3,285 | -10.5% |
| Deferred taxes | 168 | €31,425 | €28,140 | -€3,285 | -10.5% |
| Amounts payable | 17/49 | €253,531 | €414,914 | +€161,383 | +63.7% |
| Amounts payable after more than one year | 17 | €4,462 | €165,009 | +€160,546 | +3,598% |
| Financial debts | 170/4 | €4,462 | €165,009 | +€160,546 | +3,598% |
| Amounts payable within one year | 42/48 | €249,069 | €249,906 | +€837 | +0.3% |
| Current portion of amounts payable after more than one year | 42 | €16,828 | €70,134 | +€53,306 | +317% |
| Trade debts | 44 | €35,606 | €60,770 | +€25,164 | +70.7% |
| Suppliers | 440/4 | €35,606 | €60,770 | +€25,164 | +70.7% |
| Taxes, remuneration and social security | 45 | €195,025 | €117,392 | -€77,634 | -39.8% |
| Taxes | 450/3 | €167,650 | €98,543 | -€69,106 | -41.2% |
| Remuneration and social security | 454/9 | €27,376 | €18,848 | -€8,527 | -31.1% |
| Other amounts payable | 47/48 | €1,610 | €1,610 | = | 0.0% |
| Non-recurring operating income | 76A | €150,601 | €33,280 | -€117,321 | -77.9% |
| Remuneration, social security and pensions | 62 | €167,336 | €153,983 | -€13,353 | -8.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,189 | €69,112 | +€47,924 | +226% |
| Other operating charges | 640/8 | €9,986 | €2,737 | -€7,249 | -72.6% |
| Non-recurring operating charges | 66A | €2,370 | - | -€2,370 | |
| Gross operating margin | 9900 | €436,382 | €368,998 | -€67,384 | -15.4% |
| Operating profit (loss) | 9901 | €235,501 | €143,165 | -€92,336 | -39.2% |
| Financial income | 75/76B | €9,677 | €29,774 | +€20,097 | +208% |
| Recurring financial income | 75 | €9,677 | €13,722 | +€4,045 | +41.8% |
| Non-recurring financial income | 76B | - | €16,052 | +€16,052 | |
| Financial charges | 65/66B | €12,073 | €23,793 | +€11,720 | +97.1% |
| Recurring financial charges | 65 | €12,073 | €17,414 | +€5,341 | +44.2% |
| Non-recurring financial charges | 66B | - | €6,379 | +€6,379 | |
| Profit (loss) for the period before taxes | 9903 | €233,105 | €149,146 | -€83,959 | -36.0% |
| Transfer from deferred taxes | 780 | - | €7,035 | +€7,035 | |
| Transfer to deferred taxes | 680 | €31,425 | €3,750 | -€27,675 | -88.1% |
| Income taxes | 67/77 | €40,797 | €57,767 | +€16,969 | +41.6% |
| Profit (loss) for the period | 9904 | €160,883 | €94,665 | -€66,218 | -41.2% |
| Transfer from tax-exempt reserves | 789 | - | €21,105 | +€21,105 | |
| Transfer to tax-exempt reserves | 689 | €94,275 | €11,250 | -€83,025 | -88.1% |
| Profit (loss) for the period to be appropriated | 9905 | €66,608 | €104,520 | +€37,912 | +56.9% |
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 20 October 2026 via checked.be.