M-Level: 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-Level
Largest movements
- Cash -€54,635
down €54,635 (-54.7%), from €99,933 to €45,298
mainly Investment in fixed assets (net) (-€120,234) and Trade debts (-€56,870)
- Tangible fixed assets +€48,508
up €48,508 (+7.3%), from €662,687 to €711,194
of which Leasing and similar rights: +€32,315
- Deferred charges and accrued income -€13,607
down €13,607 (-60.6%), from €22,445 to €8,838
- Trade debts -€56,870
down €56,870 (-53.8%), from €105,719 to €48,849
- Provisions +€40,156
new in 2025: €40,156
- Debts after one year +€27,095
up €27,095 (+6.1%), from €442,444 to €469,539
- Tax, wage and social debts -€19,926
down €19,926 (-43.8%), from €45,510 to €25,584
of which Remuneration and social security: -€25,343
- Other debts -€17,290
down €17,290 (-100.0%), from €17,290 to €0
- Gross operating margin -€52,276
down €52,276 (-9.2%), from €568,752 to €516,476
- Provisions +€40,156
new in 2025: €40,156
- Taxes -€20,318
down €20,318 (-52.7%), from €38,567 to €18,249
- Staff costs -€19,684
down €19,684 (-5.6%), from €349,892 to €330,208
- Depreciation +€9,524
up €9,524 (+15.3%), from €62,203 to €71,726
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 | €921,803 | €907,442 | -€14,361 | -1.6% |
| Fixed assets | 21/28 | €662,687 | €711,194 | +€48,508 | +7.3% |
| Tangible fixed assets | 22/27 | €662,687 | €711,194 | +€48,508 | +7.3% |
| Land and buildings | 22 | €361,501 | €348,546 | -€12,955 | -3.6% |
| Plant, machinery and equipment | 23 | €245,043 | €243,936 | -€1,107 | -0.5% |
| Furniture and vehicles | 24 | €8,286 | €38,541 | +€30,255 | +365.1% |
| Leasing and similar rights | 25 | €47,857 | €80,172 | +€32,315 | +67.5% |
| Current assets | 29/58 | €259,116 | €196,248 | -€62,868 | -24.3% |
| Stocks and contracts in progress | 3 | €78,037 | €78,605 | +€568 | +0.7% |
| Stocks | 30/36 | €78,037 | €78,605 | +€568 | +0.7% |
| Amounts receivable within one year | 40/41 | €58,700 | €63,506 | +€4,806 | +8.2% |
| Trade receivables | 40 | €37,935 | €40,872 | +€2,938 | +7.7% |
| Other amounts receivable | 41 | €20,766 | €22,634 | +€1,868 | +9.0% |
| Cash at bank and in hand | 54/58 | €99,933 | €45,298 | -€54,635 | -54.7% |
| Deferred charges and accrued income | 490/1 | €22,445 | €8,838 | -€13,607 | -60.6% |
| Total equity and liabilities | 10/49 | €921,803 | €907,442 | -€14,361 | -1.6% |
| Equity | 10/15 | €189,084 | €191,662 | +€2,577 | +1.4% |
| Contributions | 10/11 | €31,000 | €31,000 | = | 0.0% |
| Reserves | 13 | €158,084 | €160,662 | +€2,577 | +1.6% |
| Distributable reserves | 133 | €158,084 | €160,662 | +€2,577 | +1.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | - | €40,156 | +€40,156 | |
| Provisions for liabilities and charges | 160/5 | - | €40,156 | +€40,156 | |
| Other liabilities and charges | 164/5 | - | €40,156 | +€40,156 | |
| Amounts payable | 17/49 | €732,719 | €675,624 | -€57,094 | -7.8% |
| Amounts payable after more than one year | 17 | €442,444 | €469,539 | +€27,095 | +6.1% |
| Financial debts | 170/4 | €442,444 | €469,539 | +€27,095 | +6.1% |
| Amounts payable within one year | 42/48 | €288,866 | €206,086 | -€82,781 | -28.7% |
| Current portion of amounts payable after more than one year | 42 | €119,342 | €130,601 | +€11,259 | +9.4% |
| Financial debts | 43 | €1,005 | €1,052 | +€47 | +4.6% |
| Credit institutions | 430/8 | €1,005 | €1,052 | +€47 | +4.6% |
| Trade debts | 44 | €105,719 | €48,849 | -€56,870 | -53.8% |
| Suppliers | 440/4 | €105,719 | €48,849 | -€56,870 | -53.8% |
| Taxes, remuneration and social security | 45 | €45,510 | €25,584 | -€19,926 | -43.8% |
| Taxes | 450/3 | €1,320 | €6,737 | +€5,417 | +410.4% |
| Remuneration and social security | 454/9 | €44,190 | €18,847 | -€25,343 | -57.3% |
| Other amounts payable | 47/48 | €17,290 | €0 | -€17,290 | -100.0% |
| Accrued charges and deferred income | 492/3 | €1,409 | €0 | -€1,409 | -100.0% |
| Non-recurring operating income | 76A | €2,071 | €0 | -€2,071 | -100.0% |
| Remuneration, social security and pensions | 62 | €349,892 | €330,208 | -€19,684 | -5.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,203 | €71,726 | +€9,524 | +15.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €40,156 | +€40,156 | |
| Other operating charges | 640/8 | €3,280 | €4,631 | +€1,351 | +41.2% |
| Gross operating margin | 9900 | €568,752 | €516,476 | -€52,276 | -9.2% |
| Operating profit (loss) | 9901 | €153,378 | €69,754 | -€83,623 | -54.5% |
| Financial income | 75/76B | €1,355 | €155 | -€1,199 | -88.5% |
| Recurring financial income | 75 | €1,355 | €155 | -€1,199 | -88.5% |
| Financial charges | 65/66B | €18,092 | €20,512 | +€2,420 | +13.4% |
| Recurring financial charges | 65 | €18,092 | €20,512 | +€2,420 | +13.4% |
| Profit (loss) for the period before taxes | 9903 | €136,640 | €49,398 | -€87,243 | -63.8% |
| Income taxes | 67/77 | €38,567 | €18,249 | -€20,318 | -52.7% |
| Profit (loss) for the period | 9904 | €98,073 | €31,149 | -€66,925 | -68.2% |
| Profit (loss) for the period to be appropriated | 9905 | €98,073 | €31,149 | -€66,925 | -68.2% |
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 2 October 2026 via checked.be.