M LINK: 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 LINK
Largest movements
- Cash +€44,374
up €44,374 (+236.9%), from €18,728 to €63,101
mainly Net result for the year (+€63,990) and Tax, wage and social debts (+€18,061)
- Receivables within one year +€35,108
up €35,108 (+157.3%), from €22,325 to €57,432
- Reserves +€63,990
up €63,990 (+53.3%), from €120,144 to €184,134
- Tax, wage and social debts +€18,061
up €18,061 (+215.3%), from €8,390 to €26,451
- Trade debts -€4,269
down €4,269 (-83.3%), from €5,127 to €858
- Gross operating margin +€57,318
up €57,318 (+156.3%), from €36,670 to €93,988
- Taxes +€17,886
up €17,886 (+141.1%), from €12,676 to €30,562
- Financial income -€2,481
down €2,481 (-60.6%), from €4,094 to €1,613
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 | €188,461 | €266,040 | +€77,579 | +41.2% |
| Fixed assets | 21/28 | €880 | €529 | -€351 | -39.9% |
| Tangible fixed assets | 22/27 | €880 | €529 | -€351 | -39.9% |
| Plant, machinery and equipment | 23 | €880 | €529 | -€351 | -39.9% |
| Current assets | 29/58 | €187,581 | €265,511 | +€77,930 | +41.5% |
| Amounts receivable within one year | 40/41 | €22,325 | €57,432 | +€35,108 | +157.3% |
| Trade receivables | 40 | €22,325 | €57,432 | +€35,108 | +157.3% |
| Current investments | 50/53 | €141,970 | €142,518 | +€548 | +0.4% |
| Cash at bank and in hand | 54/58 | €18,728 | €63,101 | +€44,374 | +236.9% |
| Deferred charges and accrued income | 490/1 | €4,558 | €2,459 | -€2,099 | -46.1% |
| Total equity and liabilities | 10/49 | €188,461 | €266,040 | +€77,579 | +41.2% |
| Equity | 10/15 | €174,342 | €238,331 | +€63,990 | +36.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €120,144 | €184,134 | +€63,990 | +53.3% |
| Distributable reserves | 133 | €120,144 | €184,134 | +€63,990 | +53.3% |
| Profit (loss) carried forward | 14 | €47,997 | €47,997 | = | 0.0% |
| Amounts payable | 17/49 | €14,119 | €27,708 | +€13,589 | +96.2% |
| Amounts payable within one year | 42/48 | €14,119 | €27,309 | +€13,189 | +93.4% |
| Trade debts | 44 | €5,127 | €858 | -€4,269 | -83.3% |
| Suppliers | 440/4 | €5,127 | €858 | -€4,269 | -83.3% |
| Taxes, remuneration and social security | 45 | €8,390 | €26,451 | +€18,061 | +215.3% |
| Taxes | 450/3 | €8,390 | €26,451 | +€18,061 | +215.3% |
| Other amounts payable | 47/48 | €603 | - | -€603 | |
| Accrued charges and deferred income | 492/3 | - | €400 | +€400 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €351 | €351 | = | 0.0% |
| Other operating charges | 640/8 | €449 | €525 | +€75 | +16.8% |
| Gross operating margin | 9900 | €36,670 | €93,988 | +€57,318 | +156.3% |
| Operating profit (loss) | 9901 | €35,869 | €93,112 | +€57,243 | +159.6% |
| Financial income | 75/76B | €4,094 | €1,613 | -€2,481 | -60.6% |
| Recurring financial income | 75 | €4,094 | €1,613 | -€2,481 | -60.6% |
| Financial charges | 65/66B | €664 | €173 | -€491 | -73.9% |
| Recurring financial charges | 65 | €664 | €173 | -€491 | -73.9% |
| Profit (loss) for the period before taxes | 9903 | €39,299 | €94,552 | +€55,253 | +140.6% |
| Income taxes | 67/77 | €12,676 | €30,562 | +€17,886 | +141.1% |
| Profit (loss) for the period | 9904 | €26,622 | €63,990 | +€37,367 | +140.4% |
| Profit (loss) for the period to be appropriated | 9905 | €26,622 | €63,990 | +€37,367 | +140.4% |
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 1 October 2026 via checked.be.