M.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.M.
Largest movements
- Receivables within one year +€1,729
up €1,729 (+47.8%), from €3,619 to €5,348
of which Other amounts receivable: +€1,524
- Other debts +€8,314
up €8,314 (+8.9%), from €92,993 to €101,307
- Profit (loss) carried forward -€6,962
down €6,962 (-22.7%), from -€30,657 to -€37,619
- Gross operating margin -€615
down €615 (-32.7%), from -€1,881 to -€2,496
- Taxes +€243
up €243 (+154%), from €158 to €401
- Financial charges -€111
down €111 (-3.7%), from €3,041 to €2,930
- Depreciation -€89
down €89 (-25.8%), from €345 to €256
- Other operating charges -€30
down €30 (-5.4%), from €552 to €522
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 | €97,642 | €99,426 | +€1,784 | +1.8% |
| Fixed assets | 21/28 | €6,323 | €6,605 | +€282 | +4.5% |
| Tangible fixed assets | 22/27 | €6,323 | €6,605 | +€282 | +4.5% |
| Furniture and vehicles | 24 | €6,323 | €6,605 | +€282 | +4.5% |
| Current assets | 29/58 | €91,319 | €92,821 | +€1,502 | +1.6% |
| Stocks and contracts in progress | 3 | €86,905 | €86,905 | = | 0.0% |
| Stocks | 30/36 | €86,905 | €86,905 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €3,619 | €5,348 | +€1,729 | +47.8% |
| Trade receivables | 40 | €2,747 | €2,952 | +€205 | +7.5% |
| Other amounts receivable | 41 | €872 | €2,396 | +€1,524 | +175% |
| Cash at bank and in hand | 54/58 | €568 | €568 | = | 0.0% |
| Deferred charges and accrued income | 490/1 | €227 | - | -€227 | |
| Total equity and liabilities | 10/49 | €97,642 | €99,426 | +€1,784 | +1.8% |
| Equity | 10/15 | -€20,122 | -€27,083 | -€6,961 | -34.6% |
| Contributions | 10/11 | €8,676 | €8,677 | +€1 | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€30,657 | -€37,619 | -€6,962 | -22.7% |
| Provisions and deferred taxes | 16 | €248 | €248 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €248 | €248 | = | 0.0% |
| Environmental obligations | 163 | €248 | €248 | = | 0.0% |
| Amounts payable | 17/49 | €117,516 | €126,261 | +€8,745 | +7.4% |
| Amounts payable within one year | 42/48 | €117,516 | €126,261 | +€8,745 | +7.4% |
| Financial debts | 43 | €24,523 | €24,443 | -€80 | -0.3% |
| Credit institutions | 430/8 | €24,523 | €24,443 | -€80 | -0.3% |
| Trade debts | 44 | - | €110 | +€110 | |
| Suppliers | 440/4 | - | €110 | +€110 | |
| Taxes, remuneration and social security | 45 | - | €401 | +€401 | |
| Taxes | 450/3 | - | €401 | +€401 | |
| Other amounts payable | 47/48 | €92,993 | €101,307 | +€8,314 | +8.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €345 | €256 | -€89 | -25.8% |
| Other operating charges | 640/8 | €552 | €522 | -€30 | -5.4% |
| Non-recurring operating charges | 66A | - | €357 | +€357 | |
| Gross operating margin | 9900 | -€1,881 | -€2,496 | -€615 | -32.7% |
| Operating profit (loss) | 9901 | -€2,778 | -€3,631 | -€853 | -30.7% |
| Financial charges | 65/66B | €3,041 | €2,930 | -€111 | -3.7% |
| Recurring financial charges | 65 | €3,041 | €2,930 | -€111 | -3.7% |
| Profit (loss) for the period before taxes | 9903 | -€5,819 | -€6,561 | -€742 | -12.8% |
| Income taxes | 67/77 | €158 | €401 | +€243 | +154% |
| Profit (loss) for the period | 9904 | -€5,977 | -€6,962 | -€985 | -16.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,977 | -€6,962 | -€985 | -16.5% |
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 31 October 2026 via checked.be.