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 +€274,062
up €274,062 (+31.6%), from €867,863 to €1.1m
of which Other amounts receivable: +€203,215
- Cash +€139,103
up €139,103 (+41.3%), from €337,014 to €476,117
mainly Net result for the year (+€356,177) and Other debts (+€33,513)
- Profit (loss) carried forward +€271,977
up €271,977 (+21.2%), from €1.3m to €1.6m
- Reserves +€84,200
up €84,200 (+25.8%), from €326,405 to €410,605
of which Distributable reserves: +€73,675
- Other debts +€33,513
up €33,513 (+53.1%), from €63,061 to €96,574
- Tax, wage and social debts +€31,859
up €31,859 (+60.7%), from €52,451 to €84,311
of which Taxes: +€33,160
- Financial income -€175,737
down €175,737 (-88.5%), from €198,619 to €22,882
of which Financial income: -€175,788
- Gross operating margin +€91,435
up €91,435 (+17.2%), from €532,971 to €624,406
- Staff costs +€31,383
up €31,383 (+29.2%), from €107,405 to €138,789
- Taxes +€20,034
up €20,034 (+19.4%), from €103,532 to €123,567
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 | €1,831,828 | €2,232,199 | +€400,370 | +21.9% |
| Fixed assets | 21/28 | €622,221 | €607,962 | -€14,259 | -2.3% |
| Tangible fixed assets | 22/27 | €343,778 | €329,520 | -€14,259 | -4.1% |
| Land and buildings | 22 | €342,721 | €329,520 | -€13,201 | -3.9% |
| Other tangible fixed assets | 26 | €1,057 | - | -€1,057 | |
| Financial fixed assets | 28 | €278,442 | €278,442 | = | 0.0% |
| Current assets | 29/58 | €1,209,608 | €1,624,237 | +€414,629 | +34.3% |
| Amounts receivable within one year | 40/41 | €867,863 | €1,141,925 | +€274,062 | +31.6% |
| Trade receivables | 40 | €204,063 | €274,910 | +€70,847 | +34.7% |
| Other amounts receivable | 41 | €663,800 | €867,015 | +€203,215 | +30.6% |
| Cash at bank and in hand | 54/58 | €337,014 | €476,117 | +€139,103 | +41.3% |
| Deferred charges and accrued income | 490/1 | €4,731 | €6,194 | +€1,464 | +30.9% |
| Total equity and liabilities | 10/49 | €1,831,828 | €2,232,199 | +€400,370 | +21.9% |
| Equity | 10/15 | €1,629,798 | €1,985,976 | +€356,177 | +21.9% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €326,405 | €410,605 | +€84,200 | +25.8% |
| Tax-exempt reserves | 132 | €231,550 | €242,075 | +€10,525 | +4.5% |
| Distributable reserves | 133 | €94,855 | €168,530 | +€73,675 | +77.7% |
| Profit (loss) carried forward | 14 | €1,284,843 | €1,556,821 | +€271,977 | +21.2% |
| Amounts payable | 17/49 | €202,030 | €246,223 | +€44,193 | +21.9% |
| Amounts payable after more than one year | 17 | €62,042 | €61,044 | -€998 | -1.6% |
| Financial debts | 170/4 | €62,042 | €61,044 | -€998 | -1.6% |
| Amounts payable within one year | 42/48 | €139,988 | €185,179 | +€45,191 | +32.3% |
| Current portion of amounts payable after more than one year | 42 | €20,228 | €2,341 | -€17,887 | -88.4% |
| Financial debts | 43 | €2,213 | €554 | -€1,659 | -75.0% |
| Credit institutions | 430/8 | €2,213 | €554 | -€1,659 | -75.0% |
| Trade debts | 44 | €2,035 | €1,399 | -€635 | -31.2% |
| Suppliers | 440/4 | €2,035 | €1,399 | -€635 | -31.2% |
| Taxes, remuneration and social security | 45 | €52,451 | €84,311 | +€31,859 | +60.7% |
| Taxes | 450/3 | €28,050 | €61,211 | +€33,160 | +118% |
| Remuneration and social security | 454/9 | €24,401 | €23,100 | -€1,301 | -5.3% |
| Other amounts payable | 47/48 | €63,061 | €96,574 | +€33,513 | +53.1% |
| Remuneration, social security and pensions | 62 | €107,405 | €138,789 | +€31,383 | +29.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,013 | €19,470 | +€457 | +2.4% |
| Other operating charges | 640/8 | €2,637 | €3,523 | +€886 | +33.6% |
| Gross operating margin | 9900 | €532,971 | €624,406 | +€91,435 | +17.2% |
| Operating profit (loss) | 9901 | €403,916 | €462,625 | +€58,709 | +14.5% |
| Financial income | 75/76B | €198,619 | €22,882 | -€175,737 | -88.5% |
| Recurring financial income | 75 | €198,619 | €22,831 | -€175,788 | -88.5% |
| Non-recurring financial income | 76B | - | €52 | +€52 | |
| Financial charges | 65/66B | €11,472 | €5,763 | -€5,708 | -49.8% |
| Recurring financial charges | 65 | €11,472 | €4,706 | -€6,766 | -59.0% |
| Non-recurring financial charges | 66B | - | €1,057 | +€1,057 | |
| Profit (loss) for the period before taxes | 9903 | €591,063 | €479,744 | -€111,319 | -18.8% |
| Income taxes | 67/77 | €103,532 | €123,567 | +€20,034 | +19.4% |
| Profit (loss) for the period | 9904 | €487,531 | €356,177 | -€131,353 | -26.9% |
| Transfer from tax-exempt reserves | 789 | - | €73,675 | +€73,675 | |
| Transfer to tax-exempt reserves | 689 | - | €84,200 | +€84,200 | |
| Profit (loss) for the period to be appropriated | 9905 | €487,531 | €345,652 | -€141,878 | -29.1% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.