M&M: 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&M
Largest movements
- Tangible fixed assets -€71,412
down €71,412 (-6.3%), from €1.1m to €1.1m
of which Land and buildings: -€53,682
- Receivables within one year +€46,288
up €46,288 (+39.6%), from €116,878 to €163,165
of which Trade receivables: +€90,685
- Debts after one year -€56,921
down €56,921 (-5.2%), from €1.1m to €1.0m
- Profit (loss) carried forward +€28,359
up €28,359 (+45.9%), from -€61,781 to -€33,423
- Tax, wage and social debts +€16,606
up €16,606 (+148.0%), from €11,218 to €27,823
- Trade debts -€14,006
down €14,006 (-93.3%), from €15,018 to €1,011
- Gross operating margin +€108,141
up €108,141 (+254.2%), from €42,550 to €150,691
- Financial charges +€10,162
up €10,162 (+35.8%), from €28,391 to €38,553
- Depreciation +€6,363
up €6,363 (+8.7%), from €72,952 to €79,314
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 | €1,265,349 | €1,246,426 | -€18,923 | -1.5% |
| Fixed assets | 21/28 | €1,138,674 | €1,067,262 | -€71,412 | -6.3% |
| Tangible fixed assets | 22/27 | €1,138,674 | €1,067,262 | -€71,412 | -6.3% |
| Land and buildings | 22 | €724,637 | €670,955 | -€53,682 | -7.4% |
| Plant, machinery and equipment | 23 | €1,697 | €1,071 | -€626 | -36.9% |
| Furniture and vehicles | 24 | €3,326 | €2,543 | -€784 | -23.6% |
| Other tangible fixed assets | 26 | €409,013 | €392,692 | -€16,321 | -4.0% |
| Current assets | 29/58 | €126,675 | €179,164 | +€52,489 | +41.4% |
| Amounts receivable within one year | 40/41 | €116,878 | €163,165 | +€46,288 | +39.6% |
| Trade receivables | 40 | €71,881 | €162,567 | +€90,685 | +126.2% |
| Other amounts receivable | 41 | €44,997 | €599 | -€44,398 | -98.7% |
| Cash at bank and in hand | 54/58 | €9,797 | €15,998 | +€6,201 | +63.3% |
| Total equity and liabilities | 10/49 | €1,265,349 | €1,246,426 | -€18,923 | -1.5% |
| Equity | 10/15 | €57,490 | €85,848 | +€28,359 | +49.3% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €109,271 | €109,271 | = | 0.0% |
| Distributable reserves | 133 | €109,271 | €109,271 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€61,781 | -€33,423 | +€28,359 | +45.9% |
| Amounts payable | 17/49 | €1,207,859 | €1,160,577 | -€47,282 | -3.9% |
| Amounts payable after more than one year | 17 | €1,091,406 | €1,034,486 | -€56,921 | -5.2% |
| Financial debts | 170/4 | €1,091,406 | €1,034,486 | -€56,921 | -5.2% |
| Amounts payable within one year | 42/48 | €116,452 | €125,564 | +€9,111 | +7.8% |
| Current portion of amounts payable after more than one year | 42 | €56,589 | €58,379 | +€1,789 | +3.2% |
| Trade debts | 44 | €15,018 | €1,011 | -€14,006 | -93.3% |
| Suppliers | 440/4 | €15,018 | €1,011 | -€14,006 | -93.3% |
| Taxes, remuneration and social security | 45 | €11,218 | €27,823 | +€16,606 | +148.0% |
| Taxes | 450/3 | €11,218 | €27,823 | +€16,606 | +148.0% |
| Other amounts payable | 47/48 | €33,628 | €38,350 | +€4,723 | +14.0% |
| Accrued charges and deferred income | 492/3 | - | €528 | +€528 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €72,952 | €79,314 | +€6,363 | +8.7% |
| Other operating charges | 640/8 | €2,990 | €4,465 | +€1,475 | +49.3% |
| Gross operating margin | 9900 | €42,550 | €150,691 | +€108,141 | +254.2% |
| Operating profit (loss) | 9901 | -€33,392 | €66,911 | +€100,303 | |
| Financial income | 75/76B | €1 | €0 | -€1 | -100.0% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -100.0% |
| Financial charges | 65/66B | €28,391 | €38,553 | +€10,162 | +35.8% |
| Recurring financial charges | 65 | €28,391 | €38,553 | +€10,162 | +35.8% |
| Profit (loss) for the period before taxes | 9903 | -€61,781 | €28,359 | +€90,140 | |
| Profit (loss) for the period | 9904 | -€61,781 | €28,359 | +€90,140 | |
| Profit (loss) for the period to be appropriated | 9905 | -€61,781 | €28,359 | +€90,140 |
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.