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 -€8,440
down €8,440 (-4.3%), from €198,178 to €189,738
of which Land and buildings: -€8,236
- Cash +€2,118
up €2,118 (+99.4%), from €2,130 to €4,248
mainly Depreciation (+€8,440) and Other debts (+€7,385)
- Debts after one year -€13,795
down €13,795 (-15.9%), from €86,603 to €72,808
- Other debts +€7,385
up €7,385 (+6.9%), from €107,340 to €114,725
- Gross operating margin +€10,680
up €10,680 (+566.3%), from €1,886 to €12,566
- Financial income +€2,589
new in 2025: €2,589
- Financial charges -€674
down €674 (-12.0%), from €5,637 to €4,963
- Depreciation -€285
down €285 (-3.3%), from €8,725 to €8,440
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 | €203,654 | €200,297 | -€3,356 | -1.6% |
| Fixed assets | 21/28 | €198,179 | €189,739 | -€8,440 | -4.3% |
| Intangible fixed assets | 21 | €1 | €1 | = | 0.0% |
| Tangible fixed assets | 22/27 | €198,178 | €189,738 | -€8,440 | -4.3% |
| Land and buildings | 22 | €197,614 | €189,378 | -€8,236 | -4.2% |
| Plant, machinery and equipment | 23 | €564 | €360 | -€204 | -36.1% |
| Current assets | 29/58 | €5,475 | €10,558 | +€5,084 | +92.9% |
| Stocks and contracts in progress | 3 | €975 | €829 | -€145 | -14.9% |
| Stocks | 30/36 | €975 | €829 | -€145 | -14.9% |
| Amounts receivable within one year | 40/41 | €690 | €2,066 | +€1,376 | +199.6% |
| Trade receivables | 40 | €690 | €2,066 | +€1,376 | +199.6% |
| Cash at bank and in hand | 54/58 | €2,130 | €4,248 | +€2,118 | +99.4% |
| Deferred charges and accrued income | 490/1 | €1,680 | €3,414 | +€1,734 | +103.2% |
| Total equity and liabilities | 10/49 | €203,654 | €200,297 | -€3,356 | -1.6% |
| Equity | 10/15 | -€5,518 | -€6,515 | -€997 | -18.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Capital | 10 | €6,200 | €6,200 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Uncalled capital | 101 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€13,578 | -€14,575 | -€997 | -7.3% |
| Amounts payable | 17/49 | €209,172 | €206,812 | -€2,359 | -1.1% |
| Amounts payable after more than one year | 17 | €86,603 | €72,808 | -€13,795 | -15.9% |
| Financial debts | 170/4 | €86,603 | €72,808 | -€13,795 | -15.9% |
| Amounts payable within one year | 42/48 | €122,568 | €134,004 | +€11,436 | +9.3% |
| Current portion of amounts payable after more than one year | 42 | €13,125 | €13,795 | +€670 | +5.1% |
| Trade debts | 44 | €725 | €2,499 | +€1,774 | +244.8% |
| Suppliers | 440/4 | €725 | €2,499 | +€1,774 | +244.8% |
| Taxes, remuneration and social security | 45 | €1,378 | €2,985 | +€1,607 | +116.6% |
| Taxes | 450/3 | €1,378 | €2,985 | +€1,607 | +116.6% |
| Other amounts payable | 47/48 | €107,340 | €114,725 | +€7,385 | +6.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,725 | €8,440 | -€285 | -3.3% |
| Other operating charges | 640/8 | €2,421 | €2,493 | +€73 | +3.0% |
| Gross operating margin | 9900 | €1,886 | €12,566 | +€10,680 | +566.3% |
| Operating profit (loss) | 9901 | -€9,259 | €1,633 | +€10,892 | |
| Financial income | 75/76B | - | €2,589 | +€2,589 | |
| Recurring financial income | 75 | - | €2,589 | +€2,589 | |
| Financial charges | 65/66B | €5,637 | €4,963 | -€674 | -12.0% |
| Recurring financial charges | 65 | €5,637 | €4,963 | -€674 | -12.0% |
| Profit (loss) for the period before taxes | 9903 | -€14,896 | -€741 | +€14,155 | +95.0% |
| Income taxes | 67/77 | €262 | €256 | -€5 | -2.1% |
| Profit (loss) for the period | 9904 | -€15,158 | -€997 | +€14,161 | +93.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€15,158 | -€997 | +€14,161 | +93.4% |
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 29 September 2026 via checked.be.