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
- Receivables within one year -€10,749
down €10,749 (-4.4%), from €246,400 to €235,652
of which Trade receivables: -€17,015
- Tangible fixed assets -€7,942
down €7,942 (-33.4%), from €23,814 to €15,872
of which Furniture and vehicles: -€7,237
- Cash -€3,652
down €3,652 (-21.0%), from €17,412 to €13,761
mainly Debts after one year (-€14,609) and Net result for the year (-€13,790)
- Debts after one year -€14,609
down €14,609 (-44.1%), from €33,091 to €18,482
- Profit (loss) carried forward -€13,790
down €13,790 (-11.6%), from €118,536 to €104,745
- Trade debts +€3,953
up €3,953 (+3745.8%), from €106 to €4,059
- Staff costs +€56,322
up €56,322 (+233.7%), from €24,097 to €80,419
- Taxes -€15,995
down €15,995 (-96.7%), from €16,538 to €543
- Gross operating margin -€6,246
down €6,246 (-7.2%), from €86,255 to €80,010
- Depreciation +€4,961
up €4,961 (+166.4%), from €2,982 to €7,942
- Financial charges +€2,086
up €2,086 (+927.8%), from €225 to €2,311
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 | €304,845 | €281,773 | -€23,072 | -7.6% |
| Fixed assets | 21/28 | €24,004 | €16,062 | -€7,942 | -33.1% |
| Tangible fixed assets | 22/27 | €23,814 | €15,872 | -€7,942 | -33.4% |
| Land and buildings | 22 | €2,061 | €1,750 | -€311 | -15.1% |
| Plant, machinery and equipment | 23 | €395 | - | -€395 | |
| Furniture and vehicles | 24 | €21,359 | €14,122 | -€7,237 | -33.9% |
| Financial fixed assets | 28 | €190 | €190 | = | 0.0% |
| Current assets | 29/58 | €280,841 | €265,711 | -€15,130 | -5.4% |
| Amounts receivable within one year | 40/41 | €246,400 | €235,652 | -€10,749 | -4.4% |
| Trade receivables | 40 | €27,515 | €10,500 | -€17,015 | -61.8% |
| Other amounts receivable | 41 | €218,885 | €225,152 | +€6,266 | +2.9% |
| Cash at bank and in hand | 54/58 | €17,412 | €13,761 | -€3,652 | -21.0% |
| Deferred charges and accrued income | 490/1 | €17,028 | €16,298 | -€729 | -4.3% |
| Total equity and liabilities | 10/49 | €304,845 | €281,773 | -€23,072 | -7.6% |
| Equity | 10/15 | €251,296 | €237,505 | -€13,790 | -5.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €126,560 | €126,560 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €124,700 | €124,700 | = | 0.0% |
| Profit (loss) carried forward | 14 | €118,536 | €104,745 | -€13,790 | -11.6% |
| Amounts payable | 17/49 | €53,549 | €44,267 | -€9,282 | -17.3% |
| Amounts payable after more than one year | 17 | €33,091 | €18,482 | -€14,609 | -44.1% |
| Financial debts | 170/4 | €33,091 | €18,482 | -€14,609 | -44.1% |
| Amounts payable within one year | 42/48 | €20,459 | €25,785 | +€5,327 | +26.0% |
| Trade debts | 44 | €106 | €4,059 | +€3,953 | +3745.8% |
| Suppliers | 440/4 | €106 | €4,059 | +€3,953 | +3745.8% |
| Taxes, remuneration and social security | 45 | €20,353 | €21,727 | +€1,373 | +6.7% |
| Taxes | 450/3 | €18,534 | €12,632 | -€5,902 | -31.8% |
| Remuneration and social security | 454/9 | €1,819 | €9,094 | +€7,275 | +400.0% |
| Non-recurring operating income | 76A | €22,000 | - | -€22,000 | |
| Remuneration, social security and pensions | 62 | €24,097 | €80,419 | +€56,322 | +233.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,982 | €7,942 | +€4,961 | +166.4% |
| Other operating charges | 640/8 | €1,998 | €3,206 | +€1,208 | +60.4% |
| Gross operating margin | 9900 | €86,255 | €80,010 | -€6,246 | -7.2% |
| Operating profit (loss) | 9901 | €57,179 | -€11,557 | -€68,736 | |
| Financial income | 75/76B | €194 | €620 | +€427 | +220.2% |
| Recurring financial income | 75 | €194 | €620 | +€427 | +220.2% |
| Financial charges | 65/66B | €225 | €2,311 | +€2,086 | +927.8% |
| Recurring financial charges | 65 | €225 | €2,311 | +€2,086 | +927.8% |
| Profit (loss) for the period before taxes | 9903 | €57,148 | -€13,248 | -€70,395 | |
| Income taxes | 67/77 | €16,538 | €543 | -€15,995 | -96.7% |
| Profit (loss) for the period | 9904 | €40,610 | -€13,790 | -€54,400 | |
| Profit (loss) for the period to be appropriated | 9905 | €40,610 | -€13,790 | -€54,400 |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.