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
- Tangible fixed assets -€97,919
down €97,919 (-4.0%), from €2.5m to €2.4m
of which Land and buildings: -€82,849
- Receivables within one year +€40,175
up €40,175 (+159.6%), from €25,166 to €65,341
of which Other amounts receivable: +€25,855
- Reserves -€33,924
down €33,924 (-5.7%), from €597,390 to €563,466
of which Distributable reserves: -€33,924
- Gross operating margin +€20,967
up €20,967 (+20.3%), from €103,472 to €124,438
- Financial income -€2,547
down €2,547 (-17.5%), from €14,570 to €12,024
- Taxes +€2,264
up €2,264, from -€1,806 to €459
- Other operating charges -€1,503
down €1,503 (-17.0%), from €8,862 to €7,359
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 | €2,860,296 | €2,818,583 | -€41,712 | -1.5% |
| Fixed assets | 21/28 | €2,458,831 | €2,360,912 | -€97,919 | -4.0% |
| Tangible fixed assets | 22/27 | €2,458,831 | €2,360,912 | -€97,919 | -4.0% |
| Land and buildings | 22 | €2,413,359 | €2,330,510 | -€82,849 | -3.4% |
| Plant, machinery and equipment | 23 | €10,932 | €7,839 | -€3,093 | -28.3% |
| Furniture and vehicles | 24 | €22,257 | €10,280 | -€11,977 | -53.8% |
| Other tangible fixed assets | 26 | €12,283 | €12,283 | = | 0.0% |
| Current assets | 29/58 | €401,464 | €457,671 | +€56,207 | +14.0% |
| Amounts receivable after more than one year | 29 | €329,430 | €329,430 | = | 0.0% |
| Other amounts receivable | 291 | €329,430 | €329,430 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €25,166 | €65,341 | +€40,175 | +159.6% |
| Trade receivables | 40 | €9,680 | €24,000 | +€14,320 | +147.9% |
| Other amounts receivable | 41 | €15,486 | €41,341 | +€25,855 | +167.0% |
| Cash at bank and in hand | 54/58 | €17,694 | €19,030 | +€1,336 | +7.6% |
| Deferred charges and accrued income | 490/1 | €29,174 | €43,870 | +€14,696 | +50.4% |
| Total equity and liabilities | 10/49 | €2,860,296 | €2,818,583 | -€41,712 | -1.5% |
| Equity | 10/15 | €1,930,777 | €1,896,853 | -€33,924 | -1.8% |
| Contributions | 10/11 | €1,333,387 | €1,333,387 | = | 0.0% |
| Reserves | 13 | €597,390 | €563,466 | -€33,924 | -5.7% |
| Non-distributable reserves | 130/1 | €2,960 | €2,960 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,960 | €2,960 | = | 0.0% |
| Distributable reserves | 133 | €594,430 | €560,506 | -€33,924 | -5.7% |
| Amounts payable | 17/49 | €929,519 | €921,730 | -€7,789 | -0.8% |
| Amounts payable after more than one year | 17 | €906,974 | €881,504 | -€25,469 | -2.8% |
| Financial debts | 170/4 | €906,974 | €881,504 | -€25,469 | -2.8% |
| Amounts payable within one year | 42/48 | €22,545 | €40,226 | +€17,681 | +78.4% |
| Current portion of amounts payable after more than one year | 42 | - | €2,198 | +€2,198 | |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €2,943 | €3,241 | +€298 | +10.1% |
| Suppliers | 440/4 | €2,943 | €3,241 | +€298 | +10.1% |
| Taxes, remuneration and social security | 45 | €18,442 | €33,611 | +€15,168 | +82.2% |
| Taxes | 450/3 | €18,442 | €33,611 | +€15,168 | +82.2% |
| Other amounts payable | 47/48 | €1,160 | €1,176 | +€16 | +1.4% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €119,655 | €120,613 | +€958 | +0.8% |
| Other operating charges | 640/8 | €8,862 | €7,359 | -€1,503 | -17.0% |
| Gross operating margin | 9900 | €103,472 | €124,438 | +€20,967 | +20.3% |
| Operating profit (loss) | 9901 | -€25,045 | -€3,533 | +€21,512 | +85.9% |
| Financial income | 75/76B | €14,570 | €12,024 | -€2,547 | -17.5% |
| Recurring financial income | 75 | €14,570 | €12,024 | -€2,547 | -17.5% |
| Financial charges | 65/66B | €41,878 | €41,956 | +€77 | +0.2% |
| Recurring financial charges | 65 | €41,878 | €41,956 | +€77 | +0.2% |
| Profit (loss) for the period before taxes | 9903 | -€52,353 | -€33,465 | +€18,888 | +36.1% |
| Income taxes | 67/77 | -€1,806 | €459 | +€2,264 | |
| Profit (loss) for the period | 9904 | -€50,548 | -€33,924 | +€16,624 | +32.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€50,548 | -€33,924 | +€16,624 | +32.9% |
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 10 October 2026 via checked.be.