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.
What changed
M & M
NACE 64.210, Activities of holding companies
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€3.3m
2024 · €72,842+€3.2m
Equity
€4.4m
2024 · €1.1m+€3.3m
Cash
€295,419
2024 · €315,556-€20,137
Balance sheet total
€8.5m
2024 · €5.4m+€3.1m
Largest movements
Assets
- Financial fixed assets +€3.3m
up €3.3m (+147.0%), from €2.3m to €5.6m
- Receivables within one year -€90,591
down €90,591 (-10.2%), from €887,790 to €797,200
of which Other amounts receivable: -€75,462
Equity and liabilities
- Profit (loss) carried forward +€3.3m
up €3.3m (+1048.8%), from €313,400 to €3.6m
- Debts after one year -€153,630
down €153,630 (-4.7%), from €3.3m to €3.1m
Income statement
- Gross operating margin +€3.3m
up €3.3m (+1514.6%), from €220,661 to €3.6m
- Financial charges +€65,940
up €65,940 (+153.2%), from €43,055 to €108,996
of which Financial charges: +€61,940
- Financial income -€55,762
down €55,762 (-35.7%), from €156,306 to €100,545
of which Non-recurring financial income: -€48,255
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.
Result 2024
€72,842
Gross operating margin
+€3.3m
Staff costs
-€5,304
Depreciation
-€4,270
Other operating charges
-€22,402
Other operating items
-€2,595
Financial income
-€55,762
Financial charges
-€65,940
Taxes
+€28,197
Result 2025
€3.3m
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.
From operations
+€3.6m
Investment
-€3.4m
Financing
-€175,678
Cash 2024
€315,556
From operations (derived)
+€3.6m
Net result for the year
+€3.3m
Depreciation
+€150,251
Receivables within one year
+€90,591
Trade debts
-€21,541
Tax, wage and social debts
-€17,563
Other debts
+€63,785
Accrued charges and deferred income
+€250
Investment (derived)
-€3.4m
Investment in fixed assets (net)
-€3.4m
Financing
-€175,678
Debts after one year
-€153,630
Current portion of long-term debt
-€22,047
Cash 2025
€295,419
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,356,628 | €8,492,856 | +€3.1m | +58.5% |
| Fixed assets | 21/28 | €3,952,467 | €7,199,422 | +€3.2m | +82.2% |
| Tangible fixed assets | 22/27 | €1,692,189 | €1,616,223 | -€75,966 | -4.5% |
| Land and buildings | 22 | €1,473,339 | €1,457,908 | -€15,431 | -1.0% |
| Plant, machinery and equipment | 23 | €2,587 | €5,235 | +€2,648 | +102.3% |
| Furniture and vehicles | 24 | €216,263 | €153,080 | -€63,183 | -29.2% |
| Financial fixed assets | 28 | €2,260,278 | €5,583,199 | +€3.3m | +147.0% |
| Current assets | 29/58 | €1,404,160 | €1,293,433 | -€110,727 | -7.9% |
| Stocks and contracts in progress | 3 | €200,814 | €200,814 | = | 0.0% |
| Stocks | 30/36 | €200,814 | €200,814 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €887,790 | €797,200 | -€90,591 | -10.2% |
| Trade receivables | 40 | €94,414 | €79,285 | -€15,129 | -16.0% |
| Other amounts receivable | 41 | €793,376 | €717,914 | -€75,462 | -9.5% |
| Cash at bank and in hand | 54/58 | €315,556 | €295,419 | -€20,137 | -6.4% |
| Total equity and liabilities | 10/49 | €5,356,628 | €8,492,856 | +€3.1m | +58.5% |
| Equity | 10/15 | €1,082,357 | €4,369,331 | +€3.3m | +303.7% |
| Contributions | 10/11 | €637,500 | €637,500 | = | 0.0% |
| Reserves | 13 | €131,458 | €131,458 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,750 | €3,750 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,750 | €3,750 | = | 0.0% |
| Distributable reserves | 133 | €127,708 | €127,708 | = | 0.0% |
| Profit (loss) carried forward | 14 | €313,400 | €3,600,374 | +€3.3m | +1048.8% |
| Amounts payable | 17/49 | €4,274,271 | €4,123,524 | -€150,746 | -3.5% |
| Amounts payable after more than one year | 17 | €3,303,512 | €3,149,882 | -€153,630 | -4.7% |
| Financial debts | 170/4 | €3,303,512 | €3,149,882 | -€153,630 | -4.7% |
| Amounts payable within one year | 42/48 | €970,758 | €973,392 | +€2,634 | +0.3% |
| Current portion of amounts payable after more than one year | 42 | €173,168 | €151,121 | -€22,047 | -12.7% |
| Trade debts | 44 | €68,520 | €46,980 | -€21,541 | -31.4% |
| Suppliers | 440/4 | €68,520 | €46,980 | -€21,541 | -31.4% |
| Taxes, remuneration and social security | 45 | €101,979 | €84,416 | -€17,563 | -17.2% |
| Taxes | 450/3 | €93,593 | €71,186 | -€22,407 | -23.9% |
| Remuneration and social security | 454/9 | €8,385 | €13,229 | +€4,844 | +57.8% |
| Other amounts payable | 47/48 | €627,091 | €690,876 | +€63,785 | +10.2% |
| Accrued charges and deferred income | 492/3 | - | €250 | +€250 | |
| Remuneration, social security and pensions | 62 | €72,339 | €77,644 | +€5,304 | +7.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €145,981 | €150,251 | +€4,270 | +2.9% |
| Other operating charges | 640/8 | €9,539 | €31,941 | +€22,402 | +234.8% |
| Non-recurring operating charges | 66A | - | €2,595 | +€2,595 | |
| Gross operating margin | 9900 | €220,661 | €3,562,871 | +€3.3m | +1514.6% |
| Operating profit (loss) | 9901 | -€7,199 | €3,300,440 | +€3.3m | |
| Financial income | 75/76B | €156,306 | €100,545 | -€55,762 | -35.7% |
| Recurring financial income | 75 | €108,052 | €100,545 | -€7,507 | -6.9% |
| Non-recurring financial income | 76B | €48,255 | €0 | -€48,255 | -100.0% |
| Financial charges | 65/66B | €43,055 | €108,996 | +€65,940 | +153.2% |
| Recurring financial charges | 65 | €43,055 | €104,996 | +€61,940 | +143.9% |
| Non-recurring financial charges | 66B | €0 | €4,000 | +€4,000 | |
| Profit (loss) for the period before taxes | 9903 | €106,052 | €3,291,988 | +€3.2m | +3004.1% |
| Income taxes | 67/77 | €33,211 | €5,014 | -€28,197 | -84.9% |
| Profit (loss) for the period | 9904 | €72,842 | €3,286,974 | +€3.2m | +4412.5% |
| Profit (loss) for the period to be appropriated | 9905 | €72,842 | €3,286,974 | +€3.2m | +4412.5% |
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 11 October 2026 via checked.be.