M&M 41: 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 41
Largest movements
- Receivables within one year -€7,397
down €7,397 (-64.2%), from €11,526 to €4,129
of which Trade receivables: -€10,145
- Cash -€5,125
down €5,125 (-99.8%), from €5,135 to €10
mainly Other debts (-€5,537) and Tax, wage and social debts (-€5,460)
- Other debts -€5,537
down €5,537 (-27.0%), from €20,488 to €14,951
- Tax, wage and social debts -€5,460
no longer reported in 2025 (was €5,460)
- Profit (loss) carried forward -€1,525
down €1,525 (-7.9%), from -€19,302 to -€20,827
- Depreciation -€36,176
no longer reported in 2025 (was €36,176)
- Gross operating margin -€26,841
down €26,841, from €25,675 to -€1,166
- Other operating charges +€284
new in 2025: €284
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.
Derived cash bridge
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 | €16,661 | €4,139 | -€12,522 | -75.2% |
| Current assets | 29/58 | €16,661 | €4,139 | -€12,522 | -75.2% |
| Amounts receivable within one year | 40/41 | €11,526 | €4,129 | -€7,397 | -64.2% |
| Trade receivables | 40 | €10,145 | - | -€10,145 | |
| Other amounts receivable | 41 | €1,381 | €4,129 | +€2,748 | +199% |
| Cash at bank and in hand | 54/58 | €5,135 | €10 | -€5,125 | -99.8% |
| Total equity and liabilities | 10/49 | €16,661 | €4,139 | -€12,522 | -75.2% |
| Equity | 10/15 | -€9,287 | -€10,812 | -€1,525 | -16.4% |
| Contributions | 10/11 | €7,437 | €7,437 | -€0 | 0.0% |
| Capital | 10 | €7,437 | €7,437 | -€0 | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Uncalled capital | 101 | €11,163 | €11,163 | +€0 | 0.0% |
| Reserves | 13 | €2,578 | €2,578 | +€0 | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €718 | €718 | +€0 | +0.1% |
| Profit (loss) carried forward | 14 | -€19,302 | -€20,827 | -€1,525 | -7.9% |
| Amounts payable | 17/49 | €25,948 | €14,951 | -€10,997 | -42.4% |
| Amounts payable within one year | 42/48 | €25,948 | €14,951 | -€10,997 | -42.4% |
| Taxes, remuneration and social security | 45 | €5,460 | - | -€5,460 | |
| Taxes | 450/3 | €5,460 | - | -€5,460 | |
| Other amounts payable | 47/48 | €20,488 | €14,951 | -€5,537 | -27.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,176 | - | -€36,176 | |
| Other operating charges | 640/8 | - | €284 | +€284 | |
| Gross operating margin | 9900 | €25,675 | -€1,166 | -€26,841 | |
| Operating profit (loss) | 9901 | -€10,501 | -€1,450 | +€9,051 | +86.2% |
| Financial income | 75/76B | €81 | - | -€81 | |
| Recurring financial income | 75 | €81 | - | -€81 | |
| Financial charges | 65/66B | €309 | €75 | -€234 | -75.7% |
| Recurring financial charges | 65 | €309 | €75 | -€234 | -75.7% |
| Profit (loss) for the period before taxes | 9903 | -€10,729 | -€1,525 | +€9,204 | +85.8% |
| Profit (loss) for the period | 9904 | -€10,729 | -€1,525 | +€9,204 | +85.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€10,729 | -€1,525 | +€9,204 | +85.8% |
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 16 October 2026 via checked.be.