M & M Ass.: 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 Ass.
Largest movements
- Tangible fixed assets +€1.1m
up €1.1m (+851%), from €127,247 to €1.2m
of which Assets under construction and advance payments: +€1.1m
- Receivables within one year +€219,877
up €219,877 (+2,069%), from €10,629 to €230,507
of which Other amounts receivable: +€228,507
- Cash -€31,345
down €31,345 (-96.3%), from €32,533 to €1,188
mainly Investment in fixed assets (net) (-€1.1m) and Receivables within one year (-€219,877)
- Short-term financial debts +€725,000
new in 2025: €725,000
- Other debts +€330,000
up €330,000 (+1,650%), from €20,000 to €350,000
- Tax, wage and social debts +€138,286
up €138,286 (+2,731%), from €5,063 to €143,349
- Trade debts +€72,910
up €72,910 (+399%), from €18,276 to €91,186
- Financial charges +€6,379
up €6,379 (+12,338%), from €52 to €6,431
- Gross operating margin +€2,352
up €2,352 (+7.9%), from €29,611 to €31,963
- Taxes -€1,063
down €1,063 (-20.9%), from €5,084 to €4,022
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 | €170,410 | €1,441,831 | +€1.3m | +746% |
| Fixed assets | 21/28 | €127,247 | €1,210,136 | +€1.1m | +851% |
| Tangible fixed assets | 22/27 | €127,247 | €1,210,136 | +€1.1m | +851% |
| Land and buildings | 22 | €127,247 | €117,143 | -€10,104 | -7.9% |
| Assets under construction and advance payments | 27 | - | €1,092,993 | +€1.1m | |
| Current assets | 29/58 | €43,163 | €231,695 | +€188,532 | +437% |
| Amounts receivable within one year | 40/41 | €10,629 | €230,507 | +€219,877 | +2,069% |
| Trade receivables | 40 | €8,629 | €0 | -€8,629 | -100% |
| Other amounts receivable | 41 | €2,000 | €230,507 | +€228,507 | +11,425% |
| Cash at bank and in hand | 54/58 | €32,533 | €1,188 | -€31,345 | -96.3% |
| Total equity and liabilities | 10/49 | €170,410 | €1,441,831 | +€1.3m | +746% |
| Equity | 10/15 | €127,071 | €129,032 | +€1,961 | +1.5% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €95,000 | €95,000 | = | 0.0% |
| Distributable reserves | 133 | €95,000 | €95,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,071 | €4,032 | +€1,961 | +94.7% |
| Amounts payable | 17/49 | €43,339 | €1,312,798 | +€1.3m | +2,929% |
| Amounts payable within one year | 42/48 | €43,339 | €1,309,535 | +€1.3m | +2,922% |
| Financial debts | 43 | - | €725,000 | +€725,000 | |
| Credit institutions | 430/8 | - | €725,000 | +€725,000 | |
| Trade debts | 44 | €18,276 | €91,186 | +€72,910 | +399% |
| Suppliers | 440/4 | €18,276 | €91,186 | +€72,910 | +399% |
| Taxes, remuneration and social security | 45 | €5,063 | €143,349 | +€138,286 | +2,731% |
| Taxes | 450/3 | €5,063 | €143,349 | +€138,286 | +2,731% |
| Other amounts payable | 47/48 | €20,000 | €350,000 | +€330,000 | +1,650% |
| Accrued charges and deferred income | 492/3 | - | €3,264 | +€3,264 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,104 | €10,104 | = | 0.0% |
| Other operating charges | 640/8 | €9,222 | €9,515 | +€293 | +3.2% |
| Gross operating margin | 9900 | €29,611 | €31,963 | +€2,352 | +7.9% |
| Operating profit (loss) | 9901 | €10,285 | €12,344 | +€2,059 | +20.0% |
| Financial income | 75/76B | - | €70 | +€70 | |
| Recurring financial income | 75 | - | €70 | +€70 | |
| Financial charges | 65/66B | €52 | €6,431 | +€6,379 | +12,338% |
| Recurring financial charges | 65 | €52 | €6,431 | +€6,379 | +12,338% |
| Profit (loss) for the period before taxes | 9903 | €10,233 | €5,983 | -€4,250 | -41.5% |
| Income taxes | 67/77 | €5,084 | €4,022 | -€1,063 | -20.9% |
| Profit (loss) for the period | 9904 | €5,149 | €1,961 | -€3,188 | -61.9% |
| Profit (loss) for the period to be appropriated | 9905 | €5,149 | €1,961 | -€3,188 | -61.9% |
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 18 October 2026 via checked.be.