M&M CONCEPT: 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 CONCEPT
Largest movements
- Tangible fixed assets +€327,832
new in 2025: €327,832
of which Land and buildings: +€257,340
- Cash -€20,849
down €20,849 (-57.0%), from €36,560 to €15,711
mainly Investment in fixed assets (net) (-€336,728) and Deferred charges and accrued income (-€2,364)
- Receivables within one year -€9,922
down €9,922 (-50.9%), from €19,509 to €9,588
of which Trade receivables: -€19,088
- Debts after one year +€204,970
new in 2025: €204,970
- Other debts +€41,775
up €41,775 (+609.3%), from €6,856 to €48,631
- Reserves +€34,263
up €34,263 (+114.8%), from €29,853 to €64,117
- Current portion of long-term debt +€19,807
new in 2025: €19,807
- Gross operating margin +€41,780
up €41,780 (+103.6%), from €40,321 to €82,100
- Other operating charges +€24,300
up €24,300 (+4453.6%), from €546 to €24,845
- Depreciation +€8,896
new in 2025: €8,896
- Financial charges +€3,848
up €3,848 (+1302.9%), from €295 to €4,143
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 | €60,869 | €360,295 | +€299,425 | +491.9% |
| Fixed assets | 21/28 | €4,800 | €332,632 | +€327,832 | +6829.8% |
| Tangible fixed assets | 22/27 | - | €327,832 | +€327,832 | |
| Land and buildings | 22 | - | €257,340 | +€257,340 | |
| Furniture and vehicles | 24 | - | €3,318 | +€3,318 | |
| Leasing and similar rights | 25 | - | €67,174 | +€67,174 | |
| Financial fixed assets | 28 | €4,800 | €4,800 | = | 0.0% |
| Current assets | 29/58 | €56,069 | €27,662 | -€28,407 | -50.7% |
| Amounts receivable within one year | 40/41 | €19,509 | €9,588 | -€9,922 | -50.9% |
| Trade receivables | 40 | €19,360 | €272 | -€19,088 | -98.6% |
| Other amounts receivable | 41 | €149 | €9,316 | +€9,166 | +6132.9% |
| Cash at bank and in hand | 54/58 | €36,560 | €15,711 | -€20,849 | -57.0% |
| Deferred charges and accrued income | 490/1 | - | €2,364 | +€2,364 | |
| Total equity and liabilities | 10/49 | €60,869 | €360,295 | +€299,425 | +491.9% |
| Equity | 10/15 | €33,853 | €68,117 | +€34,263 | +101.2% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €29,853 | €64,117 | +€34,263 | +114.8% |
| Distributable reserves | 133 | €29,853 | €64,117 | +€34,263 | +114.8% |
| Amounts payable | 17/49 | €27,016 | €292,178 | +€265,162 | +981.5% |
| Amounts payable after more than one year | 17 | - | €204,970 | +€204,970 | |
| Financial debts | 170/4 | - | €204,970 | +€204,970 | |
| Amounts payable within one year | 42/48 | €27,016 | €87,209 | +€60,192 | +222.8% |
| Current portion of amounts payable after more than one year | 42 | - | €19,807 | +€19,807 | |
| Trade debts | 44 | €2,876 | €1,946 | -€929 | -32.3% |
| Suppliers | 440/4 | €2,876 | €1,946 | -€929 | -32.3% |
| Taxes, remuneration and social security | 45 | €17,284 | €16,824 | -€460 | -2.7% |
| Taxes | 450/3 | €17,284 | €16,824 | -€460 | -2.7% |
| Other amounts payable | 47/48 | €6,856 | €48,631 | +€41,775 | +609.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €8,896 | +€8,896 | |
| Other operating charges | 640/8 | €546 | €24,845 | +€24,300 | +4453.6% |
| Gross operating margin | 9900 | €40,321 | €82,100 | +€41,780 | +103.6% |
| Operating profit (loss) | 9901 | €39,775 | €48,359 | +€8,584 | +21.6% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €295 | €4,143 | +€3,848 | +1302.9% |
| Recurring financial charges | 65 | €295 | €4,143 | +€3,848 | +1302.9% |
| Profit (loss) for the period before taxes | 9903 | €39,480 | €44,216 | +€4,737 | +12.0% |
| Income taxes | 67/77 | €7,908 | €8,287 | +€378 | +4.8% |
| Profit (loss) for the period | 9904 | €31,571 | €35,929 | +€4,358 | +13.8% |
| Profit (loss) for the period to be appropriated | 9905 | €31,571 | €35,929 | +€4,358 | +13.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.