M+M Direct: 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 Direct
Largest movements
- Cash +€20,463
up €20,463 (+10.6%), from €193,019 to €213,482
mainly Other debts (+€24,128) and Receivables within one year (+€19,948)
- Receivables within one year -€19,948
down €19,948 (-81.2%), from €24,558 to €4,610
of which Trade receivables: -€18,264
- Deferred charges and accrued income -€3,291
down €3,291 (-92.5%), from €3,559 to €268
- Other debts +€24,128
up €24,128 (+535%), from €4,508 to €28,637
- Reserves -€21,736
down €21,736 (-11.1%), from €196,293 to €174,557
- Trade debts -€4,578
down €4,578 (-99.1%), from €4,620 to €42
- Financial charges +€1,387
up €1,387 (+289%), from €480 to €1,867
- Gross operating margin -€1,376
down €1,376 (-10.5%), from €13,049 to €11,673
- Financial income +€325
new in 2025: €325
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 | €221,135 | €218,360 | -€2,775 | -1.3% |
| Current assets | 29/58 | €221,135 | €218,360 | -€2,775 | -1.3% |
| Amounts receivable within one year | 40/41 | €24,558 | €4,610 | -€19,948 | -81.2% |
| Trade receivables | 40 | €21,045 | €2,781 | -€18,264 | -86.8% |
| Other amounts receivable | 41 | €3,513 | €1,829 | -€1,684 | -47.9% |
| Cash at bank and in hand | 54/58 | €193,019 | €213,482 | +€20,463 | +10.6% |
| Deferred charges and accrued income | 490/1 | €3,559 | €268 | -€3,291 | -92.5% |
| Total equity and liabilities | 10/49 | €221,135 | €218,360 | -€2,775 | -1.3% |
| Equity | 10/15 | €211,397 | €189,660 | -€21,736 | -10.3% |
| Contributions | 10/11 | €14,260 | €14,260 | = | 0.0% |
| Reserves | 13 | €196,293 | €174,557 | -€21,736 | -11.1% |
| Distributable reserves | 133 | €196,293 | €174,557 | -€21,736 | -11.1% |
| Profit (loss) carried forward | 14 | €843 | €843 | = | 0.0% |
| Amounts payable | 17/49 | €9,739 | €28,700 | +€18,961 | +195% |
| Amounts payable within one year | 42/48 | €9,739 | €28,700 | +€18,961 | +195% |
| Trade debts | 44 | €4,620 | €42 | -€4,578 | -99.1% |
| Suppliers | 440/4 | €4,620 | €42 | -€4,578 | -99.1% |
| Taxes, remuneration and social security | 45 | €611 | €21 | -€589 | -96.5% |
| Taxes | 450/3 | €611 | €21 | -€589 | -96.5% |
| Other amounts payable | 47/48 | €4,508 | €28,637 | +€24,128 | +535% |
| Other operating charges | 640/8 | €682 | €707 | +€25 | +3.7% |
| Gross operating margin | 9900 | €13,049 | €11,673 | -€1,376 | -10.5% |
| Operating profit (loss) | 9901 | €12,367 | €10,966 | -€1,401 | -11.3% |
| Financial income | 75/76B | - | €325 | +€325 | |
| Recurring financial income | 75 | - | €325 | +€325 | |
| Financial charges | 65/66B | €480 | €1,867 | +€1,387 | +289% |
| Recurring financial charges | 65 | €480 | €1,867 | +€1,387 | +289% |
| Profit (loss) for the period before taxes | 9903 | €11,887 | €9,424 | -€2,463 | -20.7% |
| Income taxes | 67/77 | €4,611 | €4,494 | -€116 | -2.5% |
| Profit (loss) for the period | 9904 | €7,277 | €4,930 | -€2,347 | -32.2% |
| Profit (loss) for the period to be appropriated | 9905 | €7,277 | €4,930 | -€2,347 | -32.2% |
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.