M&M's: 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's
Largest movements
- Receivables within one year +€82,267
up €82,267 (+41.3%), from €199,011 to €281,278
of which Trade receivables: +€82,183
- Cash +€41,573
up €41,573 (+258.7%), from €16,073 to €57,645
mainly Net result for the year (+€112,839) and Accrued charges and deferred income (+€57,884)
- Tangible fixed assets +€7,935
up €7,935 (+4.3%), from €186,635 to €194,571
of which Furniture and vehicles: +€16,670
- Reserves +€98,889
up €98,889 (+144.7%), from €68,328 to €167,217
of which Distributable reserves: +€98,889
- Accrued charges and deferred income +€57,884
up €57,884 (+944.7%), from €6,127 to €64,012
- Tax, wage and social debts -€54,390
down €54,390 (-68.1%), from €79,861 to €25,471
of which Taxes: -€54,390
- Other debts +€37,504
up €37,504 (+46.5%), from €80,572 to €118,076
- Trade debts +€32,118
up €32,118 (+816.3%), from €3,935 to €36,052
- Gross operating margin +€149,554
up €149,554 (+92.1%), from €162,411 to €311,966
- Taxes +€38,484
up €38,484 (+214.5%), from €17,943 to €56,427
- Financial charges +€29,734
up €29,734 (+32.3%), from €91,956 to €121,689
- Other operating charges +€3,893
up €3,893 (+148.4%), from €2,622 to €6,515
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 | €408,477 | €542,838 | +€134,361 | +32.9% |
| Fixed assets | 21/28 | €186,635 | €194,571 | +€7,935 | +4.3% |
| Tangible fixed assets | 22/27 | €186,635 | €194,571 | +€7,935 | +4.3% |
| Land and buildings | 22 | €176,773 | €165,641 | -€11,132 | -6.3% |
| Plant, machinery and equipment | 23 | €9,862 | €12,259 | +€2,397 | +24.3% |
| Furniture and vehicles | 24 | - | €16,670 | +€16,670 | |
| Current assets | 29/58 | €221,842 | €348,268 | +€126,426 | +57.0% |
| Amounts receivable within one year | 40/41 | €199,011 | €281,278 | +€82,267 | +41.3% |
| Trade receivables | 40 | €124,830 | €207,013 | +€82,183 | +65.8% |
| Other amounts receivable | 41 | €74,181 | €74,265 | +€84 | +0.1% |
| Current investments | 50/53 | €2,000 | €2,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €16,073 | €57,645 | +€41,573 | +258.7% |
| Deferred charges and accrued income | 490/1 | €4,758 | €7,344 | +€2,586 | +54.3% |
| Total equity and liabilities | 10/49 | €408,477 | €542,838 | +€134,361 | +32.9% |
| Equity | 10/15 | €97,313 | €196,202 | +€98,889 | +101.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €68,328 | €167,217 | +€98,889 | +144.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €66,468 | €165,357 | +€98,889 | +148.8% |
| Profit (loss) carried forward | 14 | €22,785 | €22,785 | = | 0.0% |
| Amounts payable | 17/49 | €311,164 | €346,636 | +€35,472 | +11.4% |
| Amounts payable after more than one year | 17 | €103,025 | €75,434 | -€27,591 | -26.8% |
| Financial debts | 170/4 | €103,025 | €75,434 | -€27,591 | -26.8% |
| Amounts payable within one year | 42/48 | €202,011 | €207,190 | +€5,179 | +2.6% |
| Current portion of amounts payable after more than one year | 42 | €37,643 | €27,591 | -€10,052 | -26.7% |
| Trade debts | 44 | €3,935 | €36,052 | +€32,118 | +816.3% |
| Suppliers | 440/4 | €3,935 | €36,052 | +€32,118 | +816.3% |
| Taxes, remuneration and social security | 45 | €79,861 | €25,471 | -€54,390 | -68.1% |
| Taxes | 450/3 | €79,861 | €25,471 | -€54,390 | -68.1% |
| Remuneration and social security | 454/9 | - | €0 | = | |
| Other amounts payable | 47/48 | €80,572 | €118,076 | +€37,504 | +46.5% |
| Accrued charges and deferred income | 492/3 | €6,127 | €64,012 | +€57,884 | +944.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,873 | €14,495 | +€2,622 | +22.1% |
| Other operating charges | 640/8 | €2,622 | €6,515 | +€3,893 | +148.4% |
| Gross operating margin | 9900 | €162,411 | €311,966 | +€149,554 | +92.1% |
| Operating profit (loss) | 9901 | €147,916 | €290,956 | +€143,040 | +96.7% |
| Financial charges | 65/66B | €91,956 | €121,689 | +€29,734 | +32.3% |
| Recurring financial charges | 65 | €91,956 | €121,689 | +€29,734 | +32.3% |
| Profit (loss) for the period before taxes | 9903 | €55,960 | €169,266 | +€113,306 | +202.5% |
| Income taxes | 67/77 | €17,943 | €56,427 | +€38,484 | +214.5% |
| Profit (loss) for the period | 9904 | €38,017 | €112,839 | +€74,822 | +196.8% |
| Profit (loss) for the period to be appropriated | 9905 | €38,017 | €112,839 | +€74,822 | +196.8% |
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 6 October 2026 via checked.be.