M&M Selections: 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 Selections
Largest movements
- Receivables within one year +€518,928
up €518,928 (+20.0%), from €2.6m to €3.1m
of which Trade receivables: +€569,329
- Cash -€84,777
down €84,777 (-46.6%), from €181,824 to €97,047
mainly Receivables within one year (-€518,928) and Short-term financial debts (-€13)
- Trade debts +€402,722
up €402,722 (+41.2%), from €977,711 to €1.4m
- Gross operating margin -€176,535
down €176,535 (-70.6%), from €249,937 to €73,402
- Financial charges -€11,643
down €11,643 (-23.9%), from €48,627 to €36,984
- Taxes -€7,729
down €7,729 (-42.4%), from €18,212 to €10,483
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 | €2,784,868 | €3,219,002 | +€434,134 | +15.6% |
| Fixed assets | 21/28 | €3,100 | €3,100 | = | 0.0% |
| Financial fixed assets | 28 | €3,100 | €3,100 | = | 0.0% |
| Current assets | 29/58 | €2,781,768 | €3,215,902 | +€434,134 | +15.6% |
| Amounts receivable within one year | 40/41 | €2,599,847 | €3,118,776 | +€518,928 | +20.0% |
| Trade receivables | 40 | €2,333,081 | €2,902,410 | +€569,329 | +24.4% |
| Other amounts receivable | 41 | €266,767 | €216,365 | -€50,401 | -18.9% |
| Cash at bank and in hand | 54/58 | €181,824 | €97,047 | -€84,777 | -46.6% |
| Deferred charges and accrued income | 490/1 | €96 | €79 | -€18 | -18.3% |
| Total equity and liabilities | 10/49 | €2,784,868 | €3,219,002 | +€434,134 | +15.6% |
| Equity | 10/15 | €990,355 | €1,021,804 | +€31,449 | +3.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €971,755 | €1,003,204 | +€31,449 | +3.2% |
| Distributable reserves | 133 | €971,755 | €1,003,204 | +€31,449 | +3.2% |
| Amounts payable | 17/49 | €1,794,513 | €2,197,198 | +€402,685 | +22.4% |
| Amounts payable within one year | 42/48 | €1,794,440 | €2,197,149 | +€402,709 | +22.4% |
| Current portion of amounts payable after more than one year | 42 | €800,000 | €800,000 | = | 0.0% |
| Financial debts | 43 | €16,729 | €16,716 | -€13 | -0.1% |
| Credit institutions | 430/8 | €16,729 | €16,716 | -€13 | -0.1% |
| Trade debts | 44 | €977,711 | €1,380,433 | +€402,722 | +41.2% |
| Suppliers | 440/4 | €977,711 | €1,380,433 | +€402,722 | +41.2% |
| Accrued charges and deferred income | 492/3 | €73 | €48 | -€24 | -33.3% |
| Non-recurring operating income | 76A | €7,577 | - | -€7,577 | |
| Other operating charges | 640/8 | €1,030 | €1,240 | +€211 | +20.5% |
| Gross operating margin | 9900 | €249,937 | €73,402 | -€176,535 | -70.6% |
| Operating profit (loss) | 9901 | €248,908 | €72,161 | -€176,746 | -71.0% |
| Financial income | 75/76B | €8,419 | €6,755 | -€1,664 | -19.8% |
| Recurring financial income | 75 | €8,419 | €6,755 | -€1,664 | -19.8% |
| Financial charges | 65/66B | €48,627 | €36,984 | -€11,643 | -23.9% |
| Recurring financial charges | 65 | €48,627 | €36,984 | -€11,643 | -23.9% |
| Profit (loss) for the period before taxes | 9903 | €208,699 | €41,932 | -€166,768 | -79.9% |
| Income taxes | 67/77 | €18,212 | €10,483 | -€7,729 | -42.4% |
| Profit (loss) for the period | 9904 | €190,487 | €31,449 | -€159,038 | -83.5% |
| Profit (loss) for the period to be appropriated | 9905 | €190,487 | €31,449 | -€159,038 | -83.5% |
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 29 October 2026 via checked.be.