M&M SHIPPING: 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 SHIPPING
Largest movements
- Receivables within one year -€894,571
down €894,571 (-70.5%), from €1.3m to €374,850
of which Other amounts receivable: -€894,617
- Tangible fixed assets +€588,941
up €588,941 (+342%), from €172,048 to €760,990
- Current investments -€499,580
down €499,580 (-24.4%), from €2.1m to €1.6m
- Receivables after one year +€101,370
up €101,370 (+3.0%), from €3.4m to €3.5m
- Other debts -€554,801
down €554,801 (-20.8%), from €2.7m to €2.1m
- Debts after one year -€430,000
down €430,000 (-22.1%), from €2.0m to €1.5m
- Reserves +€331,488
up €331,488 (+22.5%), from €1.5m to €1.8m
of which Distributable reserves: +€318,729
- Turnover -€897,711
no longer reported in 2025 (was €897,711)
- Depreciation -€343,468
down €343,468 (-63.4%), from €541,659 to €198,191
- Gross operating margin -€173,656
down €173,656 (-19.6%), from €885,676 to €712,021
- Taxes +€84,863
up €84,863 (+174%), from €48,699 to €133,562
- Staff costs -€33,220
no longer reported in 2025 (was €33,220)
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 | €7,555,546 | €6,892,823 | -€662,723 | -8.8% |
| Fixed assets | 21/28 | €172,048 | €760,990 | +€588,941 | +342% |
| Tangible fixed assets | 22/27 | €172,048 | €760,990 | +€588,941 | +342% |
| Other tangible fixed assets | 26 | €172,048 | €760,990 | +€588,941 | +342% |
| Current assets | 29/58 | €7,383,497 | €6,131,833 | -€1.3m | -17.0% |
| Amounts receivable after more than one year | 29 | €3,428,253 | €3,529,623 | +€101,370 | +3.0% |
| Other amounts receivable | 291 | €3,428,253 | €3,529,623 | +€101,370 | +3.0% |
| Amounts receivable within one year | 40/41 | €1,269,421 | €374,850 | -€894,571 | -70.5% |
| Trade receivables | 40 | €144,110 | €144,156 | +€46 | 0.0% |
| Other amounts receivable | 41 | €1,125,311 | €230,694 | -€894,617 | -79.5% |
| Current investments | 50/53 | €2,050,454 | €1,550,874 | -€499,580 | -24.4% |
| Cash at bank and in hand | 54/58 | €635,370 | €676,486 | +€41,116 | +6.5% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €7,555,546 | €6,892,823 | -€662,723 | -8.8% |
| Equity | 10/15 | €2,473,070 | €2,804,558 | +€331,488 | +13.4% |
| Contributions | 10/11 | €1,000,000 | €1,000,000 | = | 0.0% |
| Reserves | 13 | €1,473,070 | €1,804,558 | +€331,488 | +22.5% |
| Non-distributable reserves | 130/1 | €87,241 | €100,000 | +€12,759 | +14.6% |
| Reserves not available under the articles | 1311 | €87,241 | €100,000 | +€12,759 | +14.6% |
| Distributable reserves | 133 | €1,385,830 | €1,704,558 | +€318,729 | +23.0% |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Provisions for liabilities and charges | 160/5 | €0 | - | = | |
| Major repairs and maintenance | 162 | €0 | - | = | |
| Amounts payable | 17/49 | €5,082,476 | €4,088,265 | -€994,211 | -19.6% |
| Amounts payable after more than one year | 17 | €1,950,000 | €1,520,000 | -€430,000 | -22.1% |
| Financial debts | 170/4 | €1,950,000 | €1,520,000 | -€430,000 | -22.1% |
| Amounts payable within one year | 42/48 | €3,132,476 | €2,568,265 | -€564,211 | -18.0% |
| Current portion of amounts payable after more than one year | 42 | €430,000 | €430,000 | = | 0.0% |
| Trade debts | 44 | €0 | €1,075 | +€1,075 | |
| Suppliers | 440/4 | €0 | €1,075 | +€1,075 | |
| Taxes, remuneration and social security | 45 | €33,532 | €23,046 | -€10,485 | -31.3% |
| Taxes | 450/3 | €33,532 | €23,046 | -€10,485 | -31.3% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €2,668,944 | €2,114,143 | -€554,801 | -20.8% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Turnover | 70 | €897,711 | - | -€897,711 | |
| Goods, raw materials, services and sundry goods | 60/61 | €13,839 | - | -€13,839 | |
| Remuneration, social security and pensions | 62 | €33,220 | - | -€33,220 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €541,659 | €198,191 | -€343,468 | -63.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €1,175 | €1,118 | -€57 | -4.8% |
| Gross operating margin | 9900 | €885,676 | €712,021 | -€173,656 | -19.6% |
| Operating profit (loss) | 9901 | €309,623 | €512,712 | +€203,089 | +65.6% |
| Financial income | 75/76B | €166,160 | €176,465 | +€10,304 | +6.2% |
| Recurring financial income | 75 | €166,160 | €176,465 | +€10,304 | +6.2% |
| Financial charges | 65/66B | €254,262 | €224,126 | -€30,136 | -11.9% |
| Recurring financial charges | 65 | €254,262 | €224,126 | -€30,136 | -11.9% |
| Profit (loss) for the period before taxes | 9903 | €221,521 | €465,050 | +€243,530 | +110% |
| Income taxes | 67/77 | €48,699 | €133,562 | +€84,863 | +174% |
| Profit (loss) for the period | 9904 | €172,822 | €331,488 | +€158,667 | +91.8% |
| Profit (loss) for the period to be appropriated | 9905 | €172,822 | €331,488 | +€158,667 | +91.8% |
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 30 October 2026 via checked.be.