M&M STAR: what changed
M&M STAR
Largest movements
- Receivables within one year -€11,297
down €11,297 (-43.7%), from €25,840 to €14,543
of which Trade receivables: -€11,243
- Cash -€1,359
down €1,359 (-75.9%), from €1,790 to €431
mainly Advances received (-€8,000) and Net result for the year (-€6,971)
- Advances received -€8,000
no longer reported in 2025 (was €8,000)
- Profit (loss) carried forward -€6,971
down €6,971 (-61.1%), from €11,415 to €4,443
- Tax, wage and social debts +€2,792
up €2,792 (+212%), from €1,317 to €4,109
of which Taxes: +€4,109
- Other debts -€928
no longer reported in 2025 (was €928)
- Trade debts +€334
new in 2025: €334
- Gross operating margin -€10,369
down €10,369, from €6,811 to -€3,558
- Taxes -€3,374
no longer reported in 2025 (was €3,374)
- Other operating charges +€3,181
new in 2025: €3,181
- Depreciation -€264
down €264 (-69.1%), from €382 to €118
- Financial charges -€84
down €84 (-42.5%), from €198 to €114
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €27,860 | €15,086 | -€12,774 | -45.9% |
| Fixed assets | 21/28 | €230 | €112 | -€118 | -51.3% |
| Tangible fixed assets | 22/27 | €118 | - | -€118 | |
| Furniture and vehicles | 24 | €118 | - | -€118 | |
| Financial fixed assets | 28 | €112 | €112 | = | 0.0% |
| Current assets | 29/58 | €27,630 | €14,974 | -€12,656 | -45.8% |
| Amounts receivable within one year | 40/41 | €25,840 | €14,543 | -€11,297 | -43.7% |
| Trade receivables | 40 | €22,405 | €11,163 | -€11,243 | -50.2% |
| Other amounts receivable | 41 | €3,435 | €3,381 | -€54 | -1.6% |
| Cash at bank and in hand | 54/58 | €1,790 | €431 | -€1,359 | -75.9% |
| Total equity and liabilities | 10/49 | €27,860 | €15,086 | -€12,774 | -45.9% |
| Equity | 10/15 | €17,615 | €10,643 | -€6,971 | -39.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €11,415 | €4,443 | -€6,971 | -61.1% |
| Amounts payable | 17/49 | €10,245 | €4,443 | -€5,803 | -56.6% |
| Amounts payable within one year | 42/48 | €10,245 | €4,443 | -€5,803 | -56.6% |
| Trade debts | 44 | - | €334 | +€334 | |
| Suppliers | 440/4 | - | €334 | +€334 | |
| Advances received on contracts in progress | 46 | €8,000 | - | -€8,000 | |
| Taxes, remuneration and social security | 45 | €1,317 | €4,109 | +€2,792 | +212% |
| Taxes | 450/3 | - | €4,109 | +€4,109 | |
| Remuneration and social security | 454/9 | €1,317 | - | -€1,317 | |
| Other amounts payable | 47/48 | €928 | - | -€928 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €382 | €118 | -€264 | -69.1% |
| Other operating charges | 640/8 | - | €3,181 | +€3,181 | |
| Gross operating margin | 9900 | €6,811 | -€3,558 | -€10,369 | |
| Operating profit (loss) | 9901 | €6,429 | -€6,857 | -€13,287 | |
| Financial charges | 65/66B | €198 | €114 | -€84 | -42.5% |
| Recurring financial charges | 65 | €198 | €114 | -€84 | -42.5% |
| Profit (loss) for the period before taxes | 9903 | €6,231 | -€6,971 | -€13,203 | |
| Income taxes | 67/77 | €3,374 | - | -€3,374 | |
| Profit (loss) for the period | 9904 | €2,857 | -€6,971 | -€9,829 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,857 | -€6,971 | -€9,829 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.