M&M STUCK: 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 STUCK
Largest movements
- Receivables within one year +€65,062
up €65,062 (+89.3%), from €72,859 to €137,920
of which Trade receivables: +€66,739
- Deferred charges and accrued income +€21,692
up €21,692 (+16,984%), from €128 to €21,820
- Cash -€4,832
down €4,832 (-78.9%), from €6,127 to €1,295
mainly Receivables within one year (-€65,062) and Deferred charges and accrued income (-€21,692)
- Trade debts +€95,895
up €95,895 (+299%), from €32,041 to €127,936
- Profit (loss) carried forward -€14,144
down €14,144 (-51.2%), from €27,641 to €13,498
- Other debts +€4,204
up €4,204 (+139%), from €3,033 to €7,237
- Accrued charges and deferred income -€3,696
no longer reported in 2025 (was €3,696)
- Gross operating margin -€32,524
down €32,524, from €22,958 to -€9,566
- Taxes -€4,281
down €4,281 (-96.8%), from €4,422 to €141
- Financial charges -€1,405
down €1,405 (-86.4%), from €1,626 to €221
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 | €81,724 | €162,488 | +€80,764 | +98.8% |
| Fixed assets | 21/28 | €2,611 | €1,453 | -€1,157 | -44.3% |
| Tangible fixed assets | 22/27 | €2,561 | €1,403 | -€1,157 | -45.2% |
| Plant, machinery and equipment | 23 | €2,561 | €1,167 | -€1,394 | -54.4% |
| Furniture and vehicles | 24 | - | €236 | +€236 | |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €79,113 | €161,035 | +€81,922 | +104% |
| Amounts receivable within one year | 40/41 | €72,859 | €137,920 | +€65,062 | +89.3% |
| Trade receivables | 40 | €70,393 | €137,132 | +€66,739 | +94.8% |
| Other amounts receivable | 41 | €2,465 | €788 | -€1,677 | -68.0% |
| Cash at bank and in hand | 54/58 | €6,127 | €1,295 | -€4,832 | -78.9% |
| Deferred charges and accrued income | 490/1 | €128 | €21,820 | +€21,692 | +16,984% |
| Total equity and liabilities | 10/49 | €81,724 | €162,488 | +€80,764 | +98.8% |
| Equity | 10/15 | €28,641 | €14,498 | -€14,144 | -49.4% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €27,641 | €13,498 | -€14,144 | -51.2% |
| Amounts payable | 17/49 | €53,083 | €147,991 | +€94,908 | +179% |
| Amounts payable within one year | 42/48 | €49,387 | €147,991 | +€98,604 | +200% |
| Trade debts | 44 | €32,041 | €127,936 | +€95,895 | +299% |
| Suppliers | 440/4 | €32,041 | €127,936 | +€95,895 | +299% |
| Taxes, remuneration and social security | 45 | €14,313 | €12,817 | -€1,495 | -10.4% |
| Taxes | 450/3 | €5,023 | €12,179 | +€7,157 | +142% |
| Remuneration and social security | 454/9 | €9,290 | €638 | -€8,652 | -93.1% |
| Other amounts payable | 47/48 | €3,033 | €7,237 | +€4,204 | +139% |
| Accrued charges and deferred income | 492/3 | €3,696 | - | -€3,696 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,404 | €1,512 | +€108 | +7.7% |
| Other operating charges | 640/8 | €2,760 | €2,704 | -€56 | -2.0% |
| Gross operating margin | 9900 | €22,958 | -€9,566 | -€32,524 | |
| Operating profit (loss) | 9901 | €18,795 | -€13,782 | -€32,577 | |
| Financial charges | 65/66B | €1,626 | €221 | -€1,405 | -86.4% |
| Recurring financial charges | 65 | €1,626 | €221 | -€1,405 | -86.4% |
| Profit (loss) for the period before taxes | 9903 | €17,169 | -€14,003 | -€31,171 | |
| Income taxes | 67/77 | €4,422 | €141 | -€4,281 | -96.8% |
| Profit (loss) for the period | 9904 | €12,747 | -€14,144 | -€26,891 | |
| Profit (loss) for the period to be appropriated | 9905 | €12,747 | -€14,144 | -€26,891 |
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 20 October 2026 via checked.be.