M&M THERAPY: 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 THERAPY
Largest movements
- Receivables within one year -€2,838
no longer reported in 2025 (was €2,838)
- Cash -€2,083
down €2,083 (-6.6%), from €31,800 to €29,717
mainly Contributions, distributions and other (-€12,000) and Investment in fixed assets (net) (-€8,399)
- Tangible fixed assets -€1,330
down €1,330 (-4.7%), from €28,396 to €27,066
of which Plant, machinery and equipment: -€4,393
- Profit (loss) carried forward -€5,777
down €5,777 (-57.3%), from €10,076 to €4,299
- Other debts +€5,010
up €5,010 (+71.5%), from €7,003 to €12,013
- Debts after one year -€3,782
down €3,782 (-25.1%), from €15,071 to €11,289
- Tax, wage and social debts -€2,302
down €2,302 (-90.1%), from €2,554 to €252
of which Taxes: -€2,152
- Current portion of long-term debt +€1,230
up €1,230 (+14.4%), from €8,563 to €9,793
- Gross operating margin -€8,688
down €8,688 (-31.4%), from €27,660 to €18,972
- Taxes -€2,508
down €2,508 (-64.2%), from €3,905 to €1,397
- Other operating charges -€845
down €845 (-75.0%), from €1,127 to €282
- Depreciation +€825
up €825 (+9.3%), from €8,904 to €9,729
- Financial charges +€295
up €295 (+28.2%), from €1,046 to €1,341
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 | €63,807 | €58,110 | -€5,697 | -8.9% |
| Fixed assets | 21/28 | €28,396 | €27,066 | -€1,330 | -4.7% |
| Tangible fixed assets | 22/27 | €28,396 | €27,066 | -€1,330 | -4.7% |
| Plant, machinery and equipment | 23 | €15,183 | €10,790 | -€4,393 | -28.9% |
| Furniture and vehicles | 24 | €2,310 | €2,074 | -€236 | -10.2% |
| Other tangible fixed assets | 26 | €10,903 | €14,202 | +€3,299 | +30.3% |
| Current assets | 29/58 | €35,411 | €31,044 | -€4,367 | -12.3% |
| Amounts receivable within one year | 40/41 | €2,838 | - | -€2,838 | |
| Other amounts receivable | 41 | €2,838 | - | -€2,838 | |
| Cash at bank and in hand | 54/58 | €31,800 | €29,717 | -€2,083 | -6.6% |
| Deferred charges and accrued income | 490/1 | €773 | €1,327 | +€554 | +71.7% |
| Total equity and liabilities | 10/49 | €63,807 | €58,110 | -€5,697 | -8.9% |
| Equity | 10/15 | €30,536 | €24,759 | -€5,777 | -18.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €10,076 | €4,299 | -€5,777 | -57.3% |
| Amounts payable | 17/49 | €33,271 | €33,351 | +€80 | +0.2% |
| Amounts payable after more than one year | 17 | €15,071 | €11,289 | -€3,782 | -25.1% |
| Financial debts | 170/4 | €15,071 | €11,289 | -€3,782 | -25.1% |
| Amounts payable within one year | 42/48 | €18,200 | €22,062 | +€3,862 | +21.2% |
| Current portion of amounts payable after more than one year | 42 | €8,563 | €9,793 | +€1,230 | +14.4% |
| Trade debts | 44 | €80 | €4 | -€76 | -95.0% |
| Suppliers | 440/4 | €80 | €4 | -€76 | -95.0% |
| Taxes, remuneration and social security | 45 | €2,554 | €252 | -€2,302 | -90.1% |
| Taxes | 450/3 | €2,404 | €252 | -€2,152 | -89.5% |
| Remuneration and social security | 454/9 | €150 | - | -€150 | |
| Other amounts payable | 47/48 | €7,003 | €12,013 | +€5,010 | +71.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,904 | €9,729 | +€825 | +9.3% |
| Other operating charges | 640/8 | €1,127 | €282 | -€845 | -75.0% |
| Gross operating margin | 9900 | €27,660 | €18,972 | -€8,688 | -31.4% |
| Operating profit (loss) | 9901 | €17,629 | €8,961 | -€8,668 | -49.2% |
| Financial charges | 65/66B | €1,046 | €1,341 | +€295 | +28.2% |
| Recurring financial charges | 65 | €1,046 | €1,341 | +€295 | +28.2% |
| Profit (loss) for the period before taxes | 9903 | €16,583 | €7,620 | -€8,963 | -54.0% |
| Income taxes | 67/77 | €3,905 | €1,397 | -€2,508 | -64.2% |
| Profit (loss) for the period | 9904 | €12,678 | €6,223 | -€6,455 | -50.9% |
| Profit (loss) for the period to be appropriated | 9905 | €12,678 | €6,223 | -€6,455 | -50.9% |
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 17 October 2026 via checked.be.