M & N: what changed
Two fiscal 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 & N
Largest movements
- Cash +€5,514
up €5,514 (+34.0%), from €16,234 to €21,748
mainly Other debts (+€4,685) and Depreciation (+€1,246)
- Tangible fixed assets -€1,246
down €1,246 (-29.1%), from €4,285 to €3,039
of which Plant, machinery and equipment: -€1,246
- Receivables within one year -€988
down €988 (-78.4%), from €1,259 to €272
of which Trade receivables: -€988
- Other debts +€4,685
up €4,685 (+51.8%), from €9,037 to €13,722
- Tax, wage and social debts -€1,529
no longer reported in 2025 (was €1,529)
- Gross operating margin +€3,531
up €3,531, from -€711 to €2,820
- Financial charges +€189
up €189 (+23.6%), from €804 to €993
- Other operating charges -€178
down €178 (-25.6%), from €696 to €518
- Depreciation -€71
down €71 (-5.4%), from €1,317 to €1,246
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.
Cash bridge derived
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 | €33,500 | €36,741 | +€3,241 | +9.7% |
| Fixed assets | 21/28 | €4,285 | €3,039 | -€1,246 | -29.1% |
| Tangible fixed assets | 22/27 | €4,285 | €3,039 | -€1,246 | -29.1% |
| Plant, machinery and equipment | 23 | €4,285 | €3,039 | -€1,246 | -29.1% |
| Furniture and vehicles | 24 | - | €0 | = | |
| Current assets | 29/58 | €29,215 | €33,703 | +€4,487 | +15.4% |
| Stocks and contracts in progress | 3 | €10,822 | €10,783 | -€39 | -0.4% |
| Stocks | 30/36 | €10,822 | €10,783 | -€39 | -0.4% |
| Amounts receivable within one year | 40/41 | €1,259 | €272 | -€988 | -78.4% |
| Trade receivables | 40 | €1,259 | €272 | -€988 | -78.4% |
| Other amounts receivable | 41 | - | €0 | = | |
| Cash at bank and in hand | 54/58 | €16,234 | €21,748 | +€5,514 | +34.0% |
| Deferred charges and accrued income | 490/1 | €900 | €900 | = | 0.0% |
| Total equity and liabilities | 10/49 | €33,500 | €36,741 | +€3,241 | +9.7% |
| Equity | 10/15 | €10,341 | €10,451 | +€111 | +1.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Outside capital | 11 | €18,600 | - | -€18,600 | |
| Other | 1109/19 | €18,600 | - | -€18,600 | |
| Reserves | 13 | €4,033 | €4,033 | = | 0.0% |
| Distributable reserves | 133 | €4,033 | €4,033 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€12,293 | -€12,182 | +€111 | +0.9% |
| Amounts payable | 17/49 | €23,160 | €26,290 | +€3,130 | +13.5% |
| Amounts payable within one year | 42/48 | €22,834 | €26,290 | +€3,456 | +15.1% |
| Financial debts | 43 | €10,000 | €10,000 | = | 0.0% |
| Other loans | 439 | €10,000 | €10,000 | = | 0.0% |
| Trade debts | 44 | €2,269 | €2,568 | +€299 | +13.2% |
| Suppliers | 440/4 | €2,269 | €2,568 | +€299 | +13.2% |
| Taxes, remuneration and social security | 45 | €1,529 | - | -€1,529 | |
| Taxes | 450/3 | €1,529 | - | -€1,529 | |
| Other amounts payable | 47/48 | €9,037 | €13,722 | +€4,685 | +51.8% |
| Accrued charges and deferred income | 492/3 | €325 | - | -€325 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,317 | €1,246 | -€71 | -5.4% |
| Other operating charges | 640/8 | €696 | €518 | -€178 | -25.6% |
| Gross operating margin | 9900 | -€711 | €2,820 | +€3,531 | |
| Operating profit (loss) | 9901 | -€2,724 | €1,056 | +€3,780 | |
| Financial income | 75/76B | €62 | €47 | -€15 | -23.7% |
| Recurring financial income | 75 | €62 | €47 | -€15 | -23.7% |
| Financial charges | 65/66B | €804 | €993 | +€189 | +23.6% |
| Recurring financial charges | 65 | €804 | €993 | +€189 | +23.6% |
| Profit (loss) for the period before taxes | 9903 | -€3,465 | €111 | +€3,576 | |
| Profit (loss) for the period | 9904 | -€3,465 | €111 | +€3,576 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,465 | €111 | +€3,576 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.