M NINER: 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 NINER
Largest movements
- Receivables within one year +€14,245
up €14,245 (+5.4%), from €262,554 to €276,799
of which Other amounts receivable: +€16,245
- Financial fixed assets -€10,000
down €10,000 (-16.1%), from €62,103 to €52,103
- Cash -€5,000
down €5,000 (-50.3%), from €9,941 to €4,941
mainly Current portion of long-term debt (-€31,058) and Receivables within one year (-€14,245)
- Other debts +€34,500
up €34,500 (+47.3%), from €73,000 to €107,500
- Current portion of long-term debt -€31,058
no longer reported in 2025 (was €31,058)
- Profit (loss) carried forward -€3,533
down €3,533 (-0.2%), from -€1.9m to -€1.9m
- Financial income -€9,916
down €9,916 (-71.0%), from €13,959 to €4,042
- Financial charges +€9,459
up €9,459 (+947.6%), from €998 to €10,458
of which Non-recurring financial charges: +€10,000
- Gross operating margin -€5,933
down €5,933 (-32.2%), from €18,429 to €12,496
- Taxes -€4,938
no longer reported in 2025 (was €4,938)
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 | €336,900 | €336,881 | -€20 | 0.0% |
| Fixed assets | 21/28 | €62,103 | €52,103 | -€10,000 | -16.1% |
| Financial fixed assets | 28 | €62,103 | €52,103 | -€10,000 | -16.1% |
| Current assets | 29/58 | €274,797 | €284,778 | +€9,980 | +3.6% |
| Amounts receivable within one year | 40/41 | €262,554 | €276,799 | +€14,245 | +5.4% |
| Trade receivables | 40 | €2,000 | - | -€2,000 | |
| Other amounts receivable | 41 | €260,554 | €276,799 | +€16,245 | +6.2% |
| Cash at bank and in hand | 54/58 | €9,941 | €4,941 | -€5,000 | -50.3% |
| Deferred charges and accrued income | 490/1 | €2,302 | €3,038 | +€736 | +31.9% |
| Total equity and liabilities | 10/49 | €336,900 | €336,881 | -€20 | 0.0% |
| Equity | 10/15 | €228,291 | €224,759 | -€3,533 | -1.5% |
| Contributions | 10/11 | €2,033,550 | €2,033,550 | = | 0.0% |
| Reserves | 13 | €62,746 | €62,746 | = | 0.0% |
| Distributable reserves | 133 | €62,746 | €62,746 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,868,005 | -€1,871,537 | -€3,533 | -0.2% |
| Amounts payable | 17/49 | €108,609 | €112,122 | +€3,513 | +3.2% |
| Amounts payable within one year | 42/48 | €104,210 | €107,663 | +€3,454 | +3.3% |
| Current portion of amounts payable after more than one year | 42 | €31,058 | - | -€31,058 | |
| Trade debts | 44 | €151 | €163 | +€12 | +8.0% |
| Suppliers | 440/4 | €151 | €163 | +€12 | +8.0% |
| Other amounts payable | 47/48 | €73,000 | €107,500 | +€34,500 | +47.3% |
| Accrued charges and deferred income | 492/3 | €4,399 | €4,458 | +€59 | +1.3% |
| Other operating charges | 640/8 | €601 | €613 | +€12 | +2.0% |
| Non-recurring operating charges | 66A | - | €9,000 | +€9,000 | |
| Gross operating margin | 9900 | €18,429 | €12,496 | -€5,933 | -32.2% |
| Operating profit (loss) | 9901 | €17,828 | €2,883 | -€14,945 | -83.8% |
| Financial income | 75/76B | €13,959 | €4,042 | -€9,916 | -71.0% |
| Recurring financial income | 75 | €13,959 | €4,042 | -€9,916 | -71.0% |
| Financial charges | 65/66B | €998 | €10,458 | +€9,459 | +947.6% |
| Recurring financial charges | 65 | €998 | €458 | -€541 | -54.2% |
| Non-recurring financial charges | 66B | - | €10,000 | +€10,000 | |
| Profit (loss) for the period before taxes | 9903 | €30,788 | -€3,533 | -€34,321 | |
| Income taxes | 67/77 | €4,938 | - | -€4,938 | |
| Profit (loss) for the period | 9904 | €25,850 | -€3,533 | -€29,383 | |
| Profit (loss) for the period to be appropriated | 9905 | €25,850 | -€3,533 | -€29,383 |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.