M&O: 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&O
Largest movements
- Tangible fixed assets -€21,716
down €21,716 (-3.1%), from €697,153 to €675,438
- Cash -€13,329
down €13,329 (-42.1%), from €31,696 to €18,367
mainly Debts after one year (-€21,157) and Other debts (-€11,264)
- Debts after one year -€21,157
down €21,157 (-70.4%), from €30,061 to €8,903
- Other debts -€11,264
down €11,264 (-100.0%), from €11,264 to €0
- Gross operating margin -€3,475
down €3,475 (-15.2%), from €22,835 to €19,361
- Financial charges +€256
up €256 (+25.4%), from €1,007 to €1,263
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 | €728,849 | €693,805 | -€35,044 | -4.8% |
| Fixed assets | 21/28 | €697,153 | €675,438 | -€21,716 | -3.1% |
| Tangible fixed assets | 22/27 | €697,153 | €675,438 | -€21,716 | -3.1% |
| Land and buildings | 22 | €697,153 | €675,438 | -€21,716 | -3.1% |
| Current assets | 29/58 | €31,696 | €18,367 | -€13,329 | -42.1% |
| Cash at bank and in hand | 54/58 | €31,696 | €18,367 | -€13,329 | -42.1% |
| Total equity and liabilities | 10/49 | €728,849 | €693,805 | -€35,044 | -4.8% |
| Equity | 10/15 | €666,661 | €662,643 | -€4,018 | -0.6% |
| Contributions | 10/11 | €657,000 | €657,000 | = | 0.0% |
| Reserves | 13 | €12,222 | €12,222 | = | 0.0% |
| Distributable reserves | 133 | €12,222 | €12,222 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,561 | -€6,579 | -€4,018 | -156.9% |
| Amounts payable | 17/49 | €62,188 | €31,162 | -€31,026 | -49.9% |
| Amounts payable after more than one year | 17 | €30,061 | €8,903 | -€21,157 | -70.4% |
| Financial debts | 170/4 | €30,061 | €8,903 | -€21,157 | -70.4% |
| Amounts payable within one year | 42/48 | €32,127 | €22,259 | -€9,869 | -30.7% |
| Current portion of amounts payable after more than one year | 42 | €20,864 | €21,157 | +€294 | +1.4% |
| Trade debts | 44 | €0 | €1,101 | +€1,101 | |
| Suppliers | 440/4 | €0 | €1,101 | +€1,101 | |
| Other amounts payable | 47/48 | €11,264 | €0 | -€11,264 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,571 | €21,716 | +€144 | +0.7% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €22,835 | €19,361 | -€3,475 | -15.2% |
| Operating profit (loss) | 9901 | €877 | -€2,755 | -€3,631 | |
| Financial charges | 65/66B | €1,007 | €1,263 | +€256 | +25.4% |
| Recurring financial charges | 65 | €1,007 | €1,263 | +€256 | +25.4% |
| Profit (loss) for the period before taxes | 9903 | -€131 | -€4,018 | -€3,887 | -2977.9% |
| Profit (loss) for the period | 9904 | -€131 | -€4,018 | -€3,887 | -2977.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€131 | -€4,018 | -€3,887 | -2977.9% |
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 9 October 2026 via checked.be.