M+PIGS: 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+PIGS
Largest movements
- Tangible fixed assets +€1.3m
up €1.3m (+44.6%), from €2.9m to €4.2m
of which Land and buildings: +€1.1m
- Receivables within one year -€363,693
down €363,693 (-43.1%), from €844,032 to €480,339
of which Trade receivables: -€427,883
- Stocks and contracts -€123,400
down €123,400 (-4.7%), from €2.6m to €2.5m
- Debts after one year +€1.1m
up €1.1m (+28.6%), from €3.7m to €4.8m
- Other debts -€159,117
down €159,117 (-58.5%), from €272,042 to €112,925
- Trade debts -€104,686
down €104,686 (-12.0%), from €871,925 to €767,239
- Gross operating margin -€266,461
down €266,461 (-18.4%), from €1.4m to €1.2m
- Other operating charges +€185,207
up €185,207 (+1343.4%), from €13,786 to €198,993
- Financial income -€103,800
down €103,800 (-86.8%), from €119,613 to €15,813
- Depreciation +€68,404
up €68,404 (+14.7%), from €465,921 to €534,325
- Financial charges +€63,750
up €63,750 (+52.7%), from €120,906 to €184,656
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 | €6,927,315 | €7,684,879 | +€757,564 | +10.9% |
| Fixed assets | 21/28 | €3,349,769 | €4,643,873 | +€1.3m | +38.6% |
| Intangible fixed assets | 21 | €24,582 | €19,696 | -€4,887 | -19.9% |
| Tangible fixed assets | 22/27 | €2,915,511 | €4,214,501 | +€1.3m | +44.6% |
| Land and buildings | 22 | €2,640,602 | €3,764,293 | +€1.1m | +42.6% |
| Plant, machinery and equipment | 23 | €272,239 | €229,631 | -€42,608 | -15.7% |
| Furniture and vehicles | 24 | €2,670 | €5,021 | +€2,351 | +88.0% |
| Leasing and similar rights | 25 | - | €215,557 | +€215,557 | |
| Financial fixed assets | 28 | €409,676 | €409,676 | = | 0.0% |
| Current assets | 29/58 | €3,577,546 | €3,041,006 | -€536,540 | -15.0% |
| Stocks and contracts in progress | 3 | €2,603,093 | €2,479,693 | -€123,400 | -4.7% |
| Stocks | 30/36 | €2,603,093 | €2,479,693 | -€123,400 | -4.7% |
| Amounts receivable within one year | 40/41 | €844,032 | €480,339 | -€363,693 | -43.1% |
| Trade receivables | 40 | €814,259 | €386,376 | -€427,883 | -52.5% |
| Other amounts receivable | 41 | €29,773 | €93,963 | +€64,191 | +215.6% |
| Cash at bank and in hand | 54/58 | €125,210 | €73,725 | -€51,485 | -41.1% |
| Deferred charges and accrued income | 490/1 | €5,211 | €7,249 | +€2,038 | +39.1% |
| Total equity and liabilities | 10/49 | €6,927,315 | €7,684,879 | +€757,564 | +10.9% |
| Equity | 10/15 | €1,094,342 | €1,128,606 | +€34,264 | +3.1% |
| Contributions | 10/11 | €902,000 | €902,000 | = | 0.0% |
| Reserves | 13 | €147,934 | €147,934 | = | 0.0% |
| Distributable reserves | 133 | €147,934 | €147,934 | = | 0.0% |
| Profit (loss) carried forward | 14 | €44,408 | €78,672 | +€34,264 | +77.2% |
| Amounts payable | 17/49 | €5,832,973 | €6,556,273 | +€723,300 | +12.4% |
| Amounts payable after more than one year | 17 | €3,695,292 | €4,752,241 | +€1.1m | +28.6% |
| Financial debts | 170/4 | €3,695,292 | €4,752,241 | +€1.1m | +28.6% |
| Amounts payable within one year | 42/48 | €2,136,038 | €1,802,353 | -€333,685 | -15.6% |
| Current portion of amounts payable after more than one year | 42 | €962,367 | €891,722 | -€70,645 | -7.3% |
| Trade debts | 44 | €871,925 | €767,239 | -€104,686 | -12.0% |
| Suppliers | 440/4 | €871,925 | €767,239 | -€104,686 | -12.0% |
| Taxes, remuneration and social security | 45 | €29,704 | €30,467 | +€763 | +2.6% |
| Taxes | 450/3 | €145 | €4,685 | +€4,540 | +3133.3% |
| Remuneration and social security | 454/9 | €29,559 | €25,782 | -€3,777 | -12.8% |
| Other amounts payable | 47/48 | €272,042 | €112,925 | -€159,117 | -58.5% |
| Accrued charges and deferred income | 492/3 | €1,643 | €1,679 | +€36 | +2.2% |
| Non-recurring operating income | 76A | €3,931 | €1,400 | -€2,531 | -64.4% |
| Remuneration, social security and pensions | 62 | €234,121 | €230,939 | -€3,182 | -1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €465,921 | €534,325 | +€68,404 | +14.7% |
| Other operating charges | 640/8 | €13,786 | €198,993 | +€185,207 | +1343.4% |
| Gross operating margin | 9900 | €1,445,767 | €1,179,306 | -€266,461 | -18.4% |
| Operating profit (loss) | 9901 | €731,939 | €215,048 | -€516,890 | -70.6% |
| Financial income | 75/76B | €119,613 | €15,813 | -€103,800 | -86.8% |
| Recurring financial income | 75 | €119,613 | €15,813 | -€103,800 | -86.8% |
| Financial charges | 65/66B | €120,906 | €184,656 | +€63,750 | +52.7% |
| Recurring financial charges | 65 | €120,906 | €184,656 | +€63,750 | +52.7% |
| Profit (loss) for the period before taxes | 9903 | €730,645 | €46,206 | -€684,440 | -93.7% |
| Income taxes | 67/77 | - | €11,942 | +€11,942 | |
| Profit (loss) for the period | 9904 | €730,645 | €34,264 | -€696,382 | -95.3% |
| Profit (loss) for the period to be appropriated | 9905 | €730,645 | €34,264 | -€696,382 | -95.3% |
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 5 October 2026 via checked.be.