M PLUS: 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 PLUS
Largest movements
- Current investments -€20,467
down €20,467 (-41.1%), from €49,791 to €29,324
- Receivables within one year -€14,246
down €14,246 (-51.4%), from €27,704 to €13,458
of which Other amounts receivable: -€20,532
- Tangible fixed assets -€12,270
down €12,270 (-36.4%), from €33,678 to €21,408
of which Furniture and vehicles: -€12,270
- Reserves -€48,559
down €48,559 (-9.5%), from €509,951 to €461,392
of which Distributable reserves: -€46,699
- Other debts +€7,784
new in 2025: €7,784
- Gross operating margin -€70,222
down €70,222 (-45.1%), from €155,592 to €85,370
- Taxes -€14,593
down €14,593 (-36.5%), from €40,018 to €25,425
- Other operating charges -€1,619
down €1,619 (-58.4%), from €2,770 to €1,151
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 | €677,331 | €628,629 | -€48,702 | -7.2% |
| Fixed assets | 21/28 | €33,753 | €21,408 | -€12,345 | -36.6% |
| Tangible fixed assets | 22/27 | €33,678 | €21,408 | -€12,270 | -36.4% |
| Furniture and vehicles | 24 | €33,678 | €21,408 | -€12,270 | -36.4% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Financial fixed assets | 28 | €75 | €0 | -€75 | -100% |
| Current assets | 29/58 | €643,578 | €607,221 | -€36,357 | -5.6% |
| Amounts receivable within one year | 40/41 | €27,704 | €13,458 | -€14,246 | -51.4% |
| Trade receivables | 40 | €4,866 | €11,151 | +€6,285 | +129% |
| Other amounts receivable | 41 | €22,839 | €2,307 | -€20,532 | -89.9% |
| Current investments | 50/53 | €49,791 | €29,324 | -€20,467 | -41.1% |
| Cash at bank and in hand | 54/58 | €559,691 | €560,327 | +€636 | +0.1% |
| Deferred charges and accrued income | 490/1 | €6,392 | €4,111 | -€2,281 | -35.7% |
| Total equity and liabilities | 10/49 | €677,331 | €628,629 | -€48,702 | -7.2% |
| Equity | 10/15 | €663,074 | €614,516 | -€48,559 | -7.3% |
| Contributions | 10/11 | €15,850 | €15,850 | = | 0.0% |
| Reserves | 13 | €509,951 | €461,392 | -€48,559 | -9.5% |
| Non-distributable reserves | 130/1 | €1,860 | €0 | -€1,860 | -100% |
| Reserves not available under the articles | 1311 | €1,860 | €0 | -€1,860 | -100% |
| Distributable reserves | 133 | €508,091 | €461,392 | -€46,699 | -9.2% |
| Profit (loss) carried forward | 14 | €137,274 | €137,274 | = | 0.0% |
| Amounts payable | 17/49 | €14,257 | €14,113 | -€143 | -1.0% |
| Amounts payable within one year | 42/48 | €14,257 | €14,113 | -€143 | -1.0% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €6,055 | €2,099 | -€3,956 | -65.3% |
| Suppliers | 440/4 | €6,055 | €2,099 | -€3,956 | -65.3% |
| Taxes, remuneration and social security | 45 | €8,201 | €4,230 | -€3,971 | -48.4% |
| Taxes | 450/3 | €8,201 | €4,230 | -€3,971 | -48.4% |
| Other amounts payable | 47/48 | - | €7,784 | +€7,784 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,555 | €12,270 | -€1,285 | -9.5% |
| Other operating charges | 640/8 | €2,770 | €1,151 | -€1,619 | -58.4% |
| Non-recurring operating charges | 66A | €5,653 | €0 | -€5,653 | -100% |
| Gross operating margin | 9900 | €155,592 | €85,370 | -€70,222 | -45.1% |
| Operating profit (loss) | 9901 | €133,615 | €71,949 | -€61,666 | -46.2% |
| Financial income | 75/76B | €3,023 | €3,606 | +€584 | +19.3% |
| Recurring financial income | 75 | €3,023 | €3,606 | +€584 | +19.3% |
| Financial charges | 65/66B | €887 | €289 | -€598 | -67.4% |
| Recurring financial charges | 65 | €887 | €289 | -€598 | -67.4% |
| Profit (loss) for the period before taxes | 9903 | €135,750 | €75,265 | -€60,485 | -44.6% |
| Income taxes | 67/77 | €40,018 | €25,425 | -€14,593 | -36.5% |
| Profit (loss) for the period | 9904 | €95,732 | €49,840 | -€45,892 | -47.9% |
| Profit (loss) for the period to be appropriated | 9905 | €95,732 | €49,840 | -€45,892 | -47.9% |
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 31 October 2026 via checked.be.