M-POWER: 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-POWER
Largest movements
- Tangible fixed assets -€22,825
down €22,825 (-12.2%), from €186,925 to €164,100
of which Plant, machinery and equipment: -€13,352
- Receivables within one year +€7,293
up €7,293 (+1672.7%), from €436 to €7,729
of which Trade receivables: +€6,002
- Cash +€4,034
up €4,034 (+99.5%), from €4,056 to €8,090
mainly Depreciation (+€22,825) and Stocks and contracts (+€1,460)
- Trade debts -€7,437
no longer reported in 2025 (was €7,437)
- Other debts -€5,491
down €5,491 (-2.7%), from €201,925 to €196,434
- Gross operating margin -€20,592
down €20,592 (-45.1%), from €45,623 to €25,031
- Depreciation +€1,185
up €1,185 (+5.5%), from €21,640 to €22,825
- Financial charges -€569
down €569 (-48.5%), from €1,174 to €605
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 | €219,299 | €206,341 | -€12,958 | -5.9% |
| Fixed assets | 21/28 | €187,325 | €164,500 | -€22,825 | -12.2% |
| Tangible fixed assets | 22/27 | €186,925 | €164,100 | -€22,825 | -12.2% |
| Plant, machinery and equipment | 23 | €92,115 | €78,763 | -€13,352 | -14.5% |
| Furniture and vehicles | 24 | €8,385 | €6,585 | -€1,800 | -21.5% |
| Other tangible fixed assets | 26 | €86,425 | €78,752 | -€7,673 | -8.9% |
| Financial fixed assets | 28 | €400 | €400 | = | 0.0% |
| Current assets | 29/58 | €31,974 | €41,841 | +€9,867 | +30.9% |
| Stocks and contracts in progress | 3 | €27,482 | €26,022 | -€1,460 | -5.3% |
| Stocks | 30/36 | €27,482 | €26,022 | -€1,460 | -5.3% |
| Amounts receivable within one year | 40/41 | €436 | €7,729 | +€7,293 | +1672.7% |
| Trade receivables | 40 | - | €6,002 | +€6,002 | |
| Other amounts receivable | 41 | €436 | €1,727 | +€1,291 | +296.1% |
| Cash at bank and in hand | 54/58 | €4,056 | €8,090 | +€4,034 | +99.5% |
| Total equity and liabilities | 10/49 | €219,299 | €206,341 | -€12,958 | -5.9% |
| Equity | 10/15 | €9,607 | €9,907 | +€300 | +3.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,407 | €3,707 | +€300 | +8.8% |
| Amounts payable | 17/49 | €209,692 | €196,434 | -€13,258 | -6.3% |
| Amounts payable within one year | 42/48 | €209,692 | €196,434 | -€13,258 | -6.3% |
| Trade debts | 44 | €7,437 | - | -€7,437 | |
| Suppliers | 440/4 | €7,437 | - | -€7,437 | |
| Taxes, remuneration and social security | 45 | €330 | - | -€330 | |
| Taxes | 450/3 | €330 | - | -€330 | |
| Other amounts payable | 47/48 | €201,925 | €196,434 | -€5,491 | -2.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,640 | €22,825 | +€1,185 | +5.5% |
| Other operating charges | 640/8 | €986 | €1,300 | +€314 | +31.8% |
| Gross operating margin | 9900 | €45,623 | €25,031 | -€20,592 | -45.1% |
| Operating profit (loss) | 9901 | €22,997 | €906 | -€22,091 | -96.1% |
| Financial charges | 65/66B | €1,174 | €605 | -€569 | -48.5% |
| Recurring financial charges | 65 | €1,174 | €605 | -€569 | -48.5% |
| Profit (loss) for the period before taxes | 9903 | €21,823 | €301 | -€21,522 | -98.6% |
| Profit (loss) for the period | 9904 | €21,823 | €301 | -€21,522 | -98.6% |
| Profit (loss) for the period to be appropriated | 9905 | €21,823 | €301 | -€21,522 | -98.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.