M & R: 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 & R
Largest movements
- Current investments +€30,230
up €30,230 (+12.5%), from €241,270 to €271,500
- Receivables within one year +€3,694
up €3,694 (+21.9%), from €16,856 to €20,549
- Other debts +€100,873
up €100,873 (+296.4%), from €34,037 to €134,910
- Reserves -€64,900
down €64,900 (-27.3%), from €237,400 to €172,500
- Gross operating margin +€18,347
up €18,347 (+23.6%), from €77,624 to €95,972
- Taxes +€4,004
up €4,004 (+18.0%), from €22,230 to €26,234
- Financial income -€1,502
down €1,502 (-47.1%), from €3,193 to €1,690
- Depreciation +€965
up €965 (+20.5%), from €4,699 to €5,664
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 | €312,075 | €345,929 | +€33,854 | +10.8% |
| Fixed assets | 21/28 | €19,254 | €16,233 | -€3,021 | -15.7% |
| Tangible fixed assets | 22/27 | €19,254 | €16,233 | -€3,021 | -15.7% |
| Furniture and vehicles | 24 | €19,254 | €16,233 | -€3,021 | -15.7% |
| Current assets | 29/58 | €292,821 | €329,696 | +€36,875 | +12.6% |
| Amounts receivable within one year | 40/41 | €16,856 | €20,549 | +€3,694 | +21.9% |
| Trade receivables | 40 | €16,856 | €20,549 | +€3,694 | +21.9% |
| Current investments | 50/53 | €241,270 | €271,500 | +€30,230 | +12.5% |
| Cash at bank and in hand | 54/58 | €32,863 | €35,242 | +€2,379 | +7.2% |
| Deferred charges and accrued income | 490/1 | €1,832 | €2,405 | +€573 | +31.3% |
| Total equity and liabilities | 10/49 | €312,075 | €345,929 | +€33,854 | +10.8% |
| Equity | 10/15 | €258,067 | €193,910 | -€64,157 | -24.9% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Reserves | 13 | €237,400 | €172,500 | -€64,900 | -27.3% |
| Distributable reserves | 133 | €237,400 | €172,500 | -€64,900 | -27.3% |
| Profit (loss) carried forward | 14 | €12,607 | €13,350 | +€743 | +5.9% |
| Amounts payable | 17/49 | €54,008 | €152,019 | +€98,010 | +181.5% |
| Amounts payable within one year | 42/48 | €53,967 | €151,998 | +€98,031 | +181.6% |
| Trade debts | 44 | €2,022 | €1,940 | -€82 | -4.1% |
| Suppliers | 440/4 | €2,022 | €1,940 | -€82 | -4.1% |
| Taxes, remuneration and social security | 45 | €17,909 | €15,148 | -€2,760 | -15.4% |
| Taxes | 450/3 | €17,909 | €15,148 | -€2,760 | -15.4% |
| Other amounts payable | 47/48 | €34,037 | €134,910 | +€100,873 | +296.4% |
| Accrued charges and deferred income | 492/3 | €41 | €21 | -€20 | -49.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,699 | €5,664 | +€965 | +20.5% |
| Other operating charges | 640/8 | €1,404 | €1,360 | -€44 | -3.1% |
| Gross operating margin | 9900 | €77,624 | €95,972 | +€18,347 | +23.6% |
| Operating profit (loss) | 9901 | €71,521 | €88,947 | +€17,426 | +24.4% |
| Financial income | 75/76B | €3,193 | €1,690 | -€1,502 | -47.1% |
| Recurring financial income | 75 | €3,193 | €1,690 | -€1,502 | -47.1% |
| Financial charges | 65/66B | €139 | €160 | +€21 | +14.8% |
| Recurring financial charges | 65 | €139 | €160 | +€21 | +14.8% |
| Profit (loss) for the period before taxes | 9903 | €74,575 | €90,478 | +€15,903 | +21.3% |
| Income taxes | 67/77 | €22,230 | €26,234 | +€4,004 | +18.0% |
| Profit (loss) for the period | 9904 | €52,344 | €64,243 | +€11,899 | +22.7% |
| Profit (loss) for the period to be appropriated | 9905 | €52,344 | €64,243 | +€11,899 | +22.7% |
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 6 October 2026 via checked.be.