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.
What changed
M & R
NACE 42.110, Construction of roads and motorways
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€128,626
2024 · -€36,167-€92,459
Equity
€817,958
2024 · €946,585-€128,626
Cash
€135
2024 · €4+€131
Balance sheet total
€2.9m
2024 · €3.2m-€261,154
Largest movements
Assets
- Receivables within one year -€285,246
down €285,246 (-53.6%), from €531,995 to €246,749
of which Trade receivables: -€434,399
- Deferred charges and accrued income +€36,465
up €36,465 (+948.8%), from €3,843 to €40,308
Equity and liabilities
- Reserves -€128,626
down €128,626 (-13.8%), from €934,185 to €805,558
of which Distributable reserves: -€124,787
- Debts after one year -€66,554
down €66,554 (-3.4%), from €1.9m to €1.9m
- Trade debts -€61,892
down €61,892 (-70.2%), from €88,146 to €26,254
Income statement
- Gross operating margin -€70,636
down €70,636 (-74.2%), from €95,220 to €24,584
- Financial charges +€70,240
up €70,240 (+293.8%), from €23,908 to €94,149
- Depreciation -€50,668
down €50,668 (-50.2%), from €100,937 to €50,270
- Other operating charges +€2,839
up €2,839 (+26.3%), from €10,794 to €13,633
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.
Result 2024
-€36,167
Gross operating margin
-€70,636
Depreciation
+€50,668
Other operating charges
-€2,839
Financial income
+€588
Financial charges
-€70,240
Result 2025
-€128,626
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.
From operations
+€101,578
Investment
-€37,766
Financing
-€63,681
Cash 2024
€4
From operations (derived)
+€101,578
Net result for the year
-€128,626
Depreciation
+€50,270
Receivables within one year
+€285,246
Deferred charges and accrued income
-€36,465
Provisions
-€1,961
Trade debts
-€61,892
Tax, wage and social debts
-€7,660
Accrued charges and deferred income
+€2,665
Investment (derived)
-€37,766
Investment in fixed assets (net)
-€37,766
Financing
-€63,681
Debts after one year
-€66,554
Current portion of long-term debt
+€2,872
Cash 2025
€135
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,210,666 | €2,949,511 | -€261,154 | -8.1% |
| Fixed assets | 21/28 | €2,674,824 | €2,662,320 | -€12,504 | -0.5% |
| Tangible fixed assets | 22/27 | €2,674,353 | €2,661,849 | -€12,504 | -0.5% |
| Land and buildings | 22 | €2,627,685 | €2,592,676 | -€35,009 | -1.3% |
| Plant, machinery and equipment | 23 | €6,706 | €5,096 | -€1,609 | -24.0% |
| Furniture and vehicles | 24 | €39,963 | €64,077 | +€24,114 | +60.3% |
| Financial fixed assets | 28 | €470 | €470 | = | 0.0% |
| Current assets | 29/58 | €535,842 | €287,192 | -€248,650 | -46.4% |
| Amounts receivable within one year | 40/41 | €531,995 | €246,749 | -€285,246 | -53.6% |
| Trade receivables | 40 | €434,602 | €203 | -€434,399 | -100.0% |
| Other amounts receivable | 41 | €97,393 | €246,545 | +€149,153 | +153.1% |
| Cash at bank and in hand | 54/58 | €4 | €135 | +€131 | +3344.5% |
| Deferred charges and accrued income | 490/1 | €3,843 | €40,308 | +€36,465 | +948.8% |
| Total equity and liabilities | 10/49 | €3,210,666 | €2,949,511 | -€261,154 | -8.1% |
| Equity | 10/15 | €946,585 | €817,958 | -€128,626 | -13.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €934,185 | €805,558 | -€128,626 | -13.8% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €389,934 | €386,094 | -€3,839 | -1.0% |
| Distributable reserves | 133 | €544,251 | €419,464 | -€124,787 | -22.9% |
| Provisions and deferred taxes | 16 | €144,323 | €142,362 | -€1,961 | -1.4% |
| Deferred taxes | 168 | €144,323 | €142,362 | -€1,961 | -1.4% |
| Amounts payable | 17/49 | €2,119,758 | €1,989,191 | -€130,567 | -6.2% |
| Amounts payable after more than one year | 17 | €1,936,319 | €1,869,765 | -€66,554 | -3.4% |
| Financial debts | 170/4 | €1,936,319 | €1,869,765 | -€66,554 | -3.4% |
| Amounts payable within one year | 42/48 | €173,538 | €106,859 | -€66,679 | -38.4% |
| Current portion of amounts payable after more than one year | 42 | €63,681 | €66,554 | +€2,872 | +4.5% |
| Trade debts | 44 | €88,146 | €26,254 | -€61,892 | -70.2% |
| Suppliers | 440/4 | €88,146 | €26,254 | -€61,892 | -70.2% |
| Taxes, remuneration and social security | 45 | €21,710 | €14,051 | -€7,660 | -35.3% |
| Taxes | 450/3 | €16,595 | €14,051 | -€2,545 | -15.3% |
| Remuneration and social security | 454/9 | €5,115 | €0 | -€5,115 | -100.0% |
| Accrued charges and deferred income | 492/3 | €9,901 | €12,567 | +€2,665 | +26.9% |
| Non-recurring operating income | 76A | €0 | €43,488 | +€43,488 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €100,937 | €50,270 | -€50,668 | -50.2% |
| Other operating charges | 640/8 | €10,794 | €13,633 | +€2,839 | +26.3% |
| Gross operating margin | 9900 | €95,220 | €24,584 | -€70,636 | -74.2% |
| Operating profit (loss) | 9901 | -€16,512 | -€39,319 | -€22,807 | -138.1% |
| Financial income | 75/76B | €2,293 | €2,881 | +€588 | +25.6% |
| Recurring financial income | 75 | €2,293 | €2,881 | +€588 | +25.6% |
| Financial charges | 65/66B | €23,908 | €94,149 | +€70,240 | +293.8% |
| Recurring financial charges | 65 | €23,908 | €94,149 | +€70,240 | +293.8% |
| Profit (loss) for the period before taxes | 9903 | -€38,128 | -€130,587 | -€92,459 | -242.5% |
| Transfer from deferred taxes | 780 | €1,961 | €1,961 | = | 0.0% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€36,167 | -€128,626 | -€92,459 | -255.6% |
| Transfer from tax-exempt reserves | 789 | €3,839 | €3,839 | -€0 | 0.0% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | -€32,327 | -€124,787 | -€92,459 | -286.0% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.