M RENOVATION: 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 RENOVATION
Largest movements
- Cash -€256,341
down €256,341 (-89.6%), from €286,221 to €29,880
mainly Other debts (-€271,356) and Deferred charges and accrued income (-€21,789)
- Receivables within one year -€26,228
down €26,228 (-54.0%), from €48,593 to €22,365
of which Trade receivables: -€25,065
- Deferred charges and accrued income +€21,789
up €21,789 (+1,599%), from €1,363 to €23,151
- Tangible fixed assets -€11,826
down €11,826 (-24.8%), from €47,650 to €35,824
- Other debts -€271,356
down €271,356 (-98.2%), from €276,367 to €5,011
- Reserves +€11,493
up €11,493 (+20.0%), from €57,451 to €68,944
- Debts after one year -€4,958
down €4,958 (-100%), from €4,958 to €0
- Current portion of long-term debt -€4,435
down €4,435 (-47.2%), from €9,393 to €4,958
- Trade debts -€4,346
down €4,346 (-21.9%), from €19,865 to €15,520
- Gross operating margin -€113,163
down €113,163 (-76.0%), from €148,836 to €35,673
- Taxes -€22,926
down €22,926 (-75.1%), from €30,540 to €7,614
- Other operating charges +€2,277
up €2,277 (+165%), from €1,382 to €3,659
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 | €383,826 | €111,220 | -€272,606 | -71.0% |
| Fixed assets | 21/28 | €47,650 | €35,824 | -€11,826 | -24.8% |
| Tangible fixed assets | 22/27 | €47,650 | €35,824 | -€11,826 | -24.8% |
| Land and buildings | 22 | €26,354 | €25,293 | -€1,061 | -4.0% |
| Plant, machinery and equipment | 23 | €213 | €6 | -€207 | -97.1% |
| Furniture and vehicles | 24 | €15,743 | €10,525 | -€5,218 | -33.1% |
| Leasing and similar rights | 25 | €5,340 | €0 | -€5,340 | -100% |
| Current assets | 29/58 | €336,176 | €75,396 | -€260,780 | -77.6% |
| Amounts receivable within one year | 40/41 | €48,593 | €22,365 | -€26,228 | -54.0% |
| Trade receivables | 40 | €45,792 | €20,727 | -€25,065 | -54.7% |
| Other amounts receivable | 41 | €2,801 | €1,638 | -€1,163 | -41.5% |
| Cash at bank and in hand | 54/58 | €286,221 | €29,880 | -€256,341 | -89.6% |
| Deferred charges and accrued income | 490/1 | €1,363 | €23,151 | +€21,789 | +1,599% |
| Total equity and liabilities | 10/49 | €383,826 | €111,220 | -€272,606 | -71.0% |
| Equity | 10/15 | €58,951 | €70,444 | +€11,493 | +19.5% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €57,451 | €68,944 | +€11,493 | +20.0% |
| Distributable reserves | 133 | €57,451 | €68,944 | +€11,493 | +20.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €324,875 | €40,777 | -€284,098 | -87.4% |
| Amounts payable after more than one year | 17 | €4,958 | €0 | -€4,958 | -100% |
| Financial debts | 170/4 | €4,958 | €0 | -€4,958 | -100% |
| Amounts payable within one year | 42/48 | €319,917 | €40,777 | -€279,140 | -87.3% |
| Current portion of amounts payable after more than one year | 42 | €9,393 | €4,958 | -€4,435 | -47.2% |
| Trade debts | 44 | €19,865 | €15,520 | -€4,346 | -21.9% |
| Suppliers | 440/4 | €19,865 | €15,520 | -€4,346 | -21.9% |
| Taxes, remuneration and social security | 45 | €14,292 | €15,289 | +€997 | +7.0% |
| Taxes | 450/3 | €14,140 | €15,289 | +€1,149 | +8.1% |
| Remuneration and social security | 454/9 | €152 | €0 | -€152 | -100% |
| Other amounts payable | 47/48 | €276,367 | €5,011 | -€271,356 | -98.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,060 | €11,826 | +€766 | +6.9% |
| Other operating charges | 640/8 | €1,382 | €3,659 | +€2,277 | +165% |
| Gross operating margin | 9900 | €148,836 | €35,673 | -€113,163 | -76.0% |
| Operating profit (loss) | 9901 | €136,394 | €20,187 | -€116,207 | -85.2% |
| Financial income | 75/76B | €0 | €0 | +€0 | +220% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +220% |
| Financial charges | 65/66B | €591 | €1,082 | +€491 | +83.0% |
| Recurring financial charges | 65 | €591 | €1,082 | +€491 | +83.0% |
| Profit (loss) for the period before taxes | 9903 | €135,803 | €19,106 | -€116,697 | -85.9% |
| Income taxes | 67/77 | €30,540 | €7,614 | -€22,926 | -75.1% |
| Profit (loss) for the period | 9904 | €105,263 | €11,493 | -€93,771 | -89.1% |
| Profit (loss) for the period to be appropriated | 9905 | €105,263 | €11,493 | -€93,771 | -89.1% |
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 27 October 2026 via checked.be.