M² Retail: 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.
M² Retail
Largest movements
- Cash -€70,483
down €70,483 (-45.0%), from €156,724 to €86,241
mainly Contributions, distributions and other (-€81,524) and Tax, wage and social debts (-€20,894)
- Tangible fixed assets -€20,638
down €20,638 (-31.8%), from €64,815 to €44,177
of which Furniture and vehicles: -€19,754
- Receivables within one year +€12,480
up €12,480 (+186%), from €6,693 to €19,173
of which Other amounts receivable: +€6,887
- Profit (loss) carried forward -€57,924
no longer reported in 2025 (was €57,924)
- Tax, wage and social debts -€20,894
down €20,894 (-39.7%), from €52,668 to €31,774
- Debts after one year -€14,213
down €14,213 (-70.4%), from €20,175 to €5,963
- Other debts +€12,892
new in 2025: €12,892
- Gross operating margin -€38,001
down €38,001 (-38.7%), from €98,311 to €60,310
- Taxes -€7,732
down €7,732 (-40.9%), from €18,887 to €11,155
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 | €229,482 | €151,506 | -€77,976 | -34.0% |
| Fixed assets | 21/28 | €64,815 | €44,177 | -€20,638 | -31.8% |
| Tangible fixed assets | 22/27 | €64,815 | €44,177 | -€20,638 | -31.8% |
| Plant, machinery and equipment | 23 | €1,955 | €2,038 | +€83 | +4.3% |
| Furniture and vehicles | 24 | €54,543 | €34,789 | -€19,754 | -36.2% |
| Other tangible fixed assets | 26 | €8,318 | €7,350 | -€968 | -11.6% |
| Current assets | 29/58 | €164,667 | €107,329 | -€57,338 | -34.8% |
| Amounts receivable within one year | 40/41 | €6,693 | €19,173 | +€12,480 | +186% |
| Trade receivables | 40 | €4,735 | €10,328 | +€5,593 | +118% |
| Other amounts receivable | 41 | €1,958 | €8,845 | +€6,887 | +352% |
| Cash at bank and in hand | 54/58 | €156,724 | €86,241 | -€70,483 | -45.0% |
| Deferred charges and accrued income | 490/1 | €1,249 | €1,914 | +€665 | +53.2% |
| Total equity and liabilities | 10/49 | €229,482 | €151,506 | -€77,976 | -34.0% |
| Equity | 10/15 | €138,512 | €81,314 | -€57,198 | -41.3% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €79,588 | €80,314 | +€726 | +0.9% |
| Distributable reserves | 133 | €79,588 | €80,314 | +€726 | +0.9% |
| Profit (loss) carried forward | 14 | €57,924 | - | -€57,924 | |
| Amounts payable | 17/49 | €90,970 | €70,192 | -€20,778 | -22.8% |
| Amounts payable after more than one year | 17 | €20,175 | €5,963 | -€14,213 | -70.4% |
| Financial debts | 170/4 | €20,175 | €5,963 | -€14,213 | -70.4% |
| Amounts payable within one year | 42/48 | €68,228 | €61,268 | -€6,959 | -10.2% |
| Current portion of amounts payable after more than one year | 42 | €14,075 | €14,213 | +€137 | +1.0% |
| Trade debts | 44 | €1,484 | €2,390 | +€906 | +61.1% |
| Suppliers | 440/4 | €1,484 | €2,390 | +€906 | +61.1% |
| Taxes, remuneration and social security | 45 | €52,668 | €31,774 | -€20,894 | -39.7% |
| Taxes | 450/3 | €52,668 | €31,774 | -€20,894 | -39.7% |
| Other amounts payable | 47/48 | - | €12,892 | +€12,892 | |
| Accrued charges and deferred income | 492/3 | €2,567 | €2,961 | +€394 | +15.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,006 | €20,519 | +€513 | +2.6% |
| Other operating charges | 640/8 | €935 | €1,109 | +€174 | +18.6% |
| Non-recurring operating charges | 66A | - | €2,787 | +€2,787 | |
| Gross operating margin | 9900 | €98,311 | €60,310 | -€38,001 | -38.7% |
| Operating profit (loss) | 9901 | €77,370 | €35,895 | -€41,475 | -53.6% |
| Financial income | 75/76B | €41 | €20 | -€20 | -50.5% |
| Recurring financial income | 75 | €41 | €20 | -€20 | -50.5% |
| Financial charges | 65/66B | €600 | €434 | -€166 | -27.6% |
| Recurring financial charges | 65 | €600 | €434 | -€166 | -27.6% |
| Profit (loss) for the period before taxes | 9903 | €76,811 | €35,481 | -€41,330 | -53.8% |
| Income taxes | 67/77 | €18,887 | €11,155 | -€7,732 | -40.9% |
| Profit (loss) for the period | 9904 | €57,924 | €24,326 | -€33,598 | -58.0% |
| Profit (loss) for the period to be appropriated | 9905 | €57,924 | €24,326 | -€33,598 | -58.0% |
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 17 October 2026 via checked.be.