M SOLUTION: 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 SOLUTION
Largest movements
- Cash -€55,950
down €55,950 (-44.5%), from €125,753 to €69,803
mainly Contributions, distributions and other (-€40,132) and Receivables within one year (-€20,601)
- Receivables within one year +€20,601
up €20,601 (+74.8%), from €27,550 to €48,151
of which Other amounts receivable: +€20,601
- Tangible fixed assets -€14,633
down €14,633 (-34.2%), from €42,769 to €28,136
of which Furniture and vehicles: -€14,143
- Reserves -€40,132
down €40,132 (-29.4%), from €136,390 to €96,258
- Profit (loss) carried forward -€8,751
down €8,751 (-13.8%), from €63,338 to €54,586
- Gross operating margin -€33,727
down €33,727 (-78.6%), from €42,925 to €9,199
- Taxes -€7,052
down €7,052 (-94.7%), from €7,450 to €399
- Depreciation -€2,082
down €2,082 (-11.7%), from €17,836 to €15,754
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 | €232,940 | €183,707 | -€49,233 | -21.1% |
| Fixed assets | 21/28 | €69,519 | €54,886 | -€14,633 | -21.0% |
| Tangible fixed assets | 22/27 | €42,769 | €28,136 | -€14,633 | -34.2% |
| Land and buildings | 22 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €3,616 | €3,125 | -€490 | -13.6% |
| Furniture and vehicles | 24 | €39,153 | €25,011 | -€14,143 | -36.1% |
| Financial fixed assets | 28 | €26,750 | €26,750 | = | 0.0% |
| Current assets | 29/58 | €163,421 | €128,821 | -€34,600 | -21.2% |
| Amounts receivable within one year | 40/41 | €27,550 | €48,151 | +€20,601 | +74.8% |
| Trade receivables | 40 | €14,000 | €14,000 | = | 0.0% |
| Other amounts receivable | 41 | €13,550 | €34,151 | +€20,601 | +152.0% |
| Cash at bank and in hand | 54/58 | €125,753 | €69,803 | -€55,950 | -44.5% |
| Deferred charges and accrued income | 490/1 | €10,118 | €10,867 | +€749 | +7.4% |
| Total equity and liabilities | 10/49 | €232,940 | €183,707 | -€49,233 | -21.1% |
| Equity | 10/15 | €218,278 | €169,394 | -€48,883 | -22.4% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €136,390 | €96,258 | -€40,132 | -29.4% |
| Distributable reserves | 133 | €136,390 | €96,258 | -€40,132 | -29.4% |
| Profit (loss) carried forward | 14 | €63,338 | €54,586 | -€8,751 | -13.8% |
| Amounts payable | 17/49 | €14,663 | €14,313 | -€350 | -2.4% |
| Amounts payable within one year | 42/48 | €14,663 | €14,313 | -€350 | -2.4% |
| Trade debts | 44 | €36 | - | -€36 | |
| Suppliers | 440/4 | €36 | - | -€36 | |
| Taxes, remuneration and social security | 45 | €13,890 | €14,255 | +€365 | +2.6% |
| Taxes | 450/3 | €13,890 | €14,255 | +€365 | +2.6% |
| Other amounts payable | 47/48 | €737 | €58 | -€679 | -92.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,836 | €15,754 | -€2,082 | -11.7% |
| Other operating charges | 640/8 | €1,764 | €1,526 | -€238 | -13.5% |
| Gross operating margin | 9900 | €42,925 | €9,199 | -€33,727 | -78.6% |
| Operating profit (loss) | 9901 | €23,325 | -€8,081 | -€31,406 | |
| Financial charges | 65/66B | €575 | €272 | -€304 | -52.8% |
| Recurring financial charges | 65 | €575 | €272 | -€304 | -52.8% |
| Profit (loss) for the period before taxes | 9903 | €22,750 | -€8,353 | -€31,103 | |
| Income taxes | 67/77 | €7,450 | €399 | -€7,052 | -94.7% |
| Profit (loss) for the period | 9904 | €15,300 | -€8,751 | -€24,051 | |
| Profit (loss) for the period to be appropriated | 9905 | €15,300 | -€8,751 | -€24,051 |
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 5 October 2026 via checked.be.