M-T: 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-T
Largest movements
- Current investments +€199,543
up €199,543 (+25.4%), from €785,771 to €985,314
- Tangible fixed assets -€20,373
down €20,373 (-6.9%), from €293,592 to €273,219
of which Land and buildings: -€18,383
- Reserves +€178,763
up €178,763 (+21.6%), from €828,799 to €1.0m
of which Distributable reserves: +€178,763
- Financial income +€73,208
up €73,208 (+37.4%), from €195,537 to €268,745
of which Financial income: +€76,861
- Depreciation -€10,283
down €10,283 (-34.0%), from €30,236 to €19,954
- Gross operating margin +€8,606
up €8,606 (+16.0%), from -€53,902 to -€45,296
- Taxes +€8,565
up €8,565 (+86.5%), from €9,905 to €18,470
- Financial charges -€1,646
down €1,646 (-72.1%), from €2,282 to €635
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 | €1,650,577 | €1,838,786 | +€188,209 | +11.4% |
| Fixed assets | 21/28 | €459,392 | €438,219 | -€21,173 | -4.6% |
| Tangible fixed assets | 22/27 | €293,592 | €273,219 | -€20,373 | -6.9% |
| Land and buildings | 22 | €284,516 | €266,134 | -€18,383 | -6.5% |
| Plant, machinery and equipment | 23 | €756 | €2,377 | +€1,622 | +214.7% |
| Furniture and vehicles | 24 | €7,742 | €4,213 | -€3,528 | -45.6% |
| Other tangible fixed assets | 26 | €579 | €495 | -€84 | -14.5% |
| Financial fixed assets | 28 | €165,800 | €165,000 | -€800 | -0.5% |
| Current assets | 29/58 | €1,191,185 | €1,400,567 | +€209,382 | +17.6% |
| Amounts receivable within one year | 40/41 | €185 | €16,267 | +€16,082 | +8683.0% |
| Other amounts receivable | 41 | €185 | €16,267 | +€16,082 | +8683.0% |
| Current investments | 50/53 | €785,771 | €985,314 | +€199,543 | +25.4% |
| Cash at bank and in hand | 54/58 | €400,445 | €392,964 | -€7,481 | -1.9% |
| Deferred charges and accrued income | 490/1 | €4,783 | €6,021 | +€1,238 | +25.9% |
| Total equity and liabilities | 10/49 | €1,650,577 | €1,838,786 | +€188,209 | +11.4% |
| Equity | 10/15 | €1,635,414 | €1,814,178 | +€178,763 | +10.9% |
| Contributions | 10/11 | €312,200 | €312,200 | = | 0.0% |
| Reserves | 13 | €828,799 | €1,007,563 | +€178,763 | +21.6% |
| Tax-exempt reserves | 132 | €4,700 | €4,700 | = | 0.0% |
| Distributable reserves | 133 | €824,099 | €1,002,863 | +€178,763 | +21.7% |
| Profit (loss) carried forward | 14 | €494,415 | €494,415 | = | 0.0% |
| Amounts payable | 17/49 | €15,163 | €24,608 | +€9,446 | +62.3% |
| Amounts payable after more than one year | 17 | €1,800 | €1,800 | = | 0.0% |
| Financial debts | 170/4 | €0 | - | = | |
| Other amounts payable | 178/9 | €1,800 | €1,800 | = | 0.0% |
| Amounts payable within one year | 42/48 | €8,200 | €19,648 | +€11,448 | +139.6% |
| Trade debts | 44 | €558 | €6,320 | +€5,762 | +1032.3% |
| Suppliers | 440/4 | €558 | €6,320 | +€5,762 | +1032.3% |
| Taxes, remuneration and social security | 45 | €7,642 | €13,328 | +€5,687 | +74.4% |
| Taxes | 450/3 | €7,642 | €13,328 | +€5,687 | +74.4% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €5,163 | €3,160 | -€2,003 | -38.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,236 | €19,954 | -€10,283 | -34.0% |
| Other operating charges | 640/8 | €6,339 | €5,627 | -€712 | -11.2% |
| Gross operating margin | 9900 | -€53,902 | -€45,296 | +€8,606 | +16.0% |
| Operating profit (loss) | 9901 | -€90,477 | -€70,876 | +€19,601 | +21.7% |
| Financial income | 75/76B | €195,537 | €268,745 | +€73,208 | +37.4% |
| Recurring financial income | 75 | €182,839 | €259,700 | +€76,861 | +42.0% |
| Non-recurring financial income | 76B | €12,698 | €9,046 | -€3,653 | -28.8% |
| Financial charges | 65/66B | €2,282 | €635 | -€1,646 | -72.1% |
| Recurring financial charges | 65 | €2,282 | €635 | -€1,646 | -72.1% |
| Profit (loss) for the period before taxes | 9903 | €102,778 | €197,234 | +€94,455 | +91.9% |
| Income taxes | 67/77 | €9,905 | €18,470 | +€8,565 | +86.5% |
| Profit (loss) for the period | 9904 | €92,873 | €178,763 | +€85,890 | +92.5% |
| Profit (loss) for the period to be appropriated | 9905 | €92,873 | €178,763 | +€85,890 | +92.5% |
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 3 October 2026 via checked.be.