M-TREASURY MANAGEMENT: 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-TREASURY MANAGEMENT
Largest movements
- Receivables within one year -€46.5m
down €46.5m (-28.4%), from €163.8m to €117.3m
- Cash +€7.7m
up €7.7m (+21.2%), from €36.2m to €43.9m
mainly Receivables within one year (+€46.5m) and Deferred charges and accrued income (+€156,321)
- Other debts -€39.0m
down €39.0m (-20.0%), from €195.3m to €156.3m
- Financial income -€3.6m
down €3.6m (-26.2%), from €13.7m to €10.1m
- Financial charges -€3.6m
down €3.6m (-26.2%), from €13.7m to €10.1m
- Gross operating margin +€21,709
up €21,709 (+48.9%), from -€44,410 to -€22,701
- Other operating charges +€4,118
new in 2025: €4,118
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 | €200,185,893 | €161,224,710 | -€39.0m | -19.5% |
| Current assets | 29/58 | €200,185,893 | €161,224,710 | -€39.0m | -19.5% |
| Amounts receivable within one year | 40/41 | €163,797,929 | €117,295,581 | -€46.5m | -28.4% |
| Other amounts receivable | 41 | €163,797,929 | €117,295,581 | -€46.5m | -28.4% |
| Cash at bank and in hand | 54/58 | €36,231,643 | €43,929,129 | +€7.7m | +21.2% |
| Deferred charges and accrued income | 490/1 | €156,321 | - | -€156,321 | |
| Total equity and liabilities | 10/49 | €200,185,893 | €161,224,710 | -€39.0m | -19.5% |
| Equity | 10/15 | €4,863,979 | €4,872,952 | +€8,972 | +0.2% |
| Contributions | 10/11 | €400,000 | €400,000 | = | 0.0% |
| Reserves | 13 | €40,000 | €40,000 | = | 0.0% |
| Distributable reserves | 133 | €40,000 | €40,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,423,979 | €4,432,952 | +€8,972 | +0.2% |
| Amounts payable | 17/49 | €195,321,914 | €156,351,759 | -€39.0m | -20.0% |
| Amounts payable within one year | 42/48 | €195,321,914 | €156,317,715 | -€39.0m | -20.0% |
| Trade debts | 44 | €20,628 | €13,535 | -€7,093 | -34.4% |
| Suppliers | 440/4 | €20,628 | €13,535 | -€7,093 | -34.4% |
| Taxes, remuneration and social security | 45 | €39,789 | - | -€39,789 | |
| Taxes | 450/3 | €39,789 | - | -€39,789 | |
| Other amounts payable | 47/48 | €195,261,497 | €156,304,180 | -€39.0m | -20.0% |
| Accrued charges and deferred income | 492/3 | - | €34,043 | +€34,043 | |
| Other operating charges | 640/8 | - | €4,118 | +€4,118 | |
| Gross operating margin | 9900 | -€44,410 | -€22,701 | +€21,709 | +48.9% |
| Operating profit (loss) | 9901 | -€44,410 | -€26,819 | +€17,591 | +39.6% |
| Financial income | 75/76B | €13,709,605 | €10,112,648 | -€3.6m | -26.2% |
| Recurring financial income | 75 | €13,709,605 | €10,112,648 | -€3.6m | -26.2% |
| Financial charges | 65/66B | €13,659,098 | €10,076,857 | -€3.6m | -26.2% |
| Recurring financial charges | 65 | €13,659,098 | €10,076,857 | -€3.6m | -26.2% |
| Profit (loss) for the period before taxes | 9903 | €6,097 | €8,972 | +€2,875 | +47.2% |
| Profit (loss) for the period | 9904 | €6,097 | €8,972 | +€2,875 | +47.2% |
| Profit (loss) for the period to be appropriated | 9905 | €6,097 | €8,972 | +€2,875 | +47.2% |
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 9 October 2026 via checked.be.