M & V: 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 & V
Largest movements
- Receivables within one year +€19,238
up €19,238 (+9.0%), from €213,091 to €232,329
of which Other amounts receivable: +€31,958
- Cash -€18,535
down €18,535 (-80.4%), from €23,065 to €4,530
mainly Trade debts (-€88,637) and Receivables within one year (-€19,238)
- Financial fixed assets +€3,000
up €3,000 (+294.5%), from €1,019 to €4,019
- Trade debts -€88,637
down €88,637 (-69.2%), from €128,172 to €39,535
- Profit (loss) carried forward +€63,250
up €63,250 (+188.3%), from €33,596 to €96,846
- Tax, wage and social debts +€30,624
up €30,624 (+50.3%), from €60,850 to €91,474
of which Taxes: +€36,759
- Current portion of long-term debt -€3,090
no longer reported in 2025 (was €3,090)
- Gross operating margin +€112,984
up €112,984 (+155.0%), from €72,894 to €185,877
- Taxes +€29,592
up €29,592 (+242.0%), from €12,226 to €41,818
- Financial charges +€5,474
up €5,474 (+111.1%), from €4,929 to €10,403
- Depreciation -€2,639
down €2,639 (-38.4%), from €6,877 to €4,238
- Financial income +€2,484
up €2,484 (+29.7%), from €8,370 to €10,854
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 | €249,989 | €252,136 | +€2,147 | +0.9% |
| Fixed assets | 21/28 | €8,333 | €9,777 | +€1,444 | +17.3% |
| Tangible fixed assets | 22/27 | €7,315 | €5,758 | -€1,556 | -21.3% |
| Plant, machinery and equipment | 23 | €397 | €1,611 | +€1,214 | +305.7% |
| Furniture and vehicles | 24 | €25 | €1,095 | +€1,070 | +4257.6% |
| Leasing and similar rights | 25 | €3,465 | - | -€3,465 | |
| Other tangible fixed assets | 26 | €3,427 | €3,052 | -€375 | -10.9% |
| Financial fixed assets | 28 | €1,019 | €4,019 | +€3,000 | +294.5% |
| Current assets | 29/58 | €241,655 | €242,358 | +€703 | +0.3% |
| Stocks and contracts in progress | 3 | €5,500 | €5,500 | = | 0.0% |
| Stocks | 30/36 | €5,500 | €5,500 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €213,091 | €232,329 | +€19,238 | +9.0% |
| Trade receivables | 40 | €17,628 | €4,907 | -€12,720 | -72.2% |
| Other amounts receivable | 41 | €195,463 | €227,421 | +€31,958 | +16.3% |
| Cash at bank and in hand | 54/58 | €23,065 | €4,530 | -€18,535 | -80.4% |
| Total equity and liabilities | 10/49 | €249,989 | €252,136 | +€2,147 | +0.9% |
| Equity | 10/15 | €57,876 | €121,126 | +€63,250 | +109.3% |
| Contributions | 10/11 | €17,420 | €17,420 | = | 0.0% |
| Reserves | 13 | €6,860 | €6,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,860 | €1,860 | -€5,000 | -72.9% |
| Reserves not available under the articles | 1311 | €6,860 | €1,860 | -€5,000 | -72.9% |
| Distributable reserves | 133 | - | €5,000 | +€5,000 | |
| Profit (loss) carried forward | 14 | €33,596 | €96,846 | +€63,250 | +188.3% |
| Amounts payable | 17/49 | €192,112 | €131,010 | -€61,103 | -31.8% |
| Amounts payable within one year | 42/48 | €192,112 | €131,010 | -€61,103 | -31.8% |
| Current portion of amounts payable after more than one year | 42 | €3,090 | - | -€3,090 | |
| Trade debts | 44 | €128,172 | €39,535 | -€88,637 | -69.2% |
| Suppliers | 440/4 | €128,172 | €39,535 | -€88,637 | -69.2% |
| Taxes, remuneration and social security | 45 | €60,850 | €91,474 | +€30,624 | +50.3% |
| Taxes | 450/3 | €48,651 | €85,410 | +€36,759 | +75.6% |
| Remuneration and social security | 454/9 | €12,199 | €6,064 | -€6,134 | -50.3% |
| Remuneration, social security and pensions | 62 | €19,800 | €19,897 | +€98 | +0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,877 | €4,238 | -€2,639 | -38.4% |
| Other operating charges | 640/8 | €6,407 | €6,071 | -€336 | -5.2% |
| Non-recurring operating charges | 66A | €7,219 | €51,054 | +€43,835 | +607.2% |
| Gross operating margin | 9900 | €72,894 | €185,877 | +€112,984 | +155.0% |
| Operating profit (loss) | 9901 | €32,591 | €104,617 | +€72,025 | +221.0% |
| Financial income | 75/76B | €8,370 | €10,854 | +€2,484 | +29.7% |
| Recurring financial income | 75 | €8,370 | €10,854 | +€2,484 | +29.7% |
| Financial charges | 65/66B | €4,929 | €10,403 | +€5,474 | +111.1% |
| Recurring financial charges | 65 | €4,929 | €10,403 | +€5,474 | +111.1% |
| Profit (loss) for the period before taxes | 9903 | €36,033 | €105,068 | +€69,035 | +191.6% |
| Income taxes | 67/77 | €12,226 | €41,818 | +€29,592 | +242.0% |
| Profit (loss) for the period | 9904 | €23,806 | €63,250 | +€39,443 | +165.7% |
| Profit (loss) for the period to be appropriated | 9905 | €23,806 | €63,250 | +€39,443 | +165.7% |
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 4 October 2026 via checked.be.