M - VENTURES: 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 - VENTURES
Largest movements
- Receivables after one year -€56,458
down €56,458 (-60.7%), from €93,050 to €36,592
- Cash +€12,594
up €12,594 (+338%), from €3,726 to €16,320
mainly Debts after one year (+€452,707) and Receivables after one year (+€56,458)
- Short-term financial debts -€500,000
down €500,000 (-100%), from €500,000 to €0
- Debts after one year +€452,707
up €452,707 (+316%), from €143,196 to €595,903
of which Financial debts: +€452,707
- Gross operating margin -€7,105
down €7,105 (-15.0%), from €47,297 to €40,193
- Financial charges -€6,844
down €6,844 (-17.7%), from €38,613 to €31,769
- Financial income +€2,542
up €2,542, from €0 to €2,542
- Depreciation +€567
up €567 (+68.0%), from €834 to €1,401
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 | €880,332 | €837,952 | -€42,380 | -4.8% |
| Fixed assets | 21/28 | €782,198 | €783,632 | +€1,434 | +0.2% |
| Tangible fixed assets | 22/27 | €781,198 | €782,632 | +€1,434 | +0.2% |
| Land and buildings | 22 | €780,240 | €780,240 | = | 0.0% |
| Plant, machinery and equipment | 23 | €958 | €2,393 | +€1,434 | +150% |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €98,134 | €54,320 | -€43,815 | -44.6% |
| Amounts receivable after more than one year | 29 | €93,050 | €36,592 | -€56,458 | -60.7% |
| Other amounts receivable | 291 | €93,050 | €36,592 | -€56,458 | -60.7% |
| Amounts receivable within one year | 40/41 | €0 | - | = | |
| Trade receivables | 40 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €3,726 | €16,320 | +€12,594 | +338% |
| Deferred charges and accrued income | 490/1 | €1,358 | €1,407 | +€49 | +3.6% |
| Total equity and liabilities | 10/49 | €880,332 | €837,952 | -€42,380 | -4.8% |
| Equity | 10/15 | €177,988 | €183,945 | +€5,957 | +3.3% |
| Contributions | 10/11 | €497,358 | €497,358 | = | 0.0% |
| Capital | 10 | €497,358 | €497,358 | = | 0.0% |
| Issued capital | 100 | €497,358 | €497,358 | = | 0.0% |
| Reserves | 13 | €2,357 | €2,357 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,357 | €2,357 | = | 0.0% |
| Legal reserve | 130 | €2,357 | €2,357 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€321,727 | -€315,770 | +€5,957 | +1.9% |
| Amounts payable | 17/49 | €702,345 | €654,007 | -€48,337 | -6.9% |
| Amounts payable after more than one year | 17 | €143,196 | €595,903 | +€452,707 | +316% |
| Financial debts | 170/4 | €143,196 | €595,903 | +€452,707 | +316% |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €559,149 | €58,104 | -€501,044 | -89.6% |
| Current portion of amounts payable after more than one year | 42 | €58,224 | €57,051 | -€1,173 | -2.0% |
| Financial debts | 43 | €500,000 | €0 | -€500,000 | -100% |
| Credit institutions | 430/8 | €500,000 | €0 | -€500,000 | -100% |
| Taxes, remuneration and social security | 45 | €642 | €771 | +€129 | +20.0% |
| Taxes | 450/3 | €642 | €771 | +€129 | +20.0% |
| Other amounts payable | 47/48 | €282 | €282 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €834 | €1,401 | +€567 | +68.0% |
| Other operating charges | 640/8 | €3,499 | €3,608 | +€109 | +3.1% |
| Gross operating margin | 9900 | €47,297 | €40,193 | -€7,105 | -15.0% |
| Operating profit (loss) | 9901 | €42,964 | €35,184 | -€7,780 | -18.1% |
| Financial income | 75/76B | €0 | €2,542 | +€2,542 | |
| Recurring financial income | 75 | €0 | €2,542 | +€2,542 | |
| Financial charges | 65/66B | €38,613 | €31,769 | -€6,844 | -17.7% |
| Recurring financial charges | 65 | €38,613 | €31,769 | -€6,844 | -17.7% |
| Profit (loss) for the period before taxes | 9903 | €4,352 | €5,957 | +€1,605 | +36.9% |
| Profit (loss) for the period | 9904 | €4,352 | €5,957 | +€1,605 | +36.9% |
| Profit (loss) for the period to be appropriated | 9905 | €4,352 | €5,957 | +€1,605 | +36.9% |
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.