M Vision: 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 Vision
Largest movements
- Receivables within one year +€182,967
up €182,967 (+183.7%), from €99,617 to €282,584
of which Trade receivables: +€181,984
- Cash -€133,898
down €133,898 (-46.9%), from €285,754 to €151,856
mainly Contributions, distributions and other (-€400,000) and Receivables within one year (-€182,967)
- Current investments +€25,000
up €25,000 (+45.5%), from €55,000 to €80,000
- Other debts +€185,948
up €185,948 (+72.4%), from €256,686 to €442,634
- Reserves -€58,000
down €58,000 (-7.2%), from €803,400 to €745,400
- Debts after one year -€48,301
down €48,301 (-66.1%), from €73,031 to €24,730
- Financial income -€120,252
down €120,252 (-100.0%), from €120,253 to €1
- Gross operating margin +€59,648
up €59,648 (+12.2%), from €489,878 to €549,526
- Taxes +€16,842
up €16,842 (+17.2%), from €97,914 to €114,756
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 | €1,256,518 | €1,340,871 | +€84,353 | +6.7% |
| Fixed assets | 21/28 | €815,969 | €814,946 | -€1,022 | -0.1% |
| Tangible fixed assets | 22/27 | €80,203 | €79,181 | -€1,022 | -1.3% |
| Plant, machinery and equipment | 23 | - | €7,609 | +€7,609 | |
| Furniture and vehicles | 24 | €42,813 | €31,073 | -€11,741 | -27.4% |
| Other tangible fixed assets | 26 | €37,390 | €40,499 | +€3,110 | +8.3% |
| Financial fixed assets | 28 | €735,766 | €735,766 | = | 0.0% |
| Current assets | 29/58 | €440,550 | €525,925 | +€85,375 | +19.4% |
| Amounts receivable within one year | 40/41 | €99,617 | €282,584 | +€182,967 | +183.7% |
| Trade receivables | 40 | €96,617 | €278,601 | +€181,984 | +188.4% |
| Other amounts receivable | 41 | €3,000 | €3,983 | +€983 | +32.8% |
| Current investments | 50/53 | €55,000 | €80,000 | +€25,000 | +45.5% |
| Cash at bank and in hand | 54/58 | €285,754 | €151,856 | -€133,898 | -46.9% |
| Deferred charges and accrued income | 490/1 | €179 | €11,485 | +€11,307 | +6320.1% |
| Total equity and liabilities | 10/49 | €1,256,518 | €1,340,871 | +€84,353 | +6.7% |
| Equity | 10/15 | €822,084 | €764,135 | -€57,949 | -7.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €803,400 | €745,400 | -€58,000 | -7.2% |
| Distributable reserves | 133 | €803,400 | €745,400 | -€58,000 | -7.2% |
| Profit (loss) carried forward | 14 | €84 | €135 | +€51 | +60.6% |
| Amounts payable | 17/49 | €434,434 | €576,736 | +€142,302 | +32.8% |
| Amounts payable after more than one year | 17 | €73,031 | €24,730 | -€48,301 | -66.1% |
| Financial debts | 170/4 | €73,031 | €24,730 | -€48,301 | -66.1% |
| Amounts payable within one year | 42/48 | €361,404 | €552,006 | +€190,603 | +52.7% |
| Current portion of amounts payable after more than one year | 42 | €47,735 | €48,301 | +€566 | +1.2% |
| Trade debts | 44 | €2,778 | €871 | -€1,906 | -68.6% |
| Suppliers | 440/4 | €2,778 | €871 | -€1,906 | -68.6% |
| Taxes, remuneration and social security | 45 | €54,205 | €60,200 | +€5,995 | +11.1% |
| Taxes | 450/3 | €45,459 | €51,017 | +€5,558 | +12.2% |
| Remuneration and social security | 454/9 | €8,746 | €9,183 | +€437 | +5.0% |
| Other amounts payable | 47/48 | €256,686 | €442,634 | +€185,948 | +72.4% |
| Remuneration, social security and pensions | 62 | €60,323 | €63,927 | +€3,604 | +6.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,098 | €22,660 | -€439 | -1.9% |
| Other operating charges | 640/8 | €2,178 | €2,160 | -€17 | -0.8% |
| Non-recurring operating charges | 66A | €0 | - | -€0 | |
| Gross operating margin | 9900 | €489,878 | €549,526 | +€59,648 | +12.2% |
| Operating profit (loss) | 9901 | €404,280 | €460,780 | +€56,500 | +14.0% |
| Financial income | 75/76B | €120,253 | €1 | -€120,252 | -100.0% |
| Recurring financial income | 75 | €120,253 | €1 | -€120,252 | -100.0% |
| Financial charges | 65/66B | €7,201 | €3,974 | -€3,227 | -44.8% |
| Recurring financial charges | 65 | €7,201 | €3,974 | -€3,227 | -44.8% |
| Profit (loss) for the period before taxes | 9903 | €517,331 | €456,807 | -€60,524 | -11.7% |
| Income taxes | 67/77 | €97,914 | €114,756 | +€16,842 | +17.2% |
| Profit (loss) for the period | 9904 | €419,418 | €342,051 | -€77,367 | -18.4% |
| Profit (loss) for the period to be appropriated | 9905 | €419,418 | €342,051 | -€77,367 | -18.4% |
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.