M Works: 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 Works
Largest movements
- Cash -€20,896
down €20,896 (-96.4%), from €21,670 to €774
mainly Investment in fixed assets (net) (-€15,550) and Receivables within one year (-€8,074)
- Tangible fixed assets +€13,488
up €13,488, from €0 to €13,488
of which Land and buildings: +€13,488
- Receivables within one year +€8,074
up €8,074 (+156%), from €5,173 to €13,247
of which Other amounts receivable: +€7,848
- Deferred charges and accrued income -€1,190
down €1,190 (-21.2%), from €5,621 to €4,431
- Current portion of long-term debt +€3,761
new in 2025: €3,761
- Reserves -€3,084
down €3,084 (-19.1%), from €16,111 to €13,027
- Tax, wage and social debts -€2,331
down €2,331 (-31.9%), from €7,317 to €4,987
of which Taxes: -€2,331
- Debts after one year +€1,605
new in 2025: €1,605
- Other debts -€363
down €363 (-29.6%), from €1,226 to €863
- Gross operating margin -€17,457
down €17,457 (-92.9%), from €18,798 to €1,341
- Taxes -€3,007
down €3,007 (-95.2%), from €3,160 to €152
- Depreciation -€998
down €998 (-32.6%), from €3,060 to €2,062
- Financial charges +€567
up €567 (+43.9%), from €1,291 to €1,858
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 | €32,464 | €31,940 | -€523 | -1.6% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €0 | €13,488 | +€13,488 | |
| Tangible fixed assets | 22/27 | €0 | €13,488 | +€13,488 | |
| Land and buildings | 22 | - | €13,488 | +€13,488 | |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Current assets | 29/58 | €32,464 | €18,452 | -€14,011 | -43.2% |
| Amounts receivable within one year | 40/41 | €5,173 | €13,247 | +€8,074 | +156% |
| Trade receivables | 40 | €4,332 | €4,559 | +€226 | +5.2% |
| Other amounts receivable | 41 | €840 | €8,688 | +€7,848 | +934% |
| Cash at bank and in hand | 54/58 | €21,670 | €774 | -€20,896 | -96.4% |
| Deferred charges and accrued income | 490/1 | €5,621 | €4,431 | -€1,190 | -21.2% |
| Total equity and liabilities | 10/49 | €32,464 | €31,940 | -€523 | -1.6% |
| Equity | 10/15 | €21,111 | €18,027 | -€3,084 | -14.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €16,111 | €13,027 | -€3,084 | -19.1% |
| Distributable reserves | 133 | €16,111 | €13,027 | -€3,084 | -19.1% |
| Amounts payable | 17/49 | €11,353 | €13,914 | +€2,561 | +22.6% |
| Amounts payable after more than one year | 17 | - | €1,605 | +€1,605 | |
| Financial debts | 170/4 | - | €1,605 | +€1,605 | |
| Amounts payable within one year | 42/48 | €11,153 | €12,108 | +€955 | +8.6% |
| Current portion of amounts payable after more than one year | 42 | - | €3,761 | +€3,761 | |
| Trade debts | 44 | €2,610 | €2,499 | -€112 | -4.3% |
| Suppliers | 440/4 | €2,610 | €2,499 | -€112 | -4.3% |
| Taxes, remuneration and social security | 45 | €7,317 | €4,987 | -€2,331 | -31.9% |
| Taxes | 450/3 | €5,417 | €3,087 | -€2,331 | -43.0% |
| Remuneration and social security | 454/9 | €1,900 | €1,900 | = | 0.0% |
| Other amounts payable | 47/48 | €1,226 | €863 | -€363 | -29.6% |
| Accrued charges and deferred income | 492/3 | €200 | €200 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,060 | €2,062 | -€998 | -32.6% |
| Other operating charges | 640/8 | €194 | €353 | +€160 | +82.4% |
| Gross operating margin | 9900 | €18,798 | €1,341 | -€17,457 | -92.9% |
| Operating profit (loss) | 9901 | €15,545 | -€1,074 | -€16,619 | |
| Financial income | 75/76B | €0 | €0 | +€0 | +1,250% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +1,250% |
| Financial charges | 65/66B | €1,291 | €1,858 | +€567 | +43.9% |
| Recurring financial charges | 65 | €1,291 | €1,858 | +€567 | +43.9% |
| Profit (loss) for the period before taxes | 9903 | €14,254 | -€2,932 | -€17,186 | |
| Income taxes | 67/77 | €3,160 | €152 | -€3,007 | -95.2% |
| Profit (loss) for the period | 9904 | €11,094 | -€3,084 | -€14,178 | |
| Profit (loss) for the period to be appropriated | 9905 | €11,094 | -€3,084 | -€14,178 |
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 14 October 2026 via checked.be.