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
- Tangible fixed assets -€6,573
down €6,573 (-27.5%), from €23,900 to €17,327
of which Furniture and vehicles: -€7,095
- Cash -€5,468
down €5,468 (-50.4%), from €10,857 to €5,389
mainly Net result for the year (-€13,043) and Other debts (-€4,540)
- Stocks and contracts -€849
no longer reported in 2025 (was €849)
- Deferred charges and accrued income -€582
down €582 (-18.5%), from €3,140 to €2,559
- Profit (loss) carried forward -€13,043
down €13,043 (-17.3%), from -€75,492 to -€88,535
- Other debts -€4,540
down €4,540 (-17.0%), from €26,738 to €22,198
- Trade debts +€2,879
up €2,879 (+53.5%), from €5,385 to €8,264
- Tax, wage and social debts +€1,263
up €1,263 (+394%), from €321 to €1,584
- Gross operating margin -€11,810
down €11,810, from €8,119 to -€3,692
- Other operating charges +€1,280
up €1,280 (+182%), from €701 to €1,981
- Depreciation -€429
down €429 (-5.6%), from €7,631 to €7,201
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 | €43,298 | €29,811 | -€13,487 | -31.1% |
| Fixed assets | 21/28 | €24,866 | €18,293 | -€6,573 | -26.4% |
| Tangible fixed assets | 22/27 | €23,900 | €17,327 | -€6,573 | -27.5% |
| Plant, machinery and equipment | 23 | - | €521 | +€521 | |
| Furniture and vehicles | 24 | €23,900 | €16,806 | -€7,095 | -29.7% |
| Financial fixed assets | 28 | €966 | €966 | = | 0.0% |
| Current assets | 29/58 | €18,432 | €11,518 | -€6,913 | -37.5% |
| Stocks and contracts in progress | 3 | €849 | - | -€849 | |
| Stocks | 30/36 | €849 | - | -€849 | |
| Amounts receivable within one year | 40/41 | €707 | €671 | -€36 | -5.1% |
| Trade receivables | 40 | - | €175 | +€175 | |
| Other amounts receivable | 41 | €707 | €496 | -€211 | -29.9% |
| Current investments | 50/53 | €2,879 | €2,900 | +€21 | +0.7% |
| Cash at bank and in hand | 54/58 | €10,857 | €5,389 | -€5,468 | -50.4% |
| Deferred charges and accrued income | 490/1 | €3,140 | €2,559 | -€582 | -18.5% |
| Total equity and liabilities | 10/49 | €43,298 | €29,811 | -€13,487 | -31.1% |
| Equity | 10/15 | -€6,892 | -€19,935 | -€13,043 | -189% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €50,000 | €50,000 | = | 0.0% |
| Distributable reserves | 133 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€75,492 | -€88,535 | -€13,043 | -17.3% |
| Amounts payable | 17/49 | €50,190 | €49,746 | -€444 | -0.9% |
| Amounts payable after more than one year | 17 | €17,700 | €17,700 | = | 0.0% |
| Other amounts payable | 178/9 | €17,700 | €17,700 | = | 0.0% |
| Amounts payable within one year | 42/48 | €32,444 | €32,046 | -€398 | -1.2% |
| Trade debts | 44 | €5,385 | €8,264 | +€2,879 | +53.5% |
| Suppliers | 440/4 | €5,385 | €8,264 | +€2,879 | +53.5% |
| Taxes, remuneration and social security | 45 | €321 | €1,584 | +€1,263 | +394% |
| Taxes | 450/3 | €321 | €1,584 | +€1,263 | +394% |
| Other amounts payable | 47/48 | €26,738 | €22,198 | -€4,540 | -17.0% |
| Accrued charges and deferred income | 492/3 | €46 | - | -€46 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,631 | €7,201 | -€429 | -5.6% |
| Other operating charges | 640/8 | €701 | €1,981 | +€1,280 | +182% |
| Gross operating margin | 9900 | €8,119 | -€3,692 | -€11,810 | |
| Operating profit (loss) | 9901 | -€213 | -€12,874 | -€12,661 | -5,936% |
| Financial income | 75/76B | €20 | €25 | +€5 | +23.7% |
| Recurring financial income | 75 | €20 | €25 | +€5 | +23.7% |
| Financial charges | 65/66B | €54 | €62 | +€8 | +14.5% |
| Recurring financial charges | 65 | €54 | €62 | +€8 | +14.5% |
| Profit (loss) for the period before taxes | 9903 | -€247 | -€12,911 | -€12,664 | -5,120% |
| Income taxes | 67/77 | €134 | €132 | -€2 | -1.5% |
| Profit (loss) for the period | 9904 | -€381 | -€13,043 | -€12,662 | -3,320% |
| Profit (loss) for the period to be appropriated | 9905 | -€381 | -€13,043 | -€12,662 | -3,320% |
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.