M12: 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.
M12
Largest movements
- Receivables within one year +€46,669
up €46,669 (+541%), from €8,620 to €55,290
of which Other amounts receivable: +€45,682
- Receivables after one year +€35,000
up €35,000 (+33.3%), from €105,000 to €140,000
- Tangible fixed assets -€18,255
down €18,255 (-10.6%), from €173,032 to €154,777
of which Other tangible fixed assets: -€11,895
- Cash -€10,659
down €10,659 (-53.2%), from €20,049 to €9,390
mainly Receivables within one year (-€46,669) and Receivables after one year (-€35,000)
- Deferred charges and accrued income +€5,083
up €5,083 (+104%), from €4,865 to €9,947
- Profit (loss) carried forward +€42,924
up €42,924 (+119%), from €36,198 to €79,122
- Trade debts +€30,620
up €30,620 (+78.5%), from €38,986 to €69,606
- Debts after one year -€18,052
down €18,052 (-12.9%), from €139,642 to €121,590
- Tax, wage and social debts +€10,535
up €10,535 (+39.3%), from €26,785 to €37,320
of which Taxes: +€10,166
- Other debts -€9,957
down €9,957 (-100%), from €9,957 to €0
- Gross operating margin -€30,002
down €30,002 (-11.4%), from €263,883 to €233,882
- Taxes +€13,342
up €13,342 (+10,423%), from €128 to €13,470
- Depreciation -€4,704
down €4,704 (-16.5%), from €28,424 to €23,720
- Financial income +€4,143
up €4,143 (+262%), from €1,581 to €5,724
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 | €328,930 | €385,790 | +€56,860 | +17.3% |
| Fixed assets | 21/28 | €180,210 | €157,405 | -€22,805 | -12.7% |
| Tangible fixed assets | 22/27 | €173,032 | €154,777 | -€18,255 | -10.6% |
| Plant, machinery and equipment | 23 | €13,594 | €10,237 | -€3,358 | -24.7% |
| Furniture and vehicles | 24 | €9,134 | €6,132 | -€3,002 | -32.9% |
| Other tangible fixed assets | 26 | €150,304 | €138,409 | -€11,895 | -7.9% |
| Financial fixed assets | 28 | €7,178 | €2,628 | -€4,550 | -63.4% |
| Current assets | 29/58 | €148,720 | €228,385 | +€79,665 | +53.6% |
| Amounts receivable after more than one year | 29 | €105,000 | €140,000 | +€35,000 | +33.3% |
| Other amounts receivable | 291 | €105,000 | €140,000 | +€35,000 | +33.3% |
| Stocks and contracts in progress | 3 | €10,186 | €13,758 | +€3,572 | +35.1% |
| Stocks | 30/36 | €10,186 | €13,758 | +€3,572 | +35.1% |
| Amounts receivable within one year | 40/41 | €8,620 | €55,290 | +€46,669 | +541% |
| Trade receivables | 40 | €6,116 | €7,103 | +€987 | +16.1% |
| Other amounts receivable | 41 | €2,505 | €48,187 | +€45,682 | +1,824% |
| Cash at bank and in hand | 54/58 | €20,049 | €9,390 | -€10,659 | -53.2% |
| Deferred charges and accrued income | 490/1 | €4,865 | €9,947 | +€5,083 | +104% |
| Total equity and liabilities | 10/49 | €328,930 | €385,790 | +€56,860 | +17.3% |
| Equity | 10/15 | €96,198 | €139,122 | +€42,924 | +44.6% |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €36,198 | €79,122 | +€42,924 | +119% |
| Amounts payable | 17/49 | €232,732 | €246,668 | +€13,936 | +6.0% |
| Amounts payable after more than one year | 17 | €139,642 | €121,590 | -€18,052 | -12.9% |
| Financial debts | 170/4 | €139,642 | €121,590 | -€18,052 | -12.9% |
| Amounts payable within one year | 42/48 | €93,090 | €125,078 | +€31,988 | +34.4% |
| Current portion of amounts payable after more than one year | 42 | €17,361 | €18,152 | +€791 | +4.6% |
| Trade debts | 44 | €38,986 | €69,606 | +€30,620 | +78.5% |
| Suppliers | 440/4 | €38,986 | €69,606 | +€30,620 | +78.5% |
| Taxes, remuneration and social security | 45 | €26,785 | €37,320 | +€10,535 | +39.3% |
| Taxes | 450/3 | €14,665 | €24,831 | +€10,166 | +69.3% |
| Remuneration and social security | 454/9 | €12,120 | €12,489 | +€369 | +3.0% |
| Other amounts payable | 47/48 | €9,957 | €0 | -€9,957 | -100% |
| Non-recurring operating income | 76A | €98 | €893 | +€795 | +812% |
| Remuneration, social security and pensions | 62 | €145,095 | €144,825 | -€270 | -0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,424 | €23,720 | -€4,704 | -16.5% |
| Other operating charges | 640/8 | €7,066 | €4,847 | -€2,219 | -31.4% |
| Gross operating margin | 9900 | €263,883 | €233,882 | -€30,002 | -11.4% |
| Operating profit (loss) | 9901 | €83,298 | €60,490 | -€22,809 | -27.4% |
| Financial income | 75/76B | €1,581 | €5,724 | +€4,143 | +262% |
| Recurring financial income | 75 | €1,581 | €5,724 | +€4,143 | +262% |
| Financial charges | 65/66B | €7,749 | €9,821 | +€2,072 | +26.7% |
| Recurring financial charges | 65 | €7,749 | €4,821 | -€2,928 | -37.8% |
| Non-recurring financial charges | 66B | - | €5,000 | +€5,000 | |
| Profit (loss) for the period before taxes | 9903 | €77,130 | €56,393 | -€20,737 | -26.9% |
| Income taxes | 67/77 | €128 | €13,470 | +€13,342 | +10,423% |
| Profit (loss) for the period | 9904 | €77,002 | €42,924 | -€34,079 | -44.3% |
| Profit (loss) for the period to be appropriated | 9905 | €77,002 | €42,924 | -€34,079 | -44.3% |
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 24 October 2026 via checked.be.