M18X: what changed
M18X
Largest movements
- Cash +€22,625
up €22,625 (+163%), from €13,841 to €36,466
mainly Other debts (+€103,403) and Net result for the year (+€84,574)
- Tangible fixed assets -€7,660
down €7,660 (-7.2%), from €106,193 to €98,532
of which Furniture and vehicles: -€3,909
- Receivables within one year +€3,200
up €3,200 (+13.6%), from €23,480 to €26,679
of which Trade receivables: +€7,937
- Other debts +€103,403
new in 2025: €103,403
- Reserves -€85,426
down €85,426 (-60.2%), from €141,851 to €56,425
- Tax, wage and social debts +€11,589
new in 2025: €11,589
- Trade debts -€10,423
down €10,423 (-94.3%), from €11,050 to €627
- Gross operating margin -€33,243
down €33,243 (-20.7%), from €160,584 to €127,341
- Taxes -€2,586
down €2,586 (-8.4%), from €30,921 to €28,335
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €154,401 | €173,544 | +€19,144 | +12.4% |
| Fixed assets | 21/28 | €106,193 | €98,532 | -€7,660 | -7.2% |
| Tangible fixed assets | 22/27 | €106,193 | €98,532 | -€7,660 | -7.2% |
| Land and buildings | 22 | €78,064 | €75,377 | -€2,688 | -3.4% |
| Plant, machinery and equipment | 23 | €945 | €702 | -€243 | -25.7% |
| Furniture and vehicles | 24 | €19,793 | €15,884 | -€3,909 | -19.7% |
| Other tangible fixed assets | 26 | €7,390 | €6,569 | -€821 | -11.1% |
| Current assets | 29/58 | €48,208 | €75,012 | +€26,804 | +55.6% |
| Amounts receivable within one year | 40/41 | €23,480 | €26,679 | +€3,200 | +13.6% |
| Trade receivables | 40 | €11,863 | €19,800 | +€7,937 | +66.9% |
| Other amounts receivable | 41 | €11,617 | €6,879 | -€4,737 | -40.8% |
| Cash at bank and in hand | 54/58 | €13,841 | €36,466 | +€22,625 | +163% |
| Deferred charges and accrued income | 490/1 | €10,888 | €11,867 | +€979 | +9.0% |
| Total equity and liabilities | 10/49 | €154,401 | €173,544 | +€19,144 | +12.4% |
| Equity | 10/15 | €143,351 | €57,925 | -€85,426 | -59.6% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €141,851 | €56,425 | -€85,426 | -60.2% |
| Distributable reserves | 133 | €141,851 | €56,425 | -€85,426 | -60.2% |
| Amounts payable | 17/49 | €11,050 | €115,620 | +€104,570 | +946% |
| Amounts payable within one year | 42/48 | €11,050 | €115,620 | +€104,570 | +946% |
| Trade debts | 44 | €11,050 | €627 | -€10,423 | -94.3% |
| Suppliers | 440/4 | €11,050 | €627 | -€10,423 | -94.3% |
| Taxes, remuneration and social security | 45 | - | €11,589 | +€11,589 | |
| Taxes | 450/3 | - | €11,589 | +€11,589 | |
| Other amounts payable | 47/48 | - | €103,403 | +€103,403 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,983 | €9,868 | +€884 | +9.8% |
| Other operating charges | 640/8 | €939 | €745 | -€195 | -20.7% |
| Gross operating margin | 9900 | €160,584 | €127,341 | -€33,243 | -20.7% |
| Operating profit (loss) | 9901 | €150,661 | €116,729 | -€33,932 | -22.5% |
| Financial income | 75/76B | €395 | €365 | -€31 | -7.8% |
| Recurring financial income | 75 | €395 | €365 | -€31 | -7.8% |
| Financial charges | 65/66B | €2,677 | €4,185 | +€1,507 | +56.3% |
| Recurring financial charges | 65 | €2,677 | €4,185 | +€1,507 | +56.3% |
| Profit (loss) for the period before taxes | 9903 | €148,380 | €112,909 | -€35,470 | -23.9% |
| Income taxes | 67/77 | €30,921 | €28,335 | -€2,586 | -8.4% |
| Profit (loss) for the period | 9904 | €117,458 | €84,574 | -€32,884 | -28.0% |
| Profit (loss) for the period to be appropriated | 9905 | €117,458 | €84,574 | -€32,884 | -28.0% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.