M194: 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.
M194
Largest movements
- Stocks and contracts +€196,781
up €196,781 (+164.5%), from €119,600 to €316,381
- Receivables within one year -€18,191
down €18,191 (-4.2%), from €436,291 to €418,100
of which Trade receivables: -€18,191
- Deferred charges and accrued income +€7,630
up €7,630 (+83.0%), from €9,198 to €16,828
- Short-term financial debts +€180,000
new in 2025: €180,000
- Debts after one year +€10,000
up €10,000 (+1.9%), from €517,500 to €527,500
- Tax, wage and social debts -€9,514
no longer reported in 2025 (was €9,514)
- Accrued charges and deferred income +€8,092
up €8,092 (+87.5%), from €9,250 to €17,342
- Gross operating margin -€59,759
down €59,759, from €59,405 to -€354
- Taxes -€9,295
no longer reported in 2025 (was €9,295)
- Financial income -€2,697
down €2,697 (-26.1%), from €10,327 to €7,630
- Financial charges +€2,294
up €2,294 (+23.0%), from €9,977 to €12,272
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 | €575,265 | €757,818 | +€182,553 | +31.7% |
| Current assets | 29/58 | €575,265 | €757,818 | +€182,553 | +31.7% |
| Stocks and contracts in progress | 3 | €119,600 | €316,381 | +€196,781 | +164.5% |
| Stocks | 30/36 | €119,600 | €316,381 | +€196,781 | +164.5% |
| Amounts receivable within one year | 40/41 | €436,291 | €418,100 | -€18,191 | -4.2% |
| Trade receivables | 40 | €18,191 | - | -€18,191 | |
| Other amounts receivable | 41 | €418,100 | €418,100 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €10,176 | €6,509 | -€3,668 | -36.0% |
| Deferred charges and accrued income | 490/1 | €9,198 | €16,828 | +€7,630 | +83.0% |
| Total equity and liabilities | 10/49 | €575,265 | €757,818 | +€182,553 | +31.7% |
| Equity | 10/15 | €33,196 | €27,171 | -€6,025 | -18.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €28,196 | €22,171 | -€6,025 | -21.4% |
| Amounts payable | 17/49 | €542,069 | €730,647 | +€188,578 | +34.8% |
| Amounts payable after more than one year | 17 | €517,500 | €527,500 | +€10,000 | +1.9% |
| Other amounts payable | 178/9 | €517,500 | €527,500 | +€10,000 | +1.9% |
| Amounts payable within one year | 42/48 | €15,319 | €185,805 | +€170,486 | +1112.9% |
| Financial debts | 43 | - | €180,000 | +€180,000 | |
| Credit institutions | 430/8 | - | €180,000 | +€180,000 | |
| Taxes, remuneration and social security | 45 | €9,514 | - | -€9,514 | |
| Taxes | 450/3 | €9,514 | - | -€9,514 | |
| Other amounts payable | 47/48 | €5,805 | €5,805 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €9,250 | €17,342 | +€8,092 | +87.5% |
| Other operating charges | 640/8 | €1,022 | €1,030 | +€7 | +0.7% |
| Gross operating margin | 9900 | €59,405 | -€354 | -€59,759 | |
| Operating profit (loss) | 9901 | €58,382 | -€1,384 | -€59,766 | |
| Financial income | 75/76B | €10,327 | €7,630 | -€2,697 | -26.1% |
| Recurring financial income | 75 | €10,327 | €7,630 | -€2,697 | -26.1% |
| Financial charges | 65/66B | €9,977 | €12,272 | +€2,294 | +23.0% |
| Recurring financial charges | 65 | €9,977 | €12,272 | +€2,294 | +23.0% |
| Profit (loss) for the period before taxes | 9903 | €58,732 | -€6,025 | -€64,758 | |
| Income taxes | 67/77 | €9,295 | - | -€9,295 | |
| Profit (loss) for the period | 9904 | €49,437 | -€6,025 | -€55,462 | |
| Profit (loss) for the period to be appropriated | 9905 | €49,437 | -€6,025 | -€55,462 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.