M2 Advisory: 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.
M2 Advisory
Largest movements
- Cash +€90,078
up €90,078 (+105%), from €85,809 to €175,886
mainly Net result for the year (+€71,256) and Receivables within one year (+€19,391)
- Receivables within one year -€19,391
no longer reported in 2025 (was €19,391)
- Deferred charges and accrued income +€15,840
new in 2025: €15,840
- Reserves +€71,256
up €71,256 (+93.9%), from €75,919 to €147,175
- Tax, wage and social debts +€16,410
up €16,410 (+58.9%), from €27,878 to €44,288
- Gross operating margin -€3,135
down €3,135 (-3.1%), from €99,813 to €96,678
- Depreciation +€1,079
up €1,079 (+122%), from €884 to €1,963
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 | €109,679 | €196,324 | +€86,644 | +79.0% |
| Fixed assets | 21/28 | €4,479 | €4,598 | +€118 | +2.6% |
| Tangible fixed assets | 22/27 | €4,479 | €4,598 | +€118 | +2.6% |
| Plant, machinery and equipment | 23 | €2,290 | €1,783 | -€507 | -22.1% |
| Furniture and vehicles | 24 | €2,190 | €2,815 | +€625 | +28.5% |
| Current assets | 29/58 | €105,200 | €191,726 | +€86,526 | +82.2% |
| Amounts receivable within one year | 40/41 | €19,391 | - | -€19,391 | |
| Trade receivables | 40 | €19,391 | - | -€19,391 | |
| Cash at bank and in hand | 54/58 | €85,809 | €175,886 | +€90,078 | +105% |
| Deferred charges and accrued income | 490/1 | - | €15,840 | +€15,840 | |
| Total equity and liabilities | 10/49 | €109,679 | €196,324 | +€86,644 | +79.0% |
| Equity | 10/15 | €76,919 | €148,175 | +€71,256 | +92.6% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €75,919 | €147,175 | +€71,256 | +93.9% |
| Distributable reserves | 133 | €75,919 | €147,175 | +€71,256 | +93.9% |
| Amounts payable | 17/49 | €32,760 | €48,149 | +€15,388 | +47.0% |
| Amounts payable within one year | 42/48 | €32,760 | €48,149 | +€15,388 | +47.0% |
| Trade debts | 44 | €3,109 | €1,190 | -€1,920 | -61.7% |
| Suppliers | 440/4 | €3,109 | €1,190 | -€1,920 | -61.7% |
| Taxes, remuneration and social security | 45 | €27,878 | €44,288 | +€16,410 | +58.9% |
| Taxes | 450/3 | €27,878 | €44,288 | +€16,410 | +58.9% |
| Other amounts payable | 47/48 | €1,773 | €2,671 | +€899 | +50.7% |
| Remuneration, social security and pensions | 62 | €1,680 | €2,184 | +€504 | +30.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €884 | €1,963 | +€1,079 | +122% |
| Other operating charges | 640/8 | €259 | €229 | -€30 | -11.5% |
| Gross operating margin | 9900 | €99,813 | €96,678 | -€3,135 | -3.1% |
| Operating profit (loss) | 9901 | €96,990 | €92,302 | -€4,688 | -4.8% |
| Financial income | 75/76B | €3 | €1 | -€2 | -58.5% |
| Recurring financial income | 75 | €3 | €1 | -€2 | -58.5% |
| Financial charges | 65/66B | €1,655 | €2,519 | +€864 | +52.2% |
| Recurring financial charges | 65 | €1,655 | €2,519 | +€864 | +52.2% |
| Profit (loss) for the period before taxes | 9903 | €95,338 | €89,784 | -€5,554 | -5.8% |
| Income taxes | 67/77 | €19,419 | €18,528 | -€891 | -4.6% |
| Profit (loss) for the period | 9904 | €75,919 | €71,256 | -€4,663 | -6.1% |
| Profit (loss) for the period to be appropriated | 9905 | €75,919 | €71,256 | -€4,663 | -6.1% |
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 15 October 2026 via checked.be.