M2 CONSTRUCTION: 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 CONSTRUCTION
Largest movements
- Cash -€137,842
down €137,842 (-25.7%), from €536,705 to €398,863
mainly Contributions, distributions and other (-€363,259) and Receivables within one year (-€95,148)
- Receivables within one year +€95,148
up €95,148 (+79.8%), from €119,160 to €214,308
of which Other amounts receivable: +€66,797
- Tangible fixed assets +€36,348
up €36,348 (+29.8%), from €122,076 to €158,424
of which Furniture and vehicles: +€33,498
- Other debts +€69,890
up €69,890 (+23.3%), from €299,953 to €369,843
- Profit (loss) carried forward -€35,466
down €35,466 (-9.8%), from €363,259 to €327,794
- Tax, wage and social debts -€14,757
no longer reported in 2025 (was €14,757)
- Trade debts -€9,770
down €9,770 (-99.2%), from €9,847 to €77
- Current portion of long-term debt -€8,785
no longer reported in 2025 (was €8,785)
- Gross operating margin -€67,376
down €67,376 (-12.8%), from €525,063 to €457,688
- Taxes -€16,740
down €16,740 (-14.1%), from €118,857 to €102,117
- Financial income -€7,370
down €7,370 (-39.3%), from €18,749 to €11,378
- Other operating charges -€6,115
down €6,115 (-31.1%), from €19,671 to €13,556
- Staff costs -€5,787
no longer reported in 2025 (was €5,787)
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 | €806,776 | €807,311 | +€535 | +0.1% |
| Fixed assets | 21/28 | €122,076 | €158,424 | +€36,348 | +29.8% |
| Tangible fixed assets | 22/27 | €122,076 | €158,424 | +€36,348 | +29.8% |
| Land and buildings | 22 | €70,000 | €70,000 | = | 0.0% |
| Plant, machinery and equipment | 23 | €450 | €3,300 | +€2,850 | +634% |
| Furniture and vehicles | 24 | €51,626 | €85,124 | +€33,498 | +64.9% |
| Current assets | 29/58 | €684,699 | €648,887 | -€35,813 | -5.2% |
| Stocks and contracts in progress | 3 | €8,835 | €7,749 | -€1,086 | -12.3% |
| Stocks | 30/36 | €8,835 | €7,749 | -€1,086 | -12.3% |
| Amounts receivable within one year | 40/41 | €119,160 | €214,308 | +€95,148 | +79.8% |
| Trade receivables | 40 | €87,081 | €115,432 | +€28,351 | +32.6% |
| Other amounts receivable | 41 | €32,079 | €98,876 | +€66,797 | +208% |
| Current investments | 50/53 | €20,000 | €20,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €536,705 | €398,863 | -€137,842 | -25.7% |
| Deferred charges and accrued income | 490/1 | - | €7,966 | +€7,966 | |
| Total equity and liabilities | 10/49 | €806,776 | €807,311 | +€535 | +0.1% |
| Equity | 10/15 | €472,857 | €437,391 | -€35,466 | -7.5% |
| Contributions | 10/11 | €20,000 | €22,000 | +€2,000 | +10.0% |
| Reserves | 13 | €89,598 | €87,598 | -€2,000 | -2.2% |
| Non-distributable reserves | 130/1 | €22,000 | €20,000 | -€2,000 | -9.1% |
| Reserves not available under the articles | 1311 | €2,000 | - | -€2,000 | |
| Own shares acquired | 1312 | €20,000 | €20,000 | = | 0.0% |
| Distributable reserves | 133 | €67,598 | €67,598 | = | 0.0% |
| Profit (loss) carried forward | 14 | €363,259 | €327,794 | -€35,466 | -9.8% |
| Amounts payable | 17/49 | €333,919 | €369,919 | +€36,001 | +10.8% |
| Amounts payable within one year | 42/48 | €333,342 | €369,919 | +€36,577 | +11.0% |
| Current portion of amounts payable after more than one year | 42 | €8,785 | - | -€8,785 | |
| Trade debts | 44 | €9,847 | €77 | -€9,770 | -99.2% |
| Suppliers | 440/4 | €9,847 | €77 | -€9,770 | -99.2% |
| Taxes, remuneration and social security | 45 | €14,757 | - | -€14,757 | |
| Taxes | 450/3 | €14,757 | - | -€14,757 | |
| Other amounts payable | 47/48 | €299,953 | €369,843 | +€69,890 | +23.3% |
| Accrued charges and deferred income | 492/3 | €576 | - | -€576 | |
| Remuneration, social security and pensions | 62 | €5,787 | - | -€5,787 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,858 | €25,308 | +€2,450 | +10.7% |
| Other operating charges | 640/8 | €19,671 | €13,556 | -€6,115 | -31.1% |
| Gross operating margin | 9900 | €525,063 | €457,688 | -€67,376 | -12.8% |
| Operating profit (loss) | 9901 | €476,747 | €418,824 | -€57,923 | -12.1% |
| Financial income | 75/76B | €18,749 | €11,378 | -€7,370 | -39.3% |
| Recurring financial income | 75 | €18,749 | €11,378 | -€7,370 | -39.3% |
| Financial charges | 65/66B | €573 | €291 | -€281 | -49.1% |
| Recurring financial charges | 65 | €573 | €291 | -€281 | -49.1% |
| Profit (loss) for the period before taxes | 9903 | €494,923 | €429,911 | -€65,012 | -13.1% |
| Income taxes | 67/77 | €118,857 | €102,117 | -€16,740 | -14.1% |
| Profit (loss) for the period | 9904 | €376,065 | €327,794 | -€48,272 | -12.8% |
| Profit (loss) for the period to be appropriated | 9905 | €376,065 | €327,794 | -€48,272 | -12.8% |
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 16 October 2026 via checked.be.