M2 E2: 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.
M2 E2
Largest movements
- Tangible fixed assets -€368,880
down €368,880 (-23.1%), from €1.6m to €1.2m
of which Land and buildings: -€366,078
- Cash -€198,991
down €198,991 (-85.5%), from €232,833 to €33,843
mainly Debts after one year (-€709,690) and Provisions (-€14,303)
- Deferred charges and accrued income -€23,057
down €23,057 (-90.6%), from €25,453 to €2,396
- Debts after one year -€709,690
down €709,690 (-66.6%), from €1.1m to €355,804
of which Financial debts: -€705,490
- Other debts +€108,557
up €108,557 (+179.8%), from €60,383 to €168,941
- Profit (loss) carried forward +€37,421
up €37,421 (+8.0%), from -€467,878 to -€430,457
- Reserves -€27,765
down €27,765 (-99.1%), from €28,016 to €251
of which Tax-exempt reserves: -€27,765
- Gross operating margin +€59,615
up €59,615 (+168.9%), from €35,301 to €94,916
- Purchases and services -€41,931
no longer reported in 2025 (was €41,931)
- Depreciation +€27,862
up €27,862 (+43.7%), from €63,718 to €91,580
- Financial income +€4,834
up €4,834 (+106.4%), from €4,541 to €9,375
- Financial charges -€4,540
down €4,540 (-83.7%), from €5,423 to €883
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 | €1,859,799 | €1,263,491 | -€596,308 | -32.1% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €1,595,632 | €1,226,752 | -€368,880 | -23.1% |
| Tangible fixed assets | 22/27 | €1,595,632 | €1,226,752 | -€368,880 | -23.1% |
| Land and buildings | 22 | €1,573,500 | €1,207,422 | -€366,078 | -23.3% |
| Plant, machinery and equipment | 23 | €22,091 | €19,330 | -€2,761 | -12.5% |
| Furniture and vehicles | 24 | €40 | - | -€40 | |
| Current assets | 29/58 | €264,167 | €36,739 | -€227,428 | -86.1% |
| Amounts receivable within one year | 40/41 | €5,880 | €500 | -€5,380 | -91.5% |
| Other amounts receivable | 41 | €5,880 | €500 | -€5,380 | -91.5% |
| Cash at bank and in hand | 54/58 | €232,833 | €33,843 | -€198,991 | -85.5% |
| Deferred charges and accrued income | 490/1 | €25,453 | €2,396 | -€23,057 | -90.6% |
| Total equity and liabilities | 10/49 | €1,859,799 | €1,263,491 | -€596,308 | -32.1% |
| Equity | 10/15 | €645,138 | €654,794 | +€9,656 | +1.5% |
| Contributions | 10/11 | €1,085,000 | €1,085,000 | = | 0.0% |
| Capital | 10 | €1,085,000 | €1,085,000 | = | 0.0% |
| Issued capital | 100 | €1,085,000 | €1,085,000 | = | 0.0% |
| Reserves | 13 | €28,016 | €251 | -€27,765 | -99.1% |
| Non-distributable reserves | 130/1 | €251 | €251 | = | 0.0% |
| Legal reserve | 130 | €251 | €251 | = | 0.0% |
| Tax-exempt reserves | 132 | €27,765 | - | -€27,765 | |
| Profit (loss) carried forward | 14 | -€467,878 | -€430,457 | +€37,421 | +8.0% |
| Provisions and deferred taxes | 16 | €14,303 | - | -€14,303 | |
| Deferred taxes | 168 | €14,303 | - | -€14,303 | |
| Amounts payable | 17/49 | €1,200,358 | €608,697 | -€591,661 | -49.3% |
| Amounts payable after more than one year | 17 | €1,065,494 | €355,804 | -€709,690 | -66.6% |
| Financial debts | 170/4 | €1,061,294 | €355,804 | -€705,490 | -66.5% |
| Other amounts payable | 178/9 | €4,200 | - | -€4,200 | |
| Amounts payable within one year | 42/48 | €134,864 | €252,893 | +€118,029 | +87.5% |
| Current portion of amounts payable after more than one year | 42 | €68,496 | €77,411 | +€8,915 | +13.0% |
| Trade debts | 44 | €5,900 | €6,541 | +€641 | +10.9% |
| Suppliers | 440/4 | €5,900 | €6,541 | +€641 | +10.9% |
| Taxes, remuneration and social security | 45 | €85 | - | -€85 | |
| Taxes | 450/3 | €85 | - | -€85 | |
| Other amounts payable | 47/48 | €60,383 | €168,941 | +€108,557 | +179.8% |
| Non-recurring operating income | 76A | €935 | €63,671 | +€62,737 | +6710.3% |
| Goods, raw materials, services and sundry goods | 60/61 | €41,931 | - | -€41,931 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,718 | €91,580 | +€27,862 | +43.7% |
| Other operating charges | 640/8 | €14,926 | €15,288 | +€362 | +2.4% |
| Non-recurring operating charges | 66A | - | €964 | +€964 | |
| Gross operating margin | 9900 | €35,301 | €94,916 | +€59,615 | +168.9% |
| Operating profit (loss) | 9901 | -€43,343 | -€12,916 | +€30,428 | +70.2% |
| Financial income | 75/76B | €4,541 | €9,375 | +€4,834 | +106.4% |
| Recurring financial income | 75 | €4,541 | €9,375 | +€4,834 | +106.4% |
| Financial charges | 65/66B | €5,423 | €883 | -€4,540 | -83.7% |
| Recurring financial charges | 65 | €5,423 | €883 | -€4,540 | -83.7% |
| Profit (loss) for the period before taxes | 9903 | -€44,225 | -€4,423 | +€39,802 | +90.0% |
| Transfer from deferred taxes | 780 | - | €14,303 | +€14,303 | |
| Transfer to deferred taxes | 680 | €1,454 | - | -€1,454 | |
| Income taxes | 67/77 | €1,352 | €224 | -€1,128 | -83.4% |
| Profit (loss) for the period | 9904 | -€47,031 | €9,656 | +€56,687 | |
| Transfer from tax-exempt reserves | 789 | - | €27,765 | +€27,765 | |
| Transfer to tax-exempt reserves | 689 | €2,823 | - | -€2,823 | |
| Profit (loss) for the period to be appropriated | 9905 | -€49,854 | €37,421 | +€87,275 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.