M2 et FILS: what changed
M2 et FILS
Largest movements
- Receivables within one year -€4,825
down €4,825 (-83.8%), from €5,758 to €932
of which Trade receivables: -€3,939
- Cash -€4,414
down €4,414 (-39.3%), from €11,242 to €6,828
mainly Net result for the year (-€11,871) and Tax, wage and social debts (-€5,224)
- Tangible fixed assets -€3,360
down €3,360 (-31.4%), from €10,691 to €7,331
- Deferred charges and accrued income +€769
up €769 (+24.3%), from €3,159 to €3,928
- Profit (loss) carried forward -€11,871
down €11,871 (-20.4%), from -€58,299 to -€70,169
- Trade debts +€8,647
up €8,647 (+34.0%), from €25,458 to €34,105
- Tax, wage and social debts -€5,224
down €5,224 (-22.7%), from €23,042 to €17,817
of which Remuneration and social security: -€8,275
- Other debts -€3,876
down €3,876 (-8.3%), from €46,776 to €42,900
- Gross operating margin +€27,638
up €27,638 (+27.1%), from €102,034 to €129,672
- Staff costs +€10,111
up €10,111 (+9.1%), from €110,721 to €120,832
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 | €38,477 | €26,153 | -€12,324 | -32.0% |
| Fixed assets | 21/28 | €12,809 | €9,149 | -€3,660 | -28.6% |
| Intangible fixed assets | 21 | €918 | €618 | -€300 | -32.7% |
| Tangible fixed assets | 22/27 | €10,691 | €7,331 | -€3,360 | -31.4% |
| Plant, machinery and equipment | 23 | €10,691 | €7,331 | -€3,360 | -31.4% |
| Financial fixed assets | 28 | €1,200 | €1,200 | = | 0.0% |
| Current assets | 29/58 | €25,669 | €17,004 | -€8,664 | -33.8% |
| Stocks and contracts in progress | 3 | €5,510 | €5,316 | -€194 | -3.5% |
| Stocks | 30/36 | €5,510 | €5,316 | -€194 | -3.5% |
| Amounts receivable within one year | 40/41 | €5,758 | €932 | -€4,825 | -83.8% |
| Trade receivables | 40 | €3,939 | - | -€3,939 | |
| Other amounts receivable | 41 | €1,819 | €932 | -€887 | -48.7% |
| Cash at bank and in hand | 54/58 | €11,242 | €6,828 | -€4,414 | -39.3% |
| Deferred charges and accrued income | 490/1 | €3,159 | €3,928 | +€769 | +24.3% |
| Total equity and liabilities | 10/49 | €38,477 | €26,153 | -€12,324 | -32.0% |
| Equity | 10/15 | -€56,799 | -€68,669 | -€11,871 | -20.9% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€58,299 | -€70,169 | -€11,871 | -20.4% |
| Amounts payable | 17/49 | €95,276 | €94,822 | -€454 | -0.5% |
| Amounts payable within one year | 42/48 | €95,276 | €94,822 | -€454 | -0.5% |
| Trade debts | 44 | €25,458 | €34,105 | +€8,647 | +34.0% |
| Suppliers | 440/4 | €25,458 | €34,105 | +€8,647 | +34.0% |
| Taxes, remuneration and social security | 45 | €23,042 | €17,817 | -€5,224 | -22.7% |
| Taxes | 450/3 | €656 | €3,707 | +€3,051 | +465% |
| Remuneration and social security | 454/9 | €22,386 | €14,111 | -€8,275 | -37.0% |
| Other amounts payable | 47/48 | €46,776 | €42,900 | -€3,876 | -8.3% |
| Non-recurring operating income | 76A | - | €41 | +€41 | |
| Remuneration, social security and pensions | 62 | €110,721 | €120,832 | +€10,111 | +9.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,660 | €3,660 | = | 0.0% |
| Other operating charges | 640/8 | €3,500 | €3,751 | +€252 | +7.2% |
| Non-recurring operating charges | 66A | €121 | €1,255 | +€1,134 | +936% |
| Gross operating margin | 9900 | €102,034 | €129,672 | +€27,638 | +27.1% |
| Operating profit (loss) | 9901 | -€15,967 | €174 | +€16,141 | |
| Financial income | 75/76B | €1 | €0 | -€1 | -98.2% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -98.2% |
| Financial charges | 65/66B | €12,236 | €11,866 | -€370 | -3.0% |
| Recurring financial charges | 65 | €12,236 | €11,866 | -€370 | -3.0% |
| Profit (loss) for the period before taxes | 9903 | -€28,202 | -€11,692 | +€16,510 | +58.5% |
| Income taxes | 67/77 | €176 | €178 | +€3 | +1.7% |
| Profit (loss) for the period | 9904 | -€28,378 | -€11,871 | +€16,507 | +58.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€28,378 | -€11,871 | +€16,507 | +58.2% |
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 1 November 2026 via checked.be.