M2 ICT: 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 ICT
Largest movements
- Tangible fixed assets +€51,218
up €51,218 (+240%), from €21,364 to €72,583
of which Furniture and vehicles: +€46,732
- Cash -€34,711
down €34,711 (-43.6%), from €79,616 to €44,905
mainly Investment in fixed assets (net) (-€67,907) and Trade debts (-€15,504)
- Receivables within one year +€12,439
up €12,439 (+32.8%), from €37,936 to €50,375
of which Trade receivables: +€7,503
- Current investments -€10,070
down €10,070 (-33.5%), from €30,070 to €20,000
- Stocks and contracts -€7,550
down €7,550 (-39.8%), from €18,989 to €11,439
- Debts after one year +€21,053
new in 2025: €21,053
- Trade debts -€15,504
down €15,504 (-50.5%), from €30,718 to €15,214
- Reserves +€8,800
up €8,800 (+473%), from €1,860 to €10,660
of which Distributable reserves: +€8,800
- Short-term financial debts +€6,337
new in 2025: €6,337
- Other debts -€4,416
down €4,416 (-14.5%), from €30,369 to €25,953
- Gross operating margin -€20,461
down €20,461 (-22.0%), from €92,817 to €72,357
- Depreciation +€11,383
up €11,383 (+185%), from €6,142 to €17,525
- Taxes -€8,965
down €8,965 (-65.3%), from €13,728 to €4,763
- Staff costs +€5,417
up €5,417 (+15.8%), from €34,294 to €39,711
- Financial income -€1,304
down €1,304 (-58.1%), from €2,244 to €940
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 | €191,086 | €205,117 | +€14,031 | +7.3% |
| Fixed assets | 21/28 | €22,585 | €72,967 | +€50,382 | +223% |
| Intangible fixed assets | 21 | €1,221 | €384 | -€837 | -68.5% |
| Tangible fixed assets | 22/27 | €21,364 | €72,583 | +€51,218 | +240% |
| Plant, machinery and equipment | 23 | €4,245 | €11,985 | +€7,740 | +182% |
| Furniture and vehicles | 24 | €472 | €47,204 | +€46,732 | +9,891% |
| Other tangible fixed assets | 26 | €16,646 | €13,393 | -€3,253 | -19.5% |
| Current assets | 29/58 | €168,501 | €132,150 | -€36,351 | -21.6% |
| Stocks and contracts in progress | 3 | €18,989 | €11,439 | -€7,550 | -39.8% |
| Stocks | 30/36 | €18,989 | €11,439 | -€7,550 | -39.8% |
| Amounts receivable within one year | 40/41 | €37,936 | €50,375 | +€12,439 | +32.8% |
| Trade receivables | 40 | €37,933 | €45,437 | +€7,503 | +19.8% |
| Other amounts receivable | 41 | €3 | €4,939 | +€4,936 | +195,877% |
| Current investments | 50/53 | €30,070 | €20,000 | -€10,070 | -33.5% |
| Cash at bank and in hand | 54/58 | €79,616 | €44,905 | -€34,711 | -43.6% |
| Deferred charges and accrued income | 490/1 | €1,891 | €5,431 | +€3,541 | +187% |
| Total equity and liabilities | 10/49 | €191,086 | €205,117 | +€14,031 | +7.3% |
| Equity | 10/15 | €101,394 | €110,449 | +€9,055 | +8.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €10,660 | +€8,800 | +473% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | - | €8,800 | +€8,800 | |
| Profit (loss) carried forward | 14 | €93,334 | €93,589 | +€255 | +0.3% |
| Amounts payable | 17/49 | €89,692 | €94,668 | +€4,977 | +5.5% |
| Amounts payable after more than one year | 17 | - | €21,053 | +€21,053 | |
| Financial debts | 170/4 | - | €21,053 | +€21,053 | |
| Amounts payable within one year | 42/48 | €89,692 | €73,615 | -€16,077 | -17.9% |
| Financial debts | 43 | - | €6,337 | +€6,337 | |
| Credit institutions | 430/8 | - | €6,337 | +€6,337 | |
| Trade debts | 44 | €30,718 | €15,214 | -€15,504 | -50.5% |
| Suppliers | 440/4 | €30,718 | €15,214 | -€15,504 | -50.5% |
| Taxes, remuneration and social security | 45 | €28,605 | €26,112 | -€2,493 | -8.7% |
| Taxes | 450/3 | €26,132 | €21,305 | -€4,826 | -18.5% |
| Remuneration and social security | 454/9 | €2,473 | €4,806 | +€2,333 | +94.3% |
| Other amounts payable | 47/48 | €30,369 | €25,953 | -€4,416 | -14.5% |
| Remuneration, social security and pensions | 62 | €34,294 | €39,711 | +€5,417 | +15.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,142 | €17,525 | +€11,383 | +185% |
| Other operating charges | 640/8 | €489 | €830 | +€341 | +69.7% |
| Gross operating margin | 9900 | €92,817 | €72,357 | -€20,461 | -22.0% |
| Operating profit (loss) | 9901 | €51,892 | €14,290 | -€37,602 | -72.5% |
| Financial income | 75/76B | €2,244 | €940 | -€1,304 | -58.1% |
| Recurring financial income | 75 | €2,244 | €940 | -€1,304 | -58.1% |
| Financial charges | 65/66B | €970 | €1,412 | +€442 | +45.6% |
| Recurring financial charges | 65 | €970 | €1,412 | +€442 | +45.6% |
| Profit (loss) for the period before taxes | 9903 | €53,166 | €13,817 | -€39,349 | -74.0% |
| Income taxes | 67/77 | €13,728 | €4,763 | -€8,965 | -65.3% |
| Profit (loss) for the period | 9904 | €39,439 | €9,055 | -€30,384 | -77.0% |
| Profit (loss) for the period to be appropriated | 9905 | €39,439 | €9,055 | -€30,384 | -77.0% |
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 13 October 2026 via checked.be.