M24: 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.
M24
Largest movements
- Tangible fixed assets +€1.2m
up €1.2m (+5,455%), from €21,591 to €1.2m
of which Land and buildings: +€1.2m
- Receivables within one year +€37,048
up €37,048 (+101%), from €36,608 to €73,656
of which Other amounts receivable: +€43,318
- Debts after one year +€1.1m
up €1.1m (+54,462%), from €1,943 to €1.1m
- Other debts +€120,795
up €120,795 (+2,442%), from €4,947 to €125,742
- Current portion of long-term debt +€55,992
up €55,992 (+729%), from €7,679 to €63,671
- Profit (loss) carried forward -€19,995
down €19,995 (-34.1%), from €58,676 to €38,681
- Depreciation +€149,599
up €149,599 (+5,238%), from €2,856 to €152,455
- Gross operating margin +€109,507
up €109,507 (+181%), from €60,428 to €169,936
- Financial charges +€33,369
up €33,369 (+5,850%), from €570 to €33,940
- Taxes -€14,260
no longer reported in 2025 (was €14,260)
- Other operating charges +€3,543
new in 2025: €3,543
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 | €93,503 | €1,316,047 | +€1.2m | +1,307% |
| Fixed assets | 21/28 | €21,591 | €1,199,301 | +€1.2m | +5,455% |
| Tangible fixed assets | 22/27 | €21,591 | €1,199,301 | +€1.2m | +5,455% |
| Land and buildings | 22 | - | €1,176,894 | +€1.2m | |
| Furniture and vehicles | 24 | €174 | €3,866 | +€3,692 | +2,127% |
| Other tangible fixed assets | 26 | €21,418 | €18,541 | -€2,877 | -13.4% |
| Current assets | 29/58 | €71,912 | €116,747 | +€44,835 | +62.3% |
| Amounts receivable within one year | 40/41 | €36,608 | €73,656 | +€37,048 | +101% |
| Trade receivables | 40 | €12,559 | €6,289 | -€6,270 | -49.9% |
| Other amounts receivable | 41 | €24,049 | €67,367 | +€43,318 | +180% |
| Cash at bank and in hand | 54/58 | €34,751 | €41,084 | +€6,333 | +18.2% |
| Deferred charges and accrued income | 490/1 | €553 | €2,007 | +€1,454 | +263% |
| Total equity and liabilities | 10/49 | €93,503 | €1,316,047 | +€1.2m | +1,307% |
| Equity | 10/15 | €73,676 | €53,681 | -€19,995 | -27.1% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €58,676 | €38,681 | -€19,995 | -34.1% |
| Amounts payable | 17/49 | €19,827 | €1,262,366 | +€1.2m | +6,267% |
| Amounts payable after more than one year | 17 | €1,943 | €1,059,982 | +€1.1m | +54,462% |
| Financial debts | 170/4 | €1,943 | €1,059,982 | +€1.1m | +54,462% |
| Amounts payable within one year | 42/48 | €17,884 | €202,384 | +€184,500 | +1,032% |
| Current portion of amounts payable after more than one year | 42 | €7,679 | €63,671 | +€55,992 | +729% |
| Trade debts | 44 | €5,258 | €5,801 | +€543 | +10.3% |
| Suppliers | 440/4 | €5,258 | €5,801 | +€543 | +10.3% |
| Taxes, remuneration and social security | 45 | - | €7,169 | +€7,169 | |
| Taxes | 450/3 | - | €7,169 | +€7,169 | |
| Other amounts payable | 47/48 | €4,947 | €125,742 | +€120,795 | +2,442% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,856 | €152,455 | +€149,599 | +5,238% |
| Other operating charges | 640/8 | - | €3,543 | +€3,543 | |
| Gross operating margin | 9900 | €60,428 | €169,936 | +€109,507 | +181% |
| Operating profit (loss) | 9901 | €57,572 | €13,938 | -€43,634 | -75.8% |
| Financial income | 75/76B | €6 | €7 | +€1 | +11.2% |
| Recurring financial income | 75 | €6 | €7 | +€1 | +11.2% |
| Financial charges | 65/66B | €570 | €33,940 | +€33,369 | +5,850% |
| Recurring financial charges | 65 | €570 | €33,940 | +€33,369 | +5,850% |
| Profit (loss) for the period before taxes | 9903 | €57,008 | -€19,995 | -€77,003 | |
| Income taxes | 67/77 | €14,260 | - | -€14,260 | |
| Profit (loss) for the period | 9904 | €42,747 | -€19,995 | -€62,743 | |
| Profit (loss) for the period to be appropriated | 9905 | €42,747 | -€19,995 | -€62,743 |
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.