M28 Ventures: 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.
M28 Ventures
Largest movements
- Receivables after one year -€61,500
down €61,500 (-30.8%), from €200,000 to €138,500
- Receivables within one year +€56,457
up €56,457 (+98.2%), from €57,470 to €113,928
of which Other amounts receivable: +€55,590
- Cash -€8,973
down €8,973 (-64.7%), from €13,860 to €4,887
mainly Other debts (-€71,745) and Receivables within one year (-€56,457)
- Tangible fixed assets +€8,947
up €8,947 (+119%), from €7,547 to €16,494
of which Furniture and vehicles: +€6,425
- Deferred charges and accrued income -€6,582
down €6,582 (-72.9%), from €9,032 to €2,450
- Other debts -€71,745
down €71,745 (-96.2%), from €74,542 to €2,797
- Profit (loss) carried forward +€47,954
up €47,954 (+29.1%), from €164,510 to €212,464
- Trade debts +€31,805
up €31,805 (+207%), from €15,393 to €47,198
- Tax, wage and social debts -€15,621
down €15,621 (-69.8%), from €22,383 to €6,762
of which Taxes: -€10,784
- Accrued charges and deferred income -€6,698
down €6,698 (-63.3%), from €10,582 to €3,884
- Gross operating margin -€110,987
down €110,987 (-66.0%), from €168,160 to €57,173
- Staff costs -€22,463
down €22,463 (-100%), from €22,463 to €0
- Financial income +€1,724
up €1,724 (+14,510%), from €12 to €1,736
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 | €287,909 | €276,259 | -€11,650 | -4.0% |
| Fixed assets | 21/28 | €7,547 | €16,494 | +€8,947 | +119% |
| Tangible fixed assets | 22/27 | €7,547 | €16,494 | +€8,947 | +119% |
| Land and buildings | 22 | - | €5,091 | +€5,091 | |
| Plant, machinery and equipment | 23 | €4,298 | €1,728 | -€2,569 | -59.8% |
| Furniture and vehicles | 24 | €3,249 | €9,675 | +€6,425 | +198% |
| Current assets | 29/58 | €280,362 | €259,765 | -€20,597 | -7.3% |
| Amounts receivable after more than one year | 29 | €200,000 | €138,500 | -€61,500 | -30.8% |
| Other amounts receivable | 291 | €200,000 | €138,500 | -€61,500 | -30.8% |
| Amounts receivable within one year | 40/41 | €57,470 | €113,928 | +€56,457 | +98.2% |
| Trade receivables | 40 | €57,470 | €58,338 | +€867 | +1.5% |
| Other amounts receivable | 41 | €0 | €55,590 | +€55,590 | |
| Cash at bank and in hand | 54/58 | €13,860 | €4,887 | -€8,973 | -64.7% |
| Deferred charges and accrued income | 490/1 | €9,032 | €2,450 | -€6,582 | -72.9% |
| Total equity and liabilities | 10/49 | €287,909 | €276,259 | -€11,650 | -4.0% |
| Equity | 10/15 | €165,010 | €212,964 | +€47,954 | +29.1% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €164,510 | €212,464 | +€47,954 | +29.1% |
| Amounts payable | 17/49 | €122,899 | €63,295 | -€59,604 | -48.5% |
| Amounts payable after more than one year | 17 | - | €1,458 | +€1,458 | |
| Financial debts | 170/4 | - | €1,458 | +€1,458 | |
| Amounts payable within one year | 42/48 | €112,318 | €57,954 | -€54,364 | -48.4% |
| Current portion of amounts payable after more than one year | 42 | - | €1,196 | +€1,196 | |
| Trade debts | 44 | €15,393 | €47,198 | +€31,805 | +207% |
| Suppliers | 440/4 | €15,393 | €47,198 | +€31,805 | +207% |
| Taxes, remuneration and social security | 45 | €22,383 | €6,762 | -€15,621 | -69.8% |
| Taxes | 450/3 | €17,545 | €6,762 | -€10,784 | -61.5% |
| Remuneration and social security | 454/9 | €4,837 | €0 | -€4,837 | -100% |
| Other amounts payable | 47/48 | €74,542 | €2,797 | -€71,745 | -96.2% |
| Accrued charges and deferred income | 492/3 | €10,582 | €3,884 | -€6,698 | -63.3% |
| Remuneration, social security and pensions | 62 | €22,463 | €0 | -€22,463 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,071 | €6,668 | +€1,597 | +31.5% |
| Other operating charges | 640/8 | €1,395 | €920 | -€475 | -34.0% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €168,160 | €57,173 | -€110,987 | -66.0% |
| Operating profit (loss) | 9901 | €139,232 | €49,585 | -€89,647 | -64.4% |
| Financial income | 75/76B | €12 | €1,736 | +€1,724 | +14,510% |
| Recurring financial income | 75 | €12 | €1,736 | +€1,724 | +14,510% |
| Financial charges | 65/66B | €2,659 | €3,044 | +€385 | +14.5% |
| Recurring financial charges | 65 | €2,659 | €3,044 | +€385 | +14.5% |
| Profit (loss) for the period before taxes | 9903 | €136,584 | €48,276 | -€88,308 | -64.7% |
| Income taxes | 67/77 | -€353 | €322 | +€674 | |
| Profit (loss) for the period | 9904 | €136,937 | €47,954 | -€88,983 | -65.0% |
| Profit (loss) for the period to be appropriated | 9905 | €136,937 | €47,954 | -€88,983 | -65.0% |
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 17 October 2026 via checked.be.