M29: 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.
M29
Largest movements
- Tangible fixed assets -€31,165
down €31,165 (-1.4%), from €2.3m to €2.3m
of which Land and buildings: -€36,647
No liability line moved by more than 1% of the balance sheet total.
- Financial charges -€28,086
down €28,086 (-37.9%), from €74,029 to €45,944
- Gross operating margin -€24,509
down €24,509 (-20.1%), from €122,171 to €97,663
- Taxes -€12,526
down €12,526 (-95.9%), from €13,059 to €533
- Other operating charges +€4,350
up €4,350 (+33.7%), from €12,905 to €17,255
- Depreciation +€4,336
up €4,336 (+10.9%), from €39,649 to €43,985
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 | €2,320,327 | €2,320,988 | +€661 | 0.0% |
| Fixed assets | 21/28 | €2,299,547 | €2,268,381 | -€31,165 | -1.4% |
| Tangible fixed assets | 22/27 | €2,299,547 | €2,268,381 | -€31,165 | -1.4% |
| Land and buildings | 22 | €1,286,713 | €1,250,066 | -€36,647 | -2.8% |
| Other tangible fixed assets | 26 | €1,012,834 | €1,018,316 | +€5,482 | +0.5% |
| Current assets | 29/58 | €20,780 | €52,607 | +€31,827 | +153.2% |
| Amounts receivable within one year | 40/41 | €20,070 | €34,291 | +€14,221 | +70.9% |
| Trade receivables | 40 | €14,805 | €14,418 | -€386 | -2.6% |
| Other amounts receivable | 41 | €5,265 | €19,872 | +€14,607 | +277.4% |
| Cash at bank and in hand | 54/58 | €452 | €14,799 | +€14,347 | +3174.5% |
| Deferred charges and accrued income | 490/1 | €258 | €3,517 | +€3,259 | +1262.3% |
| Total equity and liabilities | 10/49 | €2,320,327 | €2,320,988 | +€661 | 0.0% |
| Equity | 10/15 | €1,270,442 | €1,266,816 | -€3,625 | -0.3% |
| Contributions | 10/11 | €18,000 | €18,000 | = | 0.0% |
| Reserves | 13 | €1,269,709 | €1,269,709 | = | 0.0% |
| Distributable reserves | 133 | €1,269,709 | €1,269,709 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€17,268 | -€20,893 | -€3,625 | -21.0% |
| Amounts payable | 17/49 | €1,049,885 | €1,054,172 | +€4,286 | +0.4% |
| Amounts payable after more than one year | 17 | €1,002,419 | €988,655 | -€13,765 | -1.4% |
| Financial debts | 170/4 | €578,219 | €264,455 | -€313,765 | -54.3% |
| Other amounts payable | 178/9 | €424,200 | €724,200 | +€300,000 | +70.7% |
| Amounts payable within one year | 42/48 | €35,982 | €37,001 | +€1,019 | +2.8% |
| Current portion of amounts payable after more than one year | 42 | €13,167 | €13,765 | +€598 | +4.5% |
| Trade debts | 44 | €13,210 | €8,157 | -€5,053 | -38.3% |
| Suppliers | 440/4 | €13,210 | €8,157 | -€5,053 | -38.3% |
| Taxes, remuneration and social security | 45 | €8,726 | €14,588 | +€5,862 | +67.2% |
| Taxes | 450/3 | €8,726 | €14,588 | +€5,862 | +67.2% |
| Other amounts payable | 47/48 | €879 | €491 | -€388 | -44.1% |
| Accrued charges and deferred income | 492/3 | €11,484 | €28,516 | +€17,032 | +148.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,649 | €43,985 | +€4,336 | +10.9% |
| Other operating charges | 640/8 | €12,905 | €17,255 | +€4,350 | +33.7% |
| Gross operating margin | 9900 | €122,171 | €97,663 | -€24,509 | -20.1% |
| Operating profit (loss) | 9901 | €69,618 | €36,424 | -€33,194 | -47.7% |
| Financial income | 75/76B | €203 | €252 | +€50 | +24.5% |
| Recurring financial income | 75 | €203 | €252 | +€50 | +24.5% |
| Financial charges | 65/66B | €74,029 | €45,944 | -€28,086 | -37.9% |
| Recurring financial charges | 65 | €74,029 | €45,944 | -€28,086 | -37.9% |
| Profit (loss) for the period before taxes | 9903 | -€4,209 | -€9,267 | -€5,059 | -120.2% |
| Income taxes | 67/77 | €13,059 | €533 | -€12,526 | -95.9% |
| Profit (loss) for the period | 9904 | -€17,268 | -€9,801 | +€7,467 | +43.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€17,268 | -€9,801 | +€7,467 | +43.2% |
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 10 October 2026 via checked.be.