M2B: what changed
Two fiscal 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.
M2B
Largest movements
- Tangible fixed assets -€1.4m
down €1.4m (-21.8%), from €6.7m to €5.2m
of which Land and buildings: -€1.4m
- Receivables within one year -€249,076
down €249,076 (-76.6%), from €325,319 to €76,243
of which Other amounts receivable: -€277,721
- Debts after one year -€1.6m
down €1.6m (-32.4%), from €4.9m to €3.3m
- Profit (loss) carried forward -€430,459
down €430,459 (-118.9%), from -€362,134 to -€792,593
- Other debts +€248,296
up €248,296 (+8.9%), from €2.8m to €3.0m
- Gross operating margin -€202,920
down €202,920, from €87,348 to -€115,572
- Depreciation +€32,945
up €32,945 (+23.6%), from €139,816 to €172,761
- Financial income +€17,127
up €17,127 (+81323.2%), from €21 to €17,148
- Financial charges -€8,501
down €8,501 (-5.4%), from €156,418 to €147,918
of which Financial charges: -€18,170
- Other operating charges +€4,186
up €4,186 (+58.4%), from €7,170 to €11,356
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 | €7,474,858 | €5,690,813 | -€1.8m | -23.9% |
| Fixed assets | 21/28 | €6,673,044 | €5,210,824 | -€1.5m | -21.9% |
| Tangible fixed assets | 22/27 | €6,660,544 | €5,210,824 | -€1.4m | -21.8% |
| Land and buildings | 22 | €6,637,401 | €5,199,538 | -€1.4m | -21.7% |
| Plant, machinery and equipment | 23 | €23,144 | €11,286 | -€11,858 | -51.2% |
| Financial fixed assets | 28 | €12,500 | €0 | -€12,500 | -100.0% |
| Current assets | 29/58 | €801,813 | €479,989 | -€321,824 | -40.1% |
| Amounts receivable after more than one year | 29 | €3,500 | €4,500 | +€1,000 | +28.6% |
| Other amounts receivable | 291 | €3,500 | €4,500 | +€1,000 | +28.6% |
| Amounts receivable within one year | 40/41 | €325,319 | €76,243 | -€249,076 | -76.6% |
| Trade receivables | 40 | €32,571 | €61,216 | +€28,645 | +87.9% |
| Other amounts receivable | 41 | €292,748 | €15,027 | -€277,721 | -94.9% |
| Current investments | 50/53 | €250,000 | €264,097 | +€14,097 | +5.6% |
| Cash at bank and in hand | 54/58 | €161,965 | €135,149 | -€26,816 | -16.6% |
| Deferred charges and accrued income | 490/1 | €61,030 | €0 | -€61,030 | -100.0% |
| Total equity and liabilities | 10/49 | €7,474,858 | €5,690,813 | -€1.8m | -23.9% |
| Equity | 10/15 | -€361,134 | -€791,593 | -€430,459 | -119.2% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€362,134 | -€792,593 | -€430,459 | -118.9% |
| Amounts payable | 17/49 | €7,835,992 | €6,482,406 | -€1.4m | -17.3% |
| Amounts payable after more than one year | 17 | €4,897,451 | €3,310,540 | -€1.6m | -32.4% |
| Financial debts | 170/4 | €4,897,451 | €3,310,540 | -€1.6m | -32.4% |
| Amounts payable within one year | 42/48 | €2,938,541 | €3,171,866 | +€233,325 | +7.9% |
| Current portion of amounts payable after more than one year | 42 | €137,866 | €119,739 | -€18,128 | -13.1% |
| Trade debts | 44 | €4,638 | €7,794 | +€3,156 | +68.0% |
| Suppliers | 440/4 | €4,638 | €7,794 | +€3,156 | +68.0% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €2,796,037 | €3,044,334 | +€248,296 | +8.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €139,816 | €172,761 | +€32,945 | +23.6% |
| Other operating charges | 640/8 | €7,170 | €11,356 | +€4,186 | +58.4% |
| Gross operating margin | 9900 | €87,348 | -€115,572 | -€202,920 | |
| Operating profit (loss) | 9901 | -€59,638 | -€299,689 | -€240,052 | -402.5% |
| Financial income | 75/76B | €21 | €17,148 | +€17,127 | +81323.2% |
| Recurring financial income | 75 | €21 | €17,148 | +€17,127 | +81323.2% |
| Financial charges | 65/66B | €156,418 | €147,918 | -€8,501 | -5.4% |
| Recurring financial charges | 65 | €156,418 | €138,248 | -€18,170 | -11.6% |
| Non-recurring financial charges | 66B | - | €9,670 | +€9,670 | |
| Profit (loss) for the period before taxes | 9903 | -€216,035 | -€430,459 | -€214,424 | -99.3% |
| Income taxes | 67/77 | €27 | €0 | -€27 | -100.0% |
| Profit (loss) for the period | 9904 | -€216,061 | -€430,459 | -€214,397 | -99.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€216,061 | -€430,459 | -€214,397 | -99.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.