M2C: 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.
M2C
Largest movements
- Cash +€47,665
up €47,665 (+137.5%), from €34,673 to €82,338
mainly Net result for the year (+€123,215) and Receivables within one year (+€43,079)
- Receivables within one year -€43,079
down €43,079 (-37.1%), from €116,240 to €73,160
of which Trade receivables: -€45,136
- Tangible fixed assets -€21,460
down €21,460 (-21.5%), from €99,993 to €78,533
of which Furniture and vehicles: -€21,460
- Debts after one year -€15,646
down €15,646 (-47.0%), from €33,255 to €17,609
- Other debts -€9,011
down €9,011 (-6.8%), from €131,829 to €122,818
- Tax, wage and social debts +€3,601
up €3,601 (+15.1%), from €23,893 to €27,493
of which Taxes: +€3,697
- Profit (loss) carried forward +€3,215
up €3,215 (+7.4%), from €43,613 to €46,829
- Gross operating margin -€16,815
down €16,815 (-8.0%), from €209,413 to €192,598
- Taxes -€3,213
down €3,213 (-7.0%), from €45,670 to €42,458
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 | €253,734 | €236,108 | -€17,626 | -6.9% |
| Fixed assets | 21/28 | €99,993 | €78,533 | -€21,460 | -21.5% |
| Tangible fixed assets | 22/27 | €99,993 | €78,533 | -€21,460 | -21.5% |
| Furniture and vehicles | 24 | €88,303 | €66,843 | -€21,460 | -24.3% |
| Other tangible fixed assets | 26 | €11,690 | €11,690 | = | 0.0% |
| Current assets | 29/58 | €153,741 | €157,576 | +€3,834 | +2.5% |
| Amounts receivable within one year | 40/41 | €116,240 | €73,160 | -€43,079 | -37.1% |
| Trade receivables | 40 | €114,924 | €69,788 | -€45,136 | -39.3% |
| Other amounts receivable | 41 | €1,316 | €3,372 | +€2,056 | +156.3% |
| Cash at bank and in hand | 54/58 | €34,673 | €82,338 | +€47,665 | +137.5% |
| Deferred charges and accrued income | 490/1 | €2,828 | €2,077 | -€751 | -26.6% |
| Total equity and liabilities | 10/49 | €253,734 | €236,108 | -€17,626 | -6.9% |
| Equity | 10/15 | €48,613 | €51,829 | +€3,215 | +6.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €43,613 | €46,829 | +€3,215 | +7.4% |
| Amounts payable | 17/49 | €205,121 | €184,280 | -€20,842 | -10.2% |
| Amounts payable after more than one year | 17 | €33,255 | €17,609 | -€15,646 | -47.0% |
| Financial debts | 170/4 | €33,255 | €17,609 | -€15,646 | -47.0% |
| Amounts payable within one year | 42/48 | €171,866 | €166,671 | -€5,196 | -3.0% |
| Current portion of amounts payable after more than one year | 42 | €15,083 | €15,646 | +€563 | +3.7% |
| Trade debts | 44 | €1,062 | €714 | -€348 | -32.8% |
| Suppliers | 440/4 | €1,062 | €714 | -€348 | -32.8% |
| Taxes, remuneration and social security | 45 | €23,893 | €27,493 | +€3,601 | +15.1% |
| Taxes | 450/3 | €23,797 | €27,493 | +€3,697 | +15.5% |
| Remuneration and social security | 454/9 | €96 | - | -€96 | |
| Other amounts payable | 47/48 | €131,829 | €122,818 | -€9,011 | -6.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,118 | €24,465 | +€1,348 | +5.8% |
| Other operating charges | 640/8 | €547 | €629 | +€82 | +15.0% |
| Gross operating margin | 9900 | €209,413 | €192,598 | -€16,815 | -8.0% |
| Operating profit (loss) | 9901 | €185,749 | €167,504 | -€18,245 | -9.8% |
| Financial income | 75/76B | €0 | €1 | +€1 | +2275.0% |
| Recurring financial income | 75 | €0 | €1 | +€1 | +2275.0% |
| Financial charges | 65/66B | €2,210 | €1,832 | -€378 | -17.1% |
| Recurring financial charges | 65 | €2,210 | €1,832 | -€378 | -17.1% |
| Profit (loss) for the period before taxes | 9903 | €183,539 | €165,673 | -€17,866 | -9.7% |
| Income taxes | 67/77 | €45,670 | €42,458 | -€3,213 | -7.0% |
| Profit (loss) for the period | 9904 | €137,868 | €123,215 | -€14,653 | -10.6% |
| Profit (loss) for the period to be appropriated | 9905 | €137,868 | €123,215 | -€14,653 | -10.6% |
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 12 October 2026 via checked.be.