M2CO: 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.
M2CO
Largest movements
- Stocks and contracts +€264,719
up €264,719 (+108.1%), from €244,879 to €509,597
- Receivables within one year +€222,607
up €222,607 (+35.8%), from €620,941 to €843,547
of which Trade receivables: +€208,950
- Cash -€68,446
down €68,446 (-79.5%), from €86,103 to €17,657
mainly Stocks and contracts (-€264,719) and Receivables within one year (-€222,607)
- Trade debts +€319,418
up €319,418 (+88.9%), from €359,336 to €678,754
- Debts after one year +€58,522
up €58,522 (+25.1%), from €233,111 to €291,634
- Tax, wage and social debts -€58,330
down €58,330 (-66.2%), from €88,046 to €29,716
of which Taxes: -€62,519
- Other debts +€44,533
up €44,533 (+25.1%), from €177,500 to €222,034
- Current portion of long-term debt +€34,826
up €34,826 (+40.9%), from €85,190 to €120,017
- Staff costs +€63,730
up €63,730 (+313.7%), from €20,315 to €84,046
- Gross operating margin +€28,337
up €28,337 (+15.3%), from €184,624 to €212,961
- Depreciation +€19,867
up €19,867 (+36.1%), from €55,064 to €74,931
- Taxes -€12,750
down €12,750 (-84.7%), from €15,058 to €2,308
- Financial charges +€3,972
up €3,972 (+13.3%), from €29,868 to €33,840
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 | €1,175,896 | €1,594,976 | +€419,080 | +35.6% |
| Fixed assets | 21/28 | €222,423 | €222,687 | +€265 | +0.1% |
| Intangible fixed assets | 21 | €26,817 | €22,067 | -€4,750 | -17.7% |
| Tangible fixed assets | 22/27 | €195,606 | €200,621 | +€5,014 | +2.6% |
| Plant, machinery and equipment | 23 | €149,515 | €146,175 | -€3,341 | -2.2% |
| Furniture and vehicles | 24 | €23,312 | €16,351 | -€6,960 | -29.9% |
| Leasing and similar rights | 25 | - | €17,793 | +€17,793 | |
| Other tangible fixed assets | 26 | €22,779 | €20,302 | -€2,478 | -10.9% |
| Current assets | 29/58 | €953,473 | €1,372,288 | +€418,815 | +43.9% |
| Stocks and contracts in progress | 3 | €244,879 | €509,597 | +€264,719 | +108.1% |
| Stocks | 30/36 | €244,879 | €509,597 | +€264,719 | +108.1% |
| Amounts receivable within one year | 40/41 | €620,941 | €843,547 | +€222,607 | +35.8% |
| Trade receivables | 40 | €620,941 | €829,891 | +€208,950 | +33.7% |
| Other amounts receivable | 41 | - | €13,656 | +€13,656 | |
| Cash at bank and in hand | 54/58 | €86,103 | €17,657 | -€68,446 | -79.5% |
| Deferred charges and accrued income | 490/1 | €1,551 | €1,487 | -€64 | -4.1% |
| Total equity and liabilities | 10/49 | €1,175,896 | €1,594,976 | +€419,080 | +35.6% |
| Equity | 10/15 | €227,940 | €244,760 | +€16,819 | +7.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €222,940 | €239,760 | +€16,819 | +7.5% |
| Amounts payable | 17/49 | €947,955 | €1,350,216 | +€402,261 | +42.4% |
| Amounts payable after more than one year | 17 | €233,111 | €291,634 | +€58,522 | +25.1% |
| Financial debts | 170/4 | €233,111 | €291,634 | +€58,522 | +25.1% |
| Amounts payable within one year | 42/48 | €710,072 | €1,050,520 | +€340,448 | +47.9% |
| Current portion of amounts payable after more than one year | 42 | €85,190 | €120,017 | +€34,826 | +40.9% |
| Trade debts | 44 | €359,336 | €678,754 | +€319,418 | +88.9% |
| Suppliers | 440/4 | €359,336 | €678,754 | +€319,418 | +88.9% |
| Taxes, remuneration and social security | 45 | €88,046 | €29,716 | -€58,330 | -66.2% |
| Taxes | 450/3 | €86,167 | €23,648 | -€62,519 | -72.6% |
| Remuneration and social security | 454/9 | €1,879 | €6,068 | +€4,189 | +222.9% |
| Other amounts payable | 47/48 | €177,500 | €222,034 | +€44,533 | +25.1% |
| Accrued charges and deferred income | 492/3 | €4,772 | €8,063 | +€3,291 | +69.0% |
| Remuneration, social security and pensions | 62 | €20,315 | €84,046 | +€63,730 | +313.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,064 | €74,931 | +€19,867 | +36.1% |
| Other operating charges | 640/8 | €50 | €1,019 | +€969 | +1937.0% |
| Gross operating margin | 9900 | €184,624 | €212,961 | +€28,337 | +15.3% |
| Operating profit (loss) | 9901 | €109,194 | €52,966 | -€56,229 | -51.5% |
| Financial income | 75/76B | €81 | €1 | -€79 | -98.4% |
| Recurring financial income | 75 | €81 | €1 | -€79 | -98.4% |
| Financial charges | 65/66B | €29,868 | €33,840 | +€3,972 | +13.3% |
| Recurring financial charges | 65 | €29,868 | €33,840 | +€3,972 | +13.3% |
| Profit (loss) for the period before taxes | 9903 | €79,407 | €19,127 | -€60,280 | -75.9% |
| Income taxes | 67/77 | €15,058 | €2,308 | -€12,750 | -84.7% |
| Profit (loss) for the period | 9904 | €64,349 | €16,819 | -€47,530 | -73.9% |
| Profit (loss) for the period to be appropriated | 9905 | €64,349 | €16,819 | -€47,530 | -73.9% |
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 4 October 2026 via checked.be.