M2D: 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.
M2D
Largest movements
- Financial fixed assets -€3,364
down €3,364 (-23.6%), from €14,238 to €10,874
- Cash -€1,188
down €1,188 (-56.9%), from €2,090 to €902
mainly Net result for the year (-€5,508) and Receivables after one year (-€145)
- Profit (loss) carried forward -€5,508
down €5,508 (-7.4%), from -€74,062 to -€79,570
- Accrued charges and deferred income +€930
up €930 (+9.1%), from €10,230 to €11,160
- Financial charges -€8,334
down €8,334 (-65.3%), from €12,766 to €4,432
of which Non-recurring financial charges: -€8,328
- Gross operating margin +€1,125
up €1,125 (+59.1%), from -€1,902 to -€778
- Other operating charges -€138
down €138 (-23.7%), from €581 to €444
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 | €24,450 | €19,893 | -€4,556 | -18.6% |
| Fixed assets | 21/28 | €14,238 | €10,874 | -€3,364 | -23.6% |
| Financial fixed assets | 28 | €14,238 | €10,874 | -€3,364 | -23.6% |
| Current assets | 29/58 | €10,211 | €9,019 | -€1,192 | -11.7% |
| Amounts receivable after more than one year | 29 | €7,696 | €7,841 | +€145 | +1.9% |
| Other amounts receivable | 291 | €7,696 | €7,841 | +€145 | +1.9% |
| Amounts receivable within one year | 40/41 | €425 | €277 | -€149 | -35.0% |
| Other amounts receivable | 41 | €425 | €277 | -€149 | -35.0% |
| Cash at bank and in hand | 54/58 | €2,090 | €902 | -€1,188 | -56.9% |
| Total equity and liabilities | 10/49 | €24,450 | €19,893 | -€4,556 | -18.6% |
| Equity | 10/15 | -€55,462 | -€60,970 | -€5,508 | -9.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€74,062 | -€79,570 | -€5,508 | -7.4% |
| Amounts payable | 17/49 | €79,912 | €80,864 | +€952 | +1.2% |
| Amounts payable after more than one year | 17 | €69,682 | €69,704 | +€22 | 0.0% |
| Other amounts payable | 178/9 | €69,682 | €69,704 | +€22 | 0.0% |
| Accrued charges and deferred income | 492/3 | €10,230 | €11,160 | +€930 | +9.1% |
| Other operating charges | 640/8 | €581 | €444 | -€138 | -23.7% |
| Gross operating margin | 9900 | -€1,902 | -€778 | +€1,125 | +59.1% |
| Operating profit (loss) | 9901 | -€2,483 | -€1,221 | +€1,262 | +50.8% |
| Financial income | 75/76B | €145 | €145 | = | 0.0% |
| Recurring financial income | 75 | €145 | €145 | = | 0.0% |
| Financial charges | 65/66B | €12,766 | €4,432 | -€8,334 | -65.3% |
| Recurring financial charges | 65 | €1,074 | €1,068 | -€6 | -0.6% |
| Non-recurring financial charges | 66B | €11,692 | €3,364 | -€8,328 | -71.2% |
| Profit (loss) for the period before taxes | 9903 | -€15,104 | -€5,508 | +€9,596 | +63.5% |
| Profit (loss) for the period | 9904 | -€15,104 | -€5,508 | +€9,596 | +63.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€15,104 | -€5,508 | +€9,596 | +63.5% |
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 29 September 2026 via checked.be.