M2D consultancy: 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.
M2D consultancy
Largest movements
- Cash -€24,204
down €24,204 (-14.0%), from €172,594 to €148,390
mainly Other debts (-€47,930) and Tax, wage and social debts (-€11,751)
- Receivables within one year -€16,331
down €16,331 (-61.8%), from €26,410 to €10,079
of which Trade receivables: -€17,932
- Tangible fixed assets -€8,034
down €8,034 (-18.8%), from €42,787 to €34,753
- Other debts -€47,930
no longer reported in 2025 (was €47,930)
- Reserves +€16,796
up €16,796 (+10.5%), from €159,527 to €176,324
- Tax, wage and social debts -€11,751
down €11,751 (-90.1%), from €13,046 to €1,295
- Current portion of long-term debt -€6,385
no longer reported in 2025 (was €6,385)
- Gross operating margin -€50,164
down €50,164 (-56.6%), from €88,577 to €38,413
- Taxes -€7,624
down €7,624 (-79.5%), from €9,588 to €1,964
- Other operating charges -€3,048
down €3,048 (-75.2%), from €4,052 to €1,005
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 | €241,791 | €193,222 | -€48,569 | -20.1% |
| Fixed assets | 21/28 | €42,787 | €34,753 | -€8,034 | -18.8% |
| Tangible fixed assets | 22/27 | €42,787 | €34,753 | -€8,034 | -18.8% |
| Furniture and vehicles | 24 | €42,787 | €34,753 | -€8,034 | -18.8% |
| Current assets | 29/58 | €199,004 | €158,469 | -€40,535 | -20.4% |
| Amounts receivable within one year | 40/41 | €26,410 | €10,079 | -€16,331 | -61.8% |
| Trade receivables | 40 | €21,701 | €3,769 | -€17,932 | -82.6% |
| Other amounts receivable | 41 | €4,709 | €6,310 | +€1,601 | +34.0% |
| Cash at bank and in hand | 54/58 | €172,594 | €148,390 | -€24,204 | -14.0% |
| Total equity and liabilities | 10/49 | €241,791 | €193,222 | -€48,569 | -20.1% |
| Equity | 10/15 | €167,743 | €184,540 | +€16,796 | +10.0% |
| Contributions | 10/11 | €8,216 | €8,216 | = | 0.0% |
| Reserves | 13 | €159,527 | €176,324 | +€16,796 | +10.5% |
| Distributable reserves | 133 | €159,527 | €176,324 | +€16,796 | +10.5% |
| Amounts payable | 17/49 | €74,047 | €8,682 | -€65,365 | -88.3% |
| Amounts payable after more than one year | 17 | €3,795 | €3,795 | = | 0.0% |
| Financial debts | 170/4 | €3,795 | €3,795 | = | 0.0% |
| Amounts payable within one year | 42/48 | €70,253 | €4,888 | -€65,365 | -93.0% |
| Current portion of amounts payable after more than one year | 42 | €6,385 | - | -€6,385 | |
| Financial debts | 43 | €2,505 | €3,565 | +€1,061 | +42.3% |
| Credit institutions | 430/8 | €2,505 | €3,565 | +€1,061 | +42.3% |
| Trade debts | 44 | €387 | €28 | -€360 | -92.9% |
| Suppliers | 440/4 | €387 | €28 | -€360 | -92.9% |
| Taxes, remuneration and social security | 45 | €13,046 | €1,295 | -€11,751 | -90.1% |
| Taxes | 450/3 | €13,046 | €1,295 | -€11,751 | -90.1% |
| Other amounts payable | 47/48 | €47,930 | - | -€47,930 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,984 | €18,297 | +€313 | +1.7% |
| Other operating charges | 640/8 | €4,052 | €1,005 | -€3,048 | -75.2% |
| Gross operating margin | 9900 | €88,577 | €38,413 | -€50,164 | -56.6% |
| Operating profit (loss) | 9901 | €66,541 | €19,112 | -€47,429 | -71.3% |
| Financial charges | 65/66B | €565 | €351 | -€213 | -37.8% |
| Recurring financial charges | 65 | €565 | €351 | -€213 | -37.8% |
| Profit (loss) for the period before taxes | 9903 | €65,976 | €18,760 | -€47,216 | -71.6% |
| Income taxes | 67/77 | €9,588 | €1,964 | -€7,624 | -79.5% |
| Profit (loss) for the period | 9904 | €56,388 | €16,796 | -€39,592 | -70.2% |
| Profit (loss) for the period to be appropriated | 9905 | €56,388 | €16,796 | -€39,592 | -70.2% |
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.