M2E: 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.
M2E
Largest movements
- Current investments -€38,158
down €38,158 (-21.4%), from €178,608 to €140,450
- Deferred charges and accrued income -€7,168
down €7,168 (-47.6%), from €15,066 to €7,899
- Receivables within one year +€4,432
up €4,432 (+7.9%), from €55,828 to €60,260
of which Trade receivables: +€9,675
- Debts after one year -€34,607
down €34,607 (-12.9%), from €267,765 to €233,157
- Reserves -€18,000
down €18,000 (-100.0%), from €18,000 to €0
- Other debts +€16,582
up €16,582 (+20.8%), from €79,550 to €96,133
- Gross operating margin +€13,615
up €13,615 (+12.6%), from €108,080 to €121,696
- Financial charges -€7,602
down €7,602 (-55.7%), from €13,647 to €6,045
- Taxes +€5,219
up €5,219 (+24.5%), from €21,315 to €26,534
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €405,007 | €363,167 | -€41,840 | -10.3% |
| Fixed assets | 21/28 | €150,000 | €150,000 | = | 0.0% |
| Tangible fixed assets | 22/27 | €0 | - | = | |
| Furniture and vehicles | 24 | €0 | - | = | |
| Financial fixed assets | 28 | €150,000 | €150,000 | = | 0.0% |
| Current assets | 29/58 | €255,007 | €213,167 | -€41,840 | -16.4% |
| Amounts receivable within one year | 40/41 | €55,828 | €60,260 | +€4,432 | +7.9% |
| Trade receivables | 40 | €46,694 | €56,369 | +€9,675 | +20.7% |
| Other amounts receivable | 41 | €9,134 | €3,891 | -€5,243 | -57.4% |
| Current investments | 50/53 | €178,608 | €140,450 | -€38,158 | -21.4% |
| Cash at bank and in hand | 54/58 | €5,505 | €4,559 | -€946 | -17.2% |
| Deferred charges and accrued income | 490/1 | €15,066 | €7,899 | -€7,168 | -47.6% |
| Total equity and liabilities | 10/49 | €405,007 | €363,167 | -€41,840 | -10.3% |
| Equity | 10/15 | €36,600 | €18,600 | -€18,000 | -49.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €18,000 | €0 | -€18,000 | -100.0% |
| Distributable reserves | 133 | €18,000 | €0 | -€18,000 | -100.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €368,407 | €344,567 | -€23,840 | -6.5% |
| Amounts payable after more than one year | 17 | €267,765 | €233,157 | -€34,607 | -12.9% |
| Other amounts payable | 178/9 | €267,765 | €233,157 | -€34,607 | -12.9% |
| Amounts payable within one year | 42/48 | €100,420 | €111,410 | +€10,990 | +10.9% |
| Trade debts | 44 | €3,791 | €716 | -€3,075 | -81.1% |
| Suppliers | 440/4 | €3,791 | €716 | -€3,075 | -81.1% |
| Taxes, remuneration and social security | 45 | €17,079 | €14,561 | -€2,517 | -14.7% |
| Taxes | 450/3 | €14,479 | €14,561 | +€83 | +0.6% |
| Remuneration and social security | 454/9 | €2,600 | €0 | -€2,600 | -100.0% |
| Other amounts payable | 47/48 | €79,550 | €96,133 | +€16,582 | +20.8% |
| Accrued charges and deferred income | 492/3 | €222 | €0 | -€222 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | - | = | |
| Other operating charges | 640/8 | €1,066 | €400 | -€666 | -62.5% |
| Gross operating margin | 9900 | €108,080 | €121,696 | +€13,615 | +12.6% |
| Operating profit (loss) | 9901 | €107,015 | €121,296 | +€14,281 | +13.3% |
| Financial income | 75/76B | €7,498 | €7,416 | -€82 | -1.1% |
| Recurring financial income | 75 | €7,498 | €7,416 | -€82 | -1.1% |
| Financial charges | 65/66B | €13,647 | €6,045 | -€7,602 | -55.7% |
| Recurring financial charges | 65 | €13,647 | €6,045 | -€7,602 | -55.7% |
| Profit (loss) for the period before taxes | 9903 | €100,866 | €122,667 | +€21,801 | +21.6% |
| Income taxes | 67/77 | €21,315 | €26,534 | +€5,219 | +24.5% |
| Profit (loss) for the period | 9904 | €79,550 | €96,133 | +€16,582 | +20.8% |
| Profit (loss) for the period to be appropriated | 9905 | €79,550 | €96,133 | +€16,582 | +20.8% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.