M2IF: 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.
M2IF
Largest movements
- Tangible fixed assets +€67,976
up €67,976 (+370.0%), from €18,372 to €86,348
of which Furniture and vehicles: +€58,657
- Deferred charges and accrued income -€14,811
down €14,811 (-95.7%), from €15,482 to €671
- Cash +€9,190
up €9,190 (+36.9%), from €24,930 to €34,120
mainly Net result for the year (+€31,491) and Depreciation (+€16,455)
- Receivables within one year -€3,995
down €3,995 (-53.5%), from €7,469 to €3,474
of which Trade receivables: -€5,245
- Reserves +€31,491
up €31,491 (+88.8%), from €35,475 to €66,966
- Current portion of long-term debt +€15,951
new in 2025: €15,951
- Debts after one year +€13,721
new in 2025: €13,721
- Tax, wage and social debts -€4,208
down €4,208 (-37.7%), from €11,150 to €6,942
- Other debts +€1,307
up €1,307 (+45.3%), from €2,887 to €4,194
- Gross operating margin +€35,055
up €35,055 (+146.1%), from €23,996 to €59,052
- Depreciation +€10,611
up €10,611 (+181.6%), from €5,843 to €16,455
- Taxes +€5,065
up €5,065 (+133.9%), from €3,783 to €8,847
- Financial charges +€1,019
up €1,019 (+920.7%), from €111 to €1,129
- Staff costs +€809
new in 2025: €809
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 | €69,512 | €127,872 | +€58,360 | +84.0% |
| Fixed assets | 21/28 | €18,372 | €86,348 | +€67,976 | +370.0% |
| Tangible fixed assets | 22/27 | €18,372 | €86,348 | +€67,976 | +370.0% |
| Plant, machinery and equipment | 23 | €3,003 | €2,000 | -€1,003 | -33.4% |
| Furniture and vehicles | 24 | €13,947 | €72,604 | +€58,657 | +420.6% |
| Other tangible fixed assets | 26 | €1,422 | €11,744 | +€10,322 | +725.7% |
| Current assets | 29/58 | €51,140 | €41,524 | -€9,616 | -18.8% |
| Stocks and contracts in progress | 3 | €3,259 | €3,259 | = | 0.0% |
| Stocks | 30/36 | €3,259 | €3,259 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €7,469 | €3,474 | -€3,995 | -53.5% |
| Trade receivables | 40 | €5,245 | - | -€5,245 | |
| Other amounts receivable | 41 | €2,224 | €3,474 | +€1,250 | +56.2% |
| Cash at bank and in hand | 54/58 | €24,930 | €34,120 | +€9,190 | +36.9% |
| Deferred charges and accrued income | 490/1 | €15,482 | €671 | -€14,811 | -95.7% |
| Total equity and liabilities | 10/49 | €69,512 | €127,872 | +€58,360 | +84.0% |
| Equity | 10/15 | €55,475 | €86,966 | +€31,491 | +56.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €35,475 | €66,966 | +€31,491 | +88.8% |
| Distributable reserves | 133 | €35,475 | €66,966 | +€31,491 | +88.8% |
| Amounts payable | 17/49 | €14,037 | €40,906 | +€26,869 | +191.4% |
| Amounts payable after more than one year | 17 | - | €13,721 | +€13,721 | |
| Financial debts | 170/4 | - | €13,721 | +€13,721 | |
| Amounts payable within one year | 42/48 | €14,037 | €27,185 | +€13,148 | +93.7% |
| Current portion of amounts payable after more than one year | 42 | - | €15,951 | +€15,951 | |
| Trade debts | 44 | - | €99 | +€99 | |
| Suppliers | 440/4 | - | €99 | +€99 | |
| Taxes, remuneration and social security | 45 | €11,150 | €6,942 | -€4,208 | -37.7% |
| Taxes | 450/3 | €11,150 | €6,942 | -€4,208 | -37.7% |
| Other amounts payable | 47/48 | €2,887 | €4,194 | +€1,307 | +45.3% |
| Remuneration, social security and pensions | 62 | - | €809 | +€809 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,843 | €16,455 | +€10,611 | +181.6% |
| Other operating charges | 640/8 | €118 | €320 | +€202 | +170.7% |
| Gross operating margin | 9900 | €23,996 | €59,052 | +€35,055 | +146.1% |
| Operating profit (loss) | 9901 | €18,035 | €41,468 | +€23,433 | +129.9% |
| Financial charges | 65/66B | €111 | €1,129 | +€1,019 | +920.7% |
| Recurring financial charges | 65 | €111 | €1,129 | +€1,019 | +920.7% |
| Profit (loss) for the period before taxes | 9903 | €17,924 | €40,338 | +€22,414 | +125.0% |
| Income taxes | 67/77 | €3,783 | €8,847 | +€5,065 | +133.9% |
| Profit (loss) for the period | 9904 | €14,142 | €31,491 | +€17,349 | +122.7% |
| Profit (loss) for the period to be appropriated | 9905 | €14,142 | €31,491 | +€17,349 | +122.7% |
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 6 October 2026 via checked.be.