M2J: 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.
M2J
Largest movements
- Stocks and contracts -€161,107
down €161,107 (-49.4%), from €326,345 to €165,238
- Financial fixed assets +€75,000
new in 2025: €75,000
- Receivables within one year +€4,127
up €4,127 (+761%), from €543 to €4,669
of which Other amounts receivable: +€4,127
- Debts after one year -€105,000
no longer reported in 2025 (was €105,000)
- Profit (loss) carried forward +€37,175
up €37,175 (+20.0%), from €185,974 to €223,149
- Accrued charges and deferred income -€9,084
no longer reported in 2025 (was €9,084)
- Advances received -€3,400
no longer reported in 2025 (was €3,400)
- Gross operating margin +€12,382
up €12,382 (+32.6%), from €37,933 to €50,315
- Financial charges -€8,139
down €8,139 (-82.9%), from €9,823 to €1,684
- Taxes +€4,952
up €4,952 (+66.5%), from €7,449 to €12,401
- Financial income -€683
down €683 (-41.9%), from €1,628 to €945
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.
Derived cash bridge
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 | €327,522 | €245,602 | -€81,921 | -25.0% |
| Fixed assets | 21/28 | - | €75,000 | +€75,000 | |
| Financial fixed assets | 28 | - | €75,000 | +€75,000 | |
| Current assets | 29/58 | €327,522 | €170,602 | -€156,921 | -47.9% |
| Stocks and contracts in progress | 3 | €326,345 | €165,238 | -€161,107 | -49.4% |
| Stocks | 30/36 | €326,345 | €165,238 | -€161,107 | -49.4% |
| Amounts receivable within one year | 40/41 | €543 | €4,669 | +€4,127 | +761% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €543 | €4,669 | +€4,127 | +761% |
| Cash at bank and in hand | 54/58 | €379 | €229 | -€150 | -39.7% |
| Deferred charges and accrued income | 490/1 | €256 | €466 | +€210 | +82.2% |
| Total equity and liabilities | 10/49 | €327,522 | €245,602 | -€81,921 | -25.0% |
| Equity | 10/15 | €206,434 | €243,609 | +€37,175 | +18.0% |
| Contributions | 10/11 | €20,460 | €18,600 | -€1,860 | -9.1% |
| Reserves | 13 | - | €1,860 | +€1,860 | |
| Distributable reserves | 133 | - | €1,860 | +€1,860 | |
| Profit (loss) carried forward | 14 | €185,974 | €223,149 | +€37,175 | +20.0% |
| Amounts payable | 17/49 | €121,088 | €1,993 | -€119,095 | -98.4% |
| Amounts payable after more than one year | 17 | €105,000 | - | -€105,000 | |
| Other amounts payable | 178/9 | €105,000 | - | -€105,000 | |
| Amounts payable within one year | 42/48 | €7,004 | €1,993 | -€5,012 | -71.6% |
| Trade debts | 44 | €1,121 | €943 | -€178 | -15.9% |
| Suppliers | 440/4 | €1,121 | €943 | -€178 | -15.9% |
| Advances received on contracts in progress | 46 | €3,400 | - | -€3,400 | |
| Taxes, remuneration and social security | 45 | €949 | €1,050 | +€101 | +10.7% |
| Taxes | 450/3 | €949 | €1,050 | +€101 | +10.7% |
| Other amounts payable | 47/48 | €1,535 | - | -€1,535 | |
| Accrued charges and deferred income | 492/3 | €9,084 | - | -€9,084 | |
| Gross operating margin | 9900 | €37,933 | €50,315 | +€12,382 | +32.6% |
| Operating profit (loss) | 9901 | €37,933 | €50,315 | +€12,382 | +32.6% |
| Financial income | 75/76B | €1,628 | €945 | -€683 | -41.9% |
| Recurring financial income | 75 | €1,628 | €945 | -€683 | -41.9% |
| Financial charges | 65/66B | €9,823 | €1,684 | -€8,139 | -82.9% |
| Recurring financial charges | 65 | €9,823 | €1,684 | -€8,139 | -82.9% |
| Profit (loss) for the period before taxes | 9903 | €29,738 | €49,576 | +€19,838 | +66.7% |
| Income taxes | 67/77 | €7,449 | €12,401 | +€4,952 | +66.5% |
| Profit (loss) for the period | 9904 | €22,289 | €37,175 | +€14,886 | +66.8% |
| Profit (loss) for the period to be appropriated | 9905 | €22,289 | €37,175 | +€14,886 | +66.8% |
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 15 October 2026 via checked.be.