M2L: 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.
M2L
Largest movements
- Receivables within one year -€156,292
down €156,292 (-26.3%), from €594,878 to €438,586
of which Trade receivables: -€139,280
- Cash -€46,327
down €46,327 (-7.9%), from €588,583 to €542,256
mainly Debts after one year (-€342,881) and Current portion of long-term debt (-€139,826)
- Tangible fixed assets +€38,634
up €38,634 (+170.4%), from €22,669 to €61,303
of which Leasing and similar rights: +€40,009
- Stocks and contracts -€28,515
down €28,515 (-12.8%), from €222,872 to €194,358
- Debts after one year -€342,881
down €342,881 (-91.5%), from €374,788 to €31,908
- Reserves +€291,904
up €291,904 (+119.8%), from €243,638 to €535,542
of which Distributable reserves: +€291,904
- Current portion of long-term debt -€139,826
down €139,826 (-92.0%), from €151,926 to €12,100
- Tax, wage and social debts +€26,525
up €26,525 (+174.7%), from €15,187 to €41,712
of which Taxes: +€23,916
- Trade debts -€17,666
down €17,666 (-4.9%), from €361,332 to €343,666
- Taxes +€121,884
up €121,884 (+1412.8%), from €8,627 to €130,511
- Gross operating margin +€102,111
up €102,111 (+21.8%), from €468,254 to €570,366
- Other operating charges +€83,330
up €83,330 (+3621.4%), from €2,301 to €85,631
- Financial charges +€38,547
up €38,547 (+115.3%), from €33,423 to €71,970
- Financial income +€26,108
up €26,108 (+207.5%), from €12,581 to €38,689
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 | €1,430,841 | €1,236,926 | -€193,915 | -13.6% |
| Fixed assets | 21/28 | €22,669 | €61,303 | +€38,634 | +170.4% |
| Tangible fixed assets | 22/27 | €22,669 | €61,303 | +€38,634 | +170.4% |
| Land and buildings | 22 | €3,761 | €10,615 | +€6,854 | +182.2% |
| Plant, machinery and equipment | 23 | €3,935 | €6,068 | +€2,134 | +54.2% |
| Furniture and vehicles | 24 | €14,974 | €4,611 | -€10,362 | -69.2% |
| Leasing and similar rights | 25 | - | €40,009 | +€40,009 | |
| Current assets | 29/58 | €1,408,172 | €1,175,623 | -€232,549 | -16.5% |
| Stocks and contracts in progress | 3 | €222,872 | €194,358 | -€28,515 | -12.8% |
| Stocks | 30/36 | €222,872 | €194,358 | -€28,515 | -12.8% |
| Amounts receivable within one year | 40/41 | €594,878 | €438,586 | -€156,292 | -26.3% |
| Trade receivables | 40 | €562,683 | €423,403 | -€139,280 | -24.8% |
| Other amounts receivable | 41 | €32,195 | €15,183 | -€17,013 | -52.8% |
| Cash at bank and in hand | 54/58 | €588,583 | €542,256 | -€46,327 | -7.9% |
| Deferred charges and accrued income | 490/1 | €1,838 | €423 | -€1,415 | -77.0% |
| Total equity and liabilities | 10/49 | €1,430,841 | €1,236,926 | -€193,915 | -13.6% |
| Equity | 10/15 | €262,188 | €554,092 | +€291,904 | +111.3% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €243,638 | €535,542 | +€291,904 | +119.8% |
| Non-distributable reserves | 130/1 | €0 | €0 | = | |
| Reserves not available under the articles | 1311 | €0 | €0 | = | |
| Distributable reserves | 133 | €243,638 | €535,542 | +€291,904 | +119.8% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €1,168,653 | €682,834 | -€485,819 | -41.6% |
| Amounts payable after more than one year | 17 | €374,788 | €31,908 | -€342,881 | -91.5% |
| Financial debts | 170/4 | €374,788 | €31,908 | -€342,881 | -91.5% |
| Amounts payable within one year | 42/48 | €793,816 | €650,926 | -€142,890 | -18.0% |
| Current portion of amounts payable after more than one year | 42 | €151,926 | €12,100 | -€139,826 | -92.0% |
| Financial debts | 43 | €250,000 | €252,070 | +€2,070 | +0.8% |
| Credit institutions | 430/8 | €250,000 | €252,070 | +€2,070 | +0.8% |
| Trade debts | 44 | €361,332 | €343,666 | -€17,666 | -4.9% |
| Suppliers | 440/4 | €361,332 | €343,666 | -€17,666 | -4.9% |
| Advances received on contracts in progress | 46 | €750 | €750 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €15,187 | €41,712 | +€26,525 | +174.7% |
| Taxes | 450/3 | €11,781 | €35,697 | +€23,916 | +203.0% |
| Remuneration and social security | 454/9 | €3,406 | €6,015 | +€2,609 | +76.6% |
| Other amounts payable | 47/48 | €14,620 | €628 | -€13,993 | -95.7% |
| Accrued charges and deferred income | 492/3 | €49 | €0 | -€49 | -100.0% |
| Non-recurring operating income | 76A | - | €11,500 | +€11,500 | |
| Remuneration, social security and pensions | 62 | €2,971 | €10,333 | +€7,363 | +247.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,457 | €18,705 | +€1,248 | +7.1% |
| Other operating charges | 640/8 | €2,301 | €85,631 | +€83,330 | +3621.4% |
| Non-recurring operating charges | 66A | €1,100 | €0 | -€1,100 | -100.0% |
| Gross operating margin | 9900 | €468,254 | €570,366 | +€102,111 | +21.8% |
| Operating profit (loss) | 9901 | €444,425 | €455,696 | +€11,271 | +2.5% |
| Financial income | 75/76B | €12,581 | €38,689 | +€26,108 | +207.5% |
| Recurring financial income | 75 | €12,581 | €38,689 | +€26,108 | +207.5% |
| Financial charges | 65/66B | €33,423 | €71,970 | +€38,547 | +115.3% |
| Recurring financial charges | 65 | €33,423 | €71,970 | +€38,547 | +115.3% |
| Profit (loss) for the period before taxes | 9903 | €423,583 | €422,416 | -€1,168 | -0.3% |
| Income taxes | 67/77 | €8,627 | €130,511 | +€121,884 | +1412.8% |
| Profit (loss) for the period | 9904 | €414,956 | €291,904 | -€123,052 | -29.7% |
| Profit (loss) for the period to be appropriated | 9905 | €414,956 | €291,904 | -€123,052 | -29.7% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.