M2O: 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.
M2O
Largest movements
- Cash +€97,302
up €97,302 (+17.8%), from €546,253 to €643,555
mainly Other debts (+€165,000) and Depreciation (+€69,958)
- Stocks and contracts -€67,222
down €67,222 (-32.0%), from €210,073 to €142,851
- Receivables within one year -€57,037
down €57,037 (-39.5%), from €144,244 to €87,207
of which Trade receivables: -€87,585
- Deferred charges and accrued income -€23,514
down €23,514 (-59.7%), from €39,400 to €15,886
- Tangible fixed assets -€17,524
down €17,524 (-10.1%), from €174,342 to €156,817
of which Furniture and vehicles: -€27,381
- Other debts +€165,000
new in 2025: €165,000
- Profit (loss) carried forward -€121,342
down €121,342 (-16.3%), from €744,668 to €623,326
- Trade debts -€116,616
down €116,616 (-77.5%), from €150,444 to €33,828
- Advances received +€29,579
new in 2025: €29,579
- Tax, wage and social debts -€19,209
down €19,209 (-28.0%), from €68,662 to €49,453
of which Remuneration and social security: -€18,332
- Gross operating margin -€511,607
down €511,607 (-34.0%), from €1.5m to €991,426
- Staff costs -€143,083
down €143,083 (-14.2%), from €1.0m to €863,154
- Taxes -€89,456
down €89,456 (-86.1%), from €103,956 to €14,500
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 | €1,499,040 | €1,424,189 | -€74,851 | -5.0% |
| Fixed assets | 21/28 | €187,819 | €163,439 | -€24,380 | -13.0% |
| Intangible fixed assets | 21 | €9,990 | €3,134 | -€6,856 | -68.6% |
| Tangible fixed assets | 22/27 | €174,342 | €156,817 | -€17,524 | -10.1% |
| Land and buildings | 22 | €3,416 | €2,555 | -€861 | -25.2% |
| Plant, machinery and equipment | 23 | €35,785 | €44,222 | +€8,437 | +23.6% |
| Furniture and vehicles | 24 | €135,141 | €107,759 | -€27,381 | -20.3% |
| Other tangible fixed assets | 26 | - | €2,281 | +€2,281 | |
| Financial fixed assets | 28 | €3,488 | €3,488 | = | 0.0% |
| Current assets | 29/58 | €1,311,220 | €1,260,749 | -€50,471 | -3.8% |
| Stocks and contracts in progress | 3 | €210,073 | €142,851 | -€67,222 | -32.0% |
| Stocks | 30/36 | €210,073 | €142,851 | -€67,222 | -32.0% |
| Amounts receivable within one year | 40/41 | €144,244 | €87,207 | -€57,037 | -39.5% |
| Trade receivables | 40 | €144,244 | €56,660 | -€87,585 | -60.7% |
| Other amounts receivable | 41 | - | €30,547 | +€30,547 | |
| Current investments | 50/53 | €371,250 | €371,250 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €546,253 | €643,555 | +€97,302 | +17.8% |
| Deferred charges and accrued income | 490/1 | €39,400 | €15,886 | -€23,514 | -59.7% |
| Total equity and liabilities | 10/49 | €1,499,040 | €1,424,189 | -€74,851 | -5.0% |
| Equity | 10/15 | €1,267,934 | €1,146,329 | -€121,605 | -9.6% |
| Contributions | 10/11 | €137,000 | €137,000 | = | 0.0% |
| Capital | 10 | €137,000 | €137,000 | = | 0.0% |
| Issued capital | 100 | €137,000 | €137,000 | = | 0.0% |
| Reserves | 13 | €384,950 | €384,950 | = | 0.0% |
| Non-distributable reserves | 130/1 | €384,950 | €384,950 | = | 0.0% |
| Legal reserve | 130 | €13,700 | €13,700 | = | 0.0% |
| Own shares acquired | 1312 | €371,250 | €371,250 | = | 0.0% |
| Profit (loss) carried forward | 14 | €744,668 | €623,326 | -€121,342 | -16.3% |
| Investment grants | 15 | €1,316 | €1,053 | -€263 | -20.0% |
| Amounts payable | 17/49 | €231,105 | €277,859 | +€46,754 | +20.2% |
| Amounts payable within one year | 42/48 | €219,105 | €277,859 | +€58,754 | +26.8% |
| Trade debts | 44 | €150,444 | €33,828 | -€116,616 | -77.5% |
| Suppliers | 440/4 | €150,444 | €33,828 | -€116,616 | -77.5% |
| Advances received on contracts in progress | 46 | - | €29,579 | +€29,579 | |
| Taxes, remuneration and social security | 45 | €68,662 | €49,453 | -€19,209 | -28.0% |
| Taxes | 450/3 | €43,426 | €42,549 | -€877 | -2.0% |
| Remuneration and social security | 454/9 | €25,236 | €6,904 | -€18,332 | -72.6% |
| Other amounts payable | 47/48 | - | €165,000 | +€165,000 | |
| Accrued charges and deferred income | 492/3 | €12,000 | - | -€12,000 | |
| Remuneration, social security and pensions | 62 | €1,006,236 | €863,154 | -€143,083 | -14.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €78,944 | €69,958 | -€8,986 | -11.4% |
| Other operating charges | 640/8 | €8,527 | €2,315 | -€6,213 | -72.9% |
| Non-recurring operating charges | 66A | €1,728 | - | -€1,728 | |
| Gross operating margin | 9900 | €1,503,033 | €991,426 | -€511,607 | -34.0% |
| Operating profit (loss) | 9901 | €407,598 | €56,000 | -€351,598 | -86.3% |
| Financial income | 75/76B | €9,246 | €3,152 | -€6,094 | -65.9% |
| Recurring financial income | 75 | €9,246 | €3,152 | -€6,094 | -65.9% |
| Financial charges | 65/66B | €3,093 | €994 | -€2,099 | -67.9% |
| Recurring financial charges | 65 | €3,093 | €994 | -€2,099 | -67.9% |
| Profit (loss) for the period before taxes | 9903 | €413,751 | €58,158 | -€355,593 | -85.9% |
| Income taxes | 67/77 | €103,956 | €14,500 | -€89,456 | -86.1% |
| Profit (loss) for the period | 9904 | €309,795 | €43,658 | -€266,137 | -85.9% |
| Profit (loss) for the period to be appropriated | 9905 | €309,795 | €43,658 | -€266,137 | -85.9% |
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 20 October 2026 via checked.be.