M2V: 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.
What changed
M2V
NACE 71.121, Engineering and related technical consultancy, excluding land surveyors
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€2,940
2024 · -€58,767+€55,826
Equity
€636,624
2024 · €639,564-€2,940
Cash
€42,196
2024 · €36,980+€5,216
Balance sheet total
€2.3m
2024 · €2.3m+€24,216
Largest movements
Assets
- Tangible fixed assets +€48,536
up €48,536 (+2.2%), from €2.2m to €2.2m
of which Furniture and vehicles: +€60,071
- Receivables within one year -€31,428
down €31,428 (-58.5%), from €53,720 to €22,292
of which Trade receivables: -€22,777
Equity and liabilities
- Debts after one year +€88,814
up €88,814 (+7.4%), from €1.2m to €1.3m
of which Other amounts payable: +€54,904
- Short-term financial debts -€65,067
down €65,067 (-17.9%), from €363,200 to €298,133
Income statement
- Other operating charges -€51,370
down €51,370 (-79.9%), from €64,260 to €12,890
- Gross operating margin +€41,582
up €41,582 (+21.5%), from €193,446 to €235,027
- Staff costs +€22,904
up €22,904 (+51.5%), from €44,442 to €67,346
- Depreciation +€19,072
up €19,072 (+19.9%), from €95,843 to €114,915
- Financial charges -€4,863
down €4,863 (-10.1%), from €47,952 to €43,089
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.
Result 2024
-€58,767
Gross operating margin
+€41,582
Staff costs
-€22,904
Depreciation
-€19,072
Other operating charges
+€51,370
Financial income
-€12
Financial charges
+€4,863
Result 2025
-€2,940
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.
From operations
+€137,634
Investment
-€163,451
Financing
+€31,033
Cash 2024
€36,980
From operations (derived)
+€137,634
Net result for the year
-€2,940
Depreciation
+€114,915
Stocks and contracts
-€1,259
Receivables within one year
+€31,428
Deferred charges and accrued income
-€634
Provisions
-€267
Trade debts
-€11,128
Tax, wage and social debts
+€7,518
Investment (derived)
-€163,451
Investment in fixed assets (net)
-€163,451
Financing
+€31,033
Debts after one year
+€88,814
Current portion of long-term debt
+€7,286
Short-term financial debts
-€65,067
Cash 2025
€42,196
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,304,849 | €2,329,066 | +€24,216 | +1.1% |
| Fixed assets | 21/28 | €2,201,222 | €2,249,758 | +€48,536 | +2.2% |
| Tangible fixed assets | 22/27 | €2,200,497 | €2,249,033 | +€48,536 | +2.2% |
| Land and buildings | 22 | €2,114,559 | €2,109,278 | -€5,281 | -0.2% |
| Plant, machinery and equipment | 23 | €58,313 | €57,057 | -€1,256 | -2.2% |
| Furniture and vehicles | 24 | €14,936 | €75,007 | +€60,071 | +402.2% |
| Leasing and similar rights | 25 | €12,036 | €7,038 | -€4,998 | -41.5% |
| Other tangible fixed assets | 26 | €653 | €653 | = | 0.0% |
| Financial fixed assets | 28 | €725 | €725 | = | 0.0% |
| Current assets | 29/58 | €103,627 | €79,308 | -€24,320 | -23.5% |
| Stocks and contracts in progress | 3 | €6,210 | €7,468 | +€1,259 | +20.3% |
| Stocks | 30/36 | €6,210 | €7,468 | +€1,259 | +20.3% |
| Amounts receivable within one year | 40/41 | €53,720 | €22,292 | -€31,428 | -58.5% |
| Trade receivables | 40 | €43,230 | €20,453 | -€22,777 | -52.7% |
| Other amounts receivable | 41 | €10,491 | €1,839 | -€8,651 | -82.5% |
| Cash at bank and in hand | 54/58 | €36,980 | €42,196 | +€5,216 | +14.1% |
| Deferred charges and accrued income | 490/1 | €6,717 | €7,351 | +€634 | +9.4% |
| Total equity and liabilities | 10/49 | €2,304,849 | €2,329,066 | +€24,216 | +1.1% |
| Equity | 10/15 | €639,564 | €636,624 | -€2,940 | -0.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €620,964 | €618,024 | -€2,940 | -0.5% |
| Tax-exempt reserves | 132 | €154,951 | €154,149 | -€802 | -0.5% |
| Distributable reserves | 133 | €466,013 | €463,874 | -€2,138 | -0.5% |
| Provisions and deferred taxes | 16 | €8,550 | €8,283 | -€267 | -3.1% |
| Deferred taxes | 168 | €8,550 | €8,283 | -€267 | -3.1% |
| Amounts payable | 17/49 | €1,656,736 | €1,684,159 | +€27,424 | +1.7% |
| Amounts payable after more than one year | 17 | €1,194,162 | €1,282,976 | +€88,814 | +7.4% |
| Financial debts | 170/4 | €537,195 | €571,105 | +€33,911 | +6.3% |
| Other amounts payable | 178/9 | €656,967 | €711,871 | +€54,904 | +8.4% |
| Amounts payable within one year | 42/48 | €462,574 | €401,184 | -€61,390 | -13.3% |
| Current portion of amounts payable after more than one year | 42 | €66,710 | €73,996 | +€7,286 | +10.9% |
| Financial debts | 43 | €363,200 | €298,133 | -€65,067 | -17.9% |
| Credit institutions | 430/8 | €363,200 | €298,133 | -€65,067 | -17.9% |
| Trade debts | 44 | €16,815 | €5,687 | -€11,128 | -66.2% |
| Suppliers | 440/4 | €16,815 | €5,687 | -€11,128 | -66.2% |
| Taxes, remuneration and social security | 45 | €11,595 | €19,113 | +€7,518 | +64.8% |
| Taxes | 450/3 | €7,526 | €12,352 | +€4,826 | +64.1% |
| Remuneration and social security | 454/9 | €4,069 | €6,762 | +€2,692 | +66.2% |
| Other amounts payable | 47/48 | €4,254 | €4,254 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €44,442 | €67,346 | +€22,904 | +51.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €95,843 | €114,915 | +€19,072 | +19.9% |
| Other operating charges | 640/8 | €64,260 | €12,890 | -€51,370 | -79.9% |
| Gross operating margin | 9900 | €193,446 | €235,027 | +€41,582 | +21.5% |
| Operating profit (loss) | 9901 | -€11,100 | €39,876 | +€50,976 | |
| Financial income | 75/76B | €18 | €6 | -€12 | -65.7% |
| Recurring financial income | 75 | €18 | €6 | -€12 | -65.7% |
| Financial charges | 65/66B | €47,952 | €43,089 | -€4,863 | -10.1% |
| Recurring financial charges | 65 | €47,952 | €43,089 | -€4,863 | -10.1% |
| Profit (loss) for the period before taxes | 9903 | -€59,034 | -€3,207 | +€55,826 | +94.6% |
| Transfer from deferred taxes | 780 | €267 | €267 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€58,767 | -€2,940 | +€55,826 | +95.0% |
| Transfer from tax-exempt reserves | 789 | €802 | €802 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€57,965 | -€2,138 | +€55,826 | +96.3% |
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 7 October 2026 via checked.be.