M2WM: 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.
M2WM
Largest movements
- Cash +€66,675
up €66,675 (+78.1%), from €85,331 to €152,006
mainly Net result for the year (+€83,136) and Other debts (+€68,297)
- Receivables within one year -€16,106
down €16,106 (-43.5%), from €37,017 to €20,910
of which Trade receivables: -€14,106
- Tangible fixed assets +€3,138
up €3,138 (+116.1%), from €2,704 to €5,842
- Other debts +€68,297
up €68,297 (+71.1%), from €96,054 to €164,351
- Reserves -€7,500
down €7,500 (-8.0%), from €93,860 to €86,360
of which Distributable reserves: -€7,500
- Tax, wage and social debts -€7,224
down €7,224 (-46.7%), from €15,462 to €8,238
- Gross operating margin +€13,894
up €13,894 (+15.0%), from €92,559 to €106,453
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 | €226,052 | €281,467 | +€55,416 | +24.5% |
| Fixed assets | 21/28 | €3,704 | €6,842 | +€3,138 | +84.7% |
| Tangible fixed assets | 22/27 | €2,704 | €5,842 | +€3,138 | +116.1% |
| Furniture and vehicles | 24 | €2,704 | €5,842 | +€3,138 | +116.1% |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €222,348 | €274,625 | +€52,278 | +23.5% |
| Amounts receivable within one year | 40/41 | €37,017 | €20,910 | -€16,106 | -43.5% |
| Trade receivables | 40 | €32,017 | €17,910 | -€14,106 | -44.1% |
| Other amounts receivable | 41 | €5,000 | €3,000 | -€2,000 | -40.0% |
| Current investments | 50/53 | €100,000 | €100,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €85,331 | €152,006 | +€66,675 | +78.1% |
| Deferred charges and accrued income | 490/1 | - | €1,709 | +€1,709 | |
| Total equity and liabilities | 10/49 | €226,052 | €281,467 | +€55,416 | +24.5% |
| Equity | 10/15 | €112,729 | €105,865 | -€6,864 | -6.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €93,860 | €86,360 | -€7,500 | -8.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €92,000 | €84,500 | -€7,500 | -8.2% |
| Profit (loss) carried forward | 14 | €269 | €905 | +€636 | +236.1% |
| Amounts payable | 17/49 | €113,323 | €175,603 | +€62,280 | +55.0% |
| Amounts payable within one year | 42/48 | €113,259 | €175,537 | +€62,278 | +55.0% |
| Trade debts | 44 | €1,743 | €2,948 | +€1,205 | +69.1% |
| Suppliers | 440/4 | €1,743 | €2,948 | +€1,205 | +69.1% |
| Taxes, remuneration and social security | 45 | €15,462 | €8,238 | -€7,224 | -46.7% |
| Taxes | 450/3 | €15,462 | €8,238 | -€7,224 | -46.7% |
| Other amounts payable | 47/48 | €96,054 | €164,351 | +€68,297 | +71.1% |
| Accrued charges and deferred income | 492/3 | €64 | €66 | +€2 | +3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,158 | €1,736 | -€422 | -19.6% |
| Other operating charges | 640/8 | €88 | €387 | +€299 | +339.2% |
| Gross operating margin | 9900 | €92,559 | €106,453 | +€13,894 | +15.0% |
| Operating profit (loss) | 9901 | €90,313 | €104,330 | +€14,017 | +15.5% |
| Financial income | 75/76B | €416 | €0 | -€416 | -100.0% |
| Recurring financial income | 75 | €416 | €0 | -€416 | -100.0% |
| Financial charges | 65/66B | €288 | €141 | -€147 | -51.2% |
| Recurring financial charges | 65 | €288 | €141 | -€147 | -51.2% |
| Profit (loss) for the period before taxes | 9903 | €90,442 | €104,189 | +€13,748 | +15.2% |
| Income taxes | 67/77 | €20,080 | €21,054 | +€974 | +4.8% |
| Profit (loss) for the period | 9904 | €70,362 | €83,136 | +€12,774 | +18.2% |
| Profit (loss) for the period to be appropriated | 9905 | €70,362 | €83,136 | +€12,774 | +18.2% |
Source: filed annual accounts (NBB), financial years ended 31 May 2024 and 31 May 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.