M4 Industrie: 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.
M4 Industrie
Largest movements
- Receivables within one year -€89,929
down €89,929 (-51.6%), from €174,263 to €84,334
of which Other amounts receivable: -€48,335
- Cash +€33,694
up €33,694 (+88,136%), from €38 to €33,733
mainly Receivables within one year (+€89,929) and Depreciation (+€80,897)
- Tangible fixed assets -€14,579
down €14,579 (-1.3%), from €1.1m to €1.1m
of which Land and buildings: -€25,662
- Trade debts -€82,318
down €82,318 (-85.9%), from €95,864 to €13,547
- Tax, wage and social debts +€27,069
up €27,069 (+32.9%), from €82,209 to €109,279
of which Taxes: +€22,898
- Debts after one year -€25,794
down €25,794 (-3.2%), from €807,084 to €781,290
- Current portion of long-term debt +€17,897
up €17,897 (+26.9%), from €66,470 to €84,367
- Other operating charges +€57,850
up €57,850 (+343%), from €16,853 to €74,703
- Staff costs +€36,999
up €36,999 (+270%), from €13,683 to €50,682
- Depreciation +€22,856
up €22,856 (+39.4%), from €58,041 to €80,897
- Taxes -€21,232
down €21,232 (-55.2%), from €38,490 to €17,257
- Gross operating margin +€18,769
up €18,769 (+8.0%), from €234,092 to €252,861
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 | €1,317,105 | €1,245,513 | -€71,592 | -5.4% |
| Fixed assets | 21/28 | €1,113,851 | €1,099,272 | -€14,579 | -1.3% |
| Tangible fixed assets | 22/27 | €1,113,731 | €1,099,152 | -€14,579 | -1.3% |
| Land and buildings | 22 | €920,384 | €894,722 | -€25,662 | -2.8% |
| Plant, machinery and equipment | 23 | €33,529 | €37,893 | +€4,363 | +13.0% |
| Furniture and vehicles | 24 | €159,818 | €166,537 | +€6,719 | +4.2% |
| Financial fixed assets | 28 | €120 | €120 | = | 0.0% |
| Current assets | 29/58 | €203,254 | €146,242 | -€57,012 | -28.0% |
| Amounts receivable after more than one year | 29 | €4,326 | €8,472 | +€4,146 | +95.8% |
| Other amounts receivable | 291 | €4,326 | €8,472 | +€4,146 | +95.8% |
| Amounts receivable within one year | 40/41 | €174,263 | €84,334 | -€89,929 | -51.6% |
| Trade receivables | 40 | €124,789 | €83,195 | -€41,594 | -33.3% |
| Other amounts receivable | 41 | €49,474 | €1,139 | -€48,335 | -97.7% |
| Cash at bank and in hand | 54/58 | €38 | €33,733 | +€33,694 | +88,136% |
| Deferred charges and accrued income | 490/1 | €24,626 | €19,703 | -€4,923 | -20.0% |
| Total equity and liabilities | 10/49 | €1,317,105 | €1,245,513 | -€71,592 | -5.4% |
| Equity | 10/15 | €265,477 | €256,952 | -€8,525 | -3.2% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €262,977 | €254,452 | -€8,525 | -3.2% |
| Amounts payable | 17/49 | €1,051,627 | €988,561 | -€63,066 | -6.0% |
| Amounts payable after more than one year | 17 | €807,084 | €781,290 | -€25,794 | -3.2% |
| Financial debts | 170/4 | €807,084 | €781,290 | -€25,794 | -3.2% |
| Amounts payable within one year | 42/48 | €244,543 | €207,192 | -€37,351 | -15.3% |
| Current portion of amounts payable after more than one year | 42 | €66,470 | €84,367 | +€17,897 | +26.9% |
| Trade debts | 44 | €95,864 | €13,547 | -€82,318 | -85.9% |
| Suppliers | 440/4 | €95,864 | €13,547 | -€82,318 | -85.9% |
| Taxes, remuneration and social security | 45 | €82,209 | €109,279 | +€27,069 | +32.9% |
| Taxes | 450/3 | €79,478 | €102,375 | +€22,898 | +28.8% |
| Remuneration and social security | 454/9 | €2,732 | €6,903 | +€4,172 | +153% |
| Accrued charges and deferred income | 492/3 | - | €79 | +€79 | |
| Remuneration, social security and pensions | 62 | €13,683 | €50,682 | +€36,999 | +270% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,041 | €80,897 | +€22,856 | +39.4% |
| Other operating charges | 640/8 | €16,853 | €74,703 | +€57,850 | +343% |
| Gross operating margin | 9900 | €234,092 | €252,861 | +€18,769 | +8.0% |
| Operating profit (loss) | 9901 | €145,515 | €46,579 | -€98,936 | -68.0% |
| Financial income | 75/76B | €0 | €2 | +€2 | +10,050% |
| Recurring financial income | 75 | €0 | €2 | +€2 | +10,050% |
| Financial charges | 65/66B | €27,392 | €37,849 | +€10,457 | +38.2% |
| Recurring financial charges | 65 | €27,392 | €37,849 | +€10,457 | +38.2% |
| Profit (loss) for the period before taxes | 9903 | €118,124 | €8,732 | -€109,391 | -92.6% |
| Income taxes | 67/77 | €38,490 | €17,257 | -€21,232 | -55.2% |
| Profit (loss) for the period | 9904 | €79,634 | -€8,525 | -€88,159 | |
| Profit (loss) for the period to be appropriated | 9905 | €79,634 | -€8,525 | -€88,159 |
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 16 October 2026 via checked.be.