M45: 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.
M45
Largest movements
- Tangible fixed assets -€38,983
down €38,983 (-5.5%), from €710,733 to €671,750
of which Land and buildings: -€36,302
- Cash +€24,797
up €24,797 (+50.8%), from €48,810 to €73,607
mainly Depreciation (+€63,170) and Receivables within one year (+€24,611)
- Receivables within one year -€24,611
down €24,611 (-63.2%), from €38,959 to €14,348
of which Trade receivables: -€25,156
- Other debts -€39,889
down €39,889 (-46.6%), from €85,519 to €45,629
- Debts after one year -€32,470
down €32,470 (-4.9%), from €657,739 to €625,269
- Tax, wage and social debts +€14,106
up €14,106 (+411.2%), from €3,431 to €17,537
- Depreciation +€9,016
up €9,016 (+16.6%), from €54,154 to €63,170
- Gross operating margin +€7,870
up €7,870 (+8.9%), from €88,913 to €96,784
- Other operating charges -€4,169
down €4,169 (-32.5%), from €12,821 to €8,653
- Financial charges +€1,826
up €1,826 (+13.3%), from €13,756 to €15,581
From the 2022 result to the 2023 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 2022 and 2023 balance sheets and the 2023 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2022 | 2023 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €876,680 | €832,221 | -€44,460 | -5.1% |
| Fixed assets | 21/28 | €714,009 | €674,347 | -€39,663 | -5.6% |
| Intangible fixed assets | 21 | €2,927 | €2,247 | -€680 | -23.2% |
| Tangible fixed assets | 22/27 | €710,733 | €671,750 | -€38,983 | -5.5% |
| Land and buildings | 22 | €576,614 | €540,311 | -€36,302 | -6.3% |
| Plant, machinery and equipment | 23 | €3,054 | €4,336 | +€1,282 | +42.0% |
| Furniture and vehicles | 24 | €131,065 | €127,103 | -€3,962 | -3.0% |
| Financial fixed assets | 28 | €350 | €350 | = | 0.0% |
| Current assets | 29/58 | €162,671 | €157,874 | -€4,797 | -2.9% |
| Stocks and contracts in progress | 3 | €69,681 | €66,449 | -€3,232 | -4.6% |
| Stocks | 30/36 | €69,681 | €66,449 | -€3,232 | -4.6% |
| Amounts receivable within one year | 40/41 | €38,959 | €14,348 | -€24,611 | -63.2% |
| Trade receivables | 40 | €38,548 | €13,391 | -€25,156 | -65.3% |
| Other amounts receivable | 41 | €411 | €956 | +€545 | +132.6% |
| Cash at bank and in hand | 54/58 | €48,810 | €73,607 | +€24,797 | +50.8% |
| Deferred charges and accrued income | 490/1 | €5,221 | €3,470 | -€1,751 | -33.5% |
| Total equity and liabilities | 10/49 | €876,680 | €832,221 | -€44,460 | -5.1% |
| Equity | 10/15 | €58,322 | €66,698 | +€8,376 | +14.4% |
| Contributions | 10/11 | €97,500 | €97,500 | = | 0.0% |
| Outside capital | 11 | €97,500 | €97,500 | = | 0.0% |
| Other | 1109/19 | €97,500 | €97,500 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Other | 1319 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€41,038 | -€32,662 | +€8,376 | +20.4% |
| Amounts payable | 17/49 | €818,358 | €765,522 | -€52,836 | -6.5% |
| Amounts payable after more than one year | 17 | €657,739 | €625,269 | -€32,470 | -4.9% |
| Financial debts | 170/4 | €657,739 | €625,269 | -€32,470 | -4.9% |
| Amounts payable within one year | 42/48 | €152,860 | €128,672 | -€24,189 | -15.8% |
| Current portion of amounts payable after more than one year | 42 | €42,175 | €40,470 | -€1,706 | -4.0% |
| Financial debts | 43 | - | €82 | +€82 | |
| Credit institutions | 430/8 | - | €82 | +€82 | |
| Trade debts | 44 | €21,736 | €24,954 | +€3,218 | +14.8% |
| Suppliers | 440/4 | €21,736 | €24,954 | +€3,218 | +14.8% |
| Taxes, remuneration and social security | 45 | €3,431 | €17,537 | +€14,106 | +411.2% |
| Taxes | 450/3 | €3,431 | €17,537 | +€14,106 | +411.2% |
| Other amounts payable | 47/48 | €85,519 | €45,629 | -€39,889 | -46.6% |
| Accrued charges and deferred income | 492/3 | €7,759 | €11,582 | +€3,822 | +49.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,154 | €63,170 | +€9,016 | +16.6% |
| Other operating charges | 640/8 | €12,821 | €8,653 | -€4,169 | -32.5% |
| Gross operating margin | 9900 | €88,913 | €96,784 | +€7,870 | +8.9% |
| Operating profit (loss) | 9901 | €21,938 | €24,961 | +€3,023 | +13.8% |
| Financial income | 75/76B | €398 | €0 | -€398 | -100.0% |
| Recurring financial income | 75 | €398 | €0 | -€398 | -100.0% |
| Financial charges | 65/66B | €13,756 | €15,581 | +€1,826 | +13.3% |
| Recurring financial charges | 65 | €13,756 | €15,581 | +€1,826 | +13.3% |
| Profit (loss) for the period before taxes | 9903 | €8,580 | €9,379 | +€799 | +9.3% |
| Income taxes | 67/77 | €495 | €1,003 | +€508 | +102.8% |
| Profit (loss) for the period | 9904 | €8,085 | €8,376 | +€291 | +3.6% |
| Profit (loss) for the period to be appropriated | 9905 | €8,085 | €8,376 | +€291 | +3.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2022 and 31 December 2023. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.