M471: 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.
M471
Largest movements
- Receivables within one year +€1.2m
up €1.2m (+150.9%), from €804,073 to €2.0m
of which Trade receivables: +€1.3m
- Stocks and contracts +€550,000
up €550,000 (+47.8%), from €1.2m to €1.7m
- Trade debts +€1.2m
up €1.2m (+458.9%), from €260,659 to €1.5m
of which Suppliers: +€1.2m
- Other debts +€606,678
up €606,678 (+41.8%), from €1.5m to €2.1m
- Profit (loss) carried forward -€88,752
down €88,752 (-25.1%), from €353,853 to €265,101
- Gross operating margin -€305,781
down €305,781, from €151,476 to -€154,305
- Taxes -€113,195
down €113,195 (-90.3%), from €125,376 to €12,181
- Other operating charges -€8,975
down €8,975 (-82.8%), from €10,835 to €1,860
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 | €2,075,123 | €3,789,093 | +€1.7m | +82.6% |
| Fixed assets | 21/28 | €62,789 | €49,588 | -€13,201 | -21.0% |
| Tangible fixed assets | 22/27 | €62,789 | €49,588 | -€13,201 | -21.0% |
| Plant, machinery and equipment | 23 | €1,470 | €8,388 | +€6,918 | +470.6% |
| Furniture and vehicles | 24 | €61,319 | €41,200 | -€20,119 | -32.8% |
| Current assets | 29/58 | €2,012,334 | €3,739,505 | +€1.7m | +85.8% |
| Stocks and contracts in progress | 3 | €1,150,030 | €1,700,030 | +€550,000 | +47.8% |
| Stocks | 30/36 | €1,150,030 | €1,700,030 | +€550,000 | +47.8% |
| Amounts receivable within one year | 40/41 | €804,073 | €2,017,098 | +€1.2m | +150.9% |
| Trade receivables | 40 | - | €1,315,480 | +€1.3m | |
| Other amounts receivable | 41 | €804,073 | €701,618 | -€102,455 | -12.7% |
| Cash at bank and in hand | 54/58 | €58,231 | €22,377 | -€35,854 | -61.6% |
| Total equity and liabilities | 10/49 | €2,075,123 | €3,789,093 | +€1.7m | +82.6% |
| Equity | 10/15 | €363,853 | €275,101 | -€88,752 | -24.4% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €353,853 | €265,101 | -€88,752 | -25.1% |
| Amounts payable | 17/49 | €1,711,270 | €3,513,992 | +€1.8m | +105.3% |
| Amounts payable within one year | 42/48 | €1,711,270 | €3,513,992 | +€1.8m | +105.3% |
| Trade debts | 44 | €260,659 | €1,456,703 | +€1.2m | +458.9% |
| Suppliers | 440/4 | €260,659 | €1,453,299 | +€1.2m | +457.5% |
| Bills of exchange payable | 441 | - | €3,404 | +€3,404 | |
| Other amounts payable | 47/48 | €1,450,611 | €2,057,289 | +€606,678 | +41.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,875 | €22,396 | +€1,521 | +7.3% |
| Other operating charges | 640/8 | €10,835 | €1,860 | -€8,975 | -82.8% |
| Non-recurring operating charges | 66A | €120,000 | -€120,000 | -€240,000 | |
| Gross operating margin | 9900 | €151,476 | -€154,305 | -€305,781 | |
| Operating profit (loss) | 9901 | -€234 | -€58,561 | -€58,327 | -24926.1% |
| Financial income | 75/76B | €644 | €0 | -€644 | -100.0% |
| Recurring financial income | 75 | €644 | €0 | -€644 | -100.0% |
| Financial charges | 65/66B | €4,494 | €3,010 | -€1,484 | -33.0% |
| Recurring financial charges | 65 | €4,494 | €3,010 | -€1,484 | -33.0% |
| Profit (loss) for the period before taxes | 9903 | -€4,084 | -€61,571 | -€57,487 | -1407.6% |
| Income taxes | 67/77 | €125,376 | €12,181 | -€113,195 | -90.3% |
| Profit (loss) for the period | 9904 | -€129,460 | -€73,752 | +€55,708 | +43.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€129,460 | -€73,752 | +€55,708 | +43.0% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.