M4CE: 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.
M4CE
Largest movements
- Cash -€284,093
down €284,093 (-92.3%), from €307,918 to €23,825
mainly Net result for the year (-€224,401) and Other debts (-€111,833)
- Receivables within one year -€41,173
down €41,173 (-83.5%), from €49,301 to €8,128
of which Other amounts receivable: -€43,031
- Deferred charges and accrued income -€28,555
down €28,555 (-44.0%), from €64,861 to €36,305
- Tangible fixed assets -€17,087
down €17,087 (-2.2%), from €786,380 to €769,293
of which Land and buildings: -€22,940
- Profit (loss) carried forward -€224,401
down €224,401 (-35.9%), from €625,937 to €401,536
- Other debts -€111,833
no longer reported in 2025 (was €111,833)
- Debts after one year -€27,550
down €27,550 (-36.0%), from €76,577 to €49,027
- Financial income -€686,006
down €686,006 (-100.0%), from €686,006 to €0
- Gross operating margin -€154,406
down €154,406, from €722 to -€153,684
- Taxes -€126,016
down €126,016 (-99.1%), from €127,177 to €1,161
- Depreciation -€4,995
down €4,995 (-11.1%), from €44,811 to €39,816
- Other operating charges +€2,745
up €2,745 (+84.0%), from €3,267 to €6,012
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 | €1,273,732 | €902,762 | -€370,969 | -29.1% |
| Fixed assets | 21/28 | €786,805 | €769,718 | -€17,087 | -2.2% |
| Tangible fixed assets | 22/27 | €786,380 | €769,293 | -€17,087 | -2.2% |
| Land and buildings | 22 | €773,368 | €750,428 | -€22,940 | -3.0% |
| Plant, machinery and equipment | 23 | €405 | €185 | -€220 | -54.4% |
| Furniture and vehicles | 24 | €12,607 | €18,681 | +€6,074 | +48.2% |
| Financial fixed assets | 28 | €425 | €425 | = | 0.0% |
| Current assets | 29/58 | €486,927 | €133,044 | -€353,883 | -72.7% |
| Amounts receivable within one year | 40/41 | €49,301 | €8,128 | -€41,173 | -83.5% |
| Trade receivables | 40 | €190 | €2,049 | +€1,858 | +976.0% |
| Other amounts receivable | 41 | €49,111 | €6,080 | -€43,031 | -87.6% |
| Current investments | 50/53 | €64,847 | €64,786 | -€62 | -0.1% |
| Cash at bank and in hand | 54/58 | €307,918 | €23,825 | -€284,093 | -92.3% |
| Deferred charges and accrued income | 490/1 | €64,861 | €36,305 | -€28,555 | -44.0% |
| Total equity and liabilities | 10/49 | €1,273,732 | €902,762 | -€370,969 | -29.1% |
| Equity | 10/15 | €729,539 | €505,139 | -€224,401 | -30.8% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €84,603 | €84,603 | = | 0.0% |
| Tax-exempt reserves | 132 | €27,818 | €27,818 | = | 0.0% |
| Distributable reserves | 133 | €56,784 | €56,784 | = | 0.0% |
| Profit (loss) carried forward | 14 | €625,937 | €401,536 | -€224,401 | -35.9% |
| Provisions and deferred taxes | 16 | €297,061 | €299,555 | +€2,494 | +0.8% |
| Provisions for liabilities and charges | 160/5 | €297,061 | €299,555 | +€2,494 | +0.8% |
| Other liabilities and charges | 164/5 | €297,061 | €299,555 | +€2,494 | +0.8% |
| Amounts payable | 17/49 | €247,132 | €98,069 | -€149,063 | -60.3% |
| Amounts payable after more than one year | 17 | €76,577 | €49,027 | -€27,550 | -36.0% |
| Financial debts | 170/4 | €76,577 | €49,027 | -€27,550 | -36.0% |
| Amounts payable within one year | 42/48 | €170,554 | €49,042 | -€121,512 | -71.2% |
| Current portion of amounts payable after more than one year | 42 | €28,026 | €27,550 | -€475 | -1.7% |
| Trade debts | 44 | €25,407 | €19,820 | -€5,588 | -22.0% |
| Suppliers | 440/4 | €25,407 | €19,820 | -€5,588 | -22.0% |
| Taxes, remuneration and social security | 45 | €5,288 | €1,672 | -€3,616 | -68.4% |
| Taxes | 450/3 | €5,288 | €1,672 | -€3,616 | -68.4% |
| Other amounts payable | 47/48 | €111,833 | - | -€111,833 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,811 | €39,816 | -€4,995 | -11.1% |
| Other operating charges | 640/8 | €3,267 | €6,012 | +€2,745 | +84.0% |
| Gross operating margin | 9900 | €722 | -€153,684 | -€154,406 | |
| Operating profit (loss) | 9901 | -€47,355 | -€199,512 | -€152,157 | -321.3% |
| Financial income | 75/76B | €686,006 | €0 | -€686,006 | -100.0% |
| Recurring financial income | 75 | €686,006 | €0 | -€686,006 | -100.0% |
| Financial charges | 65/66B | €23,945 | €23,728 | -€217 | -0.9% |
| Recurring financial charges | 65 | €21,451 | €21,234 | -€217 | -1.0% |
| Non-recurring financial charges | 66B | €2,494 | €2,494 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €614,706 | -€223,240 | -€837,946 | |
| Income taxes | 67/77 | €127,177 | €1,161 | -€126,016 | -99.1% |
| Profit (loss) for the period | 9904 | €487,529 | -€224,401 | -€711,930 | |
| Profit (loss) for the period to be appropriated | 9905 | €487,529 | -€224,401 | -€711,930 |
Source: filed annual accounts (NBB), fiscal years ended 31 August 2024 and 31 August 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.