M4F: 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.
M4F
Largest movements
- Receivables within one year +€48,724
up €48,724 (+273.9%), from €17,787 to €66,511
of which Other amounts receivable: +€66,511
- Cash +€6,632
up €6,632 (+214.4%), from €3,093 to €9,725
mainly Tax, wage and social debts (+€22,035) and Other debts (+€20,000)
- Tangible fixed assets -€5,298
down €5,298 (-18.4%), from €28,864 to €23,566
of which Furniture and vehicles: -€6,798
- Deferred charges and accrued income +€1,974
up €1,974 (+25.2%), from €7,838 to €9,812
- Tax, wage and social debts +€22,035
up €22,035 (+171.8%), from €12,829 to €34,864
of which Remuneration and social security: +€13,992
- Other debts +€20,000
up €20,000 (+65.6%), from €30,500 to €50,500
- Trade debts +€7,718
up €7,718 (+307.9%), from €2,507 to €10,225
- Profit (loss) carried forward +€2,201
up €2,201 (+26.8%), from €8,212 to €10,413
- Gross operating margin +€21,868
up €21,868 (+19.4%), from €112,586 to €134,454
- Staff costs +€21,144
up €21,144 (+21.2%), from €99,607 to €120,751
- Other operating charges -€2,173
down €2,173 (-73.2%), from €2,969 to €796
- Depreciation +€1,672
up €1,672 (+32.6%), from €5,126 to €6,798
- Financial charges +€1,647
up €1,647 (+88.2%), from €1,867 to €3,514
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 | €59,048 | €111,079 | +€52,031 | +88.1% |
| Fixed assets | 21/28 | €30,330 | €25,032 | -€5,298 | -17.5% |
| Tangible fixed assets | 22/27 | €28,864 | €23,566 | -€5,298 | -18.4% |
| Furniture and vehicles | 24 | €28,864 | €22,066 | -€6,798 | -23.6% |
| Assets under construction and advance payments | 27 | - | €1,500 | +€1,500 | |
| Financial fixed assets | 28 | €1,466 | €1,466 | = | 0.0% |
| Current assets | 29/58 | €28,718 | €86,048 | +€57,330 | +199.6% |
| Amounts receivable within one year | 40/41 | €17,787 | €66,511 | +€48,724 | +273.9% |
| Trade receivables | 40 | €17,787 | €0 | -€17,787 | -100.0% |
| Other amounts receivable | 41 | - | €66,511 | +€66,511 | |
| Cash at bank and in hand | 54/58 | €3,093 | €9,725 | +€6,632 | +214.4% |
| Deferred charges and accrued income | 490/1 | €7,838 | €9,812 | +€1,974 | +25.2% |
| Total equity and liabilities | 10/49 | €59,048 | €111,079 | +€52,031 | +88.1% |
| Equity | 10/15 | €13,212 | €15,413 | +€2,201 | +16.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €8,212 | €10,413 | +€2,201 | +26.8% |
| Amounts payable | 17/49 | €45,836 | €95,666 | +€49,830 | +108.7% |
| Amounts payable within one year | 42/48 | €45,836 | €95,589 | +€49,753 | +108.5% |
| Trade debts | 44 | €2,507 | €10,225 | +€7,718 | +307.9% |
| Suppliers | 440/4 | €2,507 | €10,225 | +€7,718 | +307.9% |
| Taxes, remuneration and social security | 45 | €12,829 | €34,864 | +€22,035 | +171.8% |
| Taxes | 450/3 | €6,665 | €14,708 | +€8,043 | +120.7% |
| Remuneration and social security | 454/9 | €6,164 | €20,156 | +€13,992 | +227.0% |
| Other amounts payable | 47/48 | €30,500 | €50,500 | +€20,000 | +65.6% |
| Accrued charges and deferred income | 492/3 | - | €77 | +€77 | |
| Remuneration, social security and pensions | 62 | €99,607 | €120,751 | +€21,144 | +21.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,126 | €6,798 | +€1,672 | +32.6% |
| Other operating charges | 640/8 | €2,969 | €796 | -€2,173 | -73.2% |
| Gross operating margin | 9900 | €112,586 | €134,454 | +€21,868 | +19.4% |
| Operating profit (loss) | 9901 | €4,884 | €6,109 | +€1,225 | +25.1% |
| Financial income | 75/76B | €475 | €0 | -€475 | -100.0% |
| Recurring financial income | 75 | €475 | €0 | -€475 | -100.0% |
| Financial charges | 65/66B | €1,867 | €3,514 | +€1,647 | +88.2% |
| Recurring financial charges | 65 | €1,867 | €3,514 | +€1,647 | +88.2% |
| Profit (loss) for the period before taxes | 9903 | €3,492 | €2,596 | -€896 | -25.7% |
| Income taxes | 67/77 | €306 | €394 | +€88 | +28.8% |
| Profit (loss) for the period | 9904 | €3,186 | €2,201 | -€985 | -30.9% |
| Profit (loss) for the period to be appropriated | 9905 | €3,186 | €2,201 | -€985 | -30.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.