M4X: 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.
M4X
Largest movements
- Cash -€2,694
down €2,694 (-5.9%), from €45,523 to €42,830
mainly Contributions, distributions and other (-€109,800) and Short-term financial debts (-€41)
- Receivables within one year -€1,726
down €1,726 (-8.3%), from €20,728 to €19,002
of which Trade receivables: -€5,273
- Profit (loss) carried forward -€61,984
down €61,984 (-99.9%), from €62,047 to €62
- Other debts +€51,167
up €51,167 (+122,613%), from €42 to €51,208
- Trade debts +€4,717
up €4,717 (+1,518%), from €311 to €5,028
- Tax, wage and social debts +€1,722
up €1,722 (+45.4%), from €3,791 to €5,513
- Gross operating margin -€18,051
down €18,051 (-23.0%), from €78,637 to €60,586
- Taxes -€3,546
down €3,546 (-22.4%), from €15,849 to €12,303
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 | €67,232 | €62,812 | -€4,420 | -6.6% |
| Fixed assets | 21/28 | €980 | €980 | = | 0.0% |
| Financial fixed assets | 28 | €980 | €980 | = | 0.0% |
| Current assets | 29/58 | €66,252 | €61,832 | -€4,420 | -6.7% |
| Amounts receivable within one year | 40/41 | €20,728 | €19,002 | -€1,726 | -8.3% |
| Trade receivables | 40 | €16,578 | €11,305 | -€5,273 | -31.8% |
| Other amounts receivable | 41 | €4,151 | €7,697 | +€3,546 | +85.4% |
| Cash at bank and in hand | 54/58 | €45,523 | €42,830 | -€2,694 | -5.9% |
| Total equity and liabilities | 10/49 | €67,232 | €62,812 | -€4,420 | -6.6% |
| Equity | 10/15 | €63,047 | €1,062 | -€61,984 | -98.3% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €62,047 | €62 | -€61,984 | -99.9% |
| Amounts payable | 17/49 | €4,185 | €61,749 | +€57,564 | +1,375% |
| Amounts payable within one year | 42/48 | €4,185 | €61,749 | +€57,564 | +1,375% |
| Financial debts | 43 | €41 | - | -€41 | |
| Credit institutions | 430/8 | €41 | - | -€41 | |
| Trade debts | 44 | €311 | €5,028 | +€4,717 | +1,518% |
| Suppliers | 440/4 | €311 | €5,028 | +€4,717 | +1,518% |
| Taxes, remuneration and social security | 45 | €3,791 | €5,513 | +€1,722 | +45.4% |
| Taxes | 450/3 | €3,791 | €5,513 | +€1,722 | +45.4% |
| Other amounts payable | 47/48 | €42 | €51,208 | +€51,167 | +122,613% |
| Other operating charges | 640/8 | - | €400 | +€400 | |
| Gross operating margin | 9900 | €78,637 | €60,586 | -€18,051 | -23.0% |
| Operating profit (loss) | 9901 | €78,637 | €60,187 | -€18,451 | -23.5% |
| Financial charges | 65/66B | €174 | €68 | -€106 | -60.8% |
| Recurring financial charges | 65 | €174 | €68 | -€106 | -60.8% |
| Profit (loss) for the period before taxes | 9903 | €78,464 | €60,119 | -€18,345 | -23.4% |
| Income taxes | 67/77 | €15,849 | €12,303 | -€3,546 | -22.4% |
| Profit (loss) for the period | 9904 | €62,614 | €47,816 | -€14,799 | -23.6% |
| Profit (loss) for the period to be appropriated | 9905 | €62,614 | €47,816 | -€14,799 | -23.6% |
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 1 November 2026 via checked.be.