M54: 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.
M54
Largest movements
- Tangible fixed assets -€21,178
down €21,178 (-20.8%), from €101,892 to €80,714
of which Land and buildings: -€15,832
- Cash +€7,724
up €7,724 (+8.1%), from €95,451 to €103,175
mainly Net result for the year (+€23,451) and Depreciation (+€21,178)
- Receivables within one year -€5,544
down €5,544 (-47.5%), from €11,675 to €6,131
of which Other amounts receivable: -€5,544
- Profit (loss) carried forward +€23,451
up €23,451 (+5.3%), from -€442,487 to -€419,036
- Debts after one year -€21,615
down €21,615 (-3.5%), from €617,345 to €595,730
- Other debts -€19,043
down €19,043 (-97.5%), from €19,525 to €482
- Other operating charges -€2,420
down €2,420 (-37.1%), from €6,523 to €4,103
- Gross operating margin +€2,119
up €2,119 (+4.5%), from €46,918 to €49,037
- Depreciation +€932
up €932 (+4.6%), from €20,246 to €21,178
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 | €211,159 | €192,817 | -€18,342 | -8.7% |
| Fixed assets | 21/28 | €101,892 | €80,714 | -€21,178 | -20.8% |
| Tangible fixed assets | 22/27 | €101,892 | €80,714 | -€21,178 | -20.8% |
| Land and buildings | 22 | €76,516 | €60,684 | -€15,832 | -20.7% |
| Plant, machinery and equipment | 23 | €25,377 | €20,031 | -€5,346 | -21.1% |
| Current assets | 29/58 | €109,267 | €112,103 | +€2,835 | +2.6% |
| Amounts receivable within one year | 40/41 | €11,675 | €6,131 | -€5,544 | -47.5% |
| Trade receivables | 40 | €1 | €1 | = | 0.0% |
| Other amounts receivable | 41 | €11,674 | €6,130 | -€5,544 | -47.5% |
| Current investments | 50/53 | €8 | €8 | -€0 | -2.0% |
| Cash at bank and in hand | 54/58 | €95,451 | €103,175 | +€7,724 | +8.1% |
| Deferred charges and accrued income | 490/1 | €2,133 | €2,789 | +€656 | +30.7% |
| Total equity and liabilities | 10/49 | €211,159 | €192,817 | -€18,342 | -8.7% |
| Equity | 10/15 | -€427,546 | -€404,095 | +€23,451 | +5.5% |
| Contributions | 10/11 | €12,941 | €12,941 | = | 0.0% |
| Reserves | 13 | €2,000 | €2,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,000 | €0 | -€2,000 | -100% |
| Reserves not available under the articles | 1311 | €2,000 | €0 | -€2,000 | -100% |
| Distributable reserves | 133 | - | €2,000 | +€2,000 | |
| Profit (loss) carried forward | 14 | -€442,487 | -€419,036 | +€23,451 | +5.3% |
| Amounts payable | 17/49 | €638,706 | €596,912 | -€41,793 | -6.5% |
| Amounts payable after more than one year | 17 | €617,345 | €595,730 | -€21,615 | -3.5% |
| Financial debts | 170/4 | €617,345 | €595,730 | -€21,615 | -3.5% |
| Amounts payable within one year | 42/48 | €21,322 | €1,160 | -€20,161 | -94.6% |
| Trade debts | 44 | €652 | €679 | +€26 | +4.1% |
| Suppliers | 440/4 | €652 | €679 | +€26 | +4.1% |
| Taxes, remuneration and social security | 45 | €1,145 | €0 | -€1,145 | -100% |
| Taxes | 450/3 | €1,145 | €0 | -€1,145 | -100% |
| Other amounts payable | 47/48 | €19,525 | €482 | -€19,043 | -97.5% |
| Accrued charges and deferred income | 492/3 | €39 | €22 | -€17 | -44.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,246 | €21,178 | +€932 | +4.6% |
| Other operating charges | 640/8 | €6,523 | €4,103 | -€2,420 | -37.1% |
| Gross operating margin | 9900 | €46,918 | €49,037 | +€2,119 | +4.5% |
| Operating profit (loss) | 9901 | €20,149 | €23,757 | +€3,608 | +17.9% |
| Financial charges | 65/66B | €227 | €305 | +€79 | +34.7% |
| Recurring financial charges | 65 | €227 | €305 | +€79 | +34.7% |
| Profit (loss) for the period before taxes | 9903 | €19,922 | €23,451 | +€3,529 | +17.7% |
| Profit (loss) for the period | 9904 | €19,922 | €23,451 | +€3,529 | +17.7% |
| Profit (loss) for the period to be appropriated | 9905 | €19,922 | €23,451 | +€3,529 | +17.7% |
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 30 October 2026 via checked.be.