M80: 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.
M80
Largest movements
- Cash -€43,958
down €43,958 (-81.3%), from €54,045 to €10,087
mainly Receivables within one year (-€28,076) and Short-term financial debts (-€22,500)
- Receivables within one year +€28,076
up €28,076 (+32.6%), from €86,232 to €114,308
of which Trade receivables: +€20,501
- Tangible fixed assets -€17,198
down €17,198 (-8.5%), from €202,635 to €185,437
- Stocks and contracts +€5,243
up €5,243 (+400%), from €1,310 to €6,553
- Trade debts +€24,468
up €24,468 (+73.8%), from €33,170 to €57,638
- Short-term financial debts -€22,500
down €22,500 (-50.0%), from €45,000 to €22,500
- Debts after one year -€14,660
down €14,660 (-11.4%), from €128,638 to €113,978
- Current portion of long-term debt -€10,508
down €10,508 (-49.3%), from €21,334 to €10,825
- Reserves -€5,010
down €5,010 (-5.6%), from €89,978 to €84,968
- Gross operating margin +€6,039
up €6,039 (+12.5%), from €48,477 to €54,515
- Financial charges +€5,038
up €5,038 (+72.9%), from €6,912 to €11,950
- Other operating charges +€1,334
up €1,334 (+119%), from €1,120 to €2,454
- Taxes +€1,121
up €1,121 (+26.0%), from €4,318 to €5,439
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 | €344,597 | €316,384 | -€28,212 | -8.2% |
| Fixed assets | 21/28 | €203,010 | €185,437 | -€17,573 | -8.7% |
| Intangible fixed assets | 21 | €375 | - | -€375 | |
| Tangible fixed assets | 22/27 | €202,635 | €185,437 | -€17,198 | -8.5% |
| Land and buildings | 22 | €188,343 | €180,346 | -€7,997 | -4.2% |
| Plant, machinery and equipment | 23 | €2,995 | €2,349 | -€646 | -21.6% |
| Furniture and vehicles | 24 | €11,296 | €2,742 | -€8,554 | -75.7% |
| Current assets | 29/58 | €141,587 | €130,947 | -€10,639 | -7.5% |
| Stocks and contracts in progress | 3 | €1,310 | €6,553 | +€5,243 | +400% |
| Stocks | 30/36 | €1,310 | €6,553 | +€5,243 | +400% |
| Amounts receivable within one year | 40/41 | €86,232 | €114,308 | +€28,076 | +32.6% |
| Trade receivables | 40 | €81,690 | €102,191 | +€20,501 | +25.1% |
| Other amounts receivable | 41 | €4,542 | €12,116 | +€7,574 | +167% |
| Cash at bank and in hand | 54/58 | €54,045 | €10,087 | -€43,958 | -81.3% |
| Total equity and liabilities | 10/49 | €344,597 | €316,384 | -€28,212 | -8.2% |
| Equity | 10/15 | €108,578 | €103,568 | -€5,010 | -4.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €89,978 | €84,968 | -€5,010 | -5.6% |
| Distributable reserves | 133 | €89,978 | €84,968 | -€5,010 | -5.6% |
| Amounts payable | 17/49 | €236,019 | €212,817 | -€23,202 | -9.8% |
| Amounts payable after more than one year | 17 | €128,638 | €113,978 | -€14,660 | -11.4% |
| Financial debts | 170/4 | €128,638 | €113,978 | -€14,660 | -11.4% |
| Amounts payable within one year | 42/48 | €107,381 | €98,839 | -€8,542 | -8.0% |
| Current portion of amounts payable after more than one year | 42 | €21,334 | €10,825 | -€10,508 | -49.3% |
| Financial debts | 43 | €45,000 | €22,500 | -€22,500 | -50.0% |
| Credit institutions | 430/8 | €45,000 | €22,500 | -€22,500 | -50.0% |
| Trade debts | 44 | €33,170 | €57,638 | +€24,468 | +73.8% |
| Suppliers | 440/4 | €33,170 | €57,638 | +€24,468 | +73.8% |
| Taxes, remuneration and social security | 45 | €6,555 | €7,839 | +€1,284 | +19.6% |
| Taxes | 450/3 | €6,555 | €7,839 | +€1,284 | +19.6% |
| Other amounts payable | 47/48 | €1,322 | €37 | -€1,285 | -97.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,378 | €21,683 | +€305 | +1.4% |
| Other operating charges | 640/8 | €1,120 | €2,454 | +€1,334 | +119% |
| Gross operating margin | 9900 | €48,477 | €54,515 | +€6,039 | +12.5% |
| Operating profit (loss) | 9901 | €25,979 | €30,379 | +€4,400 | +16.9% |
| Financial charges | 65/66B | €6,912 | €11,950 | +€5,038 | +72.9% |
| Recurring financial charges | 65 | €6,912 | €11,950 | +€5,038 | +72.9% |
| Profit (loss) for the period before taxes | 9903 | €19,067 | €18,429 | -€638 | -3.3% |
| Income taxes | 67/77 | €4,318 | €5,439 | +€1,121 | +26.0% |
| Profit (loss) for the period | 9904 | €14,749 | €12,990 | -€1,759 | -11.9% |
| Profit (loss) for the period to be appropriated | 9905 | €14,749 | €12,990 | -€1,759 | -11.9% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.