M80 Capital: 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.
What changed
M80 Capital
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€4.0m
2024 · €597,944-€4.6m
Equity
€145.8m
2024 · €146.2m-€375,430
Cash
€51,560
2024 · €999,454-€947,893
Balance sheet total
€148.4m
2024 · €149.7m-€1.3m
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
- Profit (loss) carried forward -€4.0m
down €4.0m, from €2.2m to -€1.9m
- Contributions +€3.6m
up €3.6m (+2.5%), from €144.0m to €147.7m
Income statement
- Financial income -€3.4m
down €3.4m (-86.8%), from €3.9m to €515,703
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.
Result 2024
€597,944
Other operating charges
+€340
Other operating items
-€136,142
Financial income
-€3.4m
Financial charges
-€1.0m
Taxes
+€198
Result 2025
-€4.0m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€4.9m
Investment
+€359,901
Financing
+€3.6m
Cash 2024
€999,454
From operations (derived)
-€4.9m
Net result for the year
-€4.0m
Smaller working-capital items
+€1,939
Trade debts
-€934,303
Investment (derived)
+€359,901
Investment in fixed assets (net)
+€359,901
Financing
+€3.6m
Contributions, distributions and other
+€3.6m
Cash 2025
€51,560
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €149,702,285 | €148,392,518 | -€1.3m | -0.9% |
| Fixed assets | 21/28 | €148,550,606 | €148,190,705 | -€359,901 | -0.2% |
| Financial fixed assets | 28 | €148,550,606 | €148,190,705 | -€359,901 | -0.2% |
| Affiliated companies | 280/1 | €91,935,027 | €93,343,222 | +€1.4m | +1.5% |
| Participating interests | 280 | €91,935,027 | €68,102,210 | -€23.8m | -25.9% |
| Amounts receivable | 281 | €0 | €25,241,012 | +€25.2m | |
| Companies linked by participating interests | 282/3 | €31,138,872 | €33,226,252 | +€2.1m | +6.7% |
| Participating interests | 282 | €31,138,872 | €33,226,252 | +€2.1m | +6.7% |
| Other financial fixed assets | 284/8 | €25,476,707 | €21,621,232 | -€3.9m | -15.1% |
| Shares | 284 | €25,164,519 | €21,621,232 | -€3.5m | -14.1% |
| Amounts receivable and cash guarantees | 285/8 | €312,188 | €0 | -€312,188 | -100% |
| Current assets | 29/58 | €1,151,678 | €201,812 | -€949,866 | -82.5% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €30,974 | €28,983 | -€1,991 | -6.4% |
| Trade receivables | 40 | €2,828 | €2,828 | = | 0.0% |
| Other amounts receivable | 41 | €28,146 | €26,155 | -€1,991 | -7.1% |
| Cash at bank and in hand | 54/58 | €999,454 | €51,560 | -€947,893 | -94.8% |
| Deferred charges and accrued income | 490/1 | €121,251 | €121,269 | +€19 | 0.0% |
| Total equity and liabilities | 10/49 | €149,702,285 | €148,392,518 | -€1.3m | -0.9% |
| Equity | 10/15 | €146,213,417 | €145,837,987 | -€375,430 | -0.3% |
| Contributions | 10/11 | €144,047,085 | €147,696,490 | +€3.6m | +2.5% |
| Profit (loss) carried forward | 14 | €2,166,332 | -€1,858,503 | -€4.0m | |
| Amounts payable | 17/49 | €3,488,868 | €2,554,531 | -€934,337 | -26.8% |
| Amounts payable within one year | 42/48 | €3,487,280 | €2,554,531 | -€932,749 | -26.7% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €3,477,458 | €2,543,155 | -€934,303 | -26.9% |
| Suppliers | 440/4 | €3,477,458 | €2,543,155 | -€934,303 | -26.9% |
| Taxes, remuneration and social security | 45 | €8,291 | €6,376 | -€1,915 | -23.1% |
| Taxes | 450/3 | €8,291 | €6,376 | -€1,915 | -23.1% |
| Other amounts payable | 47/48 | €1,531 | €5,000 | +€3,469 | +227% |
| Accrued charges and deferred income | 492/3 | €1,588 | €0 | -€1,588 | -100% |
| Operating charges | 60/66A | €3,130,533 | €3,266,335 | +€135,802 | +4.3% |
| Services and other goods | 61 | €3,128,415 | €3,264,557 | +€136,142 | +4.4% |
| Other operating charges | 640/8 | €2,118 | €1,778 | -€340 | -16.1% |
| Operating profit (loss) | 9901 | -€3,130,533 | -€3,266,335 | -€135,802 | -4.3% |
| Financial income | 75/76B | €3,917,847 | €515,703 | -€3.4m | -86.8% |
| Recurring financial income | 75 | €3,917,847 | €515,703 | -€3.4m | -86.8% |
| Income from financial fixed assets | 750 | €3,917,847 | €512,496 | -€3.4m | -86.9% |
| Income from current assets | 751 | - | €3,208 | +€3,208 | |
| Financial charges | 65/66B | €188,860 | €1,229,090 | +€1.0m | +551% |
| Recurring financial charges | 65 | €188,860 | €55,771 | -€133,089 | -70.5% |
| Debt charges | 650 | €179,280 | €54,572 | -€124,708 | -69.6% |
| Other financial charges | 652/9 | €9,580 | €1,199 | -€8,381 | -87.5% |
| Non-recurring financial charges | 66B | - | €1,173,319 | +€1.2m | |
| Profit (loss) for the period before taxes | 9903 | €598,454 | -€3,979,722 | -€4.6m | |
| Income taxes | 67/77 | €511 | €312 | -€198 | -38.9% |
| Taxes | 670/3 | €511 | €312 | -€198 | -38.9% |
| Profit (loss) for the period | 9904 | €597,944 | -€3,980,034 | -€4.6m | |
| Profit (loss) for the period to be appropriated | 9905 | €597,944 | -€3,980,034 | -€4.6m |
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 17 October 2026 via checked.be.