M81: 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.
M81
Largest movements
- Receivables within one year +€27,352
up €27,352 (+150.8%), from €18,139 to €45,491
of which Trade receivables: +€19,436
- Tangible fixed assets -€20,180
down €20,180 (-18.8%), from €107,423 to €87,243
- Cash -€15,177
down €15,177 (-33.8%), from €44,966 to €29,789
mainly Contributions, distributions and other (-€103,765) and Debts after one year (-€27,719)
- Deferred charges and accrued income +€1,961
up €1,961 (+131.7%), from €1,489 to €3,450
- Other debts +€78,200
new in 2025: €78,200
- Profit (loss) carried forward -€75,180
down €75,180 (-94.7%), from €79,347 to €4,167
- Debts after one year -€27,719
down €27,719 (-48.7%), from €56,891 to €29,172
- Tax, wage and social debts +€18,543
up €18,543 (+554.8%), from €3,342 to €21,885
- Gross operating margin -€14,248
down €14,248 (-16.2%), from €87,891 to €73,643
- Other operating charges -€8,239
down €8,239 (-96.7%), from €8,519 to €280
- Depreciation +€3,653
up €3,653 (+13.6%), from €26,922 to €30,576
- Financial charges -€1,076
down €1,076 (-26.5%), from €4,062 to €2,986
of which Financial charges: -€826
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 | €172,018 | €165,973 | -€6,045 | -3.5% |
| Fixed assets | 21/28 | €107,423 | €87,243 | -€20,180 | -18.8% |
| Tangible fixed assets | 22/27 | €107,423 | €87,243 | -€20,180 | -18.8% |
| Furniture and vehicles | 24 | €107,423 | €87,243 | -€20,180 | -18.8% |
| Current assets | 29/58 | €64,595 | €78,730 | +€14,135 | +21.9% |
| Amounts receivable within one year | 40/41 | €18,139 | €45,491 | +€27,352 | +150.8% |
| Trade receivables | 40 | €17,757 | €37,194 | +€19,436 | +109.5% |
| Other amounts receivable | 41 | €382 | €8,297 | +€7,915 | +2071.6% |
| Cash at bank and in hand | 54/58 | €44,966 | €29,789 | -€15,177 | -33.8% |
| Deferred charges and accrued income | 490/1 | €1,489 | €3,450 | +€1,961 | +131.7% |
| Total equity and liabilities | 10/49 | €172,018 | €165,973 | -€6,045 | -3.5% |
| Equity | 10/15 | €83,347 | €8,167 | -€75,180 | -90.2% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €79,347 | €4,167 | -€75,180 | -94.7% |
| Amounts payable | 17/49 | €88,671 | €157,807 | +€69,136 | +78.0% |
| Amounts payable after more than one year | 17 | €56,891 | €29,172 | -€27,719 | -48.7% |
| Financial debts | 170/4 | €56,891 | €29,172 | -€27,719 | -48.7% |
| Amounts payable within one year | 42/48 | €31,780 | €128,407 | +€96,627 | +304.0% |
| Current portion of amounts payable after more than one year | 42 | €26,665 | €27,719 | +€1,054 | +4.0% |
| Trade debts | 44 | €1,773 | €603 | -€1,170 | -66.0% |
| Suppliers | 440/4 | €1,773 | €603 | -€1,170 | -66.0% |
| Taxes, remuneration and social security | 45 | €3,342 | €21,885 | +€18,543 | +554.8% |
| Taxes | 450/3 | €3,342 | €21,885 | +€18,543 | +554.8% |
| Other amounts payable | 47/48 | - | €78,200 | +€78,200 | |
| Accrued charges and deferred income | 492/3 | - | €228 | +€228 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,922 | €30,576 | +€3,653 | +13.6% |
| Other operating charges | 640/8 | €8,519 | €280 | -€8,239 | -96.7% |
| Gross operating margin | 9900 | €87,891 | €73,643 | -€14,248 | -16.2% |
| Operating profit (loss) | 9901 | €52,450 | €42,788 | -€9,662 | -18.4% |
| Financial income | 75/76B | - | €15 | +€15 | |
| Recurring financial income | 75 | - | €15 | +€15 | |
| Financial charges | 65/66B | €4,062 | €2,986 | -€1,076 | -26.5% |
| Recurring financial charges | 65 | €3,812 | €2,986 | -€826 | -21.7% |
| Non-recurring financial charges | 66B | €250 | - | -€250 | |
| Profit (loss) for the period before taxes | 9903 | €48,388 | €39,817 | -€8,571 | -17.7% |
| Income taxes | 67/77 | €11,842 | €11,233 | -€609 | -5.1% |
| Profit (loss) for the period | 9904 | €36,546 | €28,584 | -€7,961 | -21.8% |
| Profit (loss) for the period to be appropriated | 9905 | €36,546 | €28,584 | -€7,961 | -21.8% |
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 11 October 2026 via checked.be.