M84U: 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.
M84U
Largest movements
- Tangible fixed assets -€11,700
down €11,700 (-19.9%), from €58,732 to €47,032
of which Furniture and vehicles: -€10,236
- Stocks and contracts -€7,598
down €7,598 (-74.4%), from €10,215 to €2,617
- Intangible fixed assets -€3,000
down €3,000 (-55.6%), from €5,392 to €2,392
- Cash -€2,305
down €2,305 (-19.4%), from €11,876 to €9,571
mainly Net result for the year (-€11,179) and Debts after one year (-€7,708)
- Receivables within one year +€1,725
up €1,725 (+27.8%), from €6,197 to €7,922
of which Trade receivables: +€7,512
- Profit (loss) carried forward -€11,179
down €11,179, from €699 to -€10,480
- Debts after one year -€7,708
down €7,708 (-23.7%), from €32,563 to €24,854
- Other debts -€3,409
no longer reported in 2025 (was €3,409)
- Tax, wage and social debts -€2,615
down €2,615 (-31.1%), from €8,405 to €5,789
of which Taxes: -€2,875
- Trade debts +€1,363
up €1,363 (+15.9%), from €8,554 to €9,918
- Depreciation +€9,753
up €9,753 (+116.6%), from €8,367 to €18,120
- Gross operating margin -€6,240
down €6,240 (-27.4%), from €22,784 to €16,544
- Financial charges +€1,816
up €1,816 (+271.0%), from €670 to €2,486
- Taxes -€1,696
down €1,696 (-43.3%), from €3,914 to €2,217
- Staff costs +€285
new in 2025: €285
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 | €94,457 | €71,789 | -€22,668 | -24.0% |
| Fixed assets | 21/28 | €64,124 | €49,424 | -€14,700 | -22.9% |
| Intangible fixed assets | 21 | €5,392 | €2,392 | -€3,000 | -55.6% |
| Tangible fixed assets | 22/27 | €58,732 | €47,032 | -€11,700 | -19.9% |
| Plant, machinery and equipment | 23 | €5,195 | €3,730 | -€1,465 | -28.2% |
| Furniture and vehicles | 24 | €53,537 | €43,302 | -€10,236 | -19.1% |
| Current assets | 29/58 | €30,334 | €22,366 | -€7,968 | -26.3% |
| Stocks and contracts in progress | 3 | €10,215 | €2,617 | -€7,598 | -74.4% |
| Stocks | 30/36 | €10,215 | €2,617 | -€7,598 | -74.4% |
| Amounts receivable within one year | 40/41 | €6,197 | €7,922 | +€1,725 | +27.8% |
| Trade receivables | 40 | - | €7,512 | +€7,512 | |
| Other amounts receivable | 41 | €6,197 | €410 | -€5,787 | -93.4% |
| Cash at bank and in hand | 54/58 | €11,876 | €9,571 | -€2,305 | -19.4% |
| Deferred charges and accrued income | 490/1 | €2,045 | €2,256 | +€210 | +10.3% |
| Total equity and liabilities | 10/49 | €94,457 | €71,789 | -€22,668 | -24.0% |
| Equity | 10/15 | €34,699 | €23,520 | -€11,179 | -32.2% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €24,000 | €24,000 | = | 0.0% |
| Distributable reserves | 133 | €24,000 | €24,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €699 | -€10,480 | -€11,179 | |
| Amounts payable | 17/49 | €59,758 | €48,270 | -€11,489 | -19.2% |
| Amounts payable after more than one year | 17 | €32,563 | €24,854 | -€7,708 | -23.7% |
| Financial debts | 170/4 | €32,563 | €24,854 | -€7,708 | -23.7% |
| Amounts payable within one year | 42/48 | €27,195 | €23,415 | -€3,780 | -13.9% |
| Current portion of amounts payable after more than one year | 42 | €6,827 | €7,708 | +€881 | +12.9% |
| Trade debts | 44 | €8,554 | €9,918 | +€1,363 | +15.9% |
| Suppliers | 440/4 | €8,554 | €9,918 | +€1,363 | +15.9% |
| Taxes, remuneration and social security | 45 | €8,405 | €5,789 | -€2,615 | -31.1% |
| Taxes | 450/3 | €8,165 | €5,289 | -€2,875 | -35.2% |
| Remuneration and social security | 454/9 | €240 | €500 | +€260 | +108.3% |
| Other amounts payable | 47/48 | €3,409 | - | -€3,409 | |
| Remuneration, social security and pensions | 62 | - | €285 | +€285 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,367 | €18,120 | +€9,753 | +116.6% |
| Other operating charges | 640/8 | €1,604 | €1,881 | +€278 | +17.3% |
| Non-recurring operating charges | 66A | €1,138 | €2,735 | +€1,597 | +140.3% |
| Gross operating margin | 9900 | €22,784 | €16,544 | -€6,240 | -27.4% |
| Operating profit (loss) | 9901 | €11,675 | -€6,477 | -€18,152 | |
| Financial income | 75/76B | €84 | €0 | -€84 | -99.9% |
| Recurring financial income | 75 | €84 | €0 | -€84 | -99.9% |
| Financial charges | 65/66B | €670 | €2,486 | +€1,816 | +271.0% |
| Recurring financial charges | 65 | €670 | €2,486 | +€1,816 | +271.0% |
| Profit (loss) for the period before taxes | 9903 | €11,089 | -€8,962 | -€20,051 | |
| Income taxes | 67/77 | €3,914 | €2,217 | -€1,696 | -43.3% |
| Profit (loss) for the period | 9904 | €7,176 | -€11,179 | -€18,355 | |
| Profit (loss) for the period to be appropriated | 9905 | €7,176 | -€11,179 | -€18,355 |
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.