M9i: 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.
M9i
Largest movements
- Cash -€118,701
down €118,701 (-79.5%), from €149,372 to €30,671
mainly Contributions, distributions and other (-€189,165) and Investment in fixed assets (net) (-€52,299)
- Tangible fixed assets +€49,603
up €49,603 (+20,723%), from €239 to €49,842
- Receivables within one year -€46,224
down €46,224 (-72.1%), from €64,117 to €17,893
of which Other amounts receivable: -€48,000
- Profit (loss) carried forward -€120,799
down €120,799 (-63.9%), from €189,178 to €68,380
- Trade debts +€3,171
new in 2025: €3,171
- Other debts +€2,801
new in 2025: €2,801
- Gross operating margin +€1,930
up €1,930 (+2.2%), from €88,896 to €90,826
- Depreciation +€1,887
up €1,887 (+233%), from €809 to €2,696
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 | €214,330 | €99,007 | -€115,323 | -53.8% |
| Fixed assets | 21/28 | €239 | €49,842 | +€49,603 | +20,723% |
| Tangible fixed assets | 22/27 | €239 | €49,842 | +€49,603 | +20,723% |
| Furniture and vehicles | 24 | €239 | €49,842 | +€49,603 | +20,723% |
| Current assets | 29/58 | €214,090 | €49,165 | -€164,925 | -77.0% |
| Amounts receivable within one year | 40/41 | €64,117 | €17,893 | -€46,224 | -72.1% |
| Trade receivables | 40 | €16,117 | €17,893 | +€1,776 | +11.0% |
| Other amounts receivable | 41 | €48,000 | - | -€48,000 | |
| Cash at bank and in hand | 54/58 | €149,372 | €30,671 | -€118,701 | -79.5% |
| Deferred charges and accrued income | 490/1 | €601 | €601 | = | 0.0% |
| Total equity and liabilities | 10/49 | €214,330 | €99,007 | -€115,323 | -53.8% |
| Equity | 10/15 | €191,178 | €70,380 | -€120,799 | -63.2% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €189,178 | €68,380 | -€120,799 | -63.9% |
| Amounts payable | 17/49 | €23,151 | €28,628 | +€5,476 | +23.7% |
| Amounts payable within one year | 42/48 | €23,151 | €28,628 | +€5,476 | +23.7% |
| Trade debts | 44 | - | €3,171 | +€3,171 | |
| Suppliers | 440/4 | - | €3,171 | +€3,171 | |
| Taxes, remuneration and social security | 45 | €23,151 | €22,655 | -€497 | -2.1% |
| Taxes | 450/3 | €23,151 | €22,655 | -€497 | -2.1% |
| Other amounts payable | 47/48 | - | €2,801 | +€2,801 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €809 | €2,696 | +€1,887 | +233% |
| Other operating charges | 640/8 | €505 | €520 | +€14 | +2.8% |
| Gross operating margin | 9900 | €88,896 | €90,826 | +€1,930 | +2.2% |
| Operating profit (loss) | 9901 | €87,582 | €87,610 | +€29 | 0.0% |
| Financial income | 75/76B | €0 | €1 | +€0 | +66.7% |
| Recurring financial income | 75 | €0 | €1 | +€0 | +66.7% |
| Financial charges | 65/66B | €166 | €216 | +€50 | +29.8% |
| Recurring financial charges | 65 | €166 | €216 | +€50 | +29.8% |
| Profit (loss) for the period before taxes | 9903 | €87,416 | €87,395 | -€21 | 0.0% |
| Income taxes | 67/77 | €18,489 | €19,028 | +€539 | +2.9% |
| Profit (loss) for the period | 9904 | €68,926 | €68,367 | -€560 | -0.8% |
| Profit (loss) for the period to be appropriated | 9905 | €68,926 | €68,367 | -€560 | -0.8% |
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 17 October 2026 via checked.be.