ML 20: what changed
Two fiscal 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.
ML 20
Largest movements
- Cash -€109,559
down €109,559 (-71.5%), from €153,123 to €43,564
mainly Contributions, distributions and other (-€172,059) and Trade debts (-€117,380)
- Receivables within one year +€46,999
up €46,999 (+42.5%), from €110,708 to €157,707
of which Trade receivables: +€34,466
- Tangible fixed assets -€46,328
down €46,328 (-5.3%), from €880,554 to €834,226
of which Land and buildings: -€26,851
- Trade debts -€117,380
down €117,380 (-97.5%), from €120,421 to €3,041
- Other debts +€70,651
up €70,651 (+145.8%), from €48,467 to €119,118
- Profit (loss) carried forward -€50,813
down €50,813 (-14.9%), from €340,761 to €289,948
- Debts after one year -€27,984
down €27,984 (-5.0%), from €560,559 to €532,575
of which Financial debts: -€27,984
- Tax, wage and social debts +€16,260
up €16,260 (+67.2%), from €24,204 to €40,464
- Gross operating margin +€71,186
up €71,186 (+50.2%), from €141,703 to €212,889
- Taxes +€16,845
up €16,845 (+143.6%), from €11,734 to €28,579
- Financial charges +€3,590
up €3,590 (+46.1%), from €7,787 to €11,377
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 | €1,144,850 | €1,036,123 | -€108,727 | -9.5% |
| Fixed assets | 21/28 | €880,554 | €834,226 | -€46,328 | -5.3% |
| Tangible fixed assets | 22/27 | €880,554 | €834,226 | -€46,328 | -5.3% |
| Land and buildings | 22 | €806,161 | €779,310 | -€26,851 | -3.3% |
| Furniture and vehicles | 24 | €74,393 | €54,916 | -€19,477 | -26.2% |
| Current assets | 29/58 | €264,296 | €201,897 | -€62,399 | -23.6% |
| Amounts receivable within one year | 40/41 | €110,708 | €157,707 | +€46,999 | +42.5% |
| Trade receivables | 40 | €87,708 | €122,174 | +€34,466 | +39.3% |
| Other amounts receivable | 41 | €23,000 | €35,533 | +€12,533 | +54.5% |
| Cash at bank and in hand | 54/58 | €153,123 | €43,564 | -€109,559 | -71.5% |
| Deferred charges and accrued income | 490/1 | €465 | €626 | +€161 | +34.6% |
| Total equity and liabilities | 10/49 | €1,144,850 | €1,036,123 | -€108,727 | -9.5% |
| Equity | 10/15 | €343,761 | €292,948 | -€50,813 | -14.8% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €340,761 | €289,948 | -€50,813 | -14.9% |
| Amounts payable | 17/49 | €801,089 | €743,175 | -€57,914 | -7.2% |
| Amounts payable after more than one year | 17 | €560,559 | €532,575 | -€27,984 | -5.0% |
| Financial debts | 170/4 | €543,369 | €515,385 | -€27,984 | -5.2% |
| Other amounts payable | 178/9 | €17,190 | €17,190 | = | 0.0% |
| Amounts payable within one year | 42/48 | €220,715 | €190,607 | -€30,108 | -13.6% |
| Current portion of amounts payable after more than one year | 42 | €27,623 | €27,984 | +€361 | +1.3% |
| Trade debts | 44 | €120,421 | €3,041 | -€117,380 | -97.5% |
| Suppliers | 440/4 | €120,421 | €3,041 | -€117,380 | -97.5% |
| Taxes, remuneration and social security | 45 | €24,204 | €40,464 | +€16,260 | +67.2% |
| Taxes | 450/3 | €24,204 | €40,464 | +€16,260 | +67.2% |
| Other amounts payable | 47/48 | €48,467 | €119,118 | +€70,651 | +145.8% |
| Accrued charges and deferred income | 492/3 | €19,815 | €19,993 | +€178 | +0.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,874 | €49,311 | +€437 | +0.9% |
| Other operating charges | 640/8 | €1,036 | €2,376 | +€1,340 | +129.3% |
| Gross operating margin | 9900 | €141,703 | €212,889 | +€71,186 | +50.2% |
| Operating profit (loss) | 9901 | €91,793 | €161,202 | +€69,409 | +75.6% |
| Financial charges | 65/66B | €7,787 | €11,377 | +€3,590 | +46.1% |
| Recurring financial charges | 65 | €7,787 | €11,377 | +€3,590 | +46.1% |
| Profit (loss) for the period before taxes | 9903 | €84,006 | €149,825 | +€65,819 | +78.4% |
| Income taxes | 67/77 | €11,734 | €28,579 | +€16,845 | +143.6% |
| Profit (loss) for the period | 9904 | €72,272 | €121,246 | +€48,974 | +67.8% |
| Profit (loss) for the period to be appropriated | 9905 | €72,272 | €121,246 | +€48,974 | +67.8% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.