ML MANAGEMENT: 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 MANAGEMENT
Largest movements
- Receivables within one year +€85,326
up €85,326 (+242.7%), from €35,153 to €120,479
of which Trade receivables: +€68,689
- Cash +€32,292
up €32,292 (+24.9%), from €129,684 to €161,976
mainly Net result for the year (+€93,923) and Other debts (+€58,102)
- Tangible fixed assets -€12,431
down €12,431 (-37.5%), from €33,145 to €20,714
of which Leasing and similar rights: -€10,530
- Other debts +€58,102
up €58,102 (+675.1%), from €8,607 to €66,708
- Reserves +€27,215
up €27,215 (+23.8%), from €114,581 to €141,797
- Tax, wage and social debts +€17,019
up €17,019 (+110.9%), from €15,343 to €32,362
- Trade debts +€15,671
up €15,671 (+147.4%), from €10,631 to €26,302
- Debts after one year -€10,888
down €10,888 (-85.6%), from €12,722 to €1,834
- Gross operating margin +€24,369
up €24,369 (+19.7%), from €123,730 to €148,098
- Taxes +€13,126
up €13,126 (+47.7%), from €27,541 to €40,667
- Other operating charges -€6,248
down €6,248 (-75.7%), from €8,254 to €2,006
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 | €199,905 | €306,612 | +€106,707 | +53.4% |
| Fixed assets | 21/28 | €33,844 | €21,613 | -€12,231 | -36.1% |
| Tangible fixed assets | 22/27 | €33,145 | €20,714 | -€12,431 | -37.5% |
| Furniture and vehicles | 24 | €3,395 | €1,493 | -€1,901 | -56.0% |
| Leasing and similar rights | 25 | €22,763 | €12,232 | -€10,530 | -46.3% |
| Other tangible fixed assets | 26 | €6,988 | €6,988 | = | 0.0% |
| Financial fixed assets | 28 | €699 | €899 | +€200 | +28.6% |
| Current assets | 29/58 | €166,061 | €284,999 | +€118,938 | +71.6% |
| Amounts receivable within one year | 40/41 | €35,153 | €120,479 | +€85,326 | +242.7% |
| Trade receivables | 40 | €9,719 | €78,408 | +€68,689 | +706.8% |
| Other amounts receivable | 41 | €25,435 | €42,071 | +€16,636 | +65.4% |
| Cash at bank and in hand | 54/58 | €129,684 | €161,976 | +€32,292 | +24.9% |
| Deferred charges and accrued income | 490/1 | €1,224 | €2,544 | +€1,320 | +107.9% |
| Total equity and liabilities | 10/49 | €199,905 | €306,612 | +€106,707 | +53.4% |
| Equity | 10/15 | €126,981 | €154,197 | +€27,215 | +21.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €114,581 | €141,797 | +€27,215 | +23.8% |
| Distributable reserves | 133 | €114,581 | €141,797 | +€27,215 | +23.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €72,924 | €152,415 | +€79,492 | +109.0% |
| Amounts payable after more than one year | 17 | €12,722 | €1,834 | -€10,888 | -85.6% |
| Financial debts | 170/4 | €12,722 | €1,834 | -€10,888 | -85.6% |
| Amounts payable within one year | 42/48 | €48,711 | €141,217 | +€92,506 | +189.9% |
| Current portion of amounts payable after more than one year | 42 | €10,689 | €10,888 | +€198 | +1.9% |
| Financial debts | 43 | €3,442 | €4,957 | +€1,516 | +44.0% |
| Credit institutions | 430/8 | €3,442 | €4,957 | +€1,516 | +44.0% |
| Trade debts | 44 | €10,631 | €26,302 | +€15,671 | +147.4% |
| Suppliers | 440/4 | €10,631 | €26,302 | +€15,671 | +147.4% |
| Taxes, remuneration and social security | 45 | €15,343 | €32,362 | +€17,019 | +110.9% |
| Taxes | 450/3 | €15,343 | €32,362 | +€17,019 | +110.9% |
| Other amounts payable | 47/48 | €8,607 | €66,708 | +€58,102 | +675.1% |
| Accrued charges and deferred income | 492/3 | €11,491 | €9,364 | -€2,126 | -18.5% |
| Non-recurring operating income | 76A | - | €900 | +€900 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,817 | €12,431 | -€386 | -3.0% |
| Other operating charges | 640/8 | €8,254 | €2,006 | -€6,248 | -75.7% |
| Gross operating margin | 9900 | €123,730 | €148,098 | +€24,369 | +19.7% |
| Operating profit (loss) | 9901 | €102,659 | €133,661 | +€31,002 | +30.2% |
| Financial income | 75/76B | €381 | €1,327 | +€945 | +247.8% |
| Recurring financial income | 75 | €381 | €1,327 | +€945 | +247.8% |
| Financial charges | 65/66B | €767 | €397 | -€370 | -48.2% |
| Recurring financial charges | 65 | €767 | €397 | -€370 | -48.2% |
| Profit (loss) for the period before taxes | 9903 | €102,273 | €134,590 | +€32,316 | +31.6% |
| Income taxes | 67/77 | €27,541 | €40,667 | +€13,126 | +47.7% |
| Profit (loss) for the period | 9904 | €74,732 | €93,923 | +€19,191 | +25.7% |
| Profit (loss) for the period to be appropriated | 9905 | €74,732 | €93,923 | +€19,191 | +25.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.