ML respiratory: 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.
ML respiratory
Largest movements
- Current investments -€276,800
down €276,800 (-91.5%), from €302,610 to €25,810
- Deferred charges and accrued income -€98,050
down €98,050 (-95.9%), from €102,237 to €4,187
- Receivables within one year +€48,272
up €48,272 (+997%), from €4,840 to €53,112
- Cash -€10,310
down €10,310 (-11.4%), from €90,519 to €80,209
mainly Contributions, distributions and other (-€300,000) and Other debts (-€161,299)
- Profit (loss) carried forward -€169,875
down €169,875 (-51.8%), from €327,812 to €157,937
- Other debts -€161,299
down €161,299 (-99.9%), from €161,500 to €201
- Trade debts -€5,123
down €5,123 (-63.6%), from €8,060 to €2,937
- Gross operating margin -€45,574
down €45,574 (-21.6%), from €211,038 to €165,463
- Taxes -€12,136
down €12,136 (-24.5%), from €49,533 to €37,397
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 | €506,733 | €169,443 | -€337,289 | -66.6% |
| Fixed assets | 21/28 | €6,527 | €6,126 | -€401 | -6.1% |
| Tangible fixed assets | 22/27 | €6,527 | €6,126 | -€401 | -6.1% |
| Plant, machinery and equipment | 23 | €1,944 | €1,681 | -€263 | -13.5% |
| Furniture and vehicles | 24 | €1,020 | €1,068 | +€47 | +4.6% |
| Other tangible fixed assets | 26 | €3,562 | €3,378 | -€185 | -5.2% |
| Current assets | 29/58 | €500,206 | €163,317 | -€336,889 | -67.3% |
| Amounts receivable within one year | 40/41 | €4,840 | €53,112 | +€48,272 | +997% |
| Other amounts receivable | 41 | €4,840 | €53,112 | +€48,272 | +997% |
| Current investments | 50/53 | €302,610 | €25,810 | -€276,800 | -91.5% |
| Cash at bank and in hand | 54/58 | €90,519 | €80,209 | -€10,310 | -11.4% |
| Deferred charges and accrued income | 490/1 | €102,237 | €4,187 | -€98,050 | -95.9% |
| Total equity and liabilities | 10/49 | €506,733 | €169,443 | -€337,289 | -66.6% |
| Equity | 10/15 | €333,812 | €163,937 | -€169,875 | -50.9% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €327,812 | €157,937 | -€169,875 | -51.8% |
| Amounts payable | 17/49 | €172,920 | €5,506 | -€167,414 | -96.8% |
| Amounts payable within one year | 42/48 | €172,752 | €5,338 | -€167,414 | -96.9% |
| Trade debts | 44 | €8,060 | €2,937 | -€5,123 | -63.6% |
| Suppliers | 440/4 | €8,060 | €2,937 | -€5,123 | -63.6% |
| Taxes, remuneration and social security | 45 | €3,192 | €2,200 | -€992 | -31.1% |
| Taxes | 450/3 | €992 | - | -€992 | |
| Remuneration and social security | 454/9 | €2,200 | €2,200 | = | 0.0% |
| Other amounts payable | 47/48 | €161,500 | €201 | -€161,299 | -99.9% |
| Accrued charges and deferred income | 492/3 | €168 | €168 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €833 | €930 | +€96 | +11.5% |
| Other operating charges | 640/8 | €744 | €721 | -€22 | -3.0% |
| Gross operating margin | 9900 | €211,038 | €165,463 | -€45,574 | -21.6% |
| Operating profit (loss) | 9901 | €209,461 | €163,812 | -€45,648 | -21.8% |
| Financial income | 75/76B | €6,113 | €4,027 | -€2,086 | -34.1% |
| Recurring financial income | 75 | €6,113 | €4,027 | -€2,086 | -34.1% |
| Financial charges | 65/66B | €586 | €318 | -€269 | -45.8% |
| Recurring financial charges | 65 | €586 | €318 | -€269 | -45.8% |
| Profit (loss) for the period before taxes | 9903 | €214,987 | €167,522 | -€47,465 | -22.1% |
| Income taxes | 67/77 | €49,533 | €37,397 | -€12,136 | -24.5% |
| Profit (loss) for the period | 9904 | €165,454 | €130,125 | -€35,329 | -21.4% |
| Profit (loss) for the period to be appropriated | 9905 | €165,454 | €130,125 | -€35,329 | -21.4% |
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 26 October 2026 via checked.be.