ML Trade: 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 Trade
Largest movements
- Cash -€90,358
down €90,358 (-30.5%), from €295,858 to €205,500
mainly Receivables within one year (-€66,459) and Trade debts (-€61,222)
- Receivables within one year +€66,459
up €66,459 (+61.6%), from €107,824 to €174,284
of which Trade receivables: +€73,042
- Tangible fixed assets -€20,525
down €20,525 (-17.7%), from €115,737 to €95,212
of which Furniture and vehicles: -€17,353
- Trade debts -€61,222
down €61,222 (-89.5%), from €68,369 to €7,147
- Profit (loss) carried forward +€18,485
up €18,485 (+25.1%), from €73,626 to €92,111
- Gross operating margin +€52,287
up €52,287, from -€574 to €51,714
- Depreciation +€16,694
up €16,694 (+435.8%), from €3,831 to €20,525
- Taxes +€2,374
up €2,374 (+2134.7%), from €111 to €2,485
- Write-downs +€1,775
new in 2025: €1,775
- Financial charges +€972
up €972 (+50.2%), from €1,936 to €2,908
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 | €587,333 | €543,101 | -€44,233 | -7.5% |
| Fixed assets | 21/28 | €115,737 | €95,212 | -€20,525 | -17.7% |
| Tangible fixed assets | 22/27 | €115,737 | €95,212 | -€20,525 | -17.7% |
| Land and buildings | 22 | €48,256 | €45,084 | -€3,172 | -6.6% |
| Furniture and vehicles | 24 | €67,481 | €50,128 | -€17,353 | -25.7% |
| Current assets | 29/58 | €471,597 | €447,889 | -€23,707 | -5.0% |
| Stocks and contracts in progress | 3 | €67,462 | €66,724 | -€738 | -1.1% |
| Stocks | 30/36 | €67,462 | €66,724 | -€738 | -1.1% |
| Amounts receivable within one year | 40/41 | €107,824 | €174,284 | +€66,459 | +61.6% |
| Trade receivables | 40 | €99,960 | €173,002 | +€73,042 | +73.1% |
| Other amounts receivable | 41 | €7,864 | €1,282 | -€6,582 | -83.7% |
| Cash at bank and in hand | 54/58 | €295,858 | €205,500 | -€90,358 | -30.5% |
| Deferred charges and accrued income | 490/1 | €452 | €1,382 | +€929 | +205.4% |
| Total equity and liabilities | 10/49 | €587,333 | €543,101 | -€44,233 | -7.5% |
| Equity | 10/15 | €510,251 | €528,735 | +€18,485 | +3.6% |
| Contributions | 10/11 | €167,700 | €167,700 | = | 0.0% |
| Reserves | 13 | €259,497 | €259,497 | = | 0.0% |
| Tax-exempt reserves | 132 | €61,727 | €61,727 | = | 0.0% |
| Distributable reserves | 133 | €197,770 | €197,770 | = | 0.0% |
| Profit (loss) carried forward | 14 | €73,626 | €92,111 | +€18,485 | +25.1% |
| Investment grants | 15 | €9,427 | €9,427 | = | 0.0% |
| Provisions and deferred taxes | 16 | €4,734 | €4,734 | = | 0.0% |
| Deferred taxes | 168 | €4,734 | €4,734 | = | 0.0% |
| Amounts payable | 17/49 | €72,349 | €9,632 | -€62,717 | -86.7% |
| Amounts payable within one year | 42/48 | €69,200 | €9,632 | -€59,569 | -86.1% |
| Trade debts | 44 | €68,369 | €7,147 | -€61,222 | -89.5% |
| Suppliers | 440/4 | €68,369 | €7,147 | -€61,222 | -89.5% |
| Taxes, remuneration and social security | 45 | €832 | €2,485 | +€1,653 | +198.8% |
| Taxes | 450/3 | €832 | €2,485 | +€1,653 | +198.8% |
| Accrued charges and deferred income | 492/3 | €3,149 | - | -€3,149 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,831 | €20,525 | +€16,694 | +435.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,775 | +€1,775 | |
| Other operating charges | 640/8 | €4,957 | €5,553 | +€596 | +12.0% |
| Gross operating margin | 9900 | -€574 | €51,714 | +€52,287 | |
| Operating profit (loss) | 9901 | -€9,361 | €23,860 | +€33,222 | |
| Financial income | 75/76B | €2 | €17 | +€15 | +748.5% |
| Recurring financial income | 75 | €2 | €17 | +€15 | +748.5% |
| Financial charges | 65/66B | €1,936 | €2,908 | +€972 | +50.2% |
| Recurring financial charges | 65 | €1,936 | €2,908 | +€972 | +50.2% |
| Profit (loss) for the period before taxes | 9903 | -€11,295 | €20,970 | +€32,265 | |
| Income taxes | 67/77 | €111 | €2,485 | +€2,374 | +2134.7% |
| Profit (loss) for the period | 9904 | -€11,407 | €18,485 | +€29,891 | |
| Profit (loss) for the period to be appropriated | 9905 | -€11,407 | €18,485 | +€29,891 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.