ML WINDOWS: 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 WINDOWS
Largest movements
- Cash -€8,046
down €8,046 (-71.4%), from €11,261 to €3,215
mainly Trade debts (-€66,284) and Debts after one year (-€14,411)
- Stocks and contracts -€7,140
down €7,140 (-27.5%), from €26,000 to €18,860
- Deferred charges and accrued income -€4,669
down €4,669 (-15.0%), from €31,059 to €26,390
- Tangible fixed assets -€3,648
down €3,648 (-57.7%), from €6,318 to €2,671
of which Plant, machinery and equipment: -€2,256
- Trade debts -€66,284
no longer reported in 2025 (was €66,284)
- Other debts +€63,718
up €63,718 (+93.8%), from €67,928 to €131,645
- Debts after one year -€14,411
down €14,411 (-13.7%), from €105,062 to €90,651
- Tax, wage and social debts -€5,765
down €5,765 (-7.7%), from €74,643 to €68,878
- Current portion of long-term debt -€4,077
down €4,077 (-21.3%), from €19,110 to €15,032
- Gross operating margin -€32,897
down €32,897 (-78.3%), from €42,023 to €9,126
- Financial charges -€13,618
down €13,618 (-76.0%), from €17,927 to €4,309
- Depreciation -€2,549
down €2,549 (-37.2%), from €6,849 to €4,300
- Staff costs +€444
up €444, from -€202 to €241
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 | €336,192 | €309,413 | -€26,779 | -8.0% |
| Fixed assets | 21/28 | €6,318 | €2,671 | -€3,648 | -57.7% |
| Tangible fixed assets | 22/27 | €6,318 | €2,671 | -€3,648 | -57.7% |
| Plant, machinery and equipment | 23 | €3,719 | €1,463 | -€2,256 | -60.7% |
| Furniture and vehicles | 24 | €2,599 | €1,208 | -€1,391 | -53.5% |
| Current assets | 29/58 | €329,874 | €306,742 | -€23,132 | -7.0% |
| Stocks and contracts in progress | 3 | €26,000 | €18,860 | -€7,140 | -27.5% |
| Stocks | 30/36 | €26,000 | €18,860 | -€7,140 | -27.5% |
| Amounts receivable within one year | 40/41 | €261,554 | €258,277 | -€3,277 | -1.3% |
| Trade receivables | 40 | €256,754 | €258,277 | +€1,523 | +0.6% |
| Other amounts receivable | 41 | €4,800 | - | -€4,800 | |
| Cash at bank and in hand | 54/58 | €11,261 | €3,215 | -€8,046 | -71.4% |
| Deferred charges and accrued income | 490/1 | €31,059 | €26,390 | -€4,669 | -15.0% |
| Total equity and liabilities | 10/49 | €336,192 | €309,413 | -€26,779 | -8.0% |
| Equity | 10/15 | €3,165 | €3,206 | +€41 | +1.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€11,095 | -€11,054 | +€41 | +0.4% |
| Amounts payable | 17/49 | €333,027 | €306,207 | -€26,820 | -8.1% |
| Amounts payable after more than one year | 17 | €105,062 | €90,651 | -€14,411 | -13.7% |
| Financial debts | 170/4 | €105,062 | €90,651 | -€14,411 | -13.7% |
| Amounts payable within one year | 42/48 | €227,965 | €215,555 | -€12,409 | -5.4% |
| Current portion of amounts payable after more than one year | 42 | €19,110 | €15,032 | -€4,077 | -21.3% |
| Trade debts | 44 | €66,284 | - | -€66,284 | |
| Suppliers | 440/4 | €66,284 | - | -€66,284 | |
| Taxes, remuneration and social security | 45 | €74,643 | €68,878 | -€5,765 | -7.7% |
| Taxes | 450/3 | €74,643 | €68,878 | -€5,765 | -7.7% |
| Other amounts payable | 47/48 | €67,928 | €131,645 | +€63,718 | +93.8% |
| Remuneration, social security and pensions | 62 | -€202 | €241 | +€444 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,849 | €4,300 | -€2,549 | -37.2% |
| Other operating charges | 640/8 | €475 | €235 | -€241 | -50.6% |
| Gross operating margin | 9900 | €42,023 | €9,126 | -€32,897 | -78.3% |
| Operating profit (loss) | 9901 | €34,901 | €4,350 | -€30,551 | -87.5% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €17,927 | €4,309 | -€13,618 | -76.0% |
| Recurring financial charges | 65 | €17,927 | €4,309 | -€13,618 | -76.0% |
| Profit (loss) for the period before taxes | 9903 | €16,974 | €41 | -€16,933 | -99.8% |
| Profit (loss) for the period | 9904 | €16,974 | €41 | -€16,933 | -99.8% |
| Profit (loss) for the period to be appropriated | 9905 | €16,974 | €41 | -€16,933 | -99.8% |
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.