MM CONTENT: 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.
MM CONTENT
Largest movements
- Cash +€60,945
up €60,945 (+28.0%), from €217,408 to €278,353
mainly Net result for the year (+€70,046) and Tax, wage and social debts (+€19,378)
- Receivables within one year +€7,059
up €7,059 (+17.2%), from €41,087 to €48,146
of which Trade receivables: +€7,059
- Tangible fixed assets -€6,175
down €6,175 (-31.4%), from €19,656 to €13,481
of which Furniture and vehicles: -€6,484
- Reserves +€42,399
up €42,399 (+21.7%), from €194,944 to €237,343
of which Distributable reserves: +€42,399
- Tax, wage and social debts +€19,378
up €19,378 (+43.2%), from €44,840 to €64,219
of which Remuneration and social security: +€20,805
- Gross operating margin +€13,487
up €13,487 (+13.2%), from €102,186 to €115,673
- Taxes +€3,818
up €3,818 (+12.2%), from €31,254 to €35,072
- Financial income -€1,182
down €1,182 (-57.6%), from €2,052 to €871
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 | €293,794 | €355,933 | +€62,139 | +21.2% |
| Fixed assets | 21/28 | €19,656 | €13,481 | -€6,175 | -31.4% |
| Tangible fixed assets | 22/27 | €19,656 | €13,481 | -€6,175 | -31.4% |
| Land and buildings | 22 | €643 | - | -€643 | |
| Plant, machinery and equipment | 23 | €4,591 | €5,543 | +€952 | +20.7% |
| Furniture and vehicles | 24 | €14,422 | €7,938 | -€6,484 | -45.0% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Current assets | 29/58 | €274,138 | €342,452 | +€68,314 | +24.9% |
| Amounts receivable within one year | 40/41 | €41,087 | €48,146 | +€7,059 | +17.2% |
| Trade receivables | 40 | €35,640 | €42,699 | +€7,059 | +19.8% |
| Other amounts receivable | 41 | €5,447 | €5,447 | = | 0.0% |
| Current investments | 50/53 | €15,145 | €15,145 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €217,408 | €278,353 | +€60,945 | +28.0% |
| Deferred charges and accrued income | 490/1 | €497 | €807 | +€310 | +62.3% |
| Total equity and liabilities | 10/49 | €293,794 | €355,933 | +€62,139 | +21.2% |
| Equity | 10/15 | €201,144 | €243,543 | +€42,399 | +21.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €194,944 | €237,343 | +€42,399 | +21.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €193,084 | €235,483 | +€42,399 | +22.0% |
| Amounts payable | 17/49 | €92,650 | €112,390 | +€19,740 | +21.3% |
| Amounts payable within one year | 42/48 | €92,650 | €112,390 | +€19,740 | +21.3% |
| Financial debts | 43 | - | €2,267 | +€2,267 | |
| Credit institutions | 430/8 | - | €2,267 | +€2,267 | |
| Trade debts | 44 | €753 | €1,261 | +€509 | +67.6% |
| Suppliers | 440/4 | €753 | €1,261 | +€509 | +67.6% |
| Taxes, remuneration and social security | 45 | €44,840 | €64,219 | +€19,378 | +43.2% |
| Taxes | 450/3 | €21,331 | €19,905 | -€1,426 | -6.7% |
| Remuneration and social security | 454/9 | €23,509 | €44,314 | +€20,805 | +88.5% |
| Other amounts payable | 47/48 | €47,057 | €44,642 | -€2,415 | -5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,217 | €9,657 | -€560 | -5.5% |
| Other operating charges | 640/8 | €802 | €926 | +€124 | +15.5% |
| Non-recurring operating charges | 66A | - | €643 | +€643 | |
| Gross operating margin | 9900 | €102,186 | €115,673 | +€13,487 | +13.2% |
| Operating profit (loss) | 9901 | €91,167 | €104,448 | +€13,281 | +14.6% |
| Financial income | 75/76B | €2,052 | €871 | -€1,182 | -57.6% |
| Recurring financial income | 75 | €2,052 | €871 | -€1,182 | -57.6% |
| Financial charges | 65/66B | €212 | €201 | -€11 | -5.3% |
| Recurring financial charges | 65 | €212 | €201 | -€11 | -5.3% |
| Profit (loss) for the period before taxes | 9903 | €93,007 | €105,117 | +€12,110 | +13.0% |
| Income taxes | 67/77 | €31,254 | €35,072 | +€3,818 | +12.2% |
| Profit (loss) for the period | 9904 | €61,753 | €70,046 | +€8,293 | +13.4% |
| Profit (loss) for the period to be appropriated | 9905 | €61,753 | €70,046 | +€8,293 | +13.4% |
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 8 October 2026 via checked.be.