MM creation: 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.
MM creation
Largest movements
- Tangible fixed assets -€36,217
no longer reported in 2025 (was €36,217)
- Cash +€14,928
up €14,928 (+1,713%), from €871 to €15,799
mainly Investment in fixed assets (net) (+€36,217) and Short-term financial debts (+€28,000)
- Short-term financial debts +€28,000
up €28,000 (+70.0%), from €40,000 to €68,000
- Debts after one year -€21,278
down €21,278 (-24.7%), from €85,978 to €64,700
- Profit (loss) carried forward -€20,865
down €20,865 (-37.1%), from -€56,187 to -€77,052
- Current portion of long-term debt -€11,186
down €11,186 (-34.5%), from €32,464 to €21,278
- Other debts +€4,000
up €4,000 (+76.4%), from €5,234 to €9,234
- Gross operating margin -€26,328
down €26,328 (-97.7%), from €26,946 to €619
- Depreciation -€13,176
no longer reported in 2025 (was €13,176)
- Financial charges -€1,838
down €1,838 (-22.4%), from €8,188 to €6,351
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 | €145,541 | €124,017 | -€21,524 | -14.8% |
| Fixed assets | 21/28 | €86,917 | €50,700 | -€36,217 | -41.7% |
| Tangible fixed assets | 22/27 | €36,217 | - | -€36,217 | |
| Furniture and vehicles | 24 | €36,217 | - | -€36,217 | |
| Financial fixed assets | 28 | €50,700 | €50,700 | = | 0.0% |
| Current assets | 29/58 | €58,625 | €73,317 | +€14,692 | +25.1% |
| Amounts receivable within one year | 40/41 | €56,849 | €57,518 | +€669 | +1.2% |
| Other amounts receivable | 41 | €56,849 | €57,518 | +€669 | +1.2% |
| Cash at bank and in hand | 54/58 | €871 | €15,799 | +€14,928 | +1,713% |
| Deferred charges and accrued income | 490/1 | €904 | - | -€904 | |
| Total equity and liabilities | 10/49 | €145,541 | €124,017 | -€21,524 | -14.8% |
| Equity | 10/15 | -€20,439 | -€41,304 | -€20,865 | -102% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €17,156 | €17,156 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,148 | €3,148 | = | 0.0% |
| Distributable reserves | 133 | €14,008 | €14,008 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€56,187 | -€77,052 | -€20,865 | -37.1% |
| Amounts payable | 17/49 | €165,980 | €165,321 | -€659 | -0.4% |
| Amounts payable after more than one year | 17 | €85,978 | €64,700 | -€21,278 | -24.7% |
| Financial debts | 170/4 | €85,978 | €64,700 | -€21,278 | -24.7% |
| Amounts payable within one year | 42/48 | €80,003 | €100,621 | +€20,618 | +25.8% |
| Current portion of amounts payable after more than one year | 42 | €32,464 | €21,278 | -€11,186 | -34.5% |
| Financial debts | 43 | €40,000 | €68,000 | +€28,000 | +70.0% |
| Credit institutions | 430/8 | €40,000 | €68,000 | +€28,000 | +70.0% |
| Trade debts | 44 | €862 | €2,110 | +€1,248 | +145% |
| Suppliers | 440/4 | €862 | €2,110 | +€1,248 | +145% |
| Taxes, remuneration and social security | 45 | €1,443 | - | -€1,443 | |
| Taxes | 450/3 | €1,443 | - | -€1,443 | |
| Other amounts payable | 47/48 | €5,234 | €9,234 | +€4,000 | +76.4% |
| Remuneration, social security and pensions | 62 | €79 | - | -€79 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,176 | - | -€13,176 | |
| Other operating charges | 640/8 | €597 | €752 | +€155 | +25.9% |
| Non-recurring operating charges | 66A | - | €15,017 | +€15,017 | |
| Gross operating margin | 9900 | €26,946 | €619 | -€26,328 | -97.7% |
| Operating profit (loss) | 9901 | €13,094 | -€15,150 | -€28,244 | |
| Financial income | 75/76B | €671 | €636 | -€35 | -5.2% |
| Recurring financial income | 75 | €671 | €636 | -€35 | -5.2% |
| Financial charges | 65/66B | €8,188 | €6,351 | -€1,838 | -22.4% |
| Recurring financial charges | 65 | €8,188 | €6,351 | -€1,838 | -22.4% |
| Profit (loss) for the period before taxes | 9903 | €5,576 | -€20,865 | -€26,441 | |
| Profit (loss) for the period | 9904 | €5,576 | -€20,865 | -€26,441 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,576 | -€20,865 | -€26,441 |
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 13 October 2026 via checked.be.