MM & I: 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 & I
Largest movements
- Cash -€528,670
down €528,670 (-84.0%), from €629,317 to €100,647
mainly Other debts (-€329,580) and Current investments (-€318,832)
- Current investments +€318,832
new in 2025: €318,832
- Receivables within one year -€31,218
down €31,218 (-21.9%), from €142,685 to €111,466
of which Trade receivables: -€61,100
- Reserves +€336,300
up €336,300 (+32.6%), from €1.0m to €1.4m
- Other debts -€329,580
down €329,580 (-91.3%), from €360,853 to €31,272
- Current portion of long-term debt -€200,000
no longer reported in 2025 (was €200,000)
- Accrued charges and deferred income -€52,535
down €52,535 (-80.1%), from €65,564 to €13,029
- Gross operating margin -€53,917
down €53,917 (-8.6%), from €623,600 to €569,683
- Financial charges -€27,019
down €27,019 (-57.9%), from €46,628 to €19,609
- Taxes -€15,156
down €15,156 (-8.4%), from €179,416 to €164,260
- Other operating charges -€7,735
down €7,735 (-68.6%), from €11,270 to €3,535
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 | €2,035,791 | €1,794,971 | -€240,820 | -11.8% |
| Fixed assets | 21/28 | €1,262,026 | €1,261,677 | -€349 | 0.0% |
| Intangible fixed assets | 21 | €203 | - | -€203 | |
| Tangible fixed assets | 22/27 | €1,261,015 | €1,260,869 | -€146 | 0.0% |
| Land and buildings | 22 | €1,230,206 | €1,232,803 | +€2,597 | +0.2% |
| Plant, machinery and equipment | 23 | €13,578 | €8,014 | -€5,565 | -41.0% |
| Furniture and vehicles | 24 | €17,231 | €20,052 | +€2,821 | +16.4% |
| Financial fixed assets | 28 | €808 | €808 | = | 0.0% |
| Current assets | 29/58 | €773,765 | €533,294 | -€240,471 | -31.1% |
| Amounts receivable within one year | 40/41 | €142,685 | €111,466 | -€31,218 | -21.9% |
| Trade receivables | 40 | €142,685 | €81,585 | -€61,100 | -42.8% |
| Other amounts receivable | 41 | - | €29,881 | +€29,881 | |
| Current investments | 50/53 | - | €318,832 | +€318,832 | |
| Cash at bank and in hand | 54/58 | €629,317 | €100,647 | -€528,670 | -84.0% |
| Deferred charges and accrued income | 490/1 | €1,764 | €2,349 | +€585 | +33.2% |
| Total equity and liabilities | 10/49 | €2,035,791 | €1,794,971 | -€240,820 | -11.8% |
| Equity | 10/15 | €1,335,837 | €1,672,137 | +€336,300 | +25.2% |
| Contributions | 10/11 | €304,082 | €304,082 | = | 0.0% |
| Reserves | 13 | €1,031,754 | €1,368,055 | +€336,300 | +32.6% |
| Distributable reserves | 133 | €1,031,754 | €1,368,055 | +€336,300 | +32.6% |
| Amounts payable | 17/49 | €699,955 | €122,834 | -€577,121 | -82.5% |
| Amounts payable within one year | 42/48 | €634,390 | €109,805 | -€524,586 | -82.7% |
| Current portion of amounts payable after more than one year | 42 | €200,000 | - | -€200,000 | |
| Trade debts | 44 | €8,506 | €4,805 | -€3,701 | -43.5% |
| Suppliers | 440/4 | €8,506 | €4,805 | -€3,701 | -43.5% |
| Taxes, remuneration and social security | 45 | €65,031 | €73,727 | +€8,696 | +13.4% |
| Taxes | 450/3 | €64,008 | €73,727 | +€9,719 | +15.2% |
| Remuneration and social security | 454/9 | €1,023 | - | -€1,023 | |
| Other amounts payable | 47/48 | €360,853 | €31,272 | -€329,580 | -91.3% |
| Accrued charges and deferred income | 492/3 | €65,564 | €13,029 | -€52,535 | -80.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,330 | €53,508 | +€6,178 | +13.1% |
| Other operating charges | 640/8 | €11,270 | €3,535 | -€7,735 | -68.6% |
| Gross operating margin | 9900 | €623,600 | €569,683 | -€53,917 | -8.6% |
| Operating profit (loss) | 9901 | €565,000 | €512,640 | -€52,360 | -9.3% |
| Financial income | 75/76B | €5,739 | €7,529 | +€1,790 | +31.2% |
| Recurring financial income | 75 | €5,739 | €7,529 | +€1,790 | +31.2% |
| Financial charges | 65/66B | €46,628 | €19,609 | -€27,019 | -57.9% |
| Recurring financial charges | 65 | €46,628 | €19,609 | -€27,019 | -57.9% |
| Profit (loss) for the period before taxes | 9903 | €524,111 | €500,560 | -€23,551 | -4.5% |
| Income taxes | 67/77 | €179,416 | €164,260 | -€15,156 | -8.4% |
| Profit (loss) for the period | 9904 | €344,695 | €336,300 | -€8,395 | -2.4% |
| Profit (loss) for the period to be appropriated | 9905 | €344,695 | €336,300 | -€8,395 | -2.4% |
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 21 October 2026 via checked.be.