MM-Operations: 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-Operations
Largest movements
- Receivables within one year +€141,178
up €141,178 (+396.4%), from €35,613 to €176,791
of which Other amounts receivable: +€96,336
- Tangible fixed assets +€39,928
up €39,928 (+217.1%), from €18,395 to €58,323
of which Furniture and vehicles: +€22,812
- Reserves +€128,107
up €128,107 (+448.6%), from €28,556 to €156,662
- Tax, wage and social debts +€42,264
up €42,264 (+199.9%), from €21,138 to €63,402
- Current portion of long-term debt +€10,088
new in 2025: €10,088
- Debts after one year +€2,578
new in 2025: €2,578
- Gross operating margin +€132,035
up €132,035 (+280.6%), from €47,047 to €179,082
- Taxes +€28,851
up €28,851 (+269.3%), from €10,715 to €39,566
- Depreciation +€9,487
up €9,487 (+1380.3%), from €687 to €10,175
- Financial income +€2,901
up €2,901 (+368.1%), from €788 to €3,690
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 | €55,803 | €236,818 | +€181,015 | +324.4% |
| Fixed assets | 21/28 | €18,395 | €58,323 | +€39,928 | +217.1% |
| Tangible fixed assets | 22/27 | €18,395 | €58,323 | +€39,928 | +217.1% |
| Furniture and vehicles | 24 | - | €22,812 | +€22,812 | |
| Other tangible fixed assets | 26 | €18,395 | €35,510 | +€17,116 | +93.0% |
| Current assets | 29/58 | €37,408 | €178,495 | +€141,087 | +377.2% |
| Amounts receivable within one year | 40/41 | €35,613 | €176,791 | +€141,178 | +396.4% |
| Trade receivables | 40 | €15,730 | €60,573 | +€44,843 | +285.1% |
| Other amounts receivable | 41 | €19,883 | €116,219 | +€96,336 | +484.5% |
| Cash at bank and in hand | 54/58 | €1,723 | €1,704 | -€19 | -1.1% |
| Deferred charges and accrued income | 490/1 | €73 | €0 | -€73 | -100.0% |
| Total equity and liabilities | 10/49 | €55,803 | €236,818 | +€181,015 | +324.4% |
| Equity | 10/15 | €31,556 | €159,662 | +€128,107 | +406.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €28,556 | €156,662 | +€128,107 | +448.6% |
| Distributable reserves | 133 | €28,556 | €156,662 | +€128,107 | +448.6% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €24,247 | €77,156 | +€52,909 | +218.2% |
| Amounts payable after more than one year | 17 | - | €2,578 | +€2,578 | |
| Financial debts | 170/4 | - | €2,578 | +€2,578 | |
| Amounts payable within one year | 42/48 | €24,247 | €74,577 | +€50,330 | +207.6% |
| Current portion of amounts payable after more than one year | 42 | - | €10,088 | +€10,088 | |
| Trade debts | 44 | €3,109 | €1,088 | -€2,022 | -65.0% |
| Suppliers | 440/4 | €3,109 | €1,088 | -€2,022 | -65.0% |
| Taxes, remuneration and social security | 45 | €21,138 | €63,402 | +€42,264 | +199.9% |
| Taxes | 450/3 | €21,138 | €63,402 | +€42,264 | +199.9% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €687 | €10,175 | +€9,487 | +1380.3% |
| Other operating charges | 640/8 | €3,723 | €3,559 | -€164 | -4.4% |
| Gross operating margin | 9900 | €47,047 | €179,082 | +€132,035 | +280.6% |
| Operating profit (loss) | 9901 | €42,637 | €165,348 | +€122,711 | +287.8% |
| Financial income | 75/76B | €788 | €3,690 | +€2,901 | +368.1% |
| Recurring financial income | 75 | €788 | €3,690 | +€2,901 | +368.1% |
| Financial charges | 65/66B | €398 | €1,366 | +€968 | +243.5% |
| Recurring financial charges | 65 | €398 | €1,366 | +€968 | +243.5% |
| Profit (loss) for the period before taxes | 9903 | €43,028 | €167,672 | +€124,644 | +289.7% |
| Income taxes | 67/77 | €10,715 | €39,566 | +€28,851 | +269.3% |
| Profit (loss) for the period | 9904 | €32,313 | €128,107 | +€95,794 | +296.5% |
| Profit (loss) for the period to be appropriated | 9905 | €32,313 | €128,107 | +€95,794 | +296.5% |
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 7 October 2026 via checked.be.