MM RETAIL: 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 RETAIL
Largest movements
- Stocks and contracts +€31,761
up €31,761 (+24.1%), from €131,654 to €163,415
- Cash -€22,081
down €22,081 (-29.6%), from €74,599 to €52,518
mainly Stocks and contracts (-€31,761) and Contributions, distributions and other (-€20,000)
- Deferred charges and accrued income -€5,457
down €5,457 (-72.0%), from €7,574 to €2,117
- Receivables within one year -€3,618
down €3,618 (-24.4%), from €14,826 to €11,208
of which Trade receivables: -€2,472
- Reserves +€25,057
up €25,057 (+27.4%), from €91,598 to €116,655
of which Distributable reserves: +€25,057
- Contributions -€20,000
no longer reported in 2025 (was €20,000)
- Trade debts -€7,328
down €7,328 (-16.2%), from €45,140 to €37,812
- Staff costs +€28,357
up €28,357 (+81.0%), from €35,017 to €63,374
- Gross operating margin +€24,983
up €24,983 (+30.4%), from €82,135 to €107,118
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 | €235,182 | €234,874 | -€308 | -0.1% |
| Fixed assets | 21/28 | €6,529 | €5,616 | -€913 | -14.0% |
| Intangible fixed assets | 21 | €1,145 | €569 | -€576 | -50.3% |
| Tangible fixed assets | 22/27 | €5,271 | €4,937 | -€334 | -6.3% |
| Plant, machinery and equipment | 23 | €1,758 | €1,578 | -€180 | -10.2% |
| Furniture and vehicles | 24 | €1,537 | €1,661 | +€124 | +8.1% |
| Other tangible fixed assets | 26 | €1,976 | €1,698 | -€278 | -14.1% |
| Financial fixed assets | 28 | €113 | €110 | -€3 | -2.7% |
| Current assets | 29/58 | €228,653 | €229,258 | +€605 | +0.3% |
| Stocks and contracts in progress | 3 | €131,654 | €163,415 | +€31,761 | +24.1% |
| Stocks | 30/36 | €131,654 | €163,415 | +€31,761 | +24.1% |
| Amounts receivable within one year | 40/41 | €14,826 | €11,208 | -€3,618 | -24.4% |
| Trade receivables | 40 | €9,187 | €6,715 | -€2,472 | -26.9% |
| Other amounts receivable | 41 | €5,639 | €4,493 | -€1,146 | -20.3% |
| Cash at bank and in hand | 54/58 | €74,599 | €52,518 | -€22,081 | -29.6% |
| Deferred charges and accrued income | 490/1 | €7,574 | €2,117 | -€5,457 | -72.0% |
| Total equity and liabilities | 10/49 | €235,182 | €234,874 | -€308 | -0.1% |
| Equity | 10/15 | €111,598 | €116,655 | +€5,057 | +4.5% |
| Contributions | 10/11 | €20,000 | - | -€20,000 | |
| Reserves | 13 | €91,598 | €116,655 | +€25,057 | +27.4% |
| Tax-exempt reserves | 132 | €7,060 | €7,060 | = | 0.0% |
| Distributable reserves | 133 | €84,538 | €109,595 | +€25,057 | +29.6% |
| Amounts payable | 17/49 | €123,584 | €118,219 | -€5,365 | -4.3% |
| Amounts payable within one year | 42/48 | €123,584 | €118,219 | -€5,365 | -4.3% |
| Trade debts | 44 | €45,140 | €37,812 | -€7,328 | -16.2% |
| Suppliers | 440/4 | €45,140 | €37,812 | -€7,328 | -16.2% |
| Taxes, remuneration and social security | 45 | €35,559 | €36,647 | +€1,088 | +3.1% |
| Taxes | 450/3 | €23,630 | €21,335 | -€2,295 | -9.7% |
| Remuneration and social security | 454/9 | €11,929 | €15,312 | +€3,383 | +28.4% |
| Other amounts payable | 47/48 | €42,885 | €43,760 | +€875 | +2.0% |
| Remuneration, social security and pensions | 62 | €35,017 | €63,374 | +€28,357 | +81.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,348 | €1,799 | -€549 | -23.4% |
| Other operating charges | 640/8 | €1,541 | €1,175 | -€366 | -23.8% |
| Gross operating margin | 9900 | €82,135 | €107,118 | +€24,983 | +30.4% |
| Operating profit (loss) | 9901 | €43,229 | €40,770 | -€2,459 | -5.7% |
| Financial income | 75/76B | €370 | €213 | -€157 | -42.4% |
| Recurring financial income | 75 | €370 | €213 | -€157 | -42.4% |
| Financial charges | 65/66B | €2,935 | €3,669 | +€734 | +25.0% |
| Recurring financial charges | 65 | €2,935 | €3,669 | +€734 | +25.0% |
| Profit (loss) for the period before taxes | 9903 | €40,664 | €37,314 | -€3,350 | -8.2% |
| Income taxes | 67/77 | €12,476 | €12,257 | -€219 | -1.8% |
| Profit (loss) for the period | 9904 | €28,188 | €25,057 | -€3,131 | -11.1% |
| Profit (loss) for the period to be appropriated | 9905 | €28,188 | €25,057 | -€3,131 | -11.1% |
Source: filed annual accounts (NBB), financial years ended 31 July 2024 and 31 July 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.