MMX: 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.
MMX
Largest movements
- Receivables within one year -€189,517
down €189,517 (-57.8%), from €327,903 to €138,386
of which Trade receivables: -€195,926
- Tangible fixed assets +€111,334
up €111,334 (+452%), from €24,635 to €135,970
of which Other tangible fixed assets: +€115,665
- Cash -€104,653
down €104,653 (-73.9%), from €141,661 to €37,008
mainly Trade debts (-€254,589) and Investment in fixed assets (net) (-€120,874)
- Trade debts -€254,589
down €254,589 (-77.7%), from €327,530 to €72,940
- Debts after one year +€117,214
new in 2025: €117,214
- Profit (loss) carried forward -€85,179
new in 2025: -€85,179
- Other debts +€28,422
up €28,422 (+178%), from €15,987 to €44,408
- Current portion of long-term debt +€28,181
new in 2025: €28,181
- Gross operating margin -€84,091
down €84,091, from €38,597 to -€45,494
- Write-downs +€13,163
up €13,163 (+4,637%), from €284 to €13,447
- Taxes -€9,782
down €9,782 (-94.7%), from €10,327 to €545
- Financial charges +€6,787
up €6,787 (+106%), from €6,392 to €13,179
- Depreciation +€5,595
up €5,595 (+100.0%), from €5,598 to €11,193
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 | €512,837 | €329,705 | -€183,132 | -35.7% |
| Fixed assets | 21/28 | €26,289 | €135,970 | +€109,681 | +417% |
| Intangible fixed assets | 21 | €1,653 | - | -€1,653 | |
| Tangible fixed assets | 22/27 | €24,635 | €135,970 | +€111,334 | +452% |
| Furniture and vehicles | 24 | €11,066 | €6,735 | -€4,331 | -39.1% |
| Other tangible fixed assets | 26 | €13,569 | €129,235 | +€115,665 | +852% |
| Current assets | 29/58 | €486,548 | €193,735 | -€292,813 | -60.2% |
| Stocks and contracts in progress | 3 | €6,484 | €6,484 | = | 0.0% |
| Stocks | 30/36 | €6,484 | €6,484 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €327,903 | €138,386 | -€189,517 | -57.8% |
| Trade receivables | 40 | €309,858 | €113,931 | -€195,926 | -63.2% |
| Other amounts receivable | 41 | €18,045 | €24,455 | +€6,410 | +35.5% |
| Cash at bank and in hand | 54/58 | €141,661 | €37,008 | -€104,653 | -73.9% |
| Deferred charges and accrued income | 490/1 | €10,500 | €11,857 | +€1,357 | +12.9% |
| Total equity and liabilities | 10/49 | €512,837 | €329,705 | -€183,132 | -35.7% |
| Equity | 10/15 | €138,992 | €53,814 | -€85,179 | -61.3% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €123,992 | €123,992 | = | 0.0% |
| Distributable reserves | 133 | €123,992 | €123,992 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€85,179 | -€85,179 | |
| Amounts payable | 17/49 | €373,844 | €275,891 | -€97,953 | -26.2% |
| Amounts payable after more than one year | 17 | - | €117,214 | +€117,214 | |
| Financial debts | 170/4 | - | €117,214 | +€117,214 | |
| Amounts payable within one year | 42/48 | €373,844 | €158,677 | -€215,167 | -57.6% |
| Current portion of amounts payable after more than one year | 42 | - | €28,181 | +€28,181 | |
| Financial debts | 43 | €5,083 | €4,746 | -€338 | -6.6% |
| Credit institutions | 430/8 | €5,083 | €4,746 | -€338 | -6.6% |
| Trade debts | 44 | €327,530 | €72,940 | -€254,589 | -77.7% |
| Suppliers | 440/4 | €327,530 | €72,940 | -€254,589 | -77.7% |
| Taxes, remuneration and social security | 45 | €25,245 | €8,402 | -€16,842 | -66.7% |
| Taxes | 450/3 | €25,245 | €8,402 | -€16,842 | -66.7% |
| Other amounts payable | 47/48 | €15,987 | €44,408 | +€28,422 | +178% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,598 | €11,193 | +€5,595 | +100.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €284 | €13,447 | +€13,163 | +4,637% |
| Other operating charges | 640/8 | €1,028 | €1,454 | +€425 | +41.4% |
| Gross operating margin | 9900 | €38,597 | -€45,494 | -€84,091 | |
| Operating profit (loss) | 9901 | €31,687 | -€71,588 | -€103,275 | |
| Financial income | 75/76B | €334 | €134 | -€200 | -60.0% |
| Recurring financial income | 75 | €334 | €134 | -€200 | -60.0% |
| Financial charges | 65/66B | €6,392 | €13,179 | +€6,787 | +106% |
| Recurring financial charges | 65 | €6,392 | €13,179 | +€6,787 | +106% |
| Profit (loss) for the period before taxes | 9903 | €25,629 | -€84,633 | -€110,262 | |
| Income taxes | 67/77 | €10,327 | €545 | -€9,782 | -94.7% |
| Profit (loss) for the period | 9904 | €15,302 | -€85,179 | -€100,480 | |
| Profit (loss) for the period to be appropriated | 9905 | €15,302 | -€85,179 | -€100,480 |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.