MtM: 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.
MtM
Largest movements
- Stocks and contracts -€1.9m
down €1.9m (-100.0%), from €1.9m to €0
- Short-term financial debts -€1.3m
down €1.3m (-86.7%), from €1.5m to €193,259
- Debts after one year -€661,328
down €661,328 (-100.0%), from €661,328 to €0
- Profit (loss) carried forward +€99,900
up €99,900 (+21.0%), from -€475,377 to -€375,477
- Trade debts -€26,254
down €26,254 (-66.5%), from €39,500 to €13,247
- Financial charges -€111,957
down €111,957 (-85.7%), from €130,672 to €18,715
- Gross operating margin -€69,759
down €69,759 (-37.1%), from €187,914 to €118,155
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 | €1,881,365 | €32,293 | -€1.8m | -98.3% |
| Current assets | 29/58 | €1,881,365 | €32,293 | -€1.8m | -98.3% |
| Stocks and contracts in progress | 3 | €1,852,903 | €0 | -€1.9m | -100.0% |
| Stocks | 30/36 | €1,852,903 | €0 | -€1.9m | -100.0% |
| Amounts receivable within one year | 40/41 | €28,029 | €29,725 | +€1,696 | +6.1% |
| Other amounts receivable | 41 | €28,029 | €29,725 | +€1,696 | +6.1% |
| Cash at bank and in hand | 54/58 | €434 | €2,288 | +€1,854 | +427.4% |
| Deferred charges and accrued income | 490/1 | €0 | €280 | +€280 | |
| Total equity and liabilities | 10/49 | €1,881,365 | €32,293 | -€1.8m | -98.3% |
| Equity | 10/15 | -€275,377 | -€175,477 | +€99,900 | +36.3% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€475,377 | -€375,477 | +€99,900 | +21.0% |
| Amounts payable | 17/49 | €2,156,742 | €207,770 | -€1.9m | -90.4% |
| Amounts payable after more than one year | 17 | €661,328 | €0 | -€661,328 | -100.0% |
| Financial debts | 170/4 | €661,328 | €0 | -€661,328 | -100.0% |
| Amounts payable within one year | 42/48 | €1,495,414 | €207,770 | -€1.3m | -86.1% |
| Financial debts | 43 | €1,450,988 | €193,259 | -€1.3m | -86.7% |
| Other loans | 439 | €1,450,988 | €193,259 | -€1.3m | -86.7% |
| Trade debts | 44 | €39,500 | €13,247 | -€26,254 | -66.5% |
| Suppliers | 440/4 | €39,500 | €13,247 | -€26,254 | -66.5% |
| Taxes, remuneration and social security | 45 | €3,701 | €40 | -€3,662 | -98.9% |
| Taxes | 450/3 | €3,701 | €40 | -€3,662 | -98.9% |
| Other amounts payable | 47/48 | €1,225 | €1,225 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Other operating charges | 640/8 | €1,108 | €1,143 | +€35 | +3.1% |
| Gross operating margin | 9900 | €187,914 | €118,155 | -€69,759 | -37.1% |
| Operating profit (loss) | 9901 | €186,806 | €117,012 | -€69,794 | -37.4% |
| Financial income | 75/76B | €1,998 | €1,603 | -€395 | -19.8% |
| Recurring financial income | 75 | €1,998 | €1,603 | -€395 | -19.8% |
| Financial charges | 65/66B | €130,672 | €18,715 | -€111,957 | -85.7% |
| Recurring financial charges | 65 | €130,672 | €18,715 | -€111,957 | -85.7% |
| Profit (loss) for the period before taxes | 9903 | €58,132 | €99,900 | +€41,768 | +71.9% |
| Profit (loss) for the period | 9904 | €58,132 | €99,900 | +€41,768 | +71.9% |
| Profit (loss) for the period to be appropriated | 9905 | €58,132 | €99,900 | +€41,768 | +71.9% |
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 29 September 2026 via checked.be.