Plan M: 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.
Plan M
Largest movements
- Tangible fixed assets +€206,642
up €206,642 (+23.1%), from €894,028 to €1.1m
of which Land and buildings: +€251,295
- Current investments -€124,079
down €124,079 (-39.2%), from €316,299 to €192,221
- Cash +€110,170
up €110,170 (+178.5%), from €61,724 to €171,894
mainly Current investments (+€124,079) and Net result for the year (+€118,644)
- Reserves +€118,644
up €118,644 (+9.9%), from €1.2m to €1.3m
of which Distributable reserves: +€123,292
- Debts after one year +€109,505
up €109,505 (+41.9%), from €261,115 to €370,620
- Gross operating margin -€109,730
down €109,730 (-28.9%), from €379,921 to €270,191
- Taxes -€46,933
down €46,933 (-45.9%), from €102,321 to €55,389
- Other operating charges +€31,191
up €31,191 (+382.3%), from €8,159 to €39,350
- Financial income -€11,946
down €11,946 (-43.3%), from €27,598 to €15,652
- Financial charges -€10,901
down €10,901 (-39.0%), from €27,933 to €17,031
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 | €1,744,454 | €1,947,870 | +€203,416 | +11.7% |
| Fixed assets | 21/28 | €897,644 | €1,104,286 | +€206,642 | +23.0% |
| Tangible fixed assets | 22/27 | €894,028 | €1,100,669 | +€206,642 | +23.1% |
| Land and buildings | 22 | €795,763 | €1,047,057 | +€251,295 | +31.6% |
| Plant, machinery and equipment | 23 | €9,826 | €7,991 | -€1,835 | -18.7% |
| Furniture and vehicles | 24 | €88,439 | €45,621 | -€42,818 | -48.4% |
| Financial fixed assets | 28 | €3,617 | €3,617 | = | 0.0% |
| Current assets | 29/58 | €846,810 | €843,585 | -€3,226 | -0.4% |
| Amounts receivable after more than one year | 29 | €468,089 | €474,029 | +€5,940 | +1.3% |
| Other amounts receivable | 291 | €468,089 | €474,029 | +€5,940 | +1.3% |
| Amounts receivable within one year | 40/41 | - | €4,925 | +€4,925 | |
| Other amounts receivable | 41 | - | €4,925 | +€4,925 | |
| Current investments | 50/53 | €316,299 | €192,221 | -€124,079 | -39.2% |
| Cash at bank and in hand | 54/58 | €61,724 | €171,894 | +€110,170 | +178.5% |
| Deferred charges and accrued income | 490/1 | €697 | €515 | -€182 | -26.1% |
| Total equity and liabilities | 10/49 | €1,744,454 | €1,947,870 | +€203,416 | +11.7% |
| Equity | 10/15 | €1,221,307 | €1,339,950 | +€118,644 | +9.7% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Outside capital | 11 | €18,592 | €18,592 | = | 0.0% |
| Other | 1109/19 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,202,715 | €1,321,358 | +€118,644 | +9.9% |
| Non-distributable reserves | 130/1 | €5,578 | €5,578 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,578 | €5,578 | = | 0.0% |
| Tax-exempt reserves | 132 | €88,314 | €83,666 | -€4,648 | -5.3% |
| Distributable reserves | 133 | €1,108,822 | €1,232,114 | +€123,292 | +11.1% |
| Provisions and deferred taxes | 16 | €45,475 | €43,081 | -€2,393 | -5.3% |
| Deferred taxes | 168 | €45,475 | €43,081 | -€2,393 | -5.3% |
| Amounts payable | 17/49 | €477,673 | €564,839 | +€87,166 | +18.2% |
| Amounts payable after more than one year | 17 | €261,115 | €370,620 | +€109,505 | +41.9% |
| Financial debts | 170/4 | €261,115 | €370,620 | +€109,505 | +41.9% |
| Amounts payable within one year | 42/48 | €215,733 | €192,343 | -€23,390 | -10.8% |
| Current portion of amounts payable after more than one year | 42 | €89,542 | €90,495 | +€953 | +1.1% |
| Trade debts | 44 | €555 | €588 | +€34 | +6.1% |
| Suppliers | 440/4 | €555 | €588 | +€34 | +6.1% |
| Taxes, remuneration and social security | 45 | €27,858 | €21,971 | -€5,886 | -21.1% |
| Taxes | 450/3 | €27,858 | €21,971 | -€5,886 | -21.1% |
| Other amounts payable | 47/48 | €97,779 | €79,289 | -€18,490 | -18.9% |
| Accrued charges and deferred income | 492/3 | €825 | €1,875 | +€1,050 | +127.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,001 | €57,823 | -€1,178 | -2.0% |
| Other operating charges | 640/8 | €8,159 | €39,350 | +€31,191 | +382.3% |
| Gross operating margin | 9900 | €379,921 | €270,191 | -€109,730 | -28.9% |
| Operating profit (loss) | 9901 | €312,761 | €173,019 | -€139,743 | -44.7% |
| Financial income | 75/76B | €27,598 | €15,652 | -€11,946 | -43.3% |
| Recurring financial income | 75 | €27,598 | €15,652 | -€11,946 | -43.3% |
| Financial charges | 65/66B | €27,933 | €17,031 | -€10,901 | -39.0% |
| Recurring financial charges | 65 | €27,933 | €17,031 | -€10,901 | -39.0% |
| Profit (loss) for the period before taxes | 9903 | €312,426 | €171,639 | -€140,788 | -45.1% |
| Transfer from deferred taxes | 780 | €2,393 | €2,393 | = | 0.0% |
| Income taxes | 67/77 | €102,321 | €55,389 | -€46,933 | -45.9% |
| Profit (loss) for the period | 9904 | €212,498 | €118,644 | -€93,855 | -44.2% |
| Transfer from tax-exempt reserves | 789 | €4,648 | €4,648 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €217,146 | €123,292 | -€93,855 | -43.2% |
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 6 October 2026 via checked.be.