THE M-GROUP: 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.
THE M-GROUP
Largest movements
- Receivables within one year +€119,305
up €119,305 (+514%), from €23,198 to €142,503
of which Trade receivables: +€107,593
- Tangible fixed assets +€51,797
up €51,797 (+1,444%), from €3,586 to €55,383
- Intangible fixed assets -€18,000
down €18,000 (-20.0%), from €90,000 to €72,000
- Cash -€4,571
down €4,571 (-66.8%), from €6,840 to €2,269
mainly Receivables within one year (-€119,305) and Investment in fixed assets (net) (-€77,695)
- Other debts +€189,028
new in 2024: €189,028
- Trade debts -€51,250
no longer reported in 2024 (was €51,250)
- Profit (loss) carried forward +€8,055
up €8,055 (+12.4%), from €65,175 to €73,231
- Depreciation +€40,749
up €40,749 (+1,294%), from €3,150 to €43,898
- Staff costs -€26,305
no longer reported in 2024 (was €26,305)
- Gross operating margin +€13,376
up €13,376 (+28.7%), from €46,602 to €59,977
- Other operating charges +€4,978
up €4,978 (+1,433%), from €348 to €5,326
- Taxes -€1,501
down €1,501 (-35.8%), from €4,199 to €2,698
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €123,624 | €272,155 | +€148,531 | +120% |
| Fixed assets | 21/28 | €93,586 | €127,383 | +€33,797 | +36.1% |
| Intangible fixed assets | 21 | €90,000 | €72,000 | -€18,000 | -20.0% |
| Tangible fixed assets | 22/27 | €3,586 | €55,383 | +€51,797 | +1,444% |
| Furniture and vehicles | 24 | €3,586 | €55,383 | +€51,797 | +1,444% |
| Current assets | 29/58 | €30,038 | €144,772 | +€114,734 | +382% |
| Amounts receivable within one year | 40/41 | €23,198 | €142,503 | +€119,305 | +514% |
| Trade receivables | 40 | €22,618 | €130,210 | +€107,593 | +476% |
| Other amounts receivable | 41 | €580 | €12,293 | +€11,713 | +2,018% |
| Cash at bank and in hand | 54/58 | €6,840 | €2,269 | -€4,571 | -66.8% |
| Total equity and liabilities | 10/49 | €123,624 | €272,155 | +€148,531 | +120% |
| Equity | 10/15 | €68,175 | €76,231 | +€8,055 | +11.8% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Capital | 10 | €3,000 | €3,000 | = | 0.0% |
| Issued capital | 100 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €65,175 | €73,231 | +€8,055 | +12.4% |
| Amounts payable | 17/49 | €55,449 | €195,925 | +€140,476 | +253% |
| Amounts payable within one year | 42/48 | €55,449 | €195,925 | +€140,476 | +253% |
| Trade debts | 44 | €51,250 | - | -€51,250 | |
| Suppliers | 440/4 | €51,250 | - | -€51,250 | |
| Taxes, remuneration and social security | 45 | €4,199 | €6,897 | +€2,698 | +64.2% |
| Taxes | 450/3 | €4,199 | €6,897 | +€2,698 | +64.2% |
| Other amounts payable | 47/48 | - | €189,028 | +€189,028 | |
| Remuneration, social security and pensions | 62 | €26,305 | - | -€26,305 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,150 | €43,898 | +€40,749 | +1,294% |
| Other operating charges | 640/8 | €348 | €5,326 | +€4,978 | +1,433% |
| Gross operating margin | 9900 | €46,602 | €59,977 | +€13,376 | +28.7% |
| Operating profit (loss) | 9901 | €16,799 | €10,753 | -€6,046 | -36.0% |
| Profit (loss) for the period before taxes | 9903 | €16,799 | €10,753 | -€6,046 | -36.0% |
| Income taxes | 67/77 | €4,199 | €2,698 | -€1,501 | -35.8% |
| Profit (loss) for the period | 9904 | €12,600 | €8,055 | -€4,545 | -36.1% |
| Profit (loss) for the period to be appropriated | 9905 | €12,600 | €8,055 | -€4,545 | -36.1% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.