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
- Cash +€20,971
up €20,971 (+410%), from €5,110 to €26,080
mainly Net result for the year (+€20,644) and Other debts (+€13,816)
- Tangible fixed assets +€16,244
up €16,244 (+67.3%), from €24,129 to €40,373
of which Plant, machinery and equipment: +€9,294
- Deferred charges and accrued income -€1,194
down €1,194 (-50.5%), from €2,366 to €1,172
- Intangible fixed assets -€1,068
down €1,068 (-23.6%), from €4,534 to €3,466
- Receivables within one year -€939
down €939 (-62.6%), from €1,500 to €561
of which Trade receivables: -€1,500
- Reserves +€20,644
up €20,644 (+158%), from €13,061 to €33,705
- Other debts +€13,816
up €13,816 (+154%), from €8,995 to €22,811
- Advances received -€6,761
no longer reported in 2025 (was €6,761)
- Tax, wage and social debts +€5,391
up €5,391 (+103%), from €5,239 to €10,629
- Trade debts +€924
up €924 (+158%), from €584 to €1,508
- Gross operating margin +€17,222
up €17,222 (+61.8%), from €27,879 to €45,101
- Taxes +€4,743
up €4,743 (+103%), from €4,605 to €9,348
- Depreciation +€4,180
up €4,180 (+61.0%), from €6,848 to €11,027
- Other operating charges +€2,387
up €2,387 (+183%), from €1,307 to €3,694
- Financial charges -€1,551
down €1,551 (-75.3%), from €2,058 to €508
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 | €37,640 | €71,653 | +€34,014 | +90.4% |
| Fixed assets | 21/28 | €28,664 | €43,840 | +€15,176 | +52.9% |
| Intangible fixed assets | 21 | €4,534 | €3,466 | -€1,068 | -23.6% |
| Tangible fixed assets | 22/27 | €24,129 | €40,373 | +€16,244 | +67.3% |
| Plant, machinery and equipment | 23 | €24,129 | €33,423 | +€9,294 | +38.5% |
| Furniture and vehicles | 24 | - | €6,950 | +€6,950 | |
| Current assets | 29/58 | €8,976 | €27,813 | +€18,838 | +210% |
| Amounts receivable within one year | 40/41 | €1,500 | €561 | -€939 | -62.6% |
| Trade receivables | 40 | €1,500 | - | -€1,500 | |
| Other amounts receivable | 41 | - | €561 | +€561 | |
| Cash at bank and in hand | 54/58 | €5,110 | €26,080 | +€20,971 | +410% |
| Deferred charges and accrued income | 490/1 | €2,366 | €1,172 | -€1,194 | -50.5% |
| Total equity and liabilities | 10/49 | €37,640 | €71,653 | +€34,014 | +90.4% |
| Equity | 10/15 | €16,061 | €36,705 | +€20,644 | +129% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €13,061 | €33,705 | +€20,644 | +158% |
| Distributable reserves | 133 | €13,061 | €33,705 | +€20,644 | +158% |
| Amounts payable | 17/49 | €21,579 | €34,948 | +€13,369 | +62.0% |
| Amounts payable within one year | 42/48 | €21,579 | €34,948 | +€13,369 | +62.0% |
| Trade debts | 44 | €584 | €1,508 | +€924 | +158% |
| Suppliers | 440/4 | €584 | €1,508 | +€924 | +158% |
| Advances received on contracts in progress | 46 | €6,761 | - | -€6,761 | |
| Taxes, remuneration and social security | 45 | €5,239 | €10,629 | +€5,391 | +103% |
| Taxes | 450/3 | €5,239 | €10,629 | +€5,391 | +103% |
| Other amounts payable | 47/48 | €8,995 | €22,811 | +€13,816 | +154% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,848 | €11,027 | +€4,180 | +61.0% |
| Other operating charges | 640/8 | €1,307 | €3,694 | +€2,387 | +183% |
| Gross operating margin | 9900 | €27,879 | €45,101 | +€17,222 | +61.8% |
| Operating profit (loss) | 9901 | €19,724 | €30,379 | +€10,655 | +54.0% |
| Financial income | 75/76B | - | €120 | +€120 | |
| Recurring financial income | 75 | - | €120 | +€120 | |
| Financial charges | 65/66B | €2,058 | €508 | -€1,551 | -75.3% |
| Recurring financial charges | 65 | €2,058 | €508 | -€1,551 | -75.3% |
| Profit (loss) for the period before taxes | 9903 | €17,666 | €29,992 | +€12,327 | +69.8% |
| Income taxes | 67/77 | €4,605 | €9,348 | +€4,743 | +103% |
| Profit (loss) for the period | 9904 | €13,061 | €20,644 | +€7,584 | +58.1% |
| Profit (loss) for the period to be appropriated | 9905 | €13,061 | €20,644 | +€7,584 | +58.1% |
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 22 October 2026 via checked.be.