M. CONCEPT: what changed
M. CONCEPT
Largest movements
- Receivables within one year +€137,430
up €137,430 (+57.1%), from €240,822 to €378,252
of which Trade receivables: +€136,200
- Cash -€84,261
down €84,261 (-47.0%), from €179,347 to €95,086
mainly Receivables within one year (-€137,430) and Contributions, distributions and other (-€134,500)
- Tangible fixed assets +€14,951
up €14,951 (+38.3%), from €39,063 to €54,013
of which Other tangible fixed assets: +€31,652
- Stocks and contracts -€8,461
down €8,461 (-25.1%), from €33,763 to €25,302
- Profit (loss) carried forward +€212,160
up €212,160 (+24.8%), from -€856,090 to -€643,930
- Contributions -€120,000
down €120,000 (-11.9%), from €1.0m to €892,000
- Other debts -€83,683
down €83,683 (-58.7%), from €142,469 to €58,787
- Trade debts +€37,193
up €37,193 (+21.4%), from €173,932 to €211,125
- Tax, wage and social debts +€14,675
up €14,675 (+44.3%), from €33,099 to €47,774
of which Taxes: +€8,665
- Gross operating margin +€138,095
up €138,095 (+62.0%), from €222,642 to €360,737
- Write-downs -€7,789
no longer reported in 2025 (was €7,789)
- Staff costs -€6,925
down €6,925 (-5.8%), from €119,424 to €112,499
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €508,657 | €569,003 | +€60,346 | +11.9% |
| Formation expenses | 20 | - | €459 | +€459 | |
| Fixed assets | 21/28 | €46,225 | €57,603 | +€11,378 | +24.6% |
| Intangible fixed assets | 21 | €6,982 | €3,410 | -€3,572 | -51.2% |
| Tangible fixed assets | 22/27 | €39,063 | €54,013 | +€14,951 | +38.3% |
| Plant, machinery and equipment | 23 | - | €2,770 | +€2,770 | |
| Furniture and vehicles | 24 | €39,063 | €19,591 | -€19,472 | -49.8% |
| Other tangible fixed assets | 26 | - | €31,652 | +€31,652 | |
| Financial fixed assets | 28 | €180 | €180 | = | 0.0% |
| Current assets | 29/58 | €462,433 | €510,941 | +€48,508 | +10.5% |
| Stocks and contracts in progress | 3 | €33,763 | €25,302 | -€8,461 | -25.1% |
| Stocks | 30/36 | €33,763 | €25,302 | -€8,461 | -25.1% |
| Amounts receivable within one year | 40/41 | €240,822 | €378,252 | +€137,430 | +57.1% |
| Trade receivables | 40 | €239,996 | €376,196 | +€136,200 | +56.8% |
| Other amounts receivable | 41 | €826 | €2,056 | +€1,230 | +149% |
| Cash at bank and in hand | 54/58 | €179,347 | €95,086 | -€84,261 | -47.0% |
| Deferred charges and accrued income | 490/1 | €8,501 | €12,301 | +€3,801 | +44.7% |
| Total equity and liabilities | 10/49 | €508,657 | €569,003 | +€60,346 | +11.9% |
| Equity | 10/15 | €159,157 | €251,317 | +€92,160 | +57.9% |
| Contributions | 10/11 | €1,012,000 | €892,000 | -€120,000 | -11.9% |
| Capital | 10 | €1,012,000 | €892,000 | -€120,000 | -11.9% |
| Issued capital | 100 | €1,012,000 | €892,000 | -€120,000 | -11.9% |
| Reserves | 13 | €3,247 | €3,247 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,247 | €3,247 | = | 0.0% |
| Legal reserve | 130 | €3,247 | €3,247 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€856,090 | -€643,930 | +€212,160 | +24.8% |
| Amounts payable | 17/49 | €349,500 | €317,686 | -€31,814 | -9.1% |
| Amounts payable within one year | 42/48 | €349,500 | €317,686 | -€31,814 | -9.1% |
| Trade debts | 44 | €173,932 | €211,125 | +€37,193 | +21.4% |
| Suppliers | 440/4 | €173,932 | €211,125 | +€37,193 | +21.4% |
| Taxes, remuneration and social security | 45 | €33,099 | €47,774 | +€14,675 | +44.3% |
| Taxes | 450/3 | €13,080 | €21,745 | +€8,665 | +66.2% |
| Remuneration and social security | 454/9 | €20,018 | €26,029 | +€6,010 | +30.0% |
| Other amounts payable | 47/48 | €142,469 | €58,787 | -€83,683 | -58.7% |
| Remuneration, social security and pensions | 62 | €119,424 | €112,499 | -€6,925 | -5.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,678 | €11,923 | +€2,245 | +23.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €7,789 | - | -€7,789 | |
| Other operating charges | 640/8 | €2,472 | €3,072 | +€601 | +24.3% |
| Gross operating margin | 9900 | €222,642 | €360,737 | +€138,095 | +62.0% |
| Operating profit (loss) | 9901 | €83,280 | €233,242 | +€149,963 | +180% |
| Financial income | 75/76B | €1,120 | €824 | -€296 | -26.4% |
| Recurring financial income | 75 | €1,120 | €824 | -€296 | -26.4% |
| Financial charges | 65/66B | €3,387 | €3,245 | -€142 | -4.2% |
| Recurring financial charges | 65 | €3,387 | €3,245 | -€142 | -4.2% |
| Profit (loss) for the period before taxes | 9903 | €81,013 | €230,822 | +€149,809 | +185% |
| Income taxes | 67/77 | €905 | €4,162 | +€3,257 | +360% |
| Profit (loss) for the period | 9904 | €80,107 | €226,660 | +€146,552 | +183% |
| Profit (loss) for the period to be appropriated | 9905 | €80,107 | €226,660 | +€146,552 | +183% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.