M2M: 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.
M2M
Largest movements
- Current investments +€901,000
up €901,000 (+1,127,942%), from €80 to €901,080
- Cash -€430,755
down €430,755 (-42.3%), from €1.0m to €587,075
mainly Current investments (-€901,000) and Other debts (-€120,124)
- Receivables within one year -€168,776
down €168,776 (-62.8%), from €268,805 to €100,028
of which Other amounts receivable: -€170,954
- Tangible fixed assets -€53,773
down €53,773 (-23.1%), from €232,479 to €178,706
of which Furniture and vehicles: -€38,924
- Profit (loss) carried forward +€295,864
up €295,864 (+76.4%), from €387,102 to €682,966
- Other debts -€120,124
down €120,124 (-65.2%), from €184,191 to €64,067
- Gross operating margin +€122,573
up €122,573 (+38.2%), from €321,016 to €443,589
- Financial income -€37,740
down €37,740 (-60.3%), from €62,561 to €24,821
of which Financial income: -€31,714
- Taxes +€24,933
up €24,933 (+30.6%), from €81,439 to €106,372
- Financial charges -€6,951
down €6,951 (-51.6%), from €13,462 to €6,511
- Other operating charges -€6,834
down €6,834 (-53.7%), from €12,725 to €5,890
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 | €4,068,240 | €4,287,260 | +€219,020 | +5.4% |
| Fixed assets | 21/28 | €1,638,392 | €1,584,619 | -€53,773 | -3.3% |
| Tangible fixed assets | 22/27 | €232,479 | €178,706 | -€53,773 | -23.1% |
| Plant, machinery and equipment | 23 | €114,308 | €99,459 | -€14,849 | -13.0% |
| Furniture and vehicles | 24 | €118,171 | €79,247 | -€38,924 | -32.9% |
| Financial fixed assets | 28 | €1,405,913 | €1,405,913 | = | 0.0% |
| Current assets | 29/58 | €2,429,848 | €2,702,640 | +€272,792 | +11.2% |
| Amounts receivable after more than one year | 29 | €917,584 | €890,411 | -€27,173 | -3.0% |
| Other amounts receivable | 291 | €917,584 | €890,411 | -€27,173 | -3.0% |
| Stocks and contracts in progress | 3 | €214,250 | €214,250 | = | 0.0% |
| Stocks | 30/36 | €214,250 | €214,250 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €268,805 | €100,028 | -€168,776 | -62.8% |
| Trade receivables | 40 | €54,450 | €56,628 | +€2,178 | +4.0% |
| Other amounts receivable | 41 | €214,355 | €43,400 | -€170,954 | -79.8% |
| Current investments | 50/53 | €80 | €901,080 | +€901,000 | +1,127,942% |
| Cash at bank and in hand | 54/58 | €1,017,829 | €587,075 | -€430,755 | -42.3% |
| Deferred charges and accrued income | 490/1 | €11,300 | €9,797 | -€1,503 | -13.3% |
| Total equity and liabilities | 10/49 | €4,068,240 | €4,287,260 | +€219,020 | +5.4% |
| Equity | 10/15 | €3,844,466 | €4,140,330 | +€295,864 | +7.7% |
| Contributions | 10/11 | €2,384,000 | €2,384,000 | = | 0.0% |
| Capital | 10 | €2,384,000 | €2,384,000 | = | 0.0% |
| Issued capital | 100 | €2,384,000 | €2,384,000 | = | 0.0% |
| Reserves | 13 | €1,073,364 | €1,073,364 | = | 0.0% |
| Non-distributable reserves | 130/1 | €16,209 | €16,209 | = | 0.0% |
| Legal reserve | 130 | €16,209 | €16,209 | = | 0.0% |
| Distributable reserves | 133 | €1,057,155 | €1,057,155 | = | 0.0% |
| Profit (loss) carried forward | 14 | €387,102 | €682,966 | +€295,864 | +76.4% |
| Amounts payable | 17/49 | €223,774 | €146,930 | -€76,845 | -34.3% |
| Amounts payable within one year | 42/48 | €222,621 | €143,330 | -€79,292 | -35.6% |
| Trade debts | 44 | €7,657 | €8,910 | +€1,253 | +16.4% |
| Suppliers | 440/4 | €7,657 | €8,910 | +€1,253 | +16.4% |
| Advances received on contracts in progress | 46 | €600 | €600 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €30,173 | €69,753 | +€39,580 | +131% |
| Taxes | 450/3 | €30,173 | €69,753 | +€39,580 | +131% |
| Other amounts payable | 47/48 | €184,191 | €64,067 | -€120,124 | -65.2% |
| Accrued charges and deferred income | 492/3 | €1,153 | €3,600 | +€2,447 | +212% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,122 | €53,773 | +€650 | +1.2% |
| Other operating charges | 640/8 | €12,725 | €5,890 | -€6,834 | -53.7% |
| Gross operating margin | 9900 | €321,016 | €443,589 | +€122,573 | +38.2% |
| Operating profit (loss) | 9901 | €255,170 | €383,926 | +€128,757 | +50.5% |
| Financial income | 75/76B | €62,561 | €24,821 | -€37,740 | -60.3% |
| Recurring financial income | 75 | €56,535 | €24,821 | -€31,714 | -56.1% |
| Non-recurring financial income | 76B | €6,026 | €0 | -€6,026 | -100% |
| Financial charges | 65/66B | €13,462 | €6,511 | -€6,951 | -51.6% |
| Recurring financial charges | 65 | €13,462 | €6,511 | -€6,951 | -51.6% |
| Profit (loss) for the period before taxes | 9903 | €304,269 | €402,236 | +€97,968 | +32.2% |
| Income taxes | 67/77 | €81,439 | €106,372 | +€24,933 | +30.6% |
| Profit (loss) for the period | 9904 | €222,830 | €295,864 | +€73,035 | +32.8% |
| Profit (loss) for the period to be appropriated | 9905 | €222,830 | €295,864 | +€73,035 | +32.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.