M & D: 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.
M & D
Largest movements
- Receivables within one year +€54,650
up €54,650 (+6.1%), from €901,116 to €955,766
of which Other amounts receivable: +€44,738
- Reserves +€197,783
up €197,783 (+3,191%), from €6,197 to €203,980
of which Distributable reserves: +€197,783
- Profit (loss) carried forward -€190,738
down €190,738 (-100%), from €190,738 to €0
- Trade debts +€118,891
up €118,891 (+156%), from €76,030 to €194,921
- Other debts -€94,053
down €94,053 (-16.0%), from €587,613 to €493,560
- Taxes -€29,071
down €29,071 (-83.7%), from €34,723 to €5,652
- Gross operating margin -€22,001
down €22,001 (-12.4%), from €177,182 to €155,181
- Financial charges +€20,661
up €20,661 (+788%), from €2,622 to €23,284
- Financial income +€8,350
up €8,350 (+23.8%), from €35,060 to €43,410
- Staff costs -€3,794
down €3,794 (-57.1%), from €6,640 to €2,846
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 | €984,834 | €1,027,002 | +€42,168 | +4.3% |
| Fixed assets | 21/28 | €79,046 | €68,836 | -€10,210 | -12.9% |
| Intangible fixed assets | 21 | €15 | €0 | -€15 | -100% |
| Tangible fixed assets | 22/27 | €49,631 | €39,936 | -€9,695 | -19.5% |
| Plant, machinery and equipment | 23 | €3,685 | €2,714 | -€971 | -26.4% |
| Furniture and vehicles | 24 | €3,147 | €1,806 | -€1,341 | -42.6% |
| Other tangible fixed assets | 26 | €42,798 | €35,416 | -€7,382 | -17.2% |
| Financial fixed assets | 28 | €29,400 | €28,900 | -€500 | -1.7% |
| Current assets | 29/58 | €905,788 | €958,167 | +€52,379 | +5.8% |
| Stocks and contracts in progress | 3 | €1,349 | €0 | -€1,349 | -100% |
| Stocks | 30/36 | €1,349 | €0 | -€1,349 | -100% |
| Amounts receivable within one year | 40/41 | €901,116 | €955,766 | +€54,650 | +6.1% |
| Trade receivables | 40 | €22,008 | €31,920 | +€9,912 | +45.0% |
| Other amounts receivable | 41 | €879,108 | €923,846 | +€44,738 | +5.1% |
| Cash at bank and in hand | 54/58 | €952 | €208 | -€744 | -78.1% |
| Deferred charges and accrued income | 490/1 | €2,371 | €2,192 | -€179 | -7.5% |
| Total equity and liabilities | 10/49 | €984,834 | €1,027,002 | +€42,168 | +4.3% |
| Equity | 10/15 | €258,908 | €265,953 | +€7,045 | +2.7% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €6,197 | €203,980 | +€197,783 | +3,191% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Distributable reserves | 133 | - | €197,783 | +€197,783 | |
| Profit (loss) carried forward | 14 | €190,738 | €0 | -€190,738 | -100% |
| Amounts payable | 17/49 | €725,926 | €761,049 | +€35,123 | +4.8% |
| Amounts payable within one year | 42/48 | €725,926 | €761,049 | +€35,123 | +4.8% |
| Financial debts | 43 | €58,178 | €63,043 | +€4,865 | +8.4% |
| Credit institutions | 430/8 | €58,178 | €63,043 | +€4,865 | +8.4% |
| Trade debts | 44 | €76,030 | €194,921 | +€118,891 | +156% |
| Suppliers | 440/4 | €76,030 | €194,921 | +€118,891 | +156% |
| Taxes, remuneration and social security | 45 | €4,105 | €9,525 | +€5,420 | +132% |
| Taxes | 450/3 | €4,073 | €9,525 | +€5,452 | +134% |
| Remuneration and social security | 454/9 | €32 | €0 | -€32 | -100% |
| Other amounts payable | 47/48 | €587,613 | €493,560 | -€94,053 | -16.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €6,640 | €2,846 | -€3,794 | -57.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,901 | €9,710 | +€809 | +9.1% |
| Other operating charges | 640/8 | €2,030 | €4,911 | +€2,881 | +142% |
| Non-recurring operating charges | 66A | €0 | €145,144 | +€145,144 | |
| Gross operating margin | 9900 | €177,182 | €155,181 | -€22,001 | -12.4% |
| Operating profit (loss) | 9901 | €159,611 | -€7,430 | -€167,041 | |
| Financial income | 75/76B | €35,060 | €43,410 | +€8,350 | +23.8% |
| Recurring financial income | 75 | €35,060 | €43,410 | +€8,350 | +23.8% |
| Financial charges | 65/66B | €2,622 | €23,284 | +€20,661 | +788% |
| Recurring financial charges | 65 | €2,622 | €23,284 | +€20,661 | +788% |
| Profit (loss) for the period before taxes | 9903 | €192,049 | €12,697 | -€179,352 | -93.4% |
| Income taxes | 67/77 | €34,723 | €5,652 | -€29,071 | -83.7% |
| Profit (loss) for the period | 9904 | €157,326 | €7,045 | -€150,281 | -95.5% |
| Profit (loss) for the period to be appropriated | 9905 | €157,326 | €7,045 | -€150,281 | -95.5% |
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 20 October 2026 via checked.be.