M27: 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.
M27
Largest movements
- Receivables within one year -€105,201
down €105,201 (-45.6%), from €230,784 to €125,583
of which Trade receivables: -€109,725
- Current investments +€45,677
up €45,677 (+222%), from €20,611 to €66,288
- Cash +€39,169
up €39,169 (+119%), from €32,947 to €72,116
mainly Receivables within one year (+€105,201) and Net result for the year (+€88,309)
- Trade debts -€27,322
no longer reported in 2025 (was €27,322)
- Reserves +€18,309
up €18,309 (+13.1%), from €140,052 to €158,361
- Other debts -€10,600
down €10,600 (-15.6%), from €68,000 to €57,400
- Tax, wage and social debts -€4,379
down €4,379 (-3.3%), from €130,869 to €126,491
of which Remuneration and social security: -€10,373
- Gross operating margin -€201,636
down €201,636 (-40.7%), from €495,388 to €293,752
- Staff costs -€43,470
down €43,470 (-21.7%), from €200,438 to €156,968
- Taxes -€36,406
down €36,406 (-49.7%), from €73,260 to €36,854
- Financial income -€12,361
down €12,361 (-98.4%), from €12,566 to €205
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 | €367,244 | €343,252 | -€23,993 | -6.5% |
| Fixed assets | 21/28 | €23,902 | €18,874 | -€5,028 | -21.0% |
| Intangible fixed assets | 21 | €5,134 | €2,161 | -€2,973 | -57.9% |
| Tangible fixed assets | 22/27 | €18,768 | €16,713 | -€2,055 | -11.0% |
| Furniture and vehicles | 24 | €18,131 | €16,385 | -€1,746 | -9.6% |
| Other tangible fixed assets | 26 | €636 | €327 | -€309 | -48.6% |
| Current assets | 29/58 | €343,342 | €324,378 | -€18,964 | -5.5% |
| Amounts receivable after more than one year | 29 | €59,000 | €59,000 | = | 0.0% |
| Other amounts receivable | 291 | €59,000 | €59,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €230,784 | €125,583 | -€105,201 | -45.6% |
| Trade receivables | 40 | €221,768 | €112,043 | -€109,725 | -49.5% |
| Other amounts receivable | 41 | €9,017 | €13,540 | +€4,523 | +50.2% |
| Current investments | 50/53 | €20,611 | €66,288 | +€45,677 | +222% |
| Cash at bank and in hand | 54/58 | €32,947 | €72,116 | +€39,169 | +119% |
| Deferred charges and accrued income | 490/1 | - | €1,390 | +€1,390 | |
| Total equity and liabilities | 10/49 | €367,244 | €343,252 | -€23,993 | -6.5% |
| Equity | 10/15 | €141,052 | €159,361 | +€18,309 | +13.0% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €140,052 | €158,361 | +€18,309 | +13.1% |
| Distributable reserves | 133 | €140,052 | €158,361 | +€18,309 | +13.1% |
| Amounts payable | 17/49 | €226,192 | €183,891 | -€42,301 | -18.7% |
| Amounts payable within one year | 42/48 | €226,192 | €183,891 | -€42,301 | -18.7% |
| Trade debts | 44 | €27,322 | - | -€27,322 | |
| Suppliers | 440/4 | €27,322 | - | -€27,322 | |
| Taxes, remuneration and social security | 45 | €130,869 | €126,491 | -€4,379 | -3.3% |
| Taxes | 450/3 | €108,552 | €114,547 | +€5,994 | +5.5% |
| Remuneration and social security | 454/9 | €22,317 | €11,944 | -€10,373 | -46.5% |
| Other amounts payable | 47/48 | €68,000 | €57,400 | -€10,600 | -15.6% |
| Remuneration, social security and pensions | 62 | €200,438 | €156,968 | -€43,470 | -21.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,752 | €11,400 | +€1,648 | +16.9% |
| Other operating charges | 640/8 | €928 | €315 | -€614 | -66.1% |
| Gross operating margin | 9900 | €495,388 | €293,752 | -€201,636 | -40.7% |
| Operating profit (loss) | 9901 | €284,270 | €125,069 | -€159,201 | -56.0% |
| Financial income | 75/76B | €12,566 | €205 | -€12,361 | -98.4% |
| Recurring financial income | 75 | €12,566 | €205 | -€12,361 | -98.4% |
| Financial charges | 65/66B | €3,523 | €111 | -€3,412 | -96.8% |
| Recurring financial charges | 65 | €3,523 | €111 | -€3,412 | -96.8% |
| Profit (loss) for the period before taxes | 9903 | €293,312 | €125,163 | -€168,149 | -57.3% |
| Income taxes | 67/77 | €73,260 | €36,854 | -€36,406 | -49.7% |
| Profit (loss) for the period | 9904 | €220,052 | €88,309 | -€131,744 | -59.9% |
| Profit (loss) for the period to be appropriated | 9905 | €220,052 | €88,309 | -€131,744 | -59.9% |
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 23 October 2026 via checked.be.