M&A: 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&A
Largest movements
- Cash +€1,726
up €1,726 (+31.6%), from €5,457 to €7,183
mainly Net result for the year (+€3,741) and Other debts (+€41)
- Profit (loss) carried forward +€3,741
up €3,741 (+38.2%), from -€9,788 to -€6,047
- Tax, wage and social debts -€1,906
down €1,906 (-23.4%), from €8,132 to €6,226
of which Remuneration and social security: -€1,635
- Trade debts -€150
down €150 (-16.6%), from €906 to €756
- Gross operating margin -€16,635
down €16,635 (-72.3%), from €23,019 to €6,384
- Staff costs -€16,345
down €16,345 (-91.9%), from €17,778 to €1,433
- Other operating charges +€716
up €716 (+224%), from €319 to €1,035
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 | €5,457 | €7,183 | +€1,726 | +31.6% |
| Current assets | 29/58 | €5,457 | €7,183 | +€1,726 | +31.6% |
| Cash at bank and in hand | 54/58 | €5,457 | €7,183 | +€1,726 | +31.6% |
| Total equity and liabilities | 10/49 | €5,457 | €7,183 | +€1,726 | +31.6% |
| Equity | 10/15 | -€9,788 | -€6,047 | +€3,741 | +38.2% |
| Profit (loss) carried forward | 14 | -€9,788 | -€6,047 | +€3,741 | +38.2% |
| Amounts payable | 17/49 | €15,245 | €13,230 | -€2,015 | -13.2% |
| Amounts payable within one year | 42/48 | €15,245 | €13,230 | -€2,015 | -13.2% |
| Trade debts | 44 | €906 | €756 | -€150 | -16.6% |
| Suppliers | 440/4 | €906 | €756 | -€150 | -16.6% |
| Taxes, remuneration and social security | 45 | €8,132 | €6,226 | -€1,906 | -23.4% |
| Taxes | 450/3 | €1,499 | €1,228 | -€271 | -18.1% |
| Remuneration and social security | 454/9 | €6,632 | €4,997 | -€1,635 | -24.7% |
| Other amounts payable | 47/48 | €6,208 | €6,249 | +€41 | +0.7% |
| Remuneration, social security and pensions | 62 | €17,778 | €1,433 | -€16,345 | -91.9% |
| Other operating charges | 640/8 | €319 | €1,035 | +€716 | +224% |
| Gross operating margin | 9900 | €23,019 | €6,384 | -€16,635 | -72.3% |
| Operating profit (loss) | 9901 | €4,922 | €3,916 | -€1,005 | -20.4% |
| Financial charges | 65/66B | €141 | €175 | +€34 | +24.5% |
| Recurring financial charges | 65 | €141 | €175 | +€34 | +24.5% |
| Profit (loss) for the period before taxes | 9903 | €4,781 | €3,741 | -€1,040 | -21.7% |
| Profit (loss) for the period | 9904 | €4,781 | €3,741 | -€1,040 | -21.7% |
| Profit (loss) for the period to be appropriated | 9905 | €4,781 | €3,741 | -€1,040 | -21.7% |
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.