M-IST: 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-IST
Largest movements
- Receivables within one year +€27,030
new in 2025: €27,030
of which Trade receivables: +€21,780
- Tangible fixed assets -€9,239
down €9,239 (-16.4%), from €56,314 to €47,075
- Receivables after one year +€5,643
new in 2025: €5,643
- Cash -€3,446
down €3,446 (-41.6%), from €8,273 to €4,827
mainly Receivables within one year (-€27,030) and Debts after one year (-€14,532)
- Reserves +€20,415
up €20,415 (+4,872%), from €419 to €20,834
- Debts after one year -€14,532
down €14,532 (-40.4%), from €35,966 to €21,434
- Tax, wage and social debts +€11,272
up €11,272 (+170%), from €6,638 to €17,909
- Other debts +€1,983
up €1,983 (+144%), from €1,373 to €3,357
- Gross operating margin +€29,734
up €29,734 (+211%), from €14,083 to €43,817
- Taxes +€5,851
up €5,851 (+202%), from €2,897 to €8,747
- Depreciation +€3,832
up €3,832 (+55.1%), from €6,953 to €10,785
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 | €64,792 | €84,815 | +€20,022 | +30.9% |
| Fixed assets | 21/28 | €56,314 | €47,075 | -€9,239 | -16.4% |
| Tangible fixed assets | 22/27 | €56,314 | €47,075 | -€9,239 | -16.4% |
| Furniture and vehicles | 24 | €56,314 | €47,075 | -€9,239 | -16.4% |
| Current assets | 29/58 | €8,479 | €37,740 | +€29,261 | +345% |
| Amounts receivable after more than one year | 29 | - | €5,643 | +€5,643 | |
| Other amounts receivable | 291 | - | €5,643 | +€5,643 | |
| Amounts receivable within one year | 40/41 | - | €27,030 | +€27,030 | |
| Trade receivables | 40 | - | €21,780 | +€21,780 | |
| Other amounts receivable | 41 | - | €5,250 | +€5,250 | |
| Cash at bank and in hand | 54/58 | €8,273 | €4,827 | -€3,446 | -41.6% |
| Deferred charges and accrued income | 490/1 | €206 | €239 | +€33 | +16.3% |
| Total equity and liabilities | 10/49 | €64,792 | €84,815 | +€20,022 | +30.9% |
| Equity | 10/15 | €3,919 | €24,334 | +€20,415 | +521% |
| Contributions | 10/11 | €3,500 | €3,500 | = | 0.0% |
| Reserves | 13 | €419 | €20,834 | +€20,415 | +4,872% |
| Distributable reserves | 133 | €419 | €20,834 | +€20,415 | +4,872% |
| Amounts payable | 17/49 | €60,873 | €60,480 | -€393 | -0.6% |
| Amounts payable after more than one year | 17 | €35,966 | €21,434 | -€14,532 | -40.4% |
| Financial debts | 170/4 | €35,966 | €21,434 | -€14,532 | -40.4% |
| Amounts payable within one year | 42/48 | €24,907 | €39,046 | +€14,139 | +56.8% |
| Current portion of amounts payable after more than one year | 42 | €13,941 | €14,532 | +€591 | +4.2% |
| Trade debts | 44 | €2,954 | €3,248 | +€293 | +9.9% |
| Suppliers | 440/4 | €2,954 | €3,248 | +€293 | +9.9% |
| Taxes, remuneration and social security | 45 | €6,638 | €17,909 | +€11,272 | +170% |
| Taxes | 450/3 | €6,638 | €17,909 | +€11,272 | +170% |
| Other amounts payable | 47/48 | €1,373 | €3,357 | +€1,983 | +144% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,953 | €10,785 | +€3,832 | +55.1% |
| Other operating charges | 640/8 | €898 | €1,245 | +€347 | +38.6% |
| Gross operating margin | 9900 | €14,083 | €43,817 | +€29,734 | +211% |
| Operating profit (loss) | 9901 | €6,232 | €31,787 | +€25,555 | +410% |
| Financial income | 75/76B | - | €243 | +€243 | |
| Recurring financial income | 75 | - | €243 | +€243 | |
| Financial charges | 65/66B | €2,116 | €2,067 | -€49 | -2.3% |
| Recurring financial charges | 65 | €2,116 | €2,067 | -€49 | -2.3% |
| Profit (loss) for the period before taxes | 9903 | €4,116 | €29,962 | +€25,847 | +628% |
| Income taxes | 67/77 | €2,897 | €8,747 | +€5,851 | +202% |
| Profit (loss) for the period | 9904 | €1,219 | €21,215 | +€19,996 | +1,640% |
| Profit (loss) for the period to be appropriated | 9905 | €1,219 | €21,215 | +€19,996 | +1,640% |
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 22 October 2026 via checked.be.