M.L.S.: 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.L.S.
Largest movements
- Cash +€96,814
up €96,814 (+546%), from €17,736 to €114,550
mainly Net result for the year (+€206,299) and Receivables within one year (+€24,921)
- Receivables within one year -€24,921
down €24,921 (-5.5%), from €449,733 to €424,812
of which Trade receivables: -€17,844
- Tangible fixed assets -€24,156
down €24,156 (-38.1%), from €63,413 to €39,257
of which Furniture and vehicles: -€12,922
- Reserves +€205,989
up €205,989 (+36,128%), from €570 to €206,559
of which Distributable reserves: +€205,989
- Current portion of long-term debt -€144,957
down €144,957 (-97.8%), from €148,177 to €3,219
- Other debts -€18,572
down €18,572 (-74.9%), from €24,811 to €6,239
- Trade debts +€8,134
new in 2025: €8,134
- Gross operating margin +€125,316
up €125,316 (+102%), from €122,521 to €247,838
- Other operating charges -€14,993
down €14,993 (-53.0%), from €28,277 to €13,284
- Depreciation -€12,355
down €12,355 (-81.6%), from €15,135 to €2,779
- Taxes +€10,980
up €10,980 (+758%), from €1,448 to €12,428
- Financial charges +€6,559
up €6,559 (+136%), from €4,834 to €11,393
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 | €537,421 | €582,095 | +€44,673 | +8.3% |
| Fixed assets | 21/28 | €66,171 | €41,580 | -€24,591 | -37.2% |
| Tangible fixed assets | 22/27 | €63,413 | €39,257 | -€24,156 | -38.1% |
| Land and buildings | 22 | €33,717 | €23,068 | -€10,649 | -31.6% |
| Plant, machinery and equipment | 23 | €1,078 | €493 | -€585 | -54.2% |
| Furniture and vehicles | 24 | €22,578 | €9,655 | -€12,922 | -57.2% |
| Other tangible fixed assets | 26 | €6,041 | €6,041 | = | 0.0% |
| Financial fixed assets | 28 | €2,758 | €2,323 | -€435 | -15.8% |
| Current assets | 29/58 | €471,250 | €540,514 | +€69,264 | +14.7% |
| Amounts receivable within one year | 40/41 | €449,733 | €424,812 | -€24,921 | -5.5% |
| Trade receivables | 40 | €103,999 | €86,156 | -€17,844 | -17.2% |
| Other amounts receivable | 41 | €345,734 | €338,657 | -€7,077 | -2.0% |
| Cash at bank and in hand | 54/58 | €17,736 | €114,550 | +€96,814 | +546% |
| Deferred charges and accrued income | 490/1 | €3,780 | €1,152 | -€2,629 | -69.5% |
| Total equity and liabilities | 10/49 | €537,421 | €582,095 | +€44,673 | +8.3% |
| Equity | 10/15 | €356,656 | €562,644 | +€205,989 | +57.8% |
| Contributions | 10/11 | €77,838 | €77,838 | = | 0.0% |
| Reserves | 13 | €570 | €206,559 | +€205,989 | +36,128% |
| Non-distributable reserves | 130/1 | €570 | €570 | = | 0.0% |
| Reserves not available under the articles | 1311 | €570 | €570 | = | 0.0% |
| Distributable reserves | 133 | - | €205,989 | +€205,989 | |
| Profit (loss) carried forward | 14 | €278,248 | €278,248 | = | 0.0% |
| Amounts payable | 17/49 | €180,765 | €19,450 | -€161,315 | -89.2% |
| Amounts payable within one year | 42/48 | €180,015 | €18,870 | -€161,145 | -89.5% |
| Current portion of amounts payable after more than one year | 42 | €148,177 | €3,219 | -€144,957 | -97.8% |
| Trade debts | 44 | - | €8,134 | +€8,134 | |
| Suppliers | 440/4 | - | €8,134 | +€8,134 | |
| Advances received on contracts in progress | 46 | - | €0 | = | |
| Taxes, remuneration and social security | 45 | €7,028 | €1,278 | -€5,750 | -81.8% |
| Taxes | 450/3 | €7,028 | €1,278 | -€5,750 | -81.8% |
| Other amounts payable | 47/48 | €24,811 | €6,239 | -€18,572 | -74.9% |
| Accrued charges and deferred income | 492/3 | €750 | €580 | -€170 | -22.7% |
| Remuneration, social security and pensions | 62 | -€344 | €2,073 | +€2,417 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,135 | €2,779 | -€12,355 | -81.6% |
| Other operating charges | 640/8 | €28,277 | €13,284 | -€14,993 | -53.0% |
| Gross operating margin | 9900 | €122,521 | €247,838 | +€125,316 | +102% |
| Operating profit (loss) | 9901 | €79,454 | €229,702 | +€150,248 | +189% |
| Financial income | 75/76B | - | €418 | +€418 | |
| Recurring financial income | 75 | - | €418 | +€418 | |
| Financial charges | 65/66B | €4,834 | €11,393 | +€6,559 | +136% |
| Recurring financial charges | 65 | €4,834 | €11,393 | +€6,559 | +136% |
| Profit (loss) for the period before taxes | 9903 | €74,620 | €218,727 | +€144,106 | +193% |
| Income taxes | 67/77 | €1,448 | €12,428 | +€10,980 | +758% |
| Profit (loss) for the period | 9904 | €73,172 | €206,299 | +€133,127 | +182% |
| Profit (loss) for the period to be appropriated | 9905 | €73,172 | €206,299 | +€133,127 | +182% |
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 18 October 2026 via checked.be.