M-QUALITY: 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-QUALITY
Largest movements
- Current investments +€500,000
new in 2025: €500,000
- Receivables within one year +€424,517
up €424,517 (+146%), from €289,919 to €714,436
of which Trade receivables: +€346,276
- Cash -€337,674
down €337,674 (-28.3%), from €1.2m to €855,332
mainly Current investments (-€500,000) and Receivables within one year (-€424,517)
- Tangible fixed assets +€217,102
up €217,102 (+30.2%), from €717,800 to €934,902
of which Land and buildings: +€175,126
- Profit (loss) carried forward +€572,856
up €572,856 (+47.0%), from €1.2m to €1.8m
- Debts after one year +€121,890
up €121,890 (+17.8%), from €684,722 to €806,612
- Tax, wage and social debts +€39,021
up €39,021 (+39.8%), from €98,040 to €137,061
of which Taxes: +€46,033
- Gross operating margin +€356,951
up €356,951 (+54.2%), from €658,286 to €1.0m
- Taxes +€82,898
up €82,898 (+67.9%), from €122,109 to €205,007
- Staff costs +€41,281
up €41,281 (+107%), from €38,540 to €79,821
- Depreciation +€10,270
up €10,270 (+10.7%), from €96,078 to €106,348
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 | €2,374,913 | €3,166,013 | +€791,100 | +33.3% |
| Fixed assets | 21/28 | €888,580 | €1,077,282 | +€188,702 | +21.2% |
| Intangible fixed assets | 21 | €170,400 | €142,000 | -€28,400 | -16.7% |
| Tangible fixed assets | 22/27 | €717,800 | €934,902 | +€217,102 | +30.2% |
| Land and buildings | 22 | €676,470 | €851,596 | +€175,126 | +25.9% |
| Plant, machinery and equipment | 23 | €15,130 | €43,192 | +€28,062 | +185% |
| Furniture and vehicles | 24 | €11,952 | €25,720 | +€13,768 | +115% |
| Other tangible fixed assets | 26 | €14,248 | €14,394 | +€146 | +1.0% |
| Financial fixed assets | 28 | €380 | €380 | = | 0.0% |
| Current assets | 29/58 | €1,486,332 | €2,088,731 | +€602,398 | +40.5% |
| Amounts receivable within one year | 40/41 | €289,919 | €714,436 | +€424,517 | +146% |
| Trade receivables | 40 | €283,919 | €630,195 | +€346,276 | +122% |
| Other amounts receivable | 41 | €6,000 | €84,241 | +€78,241 | +1,304% |
| Current investments | 50/53 | - | €500,000 | +€500,000 | |
| Cash at bank and in hand | 54/58 | €1,193,006 | €855,332 | -€337,674 | -28.3% |
| Deferred charges and accrued income | 490/1 | €3,408 | €18,963 | +€15,555 | +456% |
| Total equity and liabilities | 10/49 | €2,374,913 | €3,166,013 | +€791,100 | +33.3% |
| Equity | 10/15 | €1,228,545 | €1,801,401 | +€572,856 | +46.6% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,218,545 | €1,791,401 | +€572,856 | +47.0% |
| Amounts payable | 17/49 | €1,146,368 | €1,364,612 | +€218,245 | +19.0% |
| Amounts payable after more than one year | 17 | €684,722 | €806,612 | +€121,890 | +17.8% |
| Financial debts | 170/4 | €684,722 | €806,612 | +€121,890 | +17.8% |
| Amounts payable within one year | 42/48 | €461,646 | €558,001 | +€96,355 | +20.9% |
| Current portion of amounts payable after more than one year | 42 | €94,587 | €118,110 | +€23,524 | +24.9% |
| Trade debts | 44 | €194,206 | €197,256 | +€3,049 | +1.6% |
| Suppliers | 440/4 | €194,206 | €197,256 | +€3,049 | +1.6% |
| Advances received on contracts in progress | 46 | €19,219 | €44,443 | +€25,224 | +131% |
| Taxes, remuneration and social security | 45 | €98,040 | €137,061 | +€39,021 | +39.8% |
| Taxes | 450/3 | €81,154 | €127,187 | +€46,033 | +56.7% |
| Remuneration and social security | 454/9 | €16,886 | €9,874 | -€7,012 | -41.5% |
| Other amounts payable | 47/48 | €55,594 | €61,131 | +€5,537 | +10.0% |
| Remuneration, social security and pensions | 62 | €38,540 | €79,821 | +€41,281 | +107% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €96,078 | €106,348 | +€10,270 | +10.7% |
| Other operating charges | 640/8 | €4,253 | €6,551 | +€2,299 | +54.1% |
| Gross operating margin | 9900 | €658,286 | €1,015,238 | +€356,951 | +54.2% |
| Operating profit (loss) | 9901 | €519,416 | €822,518 | +€303,102 | +58.4% |
| Financial income | 75/76B | €151 | €1,799 | +€1,648 | +1,088% |
| Recurring financial income | 75 | €151 | €1,799 | +€1,648 | +1,088% |
| Financial charges | 65/66B | €36,648 | €46,454 | +€9,806 | +26.8% |
| Recurring financial charges | 65 | €36,648 | €46,454 | +€9,806 | +26.8% |
| Profit (loss) for the period before taxes | 9903 | €482,919 | €777,863 | +€294,943 | +61.1% |
| Income taxes | 67/77 | €122,109 | €205,007 | +€82,898 | +67.9% |
| Profit (loss) for the period | 9904 | €360,810 | €572,856 | +€212,046 | +58.8% |
| Profit (loss) for the period to be appropriated | 9905 | €360,810 | €572,856 | +€212,046 | +58.8% |
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 13 October 2026 via checked.be.