M & S: what changed
Two fiscal 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 & S
Largest movements
- Current investments +€249,999
up €249,999, from €0 to €249,999
- Cash -€189,980
down €189,980 (-59.6%), from €318,539 to €128,559
mainly Current investments (-€249,999) and Tax, wage and social debts (-€20,124)
- Tangible fixed assets -€22,170
down €22,170 (-2.6%), from €855,792 to €833,622
of which Land and buildings: -€21,275
- Other debts +€31,216
up €31,216 (+4.9%), from €636,196 to €667,412
- Reserves +€23,913
up €23,913 (+7.6%), from €314,644 to €338,557
of which Distributable reserves: +€23,913
- Tax, wage and social debts -€20,124
down €20,124 (-98.0%), from €20,532 to €408
- Gross operating margin +€12,157
up €12,157 (+14.4%), from €84,400 to €96,557
- Financial income -€4,846
down €4,846 (-65.4%), from €7,413 to €2,567
- Taxes +€2,947
up €2,947 (+35.9%), from €8,213 to €11,159
- Financial charges -€2,018
down €2,018 (-6.0%), from €33,535 to €31,516
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.
Cash bridge derived
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 | €1,181,038 | €1,214,608 | +€33,569 | +2.8% |
| Fixed assets | 21/28 | €855,792 | €833,622 | -€22,170 | -2.6% |
| Tangible fixed assets | 22/27 | €855,792 | €833,622 | -€22,170 | -2.6% |
| Land and buildings | 22 | €817,493 | €796,217 | -€21,275 | -2.6% |
| Other tangible fixed assets | 26 | €38,299 | €37,405 | -€894 | -2.3% |
| Current assets | 29/58 | €325,246 | €380,985 | +€55,739 | +17.1% |
| Amounts receivable within one year | 40/41 | €4,365 | €0 | -€4,365 | -100.0% |
| Other amounts receivable | 41 | €4,365 | €0 | -€4,365 | -100.0% |
| Current investments | 50/53 | €0 | €249,999 | +€249,999 | |
| Cash at bank and in hand | 54/58 | €318,539 | €128,559 | -€189,980 | -59.6% |
| Deferred charges and accrued income | 490/1 | €2,342 | €2,427 | +€85 | +3.6% |
| Total equity and liabilities | 10/49 | €1,181,038 | €1,214,608 | +€33,569 | +2.8% |
| Equity | 10/15 | €522,874 | €546,787 | +€23,913 | +4.6% |
| Contributions | 10/11 | €208,231 | €208,231 | = | 0.0% |
| Capital | 10 | €208,231 | €208,231 | = | 0.0% |
| Issued capital | 100 | €208,231 | €208,231 | = | 0.0% |
| Reserves | 13 | €314,644 | €338,557 | +€23,913 | +7.6% |
| Non-distributable reserves | 130/1 | €20,823 | €20,823 | = | 0.0% |
| Legal reserve | 130 | €20,823 | €20,823 | = | 0.0% |
| Distributable reserves | 133 | €293,821 | €317,734 | +€23,913 | +8.1% |
| Amounts payable | 17/49 | €658,164 | €667,820 | +€9,656 | +1.5% |
| Amounts payable within one year | 42/48 | €658,164 | €667,820 | +€9,656 | +1.5% |
| Trade debts | 44 | €1,436 | €0 | -€1,436 | -100.0% |
| Suppliers | 440/4 | €1,436 | €0 | -€1,436 | -100.0% |
| Taxes, remuneration and social security | 45 | €20,532 | €408 | -€20,124 | -98.0% |
| Taxes | 450/3 | €20,532 | €408 | -€20,124 | -98.0% |
| Other amounts payable | 47/48 | €636,196 | €667,412 | +€31,216 | +4.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,170 | €22,170 | = | 0.0% |
| Other operating charges | 640/8 | €10,298 | €10,366 | +€67 | +0.7% |
| Gross operating margin | 9900 | €84,400 | €96,557 | +€12,157 | +14.4% |
| Operating profit (loss) | 9901 | €51,932 | €64,022 | +€12,090 | +23.3% |
| Financial income | 75/76B | €7,413 | €2,567 | -€4,846 | -65.4% |
| Recurring financial income | 75 | €7,413 | €2,567 | -€4,846 | -65.4% |
| Financial charges | 65/66B | €33,535 | €31,516 | -€2,018 | -6.0% |
| Recurring financial charges | 65 | €33,535 | €31,516 | -€2,018 | -6.0% |
| Profit (loss) for the period before taxes | 9903 | €25,811 | €35,073 | +€9,262 | +35.9% |
| Income taxes | 67/77 | €8,213 | €11,159 | +€2,947 | +35.9% |
| Profit (loss) for the period | 9904 | €17,598 | €23,913 | +€6,315 | +35.9% |
| Profit (loss) for the period to be appropriated | 9905 | €17,598 | €23,913 | +€6,315 | +35.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.