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
- Cash -€12,664
down €12,664 (-100.0%), from €12,666 to €1
mainly Net result for the year (-€19,963) and Receivables within one year (-€2,152)
- Stocks and contracts -€5,869
no longer reported in 2025 (was €5,869)
- Receivables within one year +€2,152
new in 2025: €2,152
- Profit (loss) carried forward -€19,963
down €19,963 (-250.1%), from -€7,983 to -€27,946
- Trade debts +€2,509
up €2,509 (+278.4%), from €901 to €3,410
- Tax, wage and social debts +€1,075
up €1,075 (+20.5%), from €5,246 to €6,320
of which Remuneration and social security: +€2,442
- Gross operating margin -€29,613
down €29,613, from €22,901 to -€6,713
- Staff costs -€8,503
down €8,503 (-39.6%), from €21,488 to €12,986
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 | €18,782 | €2,400 | -€16,381 | -87.2% |
| Fixed assets | 21/28 | €247 | €247 | = | 0.0% |
| Financial fixed assets | 28 | €247 | €247 | = | 0.0% |
| Current assets | 29/58 | €18,535 | €2,154 | -€16,381 | -88.4% |
| Stocks and contracts in progress | 3 | €5,869 | - | -€5,869 | |
| Stocks | 30/36 | €5,869 | - | -€5,869 | |
| Amounts receivable within one year | 40/41 | - | €2,152 | +€2,152 | |
| Trade receivables | 40 | - | €2,152 | +€2,152 | |
| Cash at bank and in hand | 54/58 | €12,666 | €1 | -€12,664 | -100.0% |
| Total equity and liabilities | 10/49 | €18,782 | €2,400 | -€16,381 | -87.2% |
| Equity | 10/15 | €12,633 | -€7,330 | -€19,963 | |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €2,024 | €2,024 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,024 | €2,024 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,024 | €2,024 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€7,983 | -€27,946 | -€19,963 | -250.1% |
| Amounts payable | 17/49 | €6,149 | €9,731 | +€3,582 | +58.2% |
| Amounts payable within one year | 42/48 | €6,149 | €9,731 | +€3,582 | +58.2% |
| Financial debts | 43 | €2 | - | -€2 | |
| Credit institutions | 430/8 | €2 | - | -€2 | |
| Trade debts | 44 | €901 | €3,410 | +€2,509 | +278.4% |
| Suppliers | 440/4 | €901 | €3,410 | +€2,509 | +278.4% |
| Taxes, remuneration and social security | 45 | €5,246 | €6,320 | +€1,075 | +20.5% |
| Taxes | 450/3 | €2,287 | €920 | -€1,367 | -59.8% |
| Remuneration and social security | 454/9 | €2,959 | €5,401 | +€2,442 | +82.5% |
| Remuneration, social security and pensions | 62 | €21,488 | €12,986 | -€8,503 | -39.6% |
| Other operating charges | 640/8 | - | €180 | +€180 | |
| Gross operating margin | 9900 | €22,901 | -€6,713 | -€29,613 | |
| Operating profit (loss) | 9901 | €1,412 | -€19,878 | -€21,291 | |
| Financial charges | 65/66B | €57 | €84 | +€28 | +48.7% |
| Recurring financial charges | 65 | €57 | €84 | +€28 | +48.7% |
| Profit (loss) for the period before taxes | 9903 | €1,356 | -€19,963 | -€21,318 | |
| Profit (loss) for the period | 9904 | €1,356 | -€19,963 | -€21,318 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,356 | -€19,963 | -€21,318 |
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 4 October 2026 via checked.be.