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
- Receivables within one year +€6,527
up €6,527 (+377.7%), from €1,728 to €8,255
- Cash -€5,146
down €5,146 (-36.2%), from €14,204 to €9,059
mainly Receivables within one year (-€6,527) and Investment in fixed assets (net) (-€5,100)
- Financial fixed assets +€5,100
new in 2025: €5,100
- Tangible fixed assets -€780
down €780 (-27.3%), from €2,855 to €2,075
- Stocks and contracts +€503
up €503 (+8.1%), from €6,231 to €6,734
- Profit (loss) carried forward +€3,802
up €3,802 (+82.8%), from €4,592 to €8,394
- Tax, wage and social debts +€1,248
up €1,248 (+82.2%), from €1,519 to €2,767
of which Remuneration and social security: +€2,608
- Trade debts +€1,154
up €1,154 (+374.8%), from €308 to €1,462
- Staff costs +€11,027
up €11,027 (+37.9%), from €29,123 to €40,150
- Gross operating margin +€8,301
up €8,301 (+21.3%), from €38,898 to €47,199
- Other operating charges +€785
up €785 (+48.9%), from €1,607 to €2,392
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 | €25,019 | €31,222 | +€6,204 | +24.8% |
| Fixed assets | 21/28 | €2,855 | €7,175 | +€4,320 | +151.3% |
| Tangible fixed assets | 22/27 | €2,855 | €2,075 | -€780 | -27.3% |
| Plant, machinery and equipment | 23 | €2,855 | €2,075 | -€780 | -27.3% |
| Financial fixed assets | 28 | - | €5,100 | +€5,100 | |
| Current assets | 29/58 | €22,164 | €24,047 | +€1,884 | +8.5% |
| Stocks and contracts in progress | 3 | €6,231 | €6,734 | +€503 | +8.1% |
| Stocks | 30/36 | €6,231 | €6,734 | +€503 | +8.1% |
| Amounts receivable within one year | 40/41 | €1,728 | €8,255 | +€6,527 | +377.7% |
| Other amounts receivable | 41 | €1,728 | €8,255 | +€6,527 | +377.7% |
| Cash at bank and in hand | 54/58 | €14,204 | €9,059 | -€5,146 | -36.2% |
| Total equity and liabilities | 10/49 | €25,019 | €31,222 | +€6,204 | +24.8% |
| Equity | 10/15 | €23,192 | €26,994 | +€3,802 | +16.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Outside capital | 11 | €18,600 | - | -€18,600 | |
| Share premium | 1100/10 | €18,600 | - | -€18,600 | |
| Profit (loss) carried forward | 14 | €4,592 | €8,394 | +€3,802 | +82.8% |
| Amounts payable | 17/49 | €1,827 | €4,229 | +€2,402 | +131.5% |
| Amounts payable within one year | 42/48 | €1,827 | €4,229 | +€2,402 | +131.5% |
| Trade debts | 44 | €308 | €1,462 | +€1,154 | +374.8% |
| Suppliers | 440/4 | €308 | €1,462 | +€1,154 | +374.8% |
| Taxes, remuneration and social security | 45 | €1,519 | €2,767 | +€1,248 | +82.2% |
| Taxes | 450/3 | €1,519 | €158 | -€1,360 | -89.6% |
| Remuneration and social security | 454/9 | - | €2,608 | +€2,608 | |
| Remuneration, social security and pensions | 62 | €29,123 | €40,150 | +€11,027 | +37.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €780 | €780 | = | 0.0% |
| Other operating charges | 640/8 | €1,607 | €2,392 | +€785 | +48.9% |
| Gross operating margin | 9900 | €38,898 | €47,199 | +€8,301 | +21.3% |
| Operating profit (loss) | 9901 | €7,388 | €3,877 | -€3,511 | -47.5% |
| Financial charges | 65/66B | €75 | €75 | +€0 | +0.1% |
| Recurring financial charges | 65 | €75 | €75 | +€0 | +0.1% |
| Profit (loss) for the period before taxes | 9903 | €7,313 | €3,802 | -€3,511 | -48.0% |
| Profit (loss) for the period | 9904 | €7,313 | €3,802 | -€3,511 | -48.0% |
| Profit (loss) for the period to be appropriated | 9905 | €7,313 | €3,802 | -€3,511 | -48.0% |
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 6 October 2026 via checked.be.