M.S.1: 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.S.1
Largest movements
- Stocks and contracts +€2,688
up €2,688 (+52.7%), from €5,102 to €7,790
- Cash -€921
down €921 (-6.1%), from €15,043 to €14,121
mainly Trade debts (-€3,219) and Stocks and contracts (-€2,688)
- Tangible fixed assets -€880
down €880 (-33.0%), from €2,667 to €1,787
- Trade debts -€3,219
down €3,219 (-19.8%), from €16,275 to €13,056
- Tax, wage and social debts +€3,077
up €3,077 (+222%), from €1,388 to €4,465
of which Taxes: +€1,728
- Other debts +€964
up €964 (+15.8%), from €6,101 to €7,066
- Profit (loss) carried forward +€536
up €536 (+4.7%), from €11,302 to €11,839
- Gross operating margin +€13,982
up €13,982 (+72.6%), from €19,263 to €33,246
- Staff costs +€9,728
up €9,728 (+45.5%), from €21,382 to €31,110
- Financial charges -€641
down €641 (-66.1%), from €969 to €328
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 | €47,579 | €48,937 | +€1,359 | +2.9% |
| Fixed assets | 21/28 | €2,667 | €1,787 | -€880 | -33.0% |
| Tangible fixed assets | 22/27 | €2,667 | €1,787 | -€880 | -33.0% |
| Plant, machinery and equipment | 23 | €2,667 | €1,787 | -€880 | -33.0% |
| Current assets | 29/58 | €44,912 | €47,151 | +€2,238 | +5.0% |
| Stocks and contracts in progress | 3 | €5,102 | €7,790 | +€2,688 | +52.7% |
| Stocks | 30/36 | €5,102 | €7,790 | +€2,688 | +52.7% |
| Amounts receivable within one year | 40/41 | €24,302 | €24,470 | +€168 | +0.7% |
| Trade receivables | 40 | €22,601 | €24,470 | +€1,869 | +8.3% |
| Other amounts receivable | 41 | €1,701 | - | -€1,701 | |
| Cash at bank and in hand | 54/58 | €15,043 | €14,121 | -€921 | -6.1% |
| Deferred charges and accrued income | 490/1 | €465 | €769 | +€304 | +65.4% |
| Total equity and liabilities | 10/49 | €47,579 | €48,937 | +€1,359 | +2.9% |
| Equity | 10/15 | €23,814 | €24,351 | +€536 | +2.3% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Contributions outside capital | 11 | €12,500 | €12,500 | = | 0.0% |
| Other | 1109/19 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €12 | €12 | = | 0.0% |
| Non-distributable reserves | 130/1 | €12 | - | -€12 | |
| Reserves not available under the articles | 1311 | €12 | - | -€12 | |
| Distributable reserves | 133 | - | €12 | +€12 | |
| Profit (loss) carried forward | 14 | €11,302 | €11,839 | +€536 | +4.7% |
| Amounts payable | 17/49 | €23,764 | €24,587 | +€822 | +3.5% |
| Amounts payable within one year | 42/48 | €23,764 | €24,587 | +€822 | +3.5% |
| Trade debts | 44 | €16,275 | €13,056 | -€3,219 | -19.8% |
| Suppliers | 440/4 | €16,275 | €13,056 | -€3,219 | -19.8% |
| Taxes, remuneration and social security | 45 | €1,388 | €4,465 | +€3,077 | +222% |
| Taxes | 450/3 | - | €1,728 | +€1,728 | |
| Remuneration and social security | 454/9 | €1,388 | €2,737 | +€1,349 | +97.2% |
| Other amounts payable | 47/48 | €6,101 | €7,066 | +€964 | +15.8% |
| Remuneration, social security and pensions | 62 | €21,382 | €31,110 | +€9,728 | +45.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €864 | €880 | +€16 | +1.8% |
| Other operating charges | 640/8 | €394 | €401 | +€7 | +1.8% |
| Gross operating margin | 9900 | €19,263 | €33,246 | +€13,982 | +72.6% |
| Operating profit (loss) | 9901 | -€3,377 | €855 | +€4,232 | |
| Financial income | 75/76B | €267 | €10 | -€257 | -96.3% |
| Recurring financial income | 75 | €267 | €10 | -€257 | -96.3% |
| Financial charges | 65/66B | €969 | €328 | -€641 | -66.1% |
| Recurring financial charges | 65 | €969 | €328 | -€641 | -66.1% |
| Profit (loss) for the period before taxes | 9903 | -€4,079 | €536 | +€4,616 | |
| Profit (loss) for the period | 9904 | -€4,079 | €536 | +€4,616 | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,079 | €536 | +€4,616 |
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 15 October 2026 via checked.be.