M&S 51: 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 51
Largest movements
- Receivables within one year +€142,093
up €142,093 (+205%), from €69,341 to €211,434
of which Trade receivables: +€129,095
- Cash +€36,190
up €36,190 (+18.8%), from €192,414 to €228,604
mainly Advances received (+€90,076) and Net result for the year (+€63,350)
- Tangible fixed assets -€10,755
down €10,755 (-8.5%), from €126,121 to €115,366
of which Furniture and vehicles: -€6,325
- Advances received +€90,076
up €90,076 (+1,061%), from €8,491 to €98,566
- Profit (loss) carried forward +€63,350
up €63,350 (+30.5%), from €207,381 to €270,731
- Accrued charges and deferred income +€18,168
new in 2025: €18,168
- Debts after one year -€8,775
down €8,775 (-22.4%), from €39,220 to €30,445
- Gross operating margin +€22,171
up €22,171 (+22.3%), from €99,359 to €121,530
- Staff costs +€4,882
up €4,882 (+32.2%), from €15,155 to €20,037
- Other operating charges +€2,290
up €2,290 (+143%), from €1,605 to €3,895
- Taxes +€2,206
up €2,206 (+10.2%), from €21,585 to €23,791
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 | €388,876 | €556,404 | +€167,528 | +43.1% |
| Fixed assets | 21/28 | €127,121 | €116,366 | -€10,755 | -8.5% |
| Tangible fixed assets | 22/27 | €126,121 | €115,366 | -€10,755 | -8.5% |
| Land and buildings | 22 | €106,405 | €102,395 | -€4,010 | -3.8% |
| Plant, machinery and equipment | 23 | €1,300 | €880 | -€420 | -32.3% |
| Furniture and vehicles | 24 | €18,416 | €12,092 | -€6,325 | -34.3% |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €261,755 | €440,038 | +€178,283 | +68.1% |
| Amounts receivable within one year | 40/41 | €69,341 | €211,434 | +€142,093 | +205% |
| Trade receivables | 40 | €63,079 | €192,174 | +€129,095 | +205% |
| Other amounts receivable | 41 | €6,262 | €19,260 | +€12,998 | +208% |
| Cash at bank and in hand | 54/58 | €192,414 | €228,604 | +€36,190 | +18.8% |
| Total equity and liabilities | 10/49 | €388,876 | €556,404 | +€167,528 | +43.1% |
| Equity | 10/15 | €255,311 | €318,661 | +€63,350 | +24.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €35,530 | €35,530 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €33,670 | €33,670 | = | 0.0% |
| Profit (loss) carried forward | 14 | €207,381 | €270,731 | +€63,350 | +30.5% |
| Amounts payable | 17/49 | €133,566 | €237,743 | +€104,178 | +78.0% |
| Amounts payable after more than one year | 17 | €39,220 | €30,445 | -€8,775 | -22.4% |
| Financial debts | 170/4 | €39,220 | €30,445 | -€8,775 | -22.4% |
| Amounts payable within one year | 42/48 | €94,346 | €189,130 | +€94,785 | +100% |
| Current portion of amounts payable after more than one year | 42 | €8,614 | €8,775 | +€160 | +1.9% |
| Trade debts | 44 | €34,256 | €39,569 | +€5,313 | +15.5% |
| Suppliers | 440/4 | €34,256 | €39,569 | +€5,313 | +15.5% |
| Advances received on contracts in progress | 46 | €8,491 | €98,566 | +€90,076 | +1,061% |
| Taxes, remuneration and social security | 45 | €42,985 | €42,220 | -€765 | -1.8% |
| Taxes | 450/3 | €37,503 | €31,357 | -€6,146 | -16.4% |
| Remuneration and social security | 454/9 | €5,482 | €10,863 | +€5,381 | +98.2% |
| Accrued charges and deferred income | 492/3 | - | €18,168 | +€18,168 | |
| Remuneration, social security and pensions | 62 | €15,155 | €20,037 | +€4,882 | +32.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,848 | €10,755 | -€93 | -0.9% |
| Other operating charges | 640/8 | €1,605 | €3,895 | +€2,290 | +143% |
| Gross operating margin | 9900 | €99,359 | €121,530 | +€22,171 | +22.3% |
| Operating profit (loss) | 9901 | €71,750 | €86,842 | +€15,092 | +21.0% |
| Financial income | 75/76B | €203 | €534 | +€330 | +163% |
| Recurring financial income | 75 | €203 | €534 | +€330 | +163% |
| Financial charges | 65/66B | €1,185 | €235 | -€950 | -80.2% |
| Recurring financial charges | 65 | €1,185 | €235 | -€950 | -80.2% |
| Profit (loss) for the period before taxes | 9903 | €70,769 | €87,141 | +€16,373 | +23.1% |
| Income taxes | 67/77 | €21,585 | €23,791 | +€2,206 | +10.2% |
| Profit (loss) for the period | 9904 | €49,183 | €63,350 | +€14,167 | +28.8% |
| Profit (loss) for the period to be appropriated | 9905 | €49,183 | €63,350 | +€14,167 | +28.8% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.