M&S ADN: 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 ADN
Largest movements
- Receivables within one year +€89,876
up €89,876 (+237.4%), from €37,863 to €127,740
of which Other amounts receivable: +€96,125
- Cash -€32,266
down €32,266 (-13.2%), from €245,006 to €212,740
mainly Receivables within one year (-€89,876) and Investment in fixed assets (net) (-€5,500)
- Receivables after one year -€15,000
no longer reported in 2025 (was €15,000)
- Profit (loss) carried forward +€43,394
up €43,394 (+15.8%), from €275,486 to €318,880
- Taxes +€38,402
up €38,402 (+179.3%), from €21,417 to €59,819
- Depreciation -€2,467
down €2,467 (-48.4%), from €5,100 to €2,633
- Staff costs -€1,876
down €1,876 (-54.3%), from €3,456 to €1,580
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 | €300,503 | €345,980 | +€45,477 | +15.1% |
| Fixed assets | 21/28 | €2,633 | €5,500 | +€2,867 | +108.9% |
| Tangible fixed assets | 22/27 | €2,633 | €5,500 | +€2,867 | +108.9% |
| Furniture and vehicles | 24 | €2,633 | €5,500 | +€2,867 | +108.9% |
| Current assets | 29/58 | €297,870 | €340,480 | +€42,610 | +14.3% |
| Amounts receivable after more than one year | 29 | €15,000 | - | -€15,000 | |
| Other amounts receivable | 291 | €15,000 | - | -€15,000 | |
| Amounts receivable within one year | 40/41 | €37,863 | €127,740 | +€89,876 | +237.4% |
| Trade receivables | 40 | €20,703 | €14,454 | -€6,249 | -30.2% |
| Other amounts receivable | 41 | €17,160 | €113,285 | +€96,125 | +560.2% |
| Cash at bank and in hand | 54/58 | €245,006 | €212,740 | -€32,266 | -13.2% |
| Total equity and liabilities | 10/49 | €300,503 | €345,980 | +€45,477 | +15.1% |
| Equity | 10/15 | €276,586 | €319,980 | +€43,394 | +15.7% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €100 | €100 | = | 0.0% |
| Non-distributable reserves | 130/1 | €100 | €100 | = | 0.0% |
| Reserves not available under the articles | 1311 | €100 | €100 | = | 0.0% |
| Profit (loss) carried forward | 14 | €275,486 | €318,880 | +€43,394 | +15.8% |
| Amounts payable | 17/49 | €23,917 | €26,000 | +€2,083 | +8.7% |
| Amounts payable within one year | 42/48 | €23,917 | €26,000 | +€2,083 | +8.7% |
| Taxes, remuneration and social security | 45 | €23,917 | €26,000 | +€2,083 | +8.7% |
| Taxes | 450/3 | €21,417 | €23,000 | +€1,583 | +7.4% |
| Remuneration and social security | 454/9 | €2,500 | €3,000 | +€500 | +20.0% |
| Remuneration, social security and pensions | 62 | €3,456 | €1,580 | -€1,876 | -54.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,100 | €2,633 | -€2,467 | -48.4% |
| Other operating charges | 640/8 | €617 | - | -€617 | |
| Gross operating margin | 9900 | €108,549 | €107,578 | -€971 | -0.9% |
| Operating profit (loss) | 9901 | €99,376 | €103,365 | +€3,988 | +4.0% |
| Financial charges | 65/66B | €99 | €152 | +€53 | +52.9% |
| Recurring financial charges | 65 | €99 | €152 | +€53 | +52.9% |
| Profit (loss) for the period before taxes | 9903 | €99,277 | €103,213 | +€3,936 | +4.0% |
| Income taxes | 67/77 | €21,417 | €59,819 | +€38,402 | +179.3% |
| Profit (loss) for the period | 9904 | €77,860 | €43,394 | -€34,466 | -44.3% |
| Profit (loss) for the period to be appropriated | 9905 | €77,860 | €43,394 | -€34,466 | -44.3% |
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.