M&S AQUA PROJECT: 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 AQUA PROJECT
Largest movements
- Stocks and contracts -€1,418
no longer reported in 2025 (was €1,418)
- Cash +€265
up €265 (+314%), from €84 to €349
mainly Stocks and contracts (+€1,418) and Other debts (+€1,410)
- Formation expenses -€200
down €200 (-80.2%), from €249 to €49
- Profit (loss) carried forward -€2,763
down €2,763 (-47.2%), from -€5,852 to -€8,616
- Other debts +€1,410
up €1,410 (+9.2%), from €15,369 to €16,779
- Gross operating margin +€2,031
up €2,031 (+46.9%), from -€4,328 to -€2,298
- Depreciation -€1,188
down €1,188 (-85.6%), from €1,388 to €200
- Other operating charges +€160
up €160 (+152%), from €105 to €266
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 | €15,571 | €14,218 | -€1,354 | -8.7% |
| Formation expenses | 20 | €249 | €49 | -€200 | -80.2% |
| Current assets | 29/58 | €15,322 | €14,168 | -€1,154 | -7.5% |
| Stocks and contracts in progress | 3 | €1,418 | - | -€1,418 | |
| Stocks | 30/36 | €1,418 | - | -€1,418 | |
| Amounts receivable within one year | 40/41 | €13,819 | €13,819 | = | 0.0% |
| Trade receivables | 40 | €12,319 | €12,319 | = | 0.0% |
| Other amounts receivable | 41 | €1,500 | €1,500 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €84 | €349 | +€265 | +314% |
| Total equity and liabilities | 10/49 | €15,571 | €14,218 | -€1,354 | -8.7% |
| Equity | 10/15 | -€63 | -€2,827 | -€2,763 | -4,366% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €3,789 | €3,789 | = | 0.0% |
| Distributable reserves | 133 | €3,789 | €3,789 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€5,852 | -€8,616 | -€2,763 | -47.2% |
| Amounts payable | 17/49 | €15,635 | €17,044 | +€1,410 | +9.0% |
| Amounts payable within one year | 42/48 | €15,635 | €17,044 | +€1,410 | +9.0% |
| Taxes, remuneration and social security | 45 | €266 | €266 | = | 0.0% |
| Taxes | 450/3 | €266 | €266 | = | 0.0% |
| Other amounts payable | 47/48 | €15,369 | €16,779 | +€1,410 | +9.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,388 | €200 | -€1,188 | -85.6% |
| Other operating charges | 640/8 | €105 | €266 | +€160 | +152% |
| Gross operating margin | 9900 | -€4,328 | -€2,298 | +€2,031 | +46.9% |
| Operating profit (loss) | 9901 | -€5,821 | -€2,763 | +€3,058 | +52.5% |
| Financial charges | 65/66B | €31 | €0 | -€31 | -99.5% |
| Recurring financial charges | 65 | €31 | €0 | -€31 | -99.5% |
| Profit (loss) for the period before taxes | 9903 | -€5,852 | -€2,763 | +€3,089 | +52.8% |
| Profit (loss) for the period | 9904 | -€5,852 | -€2,763 | +€3,089 | +52.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,852 | -€2,763 | +€3,089 | +52.8% |
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 28 October 2026 via checked.be.