M&S ASSOCIES: what changed
What changed
M&S ASSOCIES
NACE 68.110, Buying and selling of own real estate
filed annual accounts (NBB)
Net result for the year
€672,588
2024 · €261,904+€410,684
Equity
€1.1m
2024 · €382,492+€672,588
Cash
€96,660
2024 · €27,379+€69,281
Balance sheet total
€4.3m
2024 · €2.1m+€2.2m
Largest movements
Assets
- Stocks and contracts +€2.2m
up €2.2m (+131%), from €1.6m to €3.8m
- Deferred charges and accrued income -€115,881
down €115,881 (-37.7%), from €307,279 to €191,398
- Receivables within one year +€79,584
up €79,584 (+1,256%), from €6,336 to €85,920
of which Trade receivables: +€64,584
- Cash +€69,281
up €69,281 (+253%), from €27,379 to €96,660
mainly Short-term financial debts (+€1.0m) and Net result for the year (+€672,588)
Equity and liabilities
- Short-term financial debts +€1.0m
up €1.0m (+79.5%), from €1.3m to €2.3m
- Profit (loss) carried forward +€672,588
up €672,588 (+196%), from €342,492 to €1.0m
- Debts after one year +€184,649
up €184,649 (+474%), from €38,952 to €223,601
of which Other amounts payable: +€159,300
- Tax, wage and social debts +€163,788
up €163,788 (+182%), from €90,043 to €253,831
- Current portion of long-term debt +€74,068
up €74,068 (+467%), from €15,845 to €89,913
Income statement
- Gross operating margin +€643,154
up €643,154 (+151%), from €424,589 to €1.1m
- Taxes +€138,493
up €138,493 (+166%), from €83,321 to €221,814
- Financial charges +€74,084
up €74,084 (+164%), from €45,131 to €119,215
- Other operating charges +€23,045
up €23,045 (+258%), from €8,943 to €31,988
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€261,904
Gross operating margin
+€643,154
Depreciation
+€3,156
Other operating charges
-€23,045
Financial income
-€5
Financial charges
-€74,084
Taxes
-€138,493
Result 2025
€672,588
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€1.2m
Investment
-€16,835
Financing
+€1.3m
Cash 2024
€27,379
From operations (derived)
-€1.2m
Net result for the year
+€672,588
Depreciation
+€22,140
Stocks and contracts
-€2.2m
Receivables within one year
-€79,584
Deferred charges and accrued income
+€115,881
Trade debts
+€73,786
Tax, wage and social debts
+€163,788
Advances received
-€1,334
Other debts
-€31,534
Accrued charges and deferred income
+€7,523
Investment (derived)
-€16,835
Investment in fixed assets (net)
-€16,835
Financing
+€1.3m
Debts after one year
+€184,649
Current portion of long-term debt
+€74,068
Short-term financial debts
+€1.0m
Cash 2025
€96,660
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,093,432 | €4,277,250 | +€2.2m | +104% |
| Fixed assets | 21/28 | €104,673 | €99,368 | -€5,305 | -5.1% |
| Tangible fixed assets | 22/27 | €104,673 | €99,368 | -€5,305 | -5.1% |
| Land and buildings | 22 | €52,341 | - | -€52,341 | |
| Plant, machinery and equipment | 23 | €21,220 | €8,021 | -€13,199 | -62.2% |
| Furniture and vehicles | 24 | €31,113 | €91,347 | +€60,235 | +194% |
| Current assets | 29/58 | €1,988,758 | €4,177,882 | +€2.2m | +110% |
| Stocks and contracts in progress | 3 | €1,647,764 | €3,803,903 | +€2.2m | +131% |
| Stocks | 30/36 | €1,647,764 | €3,803,903 | +€2.2m | +131% |
| Amounts receivable within one year | 40/41 | €6,336 | €85,920 | +€79,584 | +1,256% |
| Trade receivables | 40 | €6,336 | €70,920 | +€64,584 | +1,019% |
| Other amounts receivable | 41 | - | €15,000 | +€15,000 | |
| Cash at bank and in hand | 54/58 | €27,379 | €96,660 | +€69,281 | +253% |
| Deferred charges and accrued income | 490/1 | €307,279 | €191,398 | -€115,881 | -37.7% |
| Total equity and liabilities | 10/49 | €2,093,432 | €4,277,250 | +€2.2m | +104% |
| Equity | 10/15 | €382,492 | €1,055,080 | +€672,588 | +176% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €342,492 | €1,015,080 | +€672,588 | +196% |
| Amounts payable | 17/49 | €1,710,939 | €3,222,169 | +€1.5m | +88.3% |
| Amounts payable after more than one year | 17 | €38,952 | €223,601 | +€184,649 | +474% |
| Financial debts | 170/4 | €36,927 | €62,276 | +€25,349 | +68.6% |
| Other amounts payable | 178/9 | €2,025 | €161,325 | +€159,300 | +7,867% |
| Amounts payable within one year | 42/48 | €1,671,552 | €2,990,611 | +€1.3m | +78.9% |
| Current portion of amounts payable after more than one year | 42 | €15,845 | €89,913 | +€74,068 | +467% |
| Financial debts | 43 | €1,308,572 | €2,348,856 | +€1.0m | +79.5% |
| Other loans | 439 | €1,308,572 | €2,348,856 | +€1.0m | +79.5% |
| Trade debts | 44 | €22,010 | €95,797 | +€73,786 | +335% |
| Suppliers | 440/4 | €22,010 | €95,797 | +€73,786 | +335% |
| Advances received on contracts in progress | 46 | €1,953 | €620 | -€1,334 | -68.3% |
| Taxes, remuneration and social security | 45 | €90,043 | €253,831 | +€163,788 | +182% |
| Taxes | 450/3 | €90,043 | €253,831 | +€163,788 | +182% |
| Other amounts payable | 47/48 | €233,128 | €201,594 | -€31,534 | -13.5% |
| Accrued charges and deferred income | 492/3 | €435 | €7,958 | +€7,523 | +1,729% |
| Non-recurring operating income | 76A | - | €11,900 | +€11,900 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,295 | €22,140 | -€3,156 | -12.5% |
| Other operating charges | 640/8 | €8,943 | €31,988 | +€23,045 | +258% |
| Gross operating margin | 9900 | €424,589 | €1,067,743 | +€643,154 | +151% |
| Operating profit (loss) | 9901 | €390,351 | €1,013,616 | +€623,265 | +160% |
| Financial income | 75/76B | €6 | €1 | -€5 | -81.8% |
| Recurring financial income | 75 | €6 | €1 | -€5 | -81.8% |
| Financial charges | 65/66B | €45,131 | €119,215 | +€74,084 | +164% |
| Recurring financial charges | 65 | €45,131 | €119,215 | +€74,084 | +164% |
| Profit (loss) for the period before taxes | 9903 | €345,225 | €894,402 | +€549,176 | +159% |
| Income taxes | 67/77 | €83,321 | €221,814 | +€138,493 | +166% |
| Profit (loss) for the period | 9904 | €261,904 | €672,588 | +€410,684 | +157% |
| Profit (loss) for the period to be appropriated | 9905 | €261,904 | €672,588 | +€410,684 | +157% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.