M & S CONSTRUCT: 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 CONSTRUCT
Largest movements
- Receivables within one year +€57,691
up €57,691 (+154.3%), from €37,393 to €95,085
of which Trade receivables: +€46,331
- Cash +€38,877
up €38,877 (+365.0%), from €10,652 to €49,530
mainly Accrued charges and deferred income (+€69,150) and Net result for the year (+€20,606)
- Tangible fixed assets -€3,193
down €3,193 (-39.5%), from €8,092 to €4,899
of which Furniture and vehicles: -€2,551
- Accrued charges and deferred income +€69,150
new in 2025: €69,150
- Profit (loss) carried forward +€20,606
up €20,606 (+110.1%), from €18,709 to €39,315
- Tax, wage and social debts +€4,739
up €4,739 (+85.8%), from €5,521 to €10,261
of which Taxes: +€4,289
- Gross operating margin +€27,931
up €27,931 (+374.8%), from €7,453 to €35,384
- Taxes +€3,949
up €3,949 (+182.3%), from €2,167 to €6,116
- Depreciation -€2,099
down €2,099 (-24.6%), from €8,542 to €6,443
- Staff costs +€1,503
new in 2025: €1,503
- Other operating charges -€433
down €433 (-53.6%), from €808 to €375
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 | €62,711 | €155,963 | +€93,252 | +148.7% |
| Fixed assets | 21/28 | €8,215 | €4,899 | -€3,317 | -40.4% |
| Tangible fixed assets | 22/27 | €8,092 | €4,899 | -€3,193 | -39.5% |
| Plant, machinery and equipment | 23 | €700 | €58 | -€642 | -91.7% |
| Furniture and vehicles | 24 | €7,392 | €4,840 | -€2,551 | -34.5% |
| Financial fixed assets | 28 | €124 | - | -€124 | |
| Current assets | 29/58 | €54,496 | €151,064 | +€96,569 | +177.2% |
| Stocks and contracts in progress | 3 | €6,201 | €6,201 | = | 0.0% |
| Stocks | 30/36 | €6,201 | €6,201 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €37,393 | €95,085 | +€57,691 | +154.3% |
| Trade receivables | 40 | €20,320 | €66,650 | +€46,331 | +228.0% |
| Other amounts receivable | 41 | €17,074 | €28,434 | +€11,361 | +66.5% |
| Cash at bank and in hand | 54/58 | €10,652 | €49,530 | +€38,877 | +365.0% |
| Deferred charges and accrued income | 490/1 | €249 | €249 | = | 0.0% |
| Total equity and liabilities | 10/49 | €62,711 | €155,963 | +€93,252 | +148.7% |
| Equity | 10/15 | €39,609 | €60,215 | +€20,606 | +52.0% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Capital | 10 | €19,000 | - | -€19,000 | |
| Issued capital | 100 | €19,000 | - | -€19,000 | |
| Contributions outside capital | 11 | - | €19,000 | +€19,000 | |
| Share premium | 1100/10 | - | €19,000 | +€19,000 | |
| Reserves | 13 | €1,900 | €1,900 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,900 | €1,900 | = | 0.0% |
| Legal reserve | 130 | €1,900 | - | -€1,900 | |
| Reserves not available under the articles | 1311 | - | €1,900 | +€1,900 | |
| Profit (loss) carried forward | 14 | €18,709 | €39,315 | +€20,606 | +110.1% |
| Amounts payable | 17/49 | €23,102 | €95,748 | +€72,646 | +314.5% |
| Amounts payable within one year | 42/48 | €23,102 | €26,597 | +€3,495 | +15.1% |
| Financial debts | 43 | €11,000 | €11,000 | = | 0.0% |
| Credit institutions | 430/8 | €11,000 | €11,000 | = | 0.0% |
| Trade debts | 44 | €6,581 | €5,337 | -€1,244 | -18.9% |
| Suppliers | 440/4 | €6,581 | €5,337 | -€1,244 | -18.9% |
| Taxes, remuneration and social security | 45 | €5,521 | €10,261 | +€4,739 | +85.8% |
| Taxes | 450/3 | €5,521 | €9,810 | +€4,289 | +77.7% |
| Remuneration and social security | 454/9 | - | €450 | +€450 | |
| Accrued charges and deferred income | 492/3 | - | €69,150 | +€69,150 | |
| Remuneration, social security and pensions | 62 | - | €1,503 | +€1,503 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,542 | €6,443 | -€2,099 | -24.6% |
| Other operating charges | 640/8 | €808 | €375 | -€433 | -53.6% |
| Gross operating margin | 9900 | €7,453 | €35,384 | +€27,931 | +374.8% |
| Operating profit (loss) | 9901 | -€1,897 | €27,063 | +€28,960 | |
| Financial income | 75/76B | €200 | - | -€200 | |
| Recurring financial income | 75 | €200 | - | -€200 | |
| Financial charges | 65/66B | €141 | €341 | +€200 | +141.5% |
| Recurring financial charges | 65 | €141 | €341 | +€200 | +141.5% |
| Profit (loss) for the period before taxes | 9903 | -€1,838 | €26,722 | +€28,560 | |
| Income taxes | 67/77 | €2,167 | €6,116 | +€3,949 | +182.3% |
| Profit (loss) for the period | 9904 | -€4,005 | €20,606 | +€24,611 | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,005 | €20,606 | +€24,611 |
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 10 October 2026 via checked.be.