M & S GROUP: 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 GROUP
Largest movements
- Receivables after one year +€265,360
up €265,360 (+52.6%), from €504,057 to €769,417
- Cash +€139,327
up €139,327 (+88.1%), from €158,189 to €297,516
mainly Trade debts (+€560,305) and Net result for the year (+€177,437)
- Receivables within one year +€72,690
up €72,690 (+10.6%), from €684,175 to €756,865
of which Trade receivables: +€133,789
- Tangible fixed assets +€63,503
up €63,503 (+9.6%), from €661,298 to €724,800
of which Furniture and vehicles: +€116,527
- Trade debts +€560,305
up €560,305 (+38.2%), from €1.5m to €2.0m
- Debts after one year -€182,013
down €182,013 (-44.4%), from €409,665 to €227,652
of which Other amounts payable: -€100,000
- Reserves +€177,437
up €177,437 (+143%), from €123,774 to €301,212
- Tax, wage and social debts +€104,539
up €104,539 (+38.3%), from €273,082 to €377,620
of which Taxes: +€100,784
- Other debts -€91,466
no longer reported in 2025 (was €91,466)
- Gross operating margin +€233,009
up €233,009 (+32.1%), from €726,483 to €959,492
- Staff costs +€78,467
up €78,467 (+21.4%), from €366,354 to €444,820
- Taxes +€31,153
up €31,153 (+47.6%), from €65,423 to €96,576
- Financial income -€20,958
down €20,958 (-100.0%), from €20,958 to €0
- Other operating charges +€11,208
up €11,208 (+31.3%), from €35,817 to €47,024
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 | €3,153,859 | €3,732,043 | +€578,184 | +18.3% |
| Formation expenses | 20 | €4,998 | €3,618 | -€1,380 | -27.6% |
| Fixed assets | 21/28 | €829,877 | €900,187 | +€70,309 | +8.5% |
| Intangible fixed assets | 21 | €32,580 | €24,637 | -€7,943 | -24.4% |
| Tangible fixed assets | 22/27 | €661,298 | €724,800 | +€63,503 | +9.6% |
| Land and buildings | 22 | €30,192 | €27,957 | -€2,234 | -7.4% |
| Plant, machinery and equipment | 23 | €4,868 | €2,614 | -€2,255 | -46.3% |
| Furniture and vehicles | 24 | €42,024 | €158,550 | +€116,527 | +277% |
| Leasing and similar rights | 25 | €398,509 | €345,510 | -€52,999 | -13.3% |
| Other tangible fixed assets | 26 | €185,705 | €190,169 | +€4,464 | +2.4% |
| Financial fixed assets | 28 | €136,000 | €150,750 | +€14,750 | +10.8% |
| Current assets | 29/58 | €2,318,983 | €2,828,237 | +€509,254 | +22.0% |
| Amounts receivable after more than one year | 29 | €504,057 | €769,417 | +€265,360 | +52.6% |
| Trade receivables | 290 | €504,057 | €769,417 | +€265,360 | +52.6% |
| Stocks and contracts in progress | 3 | €932,401 | €964,841 | +€32,440 | +3.5% |
| Stocks | 30/36 | €932,401 | €964,841 | +€32,440 | +3.5% |
| Amounts receivable within one year | 40/41 | €684,175 | €756,865 | +€72,690 | +10.6% |
| Trade receivables | 40 | €605,359 | €739,148 | +€133,789 | +22.1% |
| Other amounts receivable | 41 | €78,816 | €17,717 | -€61,099 | -77.5% |
| Cash at bank and in hand | 54/58 | €158,189 | €297,516 | +€139,327 | +88.1% |
| Deferred charges and accrued income | 490/1 | €40,161 | €39,600 | -€562 | -1.4% |
| Total equity and liabilities | 10/49 | €3,153,859 | €3,732,043 | +€578,184 | +18.3% |
| Equity | 10/15 | €369,538 | €546,975 | +€177,437 | +48.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €123,774 | €301,212 | +€177,437 | +143% |
| Distributable reserves | 133 | €123,774 | €301,212 | +€177,437 | +143% |
| Profit (loss) carried forward | 14 | €227,164 | €227,164 | = | 0.0% |
| Amounts payable | 17/49 | €2,784,321 | €3,185,067 | +€400,746 | +14.4% |
| Amounts payable after more than one year | 17 | €409,665 | €227,652 | -€182,013 | -44.4% |
| Financial debts | 170/4 | €309,665 | €227,652 | -€82,013 | -26.5% |
| Other amounts payable | 178/9 | €100,000 | - | -€100,000 | |
| Amounts payable within one year | 42/48 | €2,374,656 | €2,957,415 | +€582,759 | +24.5% |
| Current portion of amounts payable after more than one year | 42 | €78,516 | €87,898 | +€9,382 | +11.9% |
| Financial debts | 43 | €29,875 | €29,875 | = | 0.0% |
| Credit institutions | 430/8 | €29,875 | €29,875 | = | 0.0% |
| Trade debts | 44 | €1,468,539 | €2,028,844 | +€560,305 | +38.2% |
| Suppliers | 440/4 | €1,468,539 | €2,028,844 | +€560,305 | +38.2% |
| Advances received on contracts in progress | 46 | €433,177 | €433,177 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €273,082 | €377,620 | +€104,539 | +38.3% |
| Taxes | 450/3 | €188,964 | €289,748 | +€100,784 | +53.3% |
| Remuneration and social security | 454/9 | €84,117 | €87,872 | +€3,755 | +4.5% |
| Other amounts payable | 47/48 | €91,466 | - | -€91,466 | |
| Non-recurring operating income | 76A | €283 | - | -€283 | |
| Remuneration, social security and pensions | 62 | €366,354 | €444,820 | +€78,467 | +21.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €118,959 | €127,521 | +€8,562 | +7.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,765 | +€1,765 | |
| Other operating charges | 640/8 | €35,817 | €47,024 | +€11,208 | +31.3% |
| Non-recurring operating charges | 66A | €5,172 | €35,000 | +€29,828 | +577% |
| Gross operating margin | 9900 | €726,483 | €959,492 | +€233,009 | +32.1% |
| Operating profit (loss) | 9901 | €200,182 | €303,362 | +€103,181 | +51.5% |
| Financial income | 75/76B | €20,958 | €0 | -€20,958 | -100.0% |
| Recurring financial income | 75 | €20,958 | €0 | -€20,958 | -100.0% |
| Financial charges | 65/66B | €31,942 | €29,349 | -€2,593 | -8.1% |
| Recurring financial charges | 65 | €31,942 | €29,349 | -€2,593 | -8.1% |
| Profit (loss) for the period before taxes | 9903 | €189,198 | €274,014 | +€84,816 | +44.8% |
| Income taxes | 67/77 | €65,423 | €96,576 | +€31,153 | +47.6% |
| Profit (loss) for the period | 9904 | €123,774 | €177,437 | +€53,663 | +43.4% |
| Profit (loss) for the period to be appropriated | 9905 | €123,774 | €177,437 | +€53,663 | +43.4% |
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 15 October 2026 via checked.be.