M & S Infra: what changed
M & S Infra
Largest movements
- Receivables within one year +€82,552
up €82,552 (+106%), from €78,084 to €160,636
- Tangible fixed assets +€16,942
up €16,942 (+65.7%), from €25,795 to €42,737
of which Furniture and vehicles: +€20,897
- Deferred charges and accrued income +€10,816
up €10,816 (+80.1%), from €13,508 to €24,324
- Cash +€2,972
up €2,972 (+7.3%), from €40,944 to €43,916
mainly Trade debts (+€98,210) and Net result for the year (+€29,336)
- Trade debts +€98,210
up €98,210 (+387%), from €25,396 to €123,606
- Debts after one year -€40,612
down €40,612 (-73.0%), from €55,612 to €15,000
of which Other amounts payable: -€40,612
- Reserves +€29,336
up €29,336 (+58.5%), from €50,146 to €79,483
of which Distributable reserves: +€29,336
- Tax, wage and social debts +€21,320
up €21,320 (+249%), from €8,577 to €29,897
of which Remuneration and social security: +€14,917
- Accrued charges and deferred income +€5,027
new in 2024: €5,027
- Gross operating margin -€75,854
down €75,854 (-27.3%), from €278,126 to €202,272
- Staff costs -€34,854
down €34,854 (-21.1%), from €165,501 to €130,647
- Financial charges +€6,994
up €6,994 (+4,750%), from €147 to €7,141
- Depreciation +€4,972
up €4,972 (+35.6%), from €13,971 to €18,943
- Other operating charges -€4,430
down €4,430 (-22.6%), from €19,576 to €15,146
Change in the result, 2023 to 2024
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2023 and 2024 balance sheets and the 2024 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €158,331 | €271,612 | +€113,281 | +71.5% |
| Fixed assets | 21/28 | €25,795 | €42,737 | +€16,942 | +65.7% |
| Tangible fixed assets | 22/27 | €25,795 | €42,737 | +€16,942 | +65.7% |
| Plant, machinery and equipment | 23 | €22,029 | €18,074 | -€3,955 | -18.0% |
| Furniture and vehicles | 24 | €3,766 | €24,663 | +€20,897 | +555% |
| Current assets | 29/58 | €132,536 | €228,875 | +€96,339 | +72.7% |
| Amounts receivable within one year | 40/41 | €78,084 | €160,636 | +€82,552 | +106% |
| Other amounts receivable | 41 | €78,084 | €160,636 | +€82,552 | +106% |
| Cash at bank and in hand | 54/58 | €40,944 | €43,916 | +€2,972 | +7.3% |
| Deferred charges and accrued income | 490/1 | €13,508 | €24,324 | +€10,816 | +80.1% |
| Total equity and liabilities | 10/49 | €158,331 | €271,612 | +€113,281 | +71.5% |
| Equity | 10/15 | €68,746 | €98,083 | +€29,336 | +42.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €50,146 | €79,483 | +€29,336 | +58.5% |
| Tax-exempt reserves | 132 | €9,033 | €9,033 | = | 0.0% |
| Distributable reserves | 133 | €41,113 | €70,450 | +€29,336 | +71.4% |
| Amounts payable | 17/49 | €89,585 | €173,530 | +€83,945 | +93.7% |
| Amounts payable after more than one year | 17 | €55,612 | €15,000 | -€40,612 | -73.0% |
| Financial debts | 170/4 | €15,000 | €15,000 | = | 0.0% |
| Other amounts payable | 178/9 | €40,612 | - | -€40,612 | |
| Amounts payable within one year | 42/48 | €33,973 | €153,503 | +€119,530 | +352% |
| Trade debts | 44 | €25,396 | €123,606 | +€98,210 | +387% |
| Suppliers | 440/4 | €25,396 | €123,606 | +€98,210 | +387% |
| Taxes, remuneration and social security | 45 | €8,577 | €29,897 | +€21,320 | +249% |
| Taxes | 450/3 | €5,947 | €12,349 | +€6,403 | +108% |
| Remuneration and social security | 454/9 | €2,630 | €17,548 | +€14,917 | +567% |
| Accrued charges and deferred income | 492/3 | - | €5,027 | +€5,027 | |
| Remuneration, social security and pensions | 62 | €165,501 | €130,647 | -€34,854 | -21.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,971 | €18,943 | +€4,972 | +35.6% |
| Other operating charges | 640/8 | €19,576 | €15,146 | -€4,430 | -22.6% |
| Gross operating margin | 9900 | €278,126 | €202,272 | -€75,854 | -27.3% |
| Operating profit (loss) | 9901 | €79,077 | €37,536 | -€41,541 | -52.5% |
| Financial income | 75/76B | €2,511 | €4,769 | +€2,258 | +89.9% |
| Recurring financial income | 75 | €2,511 | €4,769 | +€2,258 | +89.9% |
| Financial charges | 65/66B | €147 | €7,141 | +€6,994 | +4,750% |
| Recurring financial charges | 65 | €147 | €7,141 | +€6,994 | +4,750% |
| Profit (loss) for the period before taxes | 9903 | €81,440 | €35,163 | -€46,277 | -56.8% |
| Income taxes | 67/77 | €4,468 | €5,827 | +€1,359 | +30.4% |
| Profit (loss) for the period | 9904 | €76,972 | €29,336 | -€47,636 | -61.9% |
| Profit (loss) for the period to be appropriated | 9905 | €76,972 | €29,336 | -€47,636 | -61.9% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.