M.S. KING: 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. KING
Largest movements
- Stocks and contracts -€68,000
no longer reported in 2026 (was €68,000)
- Receivables within one year -€28,855
down €28,855 (-56.0%), from €51,495 to €22,640
of which Trade receivables: -€31,475
- Cash -€5,116
down €5,116 (-82.6%), from €6,194 to €1,077
- Profit (loss) carried forward -€175,144
down €175,144, from €26,028 to -€149,116
- Trade debts +€57,607
up €57,607 (+116%), from €49,791 to €107,398
- Tax, wage and social debts +€13,791
up €13,791 (+216%), from €6,378 to €20,169
of which Remuneration and social security: +€8,188
- Gross operating margin -€79,045
down €79,045, from €43,041 to -€36,004
- Other operating charges -€8,695
down €8,695 (-89.7%), from €9,694 to €999
- Taxes -€3,010
down €3,010 (-98.4%), from €3,060 to €50
- Staff costs +€1,196
up €1,196 (+4.3%), from €27,661 to €28,857
- Financial income +€671
new in 2026: €671
of which Financial income: +€671
From the 2023 result to the 2026 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €126,239 | €23,717 | -€102,522 | -81.2% |
| Fixed assets | 21/28 | €550 | - | -€550 | |
| Tangible fixed assets | 22/27 | €550 | - | -€550 | |
| Plant, machinery and equipment | 23 | €550 | - | -€550 | |
| Current assets | 29/58 | €125,689 | €23,717 | -€101,972 | -81.1% |
| Stocks and contracts in progress | 3 | €68,000 | - | -€68,000 | |
| Stocks | 30/36 | €68,000 | - | -€68,000 | |
| Amounts receivable within one year | 40/41 | €51,495 | €22,640 | -€28,855 | -56.0% |
| Trade receivables | 40 | €31,475 | - | -€31,475 | |
| Other amounts receivable | 41 | €20,020 | €22,640 | +€2,620 | +13.1% |
| Cash at bank and in hand | 54/58 | €6,194 | €1,077 | -€5,116 | -82.6% |
| Total equity and liabilities | 10/49 | €126,239 | €23,717 | -€102,522 | -81.2% |
| Equity | 10/15 | €40,228 | -€134,916 | -€175,144 | |
| Contributions | 10/11 | €14,200 | €14,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €26,028 | -€149,116 | -€175,144 | |
| Amounts payable | 17/49 | €86,011 | €158,633 | +€72,622 | +84.4% |
| Amounts payable within one year | 42/48 | €86,011 | €158,633 | +€72,622 | +84.4% |
| Trade debts | 44 | €49,791 | €107,398 | +€57,607 | +116% |
| Suppliers | 440/4 | €49,791 | €107,398 | +€57,607 | +116% |
| Taxes, remuneration and social security | 45 | €6,378 | €20,169 | +€13,791 | +216% |
| Taxes | 450/3 | €2,660 | €8,263 | +€5,602 | +211% |
| Remuneration and social security | 454/9 | €3,717 | €11,906 | +€8,188 | +220% |
| Other amounts payable | 47/48 | €29,843 | €31,067 | +€1,224 | +4.1% |
| Remuneration, social security and pensions | 62 | €27,661 | €28,857 | +€1,196 | +4.3% |
| Other operating charges | 640/8 | €9,694 | €999 | -€8,695 | -89.7% |
| Gross operating margin | 9900 | €43,041 | -€36,004 | -€79,045 | |
| Operating profit (loss) | 9901 | €5,685 | -€65,860 | -€71,546 | |
| Financial income | 75/76B | - | €671 | +€671 | |
| Recurring financial income | 75 | - | €671 | +€671 | |
| Non-recurring financial income | 76B | - | €671 | +€671 | |
| Financial charges | 65/66B | €198 | €255 | +€57 | +28.5% |
| Recurring financial charges | 65 | €198 | €255 | +€57 | +28.5% |
| Profit (loss) for the period before taxes | 9903 | €5,487 | -€65,444 | -€70,931 | |
| Income taxes | 67/77 | €3,060 | €50 | -€3,010 | -98.4% |
| Profit (loss) for the period | 9904 | €2,427 | -€65,494 | -€67,921 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,427 | -€65,494 | -€67,921 |
Source: filed annual accounts (NBB), financial years ended 31 May 2023 and 31 May 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.