M.S. Quality: 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. Quality
Largest movements
- Tangible fixed assets +€43,911
up €43,911 (+2,119%), from €2,072 to €45,983
- Receivables after one year -€14,800
no longer reported in 2025 (was €14,800)
- Receivables within one year +€7,157
up €7,157 (+101%), from €7,062 to €14,218
of which Trade receivables: +€7,185
- Cash -€2,218
down €2,218 (-15.4%), from €14,431 to €12,213
mainly Investment in fixed assets (net) (-€45,324) and Contributions, distributions and other (-€22,586)
- Debts after one year +€22,905
up €22,905 (+204%), from €11,253 to €34,158
- Reserves -€8,846
down €8,846 (-83.6%), from €10,586 to €1,739
- Trade debts +€8,557
up €8,557 (+3,809%), from €225 to €8,782
- Current portion of long-term debt +€7,678
up €7,678 (+320%), from €2,399 to €10,077
- Tax, wage and social debts +€3,567
up €3,567 (+32.7%), from €10,903 to €14,470
- Write-downs -€16,200
no longer reported in 2025 (was €16,200)
- Gross operating margin +€7,086
up €7,086 (+32.8%), from €21,590 to €28,676
- Taxes +€5,188
up €5,188 (+188%), from €2,753 to €7,941
- Other operating charges +€2,450
up €2,450 (+508%), from €482 to €2,932
- Financial charges +€1,434
up €1,434 (+118%), from €1,218 to €2,651
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 | €38,365 | €72,415 | +€34,050 | +88.8% |
| Fixed assets | 21/28 | €2,072 | €45,983 | +€43,911 | +2,119% |
| Tangible fixed assets | 22/27 | €2,072 | €45,983 | +€43,911 | +2,119% |
| Furniture and vehicles | 24 | €2,072 | €45,983 | +€43,911 | +2,119% |
| Current assets | 29/58 | €36,293 | €26,432 | -€9,861 | -27.2% |
| Amounts receivable after more than one year | 29 | €14,800 | - | -€14,800 | |
| Other amounts receivable | 291 | €14,800 | - | -€14,800 | |
| Amounts receivable within one year | 40/41 | €7,062 | €14,218 | +€7,157 | +101% |
| Trade receivables | 40 | €7,032 | €14,217 | +€7,185 | +102% |
| Other amounts receivable | 41 | €30 | €2 | -€28 | -94.7% |
| Cash at bank and in hand | 54/58 | €14,431 | €12,213 | -€2,218 | -15.4% |
| Total equity and liabilities | 10/49 | €38,365 | €72,415 | +€34,050 | +88.8% |
| Equity | 10/15 | €13,586 | €4,739 | -€8,846 | -65.1% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €10,586 | €1,739 | -€8,846 | -83.6% |
| Distributable reserves | 133 | €10,586 | €1,739 | -€8,846 | -83.6% |
| Amounts payable | 17/49 | €24,780 | €67,676 | +€42,896 | +173% |
| Amounts payable after more than one year | 17 | €11,253 | €34,158 | +€22,905 | +204% |
| Financial debts | 170/4 | €11,253 | €34,158 | +€22,905 | +204% |
| Amounts payable within one year | 42/48 | €13,527 | €33,518 | +€19,991 | +148% |
| Current portion of amounts payable after more than one year | 42 | €2,399 | €10,077 | +€7,678 | +320% |
| Trade debts | 44 | €225 | €8,782 | +€8,557 | +3,809% |
| Suppliers | 440/4 | €225 | €8,782 | +€8,557 | +3,809% |
| Taxes, remuneration and social security | 45 | €10,903 | €14,470 | +€3,567 | +32.7% |
| Taxes | 450/3 | €10,903 | €14,470 | +€3,567 | +32.7% |
| Other amounts payable | 47/48 | - | €189 | +€189 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,534 | €1,413 | -€1,122 | -44.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €16,200 | - | -€16,200 | |
| Other operating charges | 640/8 | €482 | €2,932 | +€2,450 | +508% |
| Gross operating margin | 9900 | €21,590 | €28,676 | +€7,086 | +32.8% |
| Operating profit (loss) | 9901 | €2,374 | €24,332 | +€21,958 | +925% |
| Financial charges | 65/66B | €1,218 | €2,651 | +€1,434 | +118% |
| Recurring financial charges | 65 | €1,218 | €2,651 | +€1,434 | +118% |
| Profit (loss) for the period before taxes | 9903 | €1,156 | €21,680 | +€20,524 | +1,775% |
| Income taxes | 67/77 | €2,753 | €7,941 | +€5,188 | +188% |
| Profit (loss) for the period | 9904 | -€1,597 | €13,739 | +€15,337 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,597 | €13,739 | +€15,337 |
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 23 October 2026 via checked.be.