M&S System: 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 System
Largest movements
- Stocks and contracts +€471,530
up €471,530 (+303%), from €155,399 to €626,929
- Receivables within one year +€264,027
up €264,027 (+43.3%), from €609,305 to €873,332
of which Trade receivables: +€321,588
- Tangible fixed assets -€86,446
down €86,446 (-43.5%), from €198,615 to €112,169
of which Furniture and vehicles: -€65,908
- Advances received +€528,818
new in 2025: €528,818
- Tax, wage and social debts +€247,209
up €247,209 (+561%), from €44,093 to €291,302
of which Taxes: +€196,944
- Reserves -€89,522
down €89,522 (-23.1%), from €388,084 to €298,562
- Short-term financial debts -€55,119
down €55,119 (-20.4%), from €270,337 to €215,218
- Trade debts +€37,917
up €37,917 (+15.7%), from €241,447 to €279,364
- Staff costs +€434,334
up €434,334 (+113%), from €383,425 to €817,758
- Gross operating margin +€343,502
up €343,502 (+48.2%), from €712,882 to €1.1m
- Taxes +€128,147
up €128,147 (+250%), from €51,245 to €179,391
- Other operating charges +€64,561
up €64,561 (+644%), from €10,027 to €74,588
- Financial charges -€56,021
down €56,021 (-82.8%), from €67,633 to €11,612
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 | €977,327 | €1,635,160 | +€657,833 | +67.3% |
| Fixed assets | 21/28 | €206,280 | €119,834 | -€86,446 | -41.9% |
| Tangible fixed assets | 22/27 | €198,615 | €112,169 | -€86,446 | -43.5% |
| Land and buildings | 22 | €3,943 | €2,957 | -€986 | -25.0% |
| Plant, machinery and equipment | 23 | €49,439 | €29,887 | -€19,552 | -39.5% |
| Furniture and vehicles | 24 | €145,232 | €79,324 | -€65,908 | -45.4% |
| Financial fixed assets | 28 | €7,665 | €7,665 | = | 0.0% |
| Current assets | 29/58 | €771,047 | €1,515,326 | +€744,279 | +96.5% |
| Stocks and contracts in progress | 3 | €155,399 | €626,929 | +€471,530 | +303% |
| Contracts in progress | 37 | €155,399 | €626,929 | +€471,530 | +303% |
| Amounts receivable within one year | 40/41 | €609,305 | €873,332 | +€264,027 | +43.3% |
| Trade receivables | 40 | €307,392 | €628,980 | +€321,588 | +105% |
| Other amounts receivable | 41 | €301,912 | €244,352 | -€57,560 | -19.1% |
| Cash at bank and in hand | 54/58 | €3,820 | €15,065 | +€11,245 | +294% |
| Deferred charges and accrued income | 490/1 | €2,523 | - | -€2,523 | |
| Total equity and liabilities | 10/49 | €977,327 | €1,635,160 | +€657,833 | +67.3% |
| Equity | 10/15 | €406,684 | €317,162 | -€89,522 | -22.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €388,084 | €298,562 | -€89,522 | -23.1% |
| Distributable reserves | 133 | €388,084 | €298,562 | -€89,522 | -23.1% |
| Amounts payable | 17/49 | €570,643 | €1,317,998 | +€747,355 | +131% |
| Amounts payable after more than one year | 17 | €3,295 | - | -€3,295 | |
| Financial debts | 170/4 | €3,295 | - | -€3,295 | |
| Amounts payable within one year | 42/48 | €567,348 | €1,317,998 | +€750,649 | +132% |
| Current portion of amounts payable after more than one year | 42 | €11,471 | €3,295 | -€8,176 | -71.3% |
| Financial debts | 43 | €270,337 | €215,218 | -€55,119 | -20.4% |
| Credit institutions | 430/8 | €270,337 | €215,218 | -€55,119 | -20.4% |
| Trade debts | 44 | €241,447 | €279,364 | +€37,917 | +15.7% |
| Suppliers | 440/4 | €241,447 | €279,364 | +€37,917 | +15.7% |
| Advances received on contracts in progress | 46 | - | €528,818 | +€528,818 | |
| Taxes, remuneration and social security | 45 | €44,093 | €291,302 | +€247,209 | +561% |
| Taxes | 450/3 | €9,780 | €206,724 | +€196,944 | +2,014% |
| Remuneration and social security | 454/9 | €34,313 | €84,578 | +€50,265 | +146% |
| Remuneration, social security and pensions | 62 | €383,425 | €817,758 | +€434,334 | +113% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €102,184 | €93,322 | -€8,862 | -8.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€21,110 | -€21,110 | |
| Other operating charges | 640/8 | €10,027 | €74,588 | +€64,561 | +644% |
| Gross operating margin | 9900 | €712,882 | €1,056,384 | +€343,502 | +48.2% |
| Operating profit (loss) | 9901 | €217,247 | €91,826 | -€125,421 | -57.7% |
| Financial income | 75/76B | €4,891 | €9,656 | +€4,765 | +97.4% |
| Recurring financial income | 75 | €4,891 | €9,656 | +€4,765 | +97.4% |
| Financial charges | 65/66B | €67,633 | €11,612 | -€56,021 | -82.8% |
| Recurring financial charges | 65 | €67,633 | €11,612 | -€56,021 | -82.8% |
| Profit (loss) for the period before taxes | 9903 | €154,505 | €89,869 | -€64,635 | -41.8% |
| Income taxes | 67/77 | €51,245 | €179,391 | +€128,147 | +250% |
| Profit (loss) for the period | 9904 | €103,260 | -€89,522 | -€192,782 | |
| Profit (loss) for the period to be appropriated | 9905 | €103,260 | -€89,522 | -€192,782 |
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 13 October 2026 via checked.be.