M SAFETY: 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 SAFETY
Largest movements
- Receivables within one year +€12,139
up €12,139 (+30.1%), from €40,347 to €52,487
of which Other amounts receivable: +€7,412
- Cash +€5,897
up €5,897 (+29.1%), from €20,250 to €26,146
mainly Net result for the year (+€22,180) and Trade debts (+€11,256)
- Tangible fixed assets +€2,841
up €2,841 (+4.9%), from €57,724 to €60,565
of which Plant, machinery and equipment: +€2,267
- Reserves +€22,180
up €22,180 (+45.4%), from €48,899 to €71,079
- Other debts -€12,354
down €12,354 (-46.4%), from €26,626 to €14,272
- Trade debts +€11,256
up €11,256 (+70.9%), from €15,867 to €27,122
- Gross operating margin -€22,727
down €22,727 (-36.7%), from €61,887 to €39,160
- Financial income +€5,948
up €5,948 (+495685.8%), from €1 to €5,949
of which Non-recurring financial income: +€5,926
- Taxes -€5,408
down €5,408 (-38.9%), from €13,915 to €8,507
- Depreciation +€5,229
up €5,229 (+91.7%), from €5,699 to €10,927
- Other operating charges -€2,722
down €2,722 (-78.7%), from €3,460 to €738
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.
Cash bridge derived
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 | €122,628 | €142,592 | +€19,964 | +16.3% |
| Fixed assets | 21/28 | €57,724 | €60,565 | +€2,841 | +4.9% |
| Tangible fixed assets | 22/27 | €57,724 | €60,565 | +€2,841 | +4.9% |
| Plant, machinery and equipment | 23 | €3,697 | €5,963 | +€2,267 | +61.3% |
| Furniture and vehicles | 24 | €6,849 | €8,502 | +€1,653 | +24.1% |
| Other tangible fixed assets | 26 | €47,178 | €46,100 | -€1,078 | -2.3% |
| Current assets | 29/58 | €64,904 | €82,027 | +€17,123 | +26.4% |
| Amounts receivable within one year | 40/41 | €40,347 | €52,487 | +€12,139 | +30.1% |
| Trade receivables | 40 | €38,599 | €43,326 | +€4,727 | +12.2% |
| Other amounts receivable | 41 | €1,748 | €9,160 | +€7,412 | +423.9% |
| Cash at bank and in hand | 54/58 | €20,250 | €26,146 | +€5,897 | +29.1% |
| Deferred charges and accrued income | 490/1 | €4,307 | €3,394 | -€913 | -21.2% |
| Total equity and liabilities | 10/49 | €122,628 | €142,592 | +€19,964 | +16.3% |
| Equity | 10/15 | €70,056 | €92,236 | +€22,180 | +31.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €48,899 | €71,079 | +€22,180 | +45.4% |
| Distributable reserves | 133 | €48,899 | €71,079 | +€22,180 | +45.4% |
| Profit (loss) carried forward | 14 | €2,557 | €2,557 | = | 0.0% |
| Amounts payable | 17/49 | €52,572 | €50,356 | -€2,216 | -4.2% |
| Amounts payable within one year | 42/48 | €52,572 | €50,356 | -€2,216 | -4.2% |
| Trade debts | 44 | €15,867 | €27,122 | +€11,256 | +70.9% |
| Suppliers | 440/4 | €15,867 | €27,122 | +€11,256 | +70.9% |
| Taxes, remuneration and social security | 45 | €10,079 | €8,962 | -€1,118 | -11.1% |
| Taxes | 450/3 | €10,079 | €8,886 | -€1,194 | -11.8% |
| Remuneration and social security | 454/9 | - | €76 | +€76 | |
| Other amounts payable | 47/48 | €26,626 | €14,272 | -€12,354 | -46.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,699 | €10,927 | +€5,229 | +91.7% |
| Other operating charges | 640/8 | €3,460 | €738 | -€2,722 | -78.7% |
| Non-recurring operating charges | 66A | €371 | - | -€371 | |
| Gross operating margin | 9900 | €61,887 | €39,160 | -€22,727 | -36.7% |
| Operating profit (loss) | 9901 | €52,357 | €27,495 | -€24,862 | -47.5% |
| Financial income | 75/76B | €1 | €5,949 | +€5,948 | +495685.8% |
| Recurring financial income | 75 | €1 | €23 | +€22 | +1848.3% |
| Non-recurring financial income | 76B | - | €5,926 | +€5,926 | |
| Financial charges | 65/66B | €1,544 | €2,757 | +€1,213 | +78.6% |
| Recurring financial charges | 65 | €1,544 | €2,757 | +€1,213 | +78.6% |
| Profit (loss) for the period before taxes | 9903 | €50,814 | €30,687 | -€20,127 | -39.6% |
| Income taxes | 67/77 | €13,915 | €8,507 | -€5,408 | -38.9% |
| Profit (loss) for the period | 9904 | €36,899 | €22,180 | -€14,719 | -39.9% |
| Profit (loss) for the period to be appropriated | 9905 | €36,899 | €22,180 | -€14,719 | -39.9% |
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 12 October 2026 via checked.be.