M Sales: 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 Sales
Largest movements
- Stocks and contracts +€98,182
up €98,182 (+38.3%), from €256,424 to €354,606
- Debts after one year +€145,055
up €145,055 (+50.0%), from €289,945 to €435,000
of which Financial debts: +€150,000
- Other debts -€68,057
down €68,057 (-59.1%), from €115,187 to €47,130
- Trade debts +€16,220
up €16,220 (+13.6%), from €119,532 to €135,752
- Accrued charges and deferred income +€15,375
up €15,375 (+144%), from €10,696 to €26,071
- Short-term financial debts -€13,938
down €13,938 (-14.1%), from €98,809 to €84,871
- Gross operating margin +€95,994
up €95,994, from -€8,727 to €87,266
- Financial charges +€27,110
up €27,110 (+57.6%), from €47,047 to €74,157
- Write-downs -€14,700
no longer reported in 2025 (was €14,700)
- Staff costs +€6,328
up €6,328 (+199%), from €3,176 to €9,504
- Taxes -€3,149
down €3,149, from €3,142 to -€7
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 | €470,290 | €565,613 | +€95,323 | +20.3% |
| Fixed assets | 21/28 | €8,163 | €5,704 | -€2,459 | -30.1% |
| Tangible fixed assets | 22/27 | €3,218 | €4,454 | +€1,236 | +38.4% |
| Other tangible fixed assets | 26 | €3,218 | €4,454 | +€1,236 | +38.4% |
| Financial fixed assets | 28 | €4,945 | €1,250 | -€3,695 | -74.7% |
| Current assets | 29/58 | €462,128 | €559,910 | +€97,782 | +21.2% |
| Stocks and contracts in progress | 3 | €256,424 | €354,606 | +€98,182 | +38.3% |
| Stocks | 30/36 | €256,424 | €354,606 | +€98,182 | +38.3% |
| Amounts receivable within one year | 40/41 | €197,407 | €198,104 | +€698 | +0.4% |
| Trade receivables | 40 | €157,095 | €170,346 | +€13,252 | +8.4% |
| Other amounts receivable | 41 | €40,312 | €27,758 | -€12,554 | -31.1% |
| Current investments | 50/53 | €1,250 | - | -€1,250 | |
| Cash at bank and in hand | 54/58 | €2,729 | €1,838 | -€890 | -32.6% |
| Deferred charges and accrued income | 490/1 | €4,318 | €5,361 | +€1,043 | +24.1% |
| Total equity and liabilities | 10/49 | €470,290 | €565,613 | +€95,323 | +20.3% |
| Equity | 10/15 | -€178,815 | -€175,488 | +€3,327 | +1.9% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Reserves | 13 | €1,001 | €1,001 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,001 | €1,001 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€180,316 | -€176,989 | +€3,327 | +1.8% |
| Amounts payable | 17/49 | €649,105 | €741,101 | +€91,996 | +14.2% |
| Amounts payable after more than one year | 17 | €289,945 | €435,000 | +€145,055 | +50.0% |
| Financial debts | 170/4 | €285,000 | €435,000 | +€150,000 | +52.6% |
| Other amounts payable | 178/9 | €4,945 | - | -€4,945 | |
| Amounts payable within one year | 42/48 | €348,464 | €280,031 | -€68,433 | -19.6% |
| Financial debts | 43 | €98,809 | €84,871 | -€13,938 | -14.1% |
| Credit institutions | 430/8 | €98,809 | €84,871 | -€13,938 | -14.1% |
| Trade debts | 44 | €119,532 | €135,752 | +€16,220 | +13.6% |
| Suppliers | 440/4 | €119,532 | €135,752 | +€16,220 | +13.6% |
| Taxes, remuneration and social security | 45 | €14,936 | €12,278 | -€2,659 | -17.8% |
| Taxes | 450/3 | €14,936 | €12,278 | -€2,659 | -17.8% |
| Other amounts payable | 47/48 | €115,187 | €47,130 | -€68,057 | -59.1% |
| Accrued charges and deferred income | 492/3 | €10,696 | €26,071 | +€15,375 | +144% |
| Non-recurring operating income | 76A | - | €8,222 | +€8,222 | |
| Remuneration, social security and pensions | 62 | €3,176 | €9,504 | +€6,328 | +199% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,139 | €720 | -€419 | -36.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €14,700 | - | -€14,700 | |
| Other operating charges | 640/8 | €1,678 | €275 | -€1,403 | -83.6% |
| Gross operating margin | 9900 | -€8,727 | €87,266 | +€95,994 | |
| Operating profit (loss) | 9901 | -€29,420 | €76,767 | +€106,187 | |
| Financial income | 75/76B | €313 | €709 | +€397 | +127% |
| Recurring financial income | 75 | €313 | €709 | +€397 | +127% |
| Financial charges | 65/66B | €47,047 | €74,157 | +€27,110 | +57.6% |
| Recurring financial charges | 65 | €47,047 | €74,157 | +€27,110 | +57.6% |
| Profit (loss) for the period before taxes | 9903 | -€76,155 | €3,319 | +€79,474 | |
| Income taxes | 67/77 | €3,142 | -€7 | -€3,149 | |
| Profit (loss) for the period | 9904 | -€79,296 | €3,327 | +€82,623 | |
| Profit (loss) for the period to be appropriated | 9905 | -€79,296 | €3,327 | +€82,623 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.