M SCREEN: what changed
Two fiscal 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 SCREEN
Largest movements
- Receivables within one year +€170,490
up €170,490 (+79.8%), from €213,727 to €384,218
of which Trade receivables: +€150,490
- Cash +€37,794
up €37,794 (+7429.6%), from €509 to €38,303
mainly Trade debts (+€237,212) and Other debts (+€2,461)
- Trade debts +€237,212
up €237,212 (+567.3%), from €41,817 to €279,029
- Tax, wage and social debts -€19,644
down €19,644 (-38.6%), from €50,920 to €31,275
of which Taxes: -€19,422
- Short-term financial debts -€9,983
down €9,983 (-15.0%), from €66,711 to €56,728
- Gross operating margin -€88,368
down €88,368 (-83.6%), from €105,650 to €17,281
- Taxes -€17,022
no longer reported in 2025 (was €17,022)
- Write-downs +€11,209
new in 2025: €11,209
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 | €405,213 | €613,735 | +€208,522 | +51.5% |
| Fixed assets | 21/28 | €175,000 | €175,000 | = | 0.0% |
| Tangible fixed assets | 22/27 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Financial fixed assets | 28 | €175,000 | €175,000 | = | 0.0% |
| Current assets | 29/58 | €230,213 | €438,735 | +€208,522 | +90.6% |
| Stocks and contracts in progress | 3 | €15,953 | €16,190 | +€237 | +1.5% |
| Stocks | 30/36 | €15,953 | €16,190 | +€237 | +1.5% |
| Amounts receivable within one year | 40/41 | €213,727 | €384,218 | +€170,490 | +79.8% |
| Trade receivables | 40 | €208,450 | €358,940 | +€150,490 | +72.2% |
| Other amounts receivable | 41 | €5,277 | €25,277 | +€20,000 | +379.0% |
| Cash at bank and in hand | 54/58 | €509 | €38,303 | +€37,794 | +7429.6% |
| Deferred charges and accrued income | 490/1 | €25 | €25 | +€0 | +0.2% |
| Total equity and liabilities | 10/49 | €405,213 | €613,735 | +€208,522 | +51.5% |
| Equity | 10/15 | €129,120 | €127,782 | -€1,338 | -1.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €37,130 | €37,130 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €35,270 | €35,270 | = | 0.0% |
| Profit (loss) carried forward | 14 | €79,590 | €78,252 | -€1,338 | -1.7% |
| Amounts payable | 17/49 | €276,094 | €485,953 | +€209,859 | +76.0% |
| Amounts payable within one year | 42/48 | €275,095 | €485,141 | +€210,046 | +76.4% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €66,711 | €56,728 | -€9,983 | -15.0% |
| Credit institutions | 430/8 | €66,711 | €56,728 | -€9,983 | -15.0% |
| Trade debts | 44 | €41,817 | €279,029 | +€237,212 | +567.3% |
| Suppliers | 440/4 | €41,817 | €279,029 | +€237,212 | +567.3% |
| Taxes, remuneration and social security | 45 | €50,920 | €31,275 | -€19,644 | -38.6% |
| Taxes | 450/3 | €50,698 | €31,275 | -€19,422 | -38.3% |
| Remuneration and social security | 454/9 | €222 | - | -€222 | |
| Other amounts payable | 47/48 | €115,647 | €118,109 | +€2,461 | +2.1% |
| Accrued charges and deferred income | 492/3 | €998 | €811 | -€187 | -18.7% |
| Turnover | 70 | €0 | - | = | |
| Non-recurring operating income | 76A | - | €8,395 | +€8,395 | |
| Goods, raw materials, services and sundry goods | 60/61 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €11,209 | +€11,209 | |
| Non-recurring operating charges | 66A | - | €227 | +€227 | |
| Gross operating margin | 9900 | €105,650 | €17,281 | -€88,368 | -83.6% |
| Operating profit (loss) | 9901 | €105,650 | €5,846 | -€99,803 | -94.5% |
| Financial charges | 65/66B | €7,562 | €7,184 | -€378 | -5.0% |
| Recurring financial charges | 65 | €7,562 | €7,184 | -€378 | -5.0% |
| Profit (loss) for the period before taxes | 9903 | €98,087 | -€1,338 | -€99,425 | |
| Income taxes | 67/77 | €17,022 | - | -€17,022 | |
| Profit (loss) for the period | 9904 | €81,066 | -€1,338 | -€82,403 | |
| Profit (loss) for the period to be appropriated | 9905 | €81,066 | -€1,338 | -€82,403 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.