M'Sense: 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'Sense
Largest movements
- Receivables within one year -€39,039
down €39,039 (-92.1%), from €42,406 to €3,368
of which Trade receivables: -€36,975
- Intangible fixed assets +€28,000
new in 2025: €28,000
- Cash +€23,488
up €23,488 (+76.7%), from €30,640 to €54,128
mainly Receivables within one year (+€39,039) and Net result for the year (+€30,907)
- Tangible fixed assets -€3,265
down €3,265 (-9.5%), from €34,352 to €31,087
of which Other tangible fixed assets: -€4,295
- Profit (loss) carried forward +€30,907
up €30,907 (+98.1%), from €31,502 to €62,408
- Trade debts -€29,514
down €29,514 (-70.3%), from €41,969 to €12,455
- Other debts +€20,941
new in 2025: €20,941
- Tax, wage and social debts -€5,568
down €5,568 (-61.2%), from €9,100 to €3,531
of which Taxes: -€3,968
- Accrued charges and deferred income -€5,550
down €5,550 (-31.2%), from €17,798 to €12,248
- Gross operating margin +€23,957
up €23,957 (+86.1%), from €27,826 to €51,783
- Depreciation +€7,162
up €7,162 (+167%), from €4,295 to €11,458
- Taxes +€3,853
up €3,853 (+73.6%), from €5,236 to €9,088
- Other operating charges -€2,260
down €2,260 (-80.7%), from €2,801 to €541
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 | €107,420 | €116,583 | +€9,164 | +8.5% |
| Fixed assets | 21/28 | €34,352 | €59,087 | +€24,736 | +72.0% |
| Intangible fixed assets | 21 | - | €28,000 | +€28,000 | |
| Tangible fixed assets | 22/27 | €34,352 | €31,087 | -€3,265 | -9.5% |
| Furniture and vehicles | 24 | - | €1,031 | +€1,031 | |
| Other tangible fixed assets | 26 | €34,352 | €30,056 | -€4,295 | -12.5% |
| Current assets | 29/58 | €73,068 | €57,496 | -€15,572 | -21.3% |
| Amounts receivable within one year | 40/41 | €42,406 | €3,368 | -€39,039 | -92.1% |
| Trade receivables | 40 | €39,242 | €2,267 | -€36,975 | -94.2% |
| Other amounts receivable | 41 | €3,164 | €1,101 | -€2,064 | -65.2% |
| Cash at bank and in hand | 54/58 | €30,640 | €54,128 | +€23,488 | +76.7% |
| Deferred charges and accrued income | 490/1 | €21 | €0 | -€21 | -100% |
| Total equity and liabilities | 10/49 | €107,420 | €116,583 | +€9,164 | +8.5% |
| Equity | 10/15 | €36,502 | €67,408 | +€30,907 | +84.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €31,502 | €62,408 | +€30,907 | +98.1% |
| Amounts payable | 17/49 | €70,918 | €49,175 | -€21,743 | -30.7% |
| Amounts payable within one year | 42/48 | €53,120 | €36,927 | -€16,193 | -30.5% |
| Financial debts | 43 | €2,051 | €0 | -€2,051 | -100% |
| Credit institutions | 430/8 | €2,051 | €0 | -€2,051 | -100% |
| Trade debts | 44 | €41,969 | €12,455 | -€29,514 | -70.3% |
| Suppliers | 440/4 | €41,969 | €12,455 | -€29,514 | -70.3% |
| Taxes, remuneration and social security | 45 | €9,100 | €3,531 | -€5,568 | -61.2% |
| Taxes | 450/3 | €7,500 | €3,531 | -€3,968 | -52.9% |
| Remuneration and social security | 454/9 | €1,600 | €0 | -€1,600 | -100% |
| Other amounts payable | 47/48 | - | €20,941 | +€20,941 | |
| Accrued charges and deferred income | 492/3 | €17,798 | €12,248 | -€5,550 | -31.2% |
| Remuneration, social security and pensions | 62 | - | €42 | +€42 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,295 | €11,458 | +€7,162 | +167% |
| Other operating charges | 640/8 | €2,801 | €541 | -€2,260 | -80.7% |
| Gross operating margin | 9900 | €27,826 | €51,783 | +€23,957 | +86.1% |
| Operating profit (loss) | 9901 | €20,729 | €39,742 | +€19,013 | +91.7% |
| Financial income | 75/76B | €11 | €295 | +€283 | +2,515% |
| Recurring financial income | 75 | €11 | €295 | +€283 | +2,515% |
| Financial charges | 65/66B | €159 | €42 | -€118 | -73.7% |
| Recurring financial charges | 65 | €159 | €42 | -€118 | -73.7% |
| Profit (loss) for the period before taxes | 9903 | €20,581 | €39,995 | +€19,414 | +94.3% |
| Income taxes | 67/77 | €5,236 | €9,088 | +€3,853 | +73.6% |
| Profit (loss) for the period | 9904 | €15,345 | €30,907 | +€15,561 | +101% |
| Profit (loss) for the period to be appropriated | 9905 | €15,345 | €30,907 | +€15,561 | +101% |
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 21 October 2026 via checked.be.