M - SERVICE: 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 - SERVICE
Largest movements
- Receivables within one year -€213,966
down €213,966 (-44.7%), from €478,524 to €264,558
of which Trade receivables: -€179,029
- Cash +€122,023
up €122,023 (+814%), from €14,995 to €137,018
mainly Receivables within one year (+€213,966) and Net result for the year (+€94,247)
- Tangible fixed assets -€16,190
down €16,190 (-28.0%), from €57,832 to €41,642
of which Furniture and vehicles: -€14,071
- Other debts -€124,515
down €124,515 (-94.3%), from €132,033 to €7,519
- Reserves +€94,247
up €94,247 (+62.6%), from €150,519 to €244,766
of which Distributable reserves: +€94,247
- Trade debts -€68,771
down €68,771 (-63.6%), from €108,094 to €39,323
- Tax, wage and social debts -€25,966
down €25,966 (-37.5%), from €69,155 to €43,188
of which Taxes: -€26,708
- Debts after one year +€15,000
up €15,000 (+17.6%), from €85,000 to €100,000
- Gross operating margin -€178,117
down €178,117 (-40.5%), from €439,816 to €261,700
- Taxes -€48,092
down €48,092 (-55.3%), from €86,918 to €38,826
- Staff costs +€5,595
up €5,595 (+6.4%), from €86,913 to €92,509
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 | €614,122 | €505,877 | -€108,246 | -17.6% |
| Fixed assets | 21/28 | €118,332 | €102,142 | -€16,190 | -13.7% |
| Tangible fixed assets | 22/27 | €57,832 | €41,642 | -€16,190 | -28.0% |
| Plant, machinery and equipment | 23 | €5,538 | €6,089 | +€551 | +10.0% |
| Furniture and vehicles | 24 | €37,436 | €23,365 | -€14,071 | -37.6% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Other tangible fixed assets | 26 | €14,858 | €12,188 | -€2,670 | -18.0% |
| Financial fixed assets | 28 | €60,500 | €60,500 | = | 0.0% |
| Current assets | 29/58 | €495,791 | €403,735 | -€92,056 | -18.6% |
| Amounts receivable within one year | 40/41 | €478,524 | €264,558 | -€213,966 | -44.7% |
| Trade receivables | 40 | €416,635 | €237,606 | -€179,029 | -43.0% |
| Other amounts receivable | 41 | €61,889 | €26,952 | -€34,937 | -56.5% |
| Cash at bank and in hand | 54/58 | €14,995 | €137,018 | +€122,023 | +814% |
| Deferred charges and accrued income | 490/1 | €2,271 | €2,159 | -€112 | -4.9% |
| Total equity and liabilities | 10/49 | €614,122 | €505,877 | -€108,246 | -17.6% |
| Equity | 10/15 | €212,519 | €306,766 | +€94,247 | +44.3% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €150,519 | €244,766 | +€94,247 | +62.6% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €144,319 | €238,566 | +€94,247 | +65.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €401,603 | €199,110 | -€202,493 | -50.4% |
| Amounts payable after more than one year | 17 | €85,000 | €100,000 | +€15,000 | +17.6% |
| Other amounts payable | 178/9 | €85,000 | €100,000 | +€15,000 | +17.6% |
| Amounts payable within one year | 42/48 | €309,282 | €90,030 | -€219,252 | -70.9% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €108,094 | €39,323 | -€68,771 | -63.6% |
| Suppliers | 440/4 | €108,094 | €39,323 | -€68,771 | -63.6% |
| Taxes, remuneration and social security | 45 | €69,155 | €43,188 | -€25,966 | -37.5% |
| Taxes | 450/3 | €58,719 | €32,011 | -€26,708 | -45.5% |
| Remuneration and social security | 454/9 | €10,436 | €11,177 | +€741 | +7.1% |
| Other amounts payable | 47/48 | €132,033 | €7,519 | -€124,515 | -94.3% |
| Accrued charges and deferred income | 492/3 | €7,321 | €9,081 | +€1,759 | +24.0% |
| Remuneration, social security and pensions | 62 | €86,913 | €92,509 | +€5,595 | +6.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,971 | €18,717 | -€3,254 | -14.8% |
| Other operating charges | 640/8 | €2,227 | €4,624 | +€2,397 | +108% |
| Gross operating margin | 9900 | €439,816 | €261,700 | -€178,117 | -40.5% |
| Operating profit (loss) | 9901 | €328,706 | €145,850 | -€182,856 | -55.6% |
| Financial income | 75/76B | €0 | €0 | = | 0.0% |
| Recurring financial income | 75 | €0 | €0 | = | 0.0% |
| Financial charges | 65/66B | €8,991 | €12,776 | +€3,785 | +42.1% |
| Recurring financial charges | 65 | €8,991 | €12,776 | +€3,785 | +42.1% |
| Profit (loss) for the period before taxes | 9903 | €319,714 | €133,074 | -€186,641 | -58.4% |
| Income taxes | 67/77 | €86,918 | €38,826 | -€48,092 | -55.3% |
| Profit (loss) for the period | 9904 | €232,796 | €94,247 | -€138,549 | -59.5% |
| Profit (loss) for the period to be appropriated | 9905 | €232,796 | €94,247 | -€138,549 | -59.5% |
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 14 October 2026 via checked.be.