M-Services: 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-Services
Largest movements
- Receivables within one year +€217,377
up €217,377 (+44.0%), from €493,619 to €710,996
of which Other amounts receivable: +€329,724
- Tangible fixed assets -€164,748
down €164,748 (-51.2%), from €321,928 to €157,180
of which Other tangible fixed assets: -€145,153
- Intangible fixed assets -€85,887
no longer reported in 2025 (was €85,887)
- Cash -€34,803
down €34,803 (-75.0%), from €46,423 to €11,621
- Advances received +€150,983
up €150,983 (+170%), from €89,017 to €240,000
- Tax, wage and social debts -€97,913
down €97,913 (-80.2%), from €122,077 to €24,164
of which Taxes: -€69,095
- Debts after one year -€92,015
no longer reported in 2025 (was €92,015)
- Current portion of long-term debt -€68,225
no longer reported in 2025 (was €68,225)
- Reserves +€41,657
up €41,657 (+33.0%), from €126,341 to €167,998
of which Distributable reserves: +€41,657
- Gross operating margin -€305,105
down €305,105 (-45.6%), from €669,730 to €364,625
- Staff costs -€172,790
down €172,790 (-47.0%), from €367,800 to €195,010
- Depreciation -€85,177
down €85,177 (-76.0%), from €112,026 to €26,849
- Financial income +€30,584
up €30,584 (+609%), from €5,023 to €35,607
of which Non-recurring financial income: +€29,105
- Taxes -€15,715
down €15,715 (-40.3%), from €38,994 to €23,279
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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €953,930 | €884,444 | -€69,485 | -7.3% |
| Fixed assets | 21/28 | €407,815 | €157,180 | -€250,635 | -61.5% |
| Intangible fixed assets | 21 | €85,887 | - | -€85,887 | |
| Tangible fixed assets | 22/27 | €321,928 | €157,180 | -€164,748 | -51.2% |
| Land and buildings | 22 | €168,806 | €153,760 | -€15,046 | -8.9% |
| Plant, machinery and equipment | 23 | €5,403 | €641 | -€4,762 | -88.1% |
| Furniture and vehicles | 24 | €2,566 | €2,779 | +€213 | +8.3% |
| Other tangible fixed assets | 26 | €145,153 | - | -€145,153 | |
| Current assets | 29/58 | €546,115 | €727,264 | +€181,149 | +33.2% |
| Amounts receivable within one year | 40/41 | €493,619 | €710,996 | +€217,377 | +44.0% |
| Trade receivables | 40 | €112,347 | - | -€112,347 | |
| Other amounts receivable | 41 | €381,272 | €710,996 | +€329,724 | +86.5% |
| Cash at bank and in hand | 54/58 | €46,423 | €11,621 | -€34,803 | -75.0% |
| Deferred charges and accrued income | 490/1 | €6,073 | €4,648 | -€1,425 | -23.5% |
| Total equity and liabilities | 10/49 | €953,930 | €884,444 | -€69,485 | -7.3% |
| Equity | 10/15 | €218,341 | €259,998 | +€41,657 | +19.1% |
| Contributions | 10/11 | €92,000 | €92,000 | = | 0.0% |
| Capital | 10 | €92,000 | €92,000 | = | 0.0% |
| Issued capital | 100 | €92,000 | €92,000 | = | 0.0% |
| Reserves | 13 | €126,341 | €167,998 | +€41,657 | +33.0% |
| Non-distributable reserves | 130/1 | €9,200 | €9,200 | = | 0.0% |
| Legal reserve | 130 | €9,200 | €9,200 | = | 0.0% |
| Distributable reserves | 133 | €117,141 | €158,798 | +€41,657 | +35.6% |
| Amounts payable | 17/49 | €735,588 | €624,446 | -€111,142 | -15.1% |
| Amounts payable after more than one year | 17 | €92,015 | - | -€92,015 | |
| Financial debts | 170/4 | €92,015 | - | -€92,015 | |
| Amounts payable within one year | 42/48 | €643,448 | €624,446 | -€19,002 | -3.0% |
| Current portion of amounts payable after more than one year | 42 | €68,225 | - | -€68,225 | |
| Financial debts | 43 | €213,731 | €181,864 | -€31,867 | -14.9% |
| Credit institutions | 430/8 | €213,731 | €181,864 | -€31,867 | -14.9% |
| Trade debts | 44 | €130,397 | €158,418 | +€28,020 | +21.5% |
| Suppliers | 440/4 | €130,397 | €158,418 | +€28,020 | +21.5% |
| Advances received on contracts in progress | 46 | €89,017 | €240,000 | +€150,983 | +170% |
| Taxes, remuneration and social security | 45 | €122,077 | €24,164 | -€97,913 | -80.2% |
| Taxes | 450/3 | €92,374 | €23,279 | -€69,095 | -74.8% |
| Remuneration and social security | 454/9 | €29,702 | €885 | -€28,818 | -97.0% |
| Other amounts payable | 47/48 | €20,000 | €20,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €125 | - | -€125 | |
| Non-recurring operating income | 76A | - | €410,222 | +€410,222 | |
| Remuneration, social security and pensions | 62 | €367,800 | €195,010 | -€172,790 | -47.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €112,026 | €26,849 | -€85,177 | -76.0% |
| Other operating charges | 640/8 | €68,175 | €69,288 | +€1,114 | +1.6% |
| Non-recurring operating charges | 66A | - | €3,633 | +€3,633 | |
| Gross operating margin | 9900 | €669,730 | €364,625 | -€305,105 | -45.6% |
| Operating profit (loss) | 9901 | €121,729 | €69,844 | -€51,885 | -42.6% |
| Financial income | 75/76B | €5,023 | €35,607 | +€30,584 | +609% |
| Recurring financial income | 75 | €3,723 | €5,202 | +€1,479 | +39.7% |
| Non-recurring financial income | 76B | €1,300 | €30,405 | +€29,105 | +2,239% |
| Financial charges | 65/66B | €50,231 | €40,515 | -€9,717 | -19.3% |
| Recurring financial charges | 65 | €50,231 | €40,649 | -€9,582 | -19.1% |
| Non-recurring financial charges | 66B | - | -€135 | -€135 | |
| Profit (loss) for the period before taxes | 9903 | €76,520 | €64,936 | -€11,584 | -15.1% |
| Income taxes | 67/77 | €38,994 | €23,279 | -€15,715 | -40.3% |
| Profit (loss) for the period | 9904 | €37,526 | €41,657 | +€4,131 | +11.0% |
| Profit (loss) for the period to be appropriated | 9905 | €37,526 | €41,657 | +€4,131 | +11.0% |
Source: filed annual accounts (NBB), financial years ended 30 June 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.