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 +€37,609
up €37,609 (+410%), from €9,170 to €46,779
- Receivables after one year +€15,000
up €15,000 (+37.3%), from €40,248 to €55,248
- Cash -€11,390
down €11,390 (-91.3%), from €12,479 to €1,090
mainly Receivables within one year (-€37,609) and Receivables after one year (-€15,000)
- Tangible fixed assets -€9,320
down €9,320 (-9.3%), from €100,131 to €90,812
of which Land and buildings: -€31,874
- Stocks and contracts +€4,096
up €4,096 (+10.6%), from €38,520 to €42,616
- Debts after one year +€23,860
up €23,860 (+35.5%), from €67,250 to €91,110
- Short-term financial debts +€12,843
new in 2025: €12,843
- Accrued charges and deferred income -€8,834
down €8,834 (-64.0%), from €13,810 to €4,976
- Tax, wage and social debts -€6,588
down €6,588 (-44.6%), from €14,783 to €8,195
- Current portion of long-term debt +€6,410
new in 2025: €6,410
- Gross operating margin -€27,666
down €27,666 (-41.5%), from €66,668 to €39,002
- Financial income +€16,905
up €16,905 (+42,262%), from €40 to €16,945
of which Non-recurring financial income: +€13,636
- Taxes -€4,779
down €4,779 (-78.7%), from €6,073 to €1,295
- Depreciation +€4,708
up €4,708 (+43.7%), from €10,779 to €15,487
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 | €200,716 | €239,528 | +€38,812 | +19.3% |
| Fixed assets | 21/28 | €100,131 | €90,812 | -€9,320 | -9.3% |
| Tangible fixed assets | 22/27 | €100,131 | €90,812 | -€9,320 | -9.3% |
| Land and buildings | 22 | €85,292 | €53,419 | -€31,874 | -37.4% |
| Plant, machinery and equipment | 23 | €12,916 | €8,188 | -€4,727 | -36.6% |
| Furniture and vehicles | 24 | €1,923 | €29,205 | +€27,281 | +1,419% |
| Current assets | 29/58 | €100,584 | €148,716 | +€48,132 | +47.9% |
| Amounts receivable after more than one year | 29 | €40,248 | €55,248 | +€15,000 | +37.3% |
| Other amounts receivable | 291 | €40,248 | €55,248 | +€15,000 | +37.3% |
| Stocks and contracts in progress | 3 | €38,520 | €42,616 | +€4,096 | +10.6% |
| Stocks | 30/36 | €38,520 | €42,616 | +€4,096 | +10.6% |
| Amounts receivable within one year | 40/41 | €9,170 | €46,779 | +€37,609 | +410% |
| Trade receivables | 40 | €9,170 | €46,779 | +€37,609 | +410% |
| Cash at bank and in hand | 54/58 | €12,479 | €1,090 | -€11,390 | -91.3% |
| Deferred charges and accrued income | 490/1 | €167 | €2,983 | +€2,816 | +1,685% |
| Total equity and liabilities | 10/49 | €200,716 | €239,528 | +€38,812 | +19.3% |
| Equity | 10/15 | €91,853 | €97,179 | +€5,326 | +5.8% |
| Contributions | 10/11 | €46,200 | €46,200 | = | 0.0% |
| Reserves | 13 | €45,653 | €45,653 | = | 0.0% |
| Distributable reserves | 133 | €45,653 | €45,653 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €5,326 | +€5,326 | |
| Amounts payable | 17/49 | €108,862 | €142,348 | +€33,486 | +30.8% |
| Amounts payable after more than one year | 17 | €67,250 | €91,110 | +€23,860 | +35.5% |
| Financial debts | 170/4 | €67,250 | €91,110 | +€23,860 | +35.5% |
| Amounts payable within one year | 42/48 | €27,802 | €46,263 | +€18,461 | +66.4% |
| Current portion of amounts payable after more than one year | 42 | - | €6,410 | +€6,410 | |
| Financial debts | 43 | - | €12,843 | +€12,843 | |
| Credit institutions | 430/8 | - | €12,843 | +€12,843 | |
| Trade debts | 44 | €13,020 | €18,793 | +€5,773 | +44.3% |
| Suppliers | 440/4 | €13,020 | €18,793 | +€5,773 | +44.3% |
| Taxes, remuneration and social security | 45 | €14,783 | €8,195 | -€6,588 | -44.6% |
| Taxes | 450/3 | €14,783 | €8,195 | -€6,588 | -44.6% |
| Other amounts payable | 47/48 | - | €22 | +€22 | |
| Accrued charges and deferred income | 492/3 | €13,810 | €4,976 | -€8,834 | -64.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,779 | €15,487 | +€4,708 | +43.7% |
| Other operating charges | 640/8 | €778 | €935 | +€157 | +20.2% |
| Non-recurring operating charges | 66A | €31,385 | €28,959 | -€2,426 | -7.7% |
| Gross operating margin | 9900 | €66,668 | €39,002 | -€27,666 | -41.5% |
| Operating profit (loss) | 9901 | €23,726 | -€6,379 | -€30,105 | |
| Financial income | 75/76B | €40 | €16,945 | +€16,905 | +42,262% |
| Recurring financial income | 75 | €40 | €3,308 | +€3,268 | +8,171% |
| Non-recurring financial income | 76B | - | €13,636 | +€13,636 | |
| Financial charges | 65/66B | €3,366 | €3,945 | +€579 | +17.2% |
| Recurring financial charges | 65 | €3,366 | €3,945 | +€579 | +17.2% |
| Profit (loss) for the period before taxes | 9903 | €20,400 | €6,621 | -€13,780 | -67.5% |
| Income taxes | 67/77 | €6,073 | €1,295 | -€4,779 | -78.7% |
| Profit (loss) for the period | 9904 | €14,327 | €5,326 | -€9,001 | -62.8% |
| Profit (loss) for the period to be appropriated | 9905 | €14,327 | €5,326 | -€9,001 | -62.8% |
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 28 October 2026 via checked.be.