M-SOURCE: 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-SOURCE
Largest movements
- Financial fixed assets -€264,555
down €264,555 (-33.8%), from €781,775 to €517,221
of which Companies linked by participating interests: -€615,000
- Receivables within one year +€74,973
up €74,973 (+14.6%), from €512,691 to €587,664
of which Other amounts receivable: +€110,003
- Cash -€67,692
down €67,692 (-60.7%), from €111,566 to €43,874
mainly Net result for the year (-€239,475) and Short-term financial debts (-€112,789)
- Reserves -€238,940
down €238,940 (-13.2%), from €1.8m to €1.6m
of which Distributable reserves: -€238,940
- Other debts +€136,804
up €136,804 (+21.6%), from €632,604 to €769,408
- Short-term financial debts -€112,789
down €112,789 (-14.4%), from €781,250 to €668,461
- Debts after one year -€68,309
down €68,309 (-40.8%), from €167,273 to €98,965
- Tax, wage and social debts +€44,150
up €44,150 (+177.2%), from €24,919 to €69,069
- Financial charges +€332,101
up €332,101 (+111.2%), from €298,753 to €630,854
of which Non-recurring financial charges: +€315,000
- Services and other goods +€113,290
up €113,290 (+49.2%), from €230,277 to €343,567
- Turnover +€83,611
up €83,611 (+10.7%), from €781,000 to €864,611
- Other operating income -€24,795
down €24,795 (-37.8%), from €65,537 to €40,742
- Financial income +€22,331
up €22,331 (+131.6%), from €16,974 to €39,305
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,998,998 | €3,728,980 | -€270,018 | -6.8% |
| Fixed assets | 21/28 | €2,860,817 | €2,573,604 | -€287,213 | -10.0% |
| Tangible fixed assets | 22/27 | €2,079,042 | €2,056,384 | -€22,658 | -1.1% |
| Land and buildings | 22 | €2,051,263 | €2,032,037 | -€19,226 | -0.9% |
| Plant, machinery and equipment | 23 | €20,445 | - | -€20,445 | |
| Furniture and vehicles | 24 | €7,334 | €24,347 | +€17,013 | +232.0% |
| Financial fixed assets | 28 | €781,775 | €517,221 | -€264,555 | -33.8% |
| Affiliated companies | 280/1 | €166,725 | €517,171 | +€350,446 | +210.2% |
| Participating interests | 280 | €166,725 | €517,171 | +€350,446 | +210.2% |
| Companies linked by participating interests | 282/3 | €615,000 | - | -€615,000 | |
| Participating interests | 282 | €400,000 | - | -€400,000 | |
| Amounts receivable | 283 | €215,000 | - | -€215,000 | |
| Other financial fixed assets | 284/8 | €50 | €50 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €1,138,181 | €1,155,376 | +€17,195 | +1.5% |
| Amounts receivable after more than one year | 29 | €480,000 | €480,000 | = | 0.0% |
| Other amounts receivable | 291 | €480,000 | €480,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €512,691 | €587,664 | +€74,973 | +14.6% |
| Trade receivables | 40 | €53,180 | €18,150 | -€35,030 | -65.9% |
| Other amounts receivable | 41 | €459,511 | €569,514 | +€110,003 | +23.9% |
| Cash at bank and in hand | 54/58 | €111,566 | €43,874 | -€67,692 | -60.7% |
| Deferred charges and accrued income | 490/1 | €33,925 | €43,838 | +€9,913 | +29.2% |
| Total equity and liabilities | 10/49 | €3,998,998 | €3,728,980 | -€270,018 | -6.8% |
| Equity | 10/15 | €2,242,994 | €2,003,519 | -€239,475 | -10.7% |
| Contributions | 10/11 | €427,459 | €427,459 | = | 0.0% |
| Capital | 10 | €427,459 | €427,459 | = | 0.0% |
| Issued capital | 100 | €427,459 | €427,459 | = | 0.0% |
| Reserves | 13 | €1,815,000 | €1,576,060 | -€238,940 | -13.2% |
| Non-distributable reserves | 130/1 | €405,319 | €405,319 | = | 0.0% |
| Legal reserve | 130 | €46,276 | €46,276 | = | 0.0% |
| Other | 1319 | €359,043 | €359,043 | = | 0.0% |
| Tax-exempt reserves | 132 | €485,544 | €485,544 | = | 0.0% |
| Distributable reserves | 133 | €924,137 | €685,197 | -€238,940 | -25.9% |
| Profit (loss) carried forward | 14 | €535 | - | -€535 | |
| Amounts payable | 17/49 | €1,756,004 | €1,725,461 | -€30,543 | -1.7% |
| Amounts payable after more than one year | 17 | €167,273 | €98,965 | -€68,309 | -40.8% |
| Financial debts | 170/4 | €167,273 | €98,965 | -€68,309 | -40.8% |
| Subordinated loans | 170 | €48,273 | - | -€48,273 | |
| Credit institutions | 173 | €119,000 | €59,500 | -€59,500 | -50.0% |
| Other loans | 174 | - | €39,465 | +€39,465 | |
| Amounts payable within one year | 42/48 | €1,574,084 | €1,602,002 | +€27,919 | +1.8% |
| Current portion of amounts payable after more than one year | 42 | €97,884 | €68,309 | -€29,576 | -30.2% |
| Financial debts | 43 | €781,250 | €668,461 | -€112,789 | -14.4% |
| Credit institutions | 430/8 | €781,250 | €668,461 | -€112,789 | -14.4% |
| Trade debts | 44 | €37,426 | €26,756 | -€10,670 | -28.5% |
| Suppliers | 440/4 | €37,426 | €26,756 | -€10,670 | -28.5% |
| Taxes, remuneration and social security | 45 | €24,919 | €69,069 | +€44,150 | +177.2% |
| Taxes | 450/3 | €24,919 | €69,069 | +€44,150 | +177.2% |
| Other amounts payable | 47/48 | €632,604 | €769,408 | +€136,804 | +21.6% |
| Accrued charges and deferred income | 492/3 | €14,647 | €24,494 | +€9,847 | +67.2% |
| Operating income | 70/76A | €860,874 | €905,353 | +€44,479 | +5.2% |
| Turnover | 70 | €781,000 | €864,611 | +€83,611 | +10.7% |
| Other operating income | 74 | €65,537 | €40,742 | -€24,795 | -37.8% |
| Non-recurring operating income | 76A | €14,337 | - | -€14,337 | |
| Operating charges | 60/66A | €398,221 | €502,732 | +€104,511 | +26.2% |
| Services and other goods | 61 | €230,277 | €343,567 | +€113,290 | +49.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €117,227 | €126,206 | +€8,980 | +7.7% |
| Other operating charges | 640/8 | €50,253 | €31,592 | -€18,661 | -37.1% |
| Non-recurring operating charges | 66A | €464 | €1,366 | +€902 | +194.4% |
| Operating profit (loss) | 9901 | €462,653 | €402,622 | -€60,032 | -13.0% |
| Financial income | 75/76B | €16,974 | €39,305 | +€22,331 | +131.6% |
| Recurring financial income | 75 | €16,974 | €39,305 | +€22,331 | +131.6% |
| Income from current assets | 751 | €16,974 | €39,305 | +€22,331 | +131.6% |
| Financial charges | 65/66B | €298,753 | €630,854 | +€332,101 | +111.2% |
| Recurring financial charges | 65 | €48,753 | €65,854 | +€17,101 | +35.1% |
| Debt charges | 650 | €46,766 | €64,560 | +€17,795 | +38.1% |
| Other financial charges | 652/9 | €1,987 | €1,294 | -€694 | -34.9% |
| Non-recurring financial charges | 66B | €250,000 | €565,000 | +€315,000 | +126.0% |
| Profit (loss) for the period before taxes | 9903 | €180,875 | -€188,927 | -€369,802 | |
| Income taxes | 67/77 | €63,129 | €50,548 | -€12,581 | -19.9% |
| Taxes | 670/3 | €63,129 | €50,548 | -€12,581 | -19.9% |
| Profit (loss) for the period | 9904 | €117,746 | -€239,475 | -€357,221 | |
| Profit (loss) for the period to be appropriated | 9905 | €117,746 | -€239,475 | -€357,221 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.