M-Square: 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-Square
Largest movements
- Tangible fixed assets -€10,167
down €10,167 (-4.8%), from €210,809 to €200,642
of which Other tangible fixed assets: -€6,146
- Stocks and contracts -€9,557
down €9,557 (-33.9%), from €28,217 to €18,660
- Receivables within one year -€8,592
down €8,592 (-40.8%), from €21,065 to €12,472
of which Trade receivables: -€8,592
- Cash +€3,798
up €3,798 (+13.3%), from €28,636 to €32,434
mainly Net result for the year (+€20,941) and Depreciation (+€17,006)
- Other debts -€23,264
down €23,264 (-66.0%), from €35,238 to €11,974
- Profit (loss) carried forward +€20,941
up €20,941 (+11.5%), from -€181,849 to -€160,907
- Trade debts -€12,488
down €12,488 (-33.0%), from €37,840 to €25,352
- Tax, wage and social debts -€4,995
down €4,995 (-27.8%), from €17,940 to €12,945
- Debts after one year -€4,908
down €4,908 (-27.8%), from €17,626 to €12,718
- Gross operating margin +€22,101
up €22,101 (+85.9%), from €25,726 to €47,828
- Depreciation +€3,962
up €3,962 (+30.4%), from €13,045 to €17,006
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.
Cash bridge derived
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 | €291,976 | €267,458 | -€24,518 | -8.4% |
| Fixed assets | 21/28 | €210,859 | €200,692 | -€10,167 | -4.8% |
| Tangible fixed assets | 22/27 | €210,809 | €200,642 | -€10,167 | -4.8% |
| Plant, machinery and equipment | 23 | €184,115 | €181,680 | -€2,435 | -1.3% |
| Furniture and vehicles | 24 | €3,290 | €1,703 | -€1,587 | -48.2% |
| Other tangible fixed assets | 26 | €23,404 | €17,258 | -€6,146 | -26.3% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €81,117 | €66,767 | -€14,351 | -17.7% |
| Stocks and contracts in progress | 3 | €28,217 | €18,660 | -€9,557 | -33.9% |
| Stocks | 30/36 | €28,217 | €18,660 | -€9,557 | -33.9% |
| Amounts receivable within one year | 40/41 | €21,065 | €12,472 | -€8,592 | -40.8% |
| Trade receivables | 40 | €21,065 | €12,472 | -€8,592 | -40.8% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €28,636 | €32,434 | +€3,798 | +13.3% |
| Deferred charges and accrued income | 490/1 | €3,200 | €3,200 | = | 0.0% |
| Total equity and liabilities | 10/49 | €291,976 | €267,458 | -€24,518 | -8.4% |
| Equity | 10/15 | €178,620 | €199,561 | +€20,941 | +11.7% |
| Contributions | 10/11 | €18,609 | €18,609 | = | 0.0% |
| Revaluation surpluses | 12 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €191,860 | €191,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €190,000 | €190,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€181,849 | -€160,907 | +€20,941 | +11.5% |
| Amounts payable | 17/49 | €113,356 | €67,897 | -€45,459 | -40.1% |
| Amounts payable after more than one year | 17 | €17,626 | €12,718 | -€4,908 | -27.8% |
| Financial debts | 170/4 | €17,626 | €12,718 | -€4,908 | -27.8% |
| Amounts payable within one year | 42/48 | €95,730 | €55,179 | -€40,551 | -42.4% |
| Current portion of amounts payable after more than one year | 42 | €4,712 | €4,908 | +€196 | +4.1% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €37,840 | €25,352 | -€12,488 | -33.0% |
| Suppliers | 440/4 | €37,840 | €25,352 | -€12,488 | -33.0% |
| Taxes, remuneration and social security | 45 | €17,940 | €12,945 | -€4,995 | -27.8% |
| Taxes | 450/3 | €17,940 | €12,945 | -€4,995 | -27.8% |
| Other amounts payable | 47/48 | €35,238 | €11,974 | -€23,264 | -66.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,045 | €17,006 | +€3,962 | +30.4% |
| Other operating charges | 640/8 | €5,025 | €5,081 | +€56 | +1.1% |
| Gross operating margin | 9900 | €25,726 | €47,828 | +€22,101 | +85.9% |
| Operating profit (loss) | 9901 | €7,657 | €25,741 | +€18,084 | +236.2% |
| Financial income | 75/76B | €97 | €14 | -€83 | -85.4% |
| Recurring financial income | 75 | €97 | €14 | -€83 | -85.4% |
| Financial charges | 65/66B | €4,217 | €4,655 | +€438 | +10.4% |
| Recurring financial charges | 65 | €4,217 | €4,655 | +€438 | +10.4% |
| Profit (loss) for the period before taxes | 9903 | €3,536 | €21,100 | +€17,564 | +496.7% |
| Income taxes | 67/77 | €166 | €159 | -€7 | -4.4% |
| Profit (loss) for the period | 9904 | €3,370 | €20,941 | +€17,571 | +521.4% |
| Profit (loss) for the period to be appropriated | 9905 | €3,370 | €20,941 | +€17,571 | +521.4% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.