M-SQUARE CERTIFICATES: 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.
What changed
M-SQUARE CERTIFICATES
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€17,580
2024 · €17,259+€321
Equity
€263,736
2024 · €246,156+€17,580
Cash
€1.4m
2024 · €1.3m+€51,930
Balance sheet total
€19.3m
2024 · €19.9m-€520,022
Largest movements
Assets
- Tangible fixed assets -€529,210
down €529,210 (-3.0%), from €17.6m to €17.1m
of which Other tangible fixed assets: -€529,210
Equity and liabilities
- Debts after one year -€565,383
down €565,383 (-3.1%), from €18.4m to €17.8m
Income statement
- Turnover +€40,135
up €40,135 (+3.2%), from €1.2m to €1.3m
- Financial charges +€31,397
up €31,397 (+5.6%), from €565,578 to €596,975
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.
Result 2024
€17,259
Turnover
+€40,135
Services and other goods
-€2,366
Other operating charges
-€31
Financial income
-€5,703
Financial charges
-€31,397
Taxes
-€317
Result 2025
€17,580
raises the resultlowers the result
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.
From operations
+€617,354
Investment
€0
Financing
-€565,424
Cash 2024
€1.3m
From operations (derived)
+€617,354
Net result for the year
+€17,580
Depreciation
+€550,357
Receivables within one year
+€6,569
Deferred charges and accrued income
+€15,026
Trade debts
-€6,066
Tax, wage and social debts
+€2,487
Other debts
+€31,307
Accrued charges and deferred income
+€95
Financing
-€565,424
Debts after one year
-€565,383
Current portion of long-term debt
-€41
Cash 2025
€1.4m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €19,858,380 | €19,338,358 | -€520,022 | -2.6% |
| Formation expenses | 20 | €582,193 | €561,046 | -€21,147 | -3.6% |
| Fixed assets | 21/28 | €17,622,809 | €17,093,599 | -€529,210 | -3.0% |
| Tangible fixed assets | 22/27 | €17,622,809 | €17,093,599 | -€529,210 | -3.0% |
| Land and buildings | 22 | €3,055,474 | €3,055,474 | = | 0.0% |
| Other tangible fixed assets | 26 | €14,567,334 | €14,038,125 | -€529,210 | -3.6% |
| Current assets | 29/58 | €1,653,378 | €1,683,713 | +€30,335 | +1.8% |
| Amounts receivable within one year | 40/41 | €6,569 | - | -€6,569 | |
| Other amounts receivable | 41 | €6,569 | - | -€6,569 | |
| Cash at bank and in hand | 54/58 | €1,323,445 | €1,375,375 | +€51,930 | +3.9% |
| Deferred charges and accrued income | 490/1 | €323,364 | €308,338 | -€15,026 | -4.6% |
| Total equity and liabilities | 10/49 | €19,858,380 | €19,338,358 | -€520,022 | -2.6% |
| Equity | 10/15 | €246,156 | €263,736 | +€17,580 | +7.1% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Capital | 10 | €200,000 | €200,000 | = | 0.0% |
| Issued capital | 100 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €5,767 | €6,646 | +€879 | +15.2% |
| Non-distributable reserves | 130/1 | €5,767 | €6,646 | +€879 | +15.2% |
| Legal reserve | 130 | €5,767 | €6,646 | +€879 | +15.2% |
| Profit (loss) carried forward | 14 | €40,389 | €57,090 | +€16,701 | +41.4% |
| Amounts payable | 17/49 | €19,612,224 | €19,074,622 | -€537,602 | -2.7% |
| Amounts payable after more than one year | 17 | €18,396,798 | €17,831,416 | -€565,383 | -3.1% |
| Financial debts | 170/4 | €18,396,798 | €17,831,416 | -€565,383 | -3.1% |
| Other loans | 174 | €18,396,798 | €17,831,416 | -€565,383 | -3.1% |
| Amounts payable within one year | 42/48 | €1,212,014 | €1,239,701 | +€27,686 | +2.3% |
| Current portion of amounts payable after more than one year | 42 | €565,424 | €565,383 | -€41 | 0.0% |
| Trade debts | 44 | €84,452 | €78,385 | -€6,066 | -7.2% |
| Suppliers | 440/4 | €84,452 | €78,385 | -€6,066 | -7.2% |
| Taxes, remuneration and social security | 45 | - | €2,487 | +€2,487 | |
| Taxes | 450/3 | - | €2,487 | +€2,487 | |
| Other amounts payable | 47/48 | €562,139 | €593,445 | +€31,307 | +5.6% |
| Accrued charges and deferred income | 492/3 | €3,411 | €3,505 | +€95 | +2.8% |
| Operating income | 70/76A | €1,237,788 | €1,277,924 | +€40,135 | +3.2% |
| Turnover | 70 | €1,237,788 | €1,277,924 | +€40,135 | +3.2% |
| Operating charges | 60/66A | €666,843 | €669,240 | +€2,397 | +0.4% |
| Services and other goods | 61 | €115,518 | €117,884 | +€2,366 | +2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €550,357 | €550,357 | = | 0.0% |
| Other operating charges | 640/8 | €968 | €998 | +€31 | +3.2% |
| Operating profit (loss) | 9901 | €570,946 | €608,684 | +€37,738 | +6.6% |
| Financial income | 75/76B | €17,644 | €11,941 | -€5,703 | -32.3% |
| Recurring financial income | 75 | €17,644 | €11,941 | -€5,703 | -32.3% |
| Income from current assets | 751 | €17,644 | €11,941 | -€5,703 | -32.3% |
| Other financial income | 752/9 | - | €0 | +€0 | |
| Financial charges | 65/66B | €565,578 | €596,975 | +€31,397 | +5.6% |
| Recurring financial charges | 65 | €565,578 | €596,975 | +€31,397 | +5.6% |
| Debt charges | 650 | €562,139 | €593,445 | +€31,307 | +5.6% |
| Other financial charges | 652/9 | €3,440 | €3,530 | +€90 | +2.6% |
| Profit (loss) for the period before taxes | 9903 | €23,011 | €23,650 | +€638 | +2.8% |
| Income taxes | 67/77 | €5,753 | €6,070 | +€317 | +5.5% |
| Taxes | 670/3 | €5,753 | €6,070 | +€317 | +5.5% |
| Profit (loss) for the period | 9904 | €17,259 | €17,580 | +€321 | +1.9% |
| Profit (loss) for the period to be appropriated | 9905 | €17,259 | €17,580 | +€321 | +1.9% |
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 20 October 2026 via checked.be.