M Square Partners: 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 Square Partners
Largest movements
- Current investments -€125,000
down €125,000 (-100.0%), from €125,000 to €0
- Cash +€98,941
up €98,941 (+133.2%), from €74,292 to €173,233
mainly Net result for the year (+€125,026) and Current investments (+€125,000)
- Tangible fixed assets +€54,918
up €54,918 (+3058.4%), from €1,796 to €56,714
of which Furniture and vehicles: +€55,409
- Receivables within one year +€30,971
up €30,971 (+98.4%), from €31,469 to €62,440
of which Other amounts receivable: +€20,255
- Other debts +€60,296
up €60,296 (+602959.0%), from €10 to €60,306
- Tax, wage and social debts -€9,032
down €9,032 (-50.5%), from €17,900 to €8,868
- Profit (loss) carried forward +€7,379
new in 2025: €7,379
- Gross operating margin +€37,784
up €37,784 (+30.5%), from €123,901 to €161,685
- Depreciation +€1,699
up €1,699 (+160.7%), from €1,057 to €2,757
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 | €235,596 | €294,656 | +€59,060 | +25.1% |
| Fixed assets | 21/28 | €1,796 | €56,714 | +€54,918 | +3058.4% |
| Tangible fixed assets | 22/27 | €1,796 | €56,714 | +€54,918 | +3058.4% |
| Plant, machinery and equipment | 23 | €553 | €62 | -€491 | -88.8% |
| Furniture and vehicles | 24 | €1,243 | €56,652 | +€55,409 | +4458.7% |
| Current assets | 29/58 | €233,800 | €237,942 | +€4,142 | +1.8% |
| Amounts receivable within one year | 40/41 | €31,469 | €62,440 | +€30,971 | +98.4% |
| Trade receivables | 40 | €22,400 | €33,116 | +€10,716 | +47.8% |
| Other amounts receivable | 41 | €9,069 | €29,324 | +€20,255 | +223.3% |
| Current investments | 50/53 | €125,000 | €0 | -€125,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €74,292 | €173,233 | +€98,941 | +133.2% |
| Deferred charges and accrued income | 490/1 | €3,039 | €2,269 | -€770 | -25.3% |
| Total equity and liabilities | 10/49 | €235,596 | €294,656 | +€59,060 | +25.1% |
| Equity | 10/15 | €217,003 | €224,382 | +€7,379 | +3.4% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Reserves | 13 | €216,503 | €216,503 | = | 0.0% |
| Distributable reserves | 133 | €216,503 | €216,503 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €7,379 | +€7,379 | |
| Amounts payable | 17/49 | €18,593 | €70,274 | +€51,682 | +278.0% |
| Amounts payable within one year | 42/48 | €18,593 | €70,274 | +€51,682 | +278.0% |
| Trade debts | 44 | €683 | €1,100 | +€418 | +61.2% |
| Suppliers | 440/4 | €683 | €1,100 | +€418 | +61.2% |
| Taxes, remuneration and social security | 45 | €17,900 | €8,868 | -€9,032 | -50.5% |
| Taxes | 450/3 | €17,900 | €8,868 | -€9,032 | -50.5% |
| Other amounts payable | 47/48 | €10 | €60,306 | +€60,296 | +602959.0% |
| Non-recurring operating income | 76A | - | €8,699 | +€8,699 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,057 | €2,757 | +€1,699 | +160.7% |
| Other operating charges | 640/8 | €507 | €922 | +€415 | +81.8% |
| Gross operating margin | 9900 | €123,901 | €161,685 | +€37,784 | +30.5% |
| Operating profit (loss) | 9901 | €122,336 | €158,006 | +€35,670 | +29.2% |
| Financial income | 75/76B | €2,559 | €3,251 | +€692 | +27.0% |
| Recurring financial income | 75 | €2,559 | €3,251 | +€692 | +27.0% |
| Financial charges | 65/66B | €290 | €104 | -€185 | -64.0% |
| Recurring financial charges | 65 | €290 | €104 | -€185 | -64.0% |
| Profit (loss) for the period before taxes | 9903 | €124,605 | €161,153 | +€36,547 | +29.3% |
| Income taxes | 67/77 | €35,928 | €36,127 | +€199 | +0.6% |
| Profit (loss) for the period | 9904 | €88,677 | €125,026 | +€36,348 | +41.0% |
| Profit (loss) for the period to be appropriated | 9905 | €88,677 | €125,026 | +€36,348 | +41.0% |
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 12 October 2026 via checked.be.