M-Square Print: 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 Print
Largest movements
- Tangible fixed assets -€6,201
down €6,201 (-41.3%), from €15,030 to €8,829
of which Furniture and vehicles: -€5,836
- Cash -€3,773
down €3,773 (-66.6%), from €5,665 to €1,892
mainly Tax, wage and social debts (-€7,421) and Investment in fixed assets (net) (-€3,308)
- Receivables within one year -€2,686
down €2,686 (-13.1%), from €20,427 to €17,741
of which Trade receivables: -€6,949
- Financial fixed assets +€2,500
new in 2025: €2,500
- Stocks and contracts +€1,801
up €1,801 (+22.0%), from €8,199 to €10,000
of which Contracts in progress: +€3,500
- Tax, wage and social debts -€7,421
down €7,421 (-36.4%), from €20,360 to €12,939
of which Taxes: -€5,048
- Trade debts +€1,035
up €1,035 (+7.4%), from €13,945 to €14,980
- Current portion of long-term debt -€931
no longer reported in 2025 (was €931)
- Gross operating margin -€13,754
down €13,754 (-24.3%), from €56,643 to €42,890
- Staff costs -€4,364
down €4,364 (-12.8%), from €34,140 to €29,777
- Financial charges -€2,105
down €2,105 (-47.8%), from €4,401 to €2,297
- Other operating charges -€1,440
down €1,440 (-56.2%), from €2,563 to €1,123
- Depreciation +€1,405
up €1,405 (+25.1%), from €5,604 to €7,010
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 | €49,684 | €42,490 | -€7,194 | -14.5% |
| Fixed assets | 21/28 | €15,030 | €11,329 | -€3,701 | -24.6% |
| Tangible fixed assets | 22/27 | €15,030 | €8,829 | -€6,201 | -41.3% |
| Plant, machinery and equipment | 23 | €799 | €434 | -€365 | -45.7% |
| Furniture and vehicles | 24 | €14,231 | €8,395 | -€5,836 | -41.0% |
| Financial fixed assets | 28 | - | €2,500 | +€2,500 | |
| Current assets | 29/58 | €34,654 | €31,161 | -€3,492 | -10.1% |
| Stocks and contracts in progress | 3 | €8,199 | €10,000 | +€1,801 | +22.0% |
| Stocks | 30/36 | €5,199 | €3,500 | -€1,699 | -32.7% |
| Contracts in progress | 37 | €3,000 | €6,500 | +€3,500 | +117% |
| Amounts receivable within one year | 40/41 | €20,427 | €17,741 | -€2,686 | -13.1% |
| Trade receivables | 40 | €13,736 | €6,787 | -€6,949 | -50.6% |
| Other amounts receivable | 41 | €6,691 | €10,954 | +€4,263 | +63.7% |
| Cash at bank and in hand | 54/58 | €5,665 | €1,892 | -€3,773 | -66.6% |
| Deferred charges and accrued income | 490/1 | €362 | €1,528 | +€1,166 | +322% |
| Total equity and liabilities | 10/49 | €49,684 | €42,490 | -€7,194 | -14.5% |
| Equity | 10/15 | €14,448 | €14,572 | +€124 | +0.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,048 | €2,172 | +€124 | +6.0% |
| Amounts payable | 17/49 | €35,236 | €27,918 | -€7,317 | -20.8% |
| Amounts payable within one year | 42/48 | €35,236 | €27,918 | -€7,317 | -20.8% |
| Current portion of amounts payable after more than one year | 42 | €931 | - | -€931 | |
| Trade debts | 44 | €13,945 | €14,980 | +€1,035 | +7.4% |
| Suppliers | 440/4 | €13,945 | €14,980 | +€1,035 | +7.4% |
| Taxes, remuneration and social security | 45 | €20,360 | €12,939 | -€7,421 | -36.4% |
| Taxes | 450/3 | €13,419 | €8,371 | -€5,048 | -37.6% |
| Remuneration and social security | 454/9 | €6,940 | €4,568 | -€2,373 | -34.2% |
| Remuneration, social security and pensions | 62 | €34,140 | €29,777 | -€4,364 | -12.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,604 | €7,010 | +€1,405 | +25.1% |
| Other operating charges | 640/8 | €2,563 | €1,123 | -€1,440 | -56.2% |
| Gross operating margin | 9900 | €56,643 | €42,890 | -€13,754 | -24.3% |
| Operating profit (loss) | 9901 | €14,336 | €4,980 | -€9,356 | -65.3% |
| Financial income | 75/76B | €6 | €0 | -€6 | -97.3% |
| Recurring financial income | 75 | €6 | €0 | -€6 | -97.3% |
| Financial charges | 65/66B | €4,401 | €2,297 | -€2,105 | -47.8% |
| Recurring financial charges | 65 | €4,401 | €2,297 | -€2,105 | -47.8% |
| Profit (loss) for the period before taxes | 9903 | €9,941 | €2,683 | -€7,258 | -73.0% |
| Income taxes | 67/77 | €3,637 | €2,560 | -€1,077 | -29.6% |
| Profit (loss) for the period | 9904 | €6,304 | €124 | -€6,180 | -98.0% |
| Profit (loss) for the period to be appropriated | 9905 | €6,304 | €124 | -€6,180 | -98.0% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.