M-STONE: 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-STONE
Largest movements
- Cash +€58,980
up €58,980 (+61.5%), from €95,974 to €154,954
mainly Receivables within one year (+€24,851) and Net result for the year (+€21,059)
- Receivables within one year -€24,851
down €24,851 (-51.6%), from €48,195 to €23,344
of which Other amounts receivable: -€13,477
- Tangible fixed assets -€14,535
down €14,535 (-30.8%), from €47,230 to €32,694
of which Leasing and similar rights: -€9,003
- Reserves +€18,166
up €18,166 (+12.8%), from €142,170 to €160,336
- Other debts +€7,314
up €7,314 (+33.8%), from €21,666 to €28,981
- Debts after one year -€5,203
down €5,203 (-43.6%), from €11,942 to €6,740
- Current portion of long-term debt -€3,893
down €3,893 (-42.8%), from €9,095 to €5,203
- Profit (loss) carried forward +€2,893
no longer reported in 2025 (was -€2,893)
- Other operating charges -€41,500
down €41,500 (-98.9%), from €41,941 to €441
- Staff costs +€10,907
up €10,907 (+11.6%), from €94,269 to €105,176
- Taxes +€8,477
up €8,477 (+2743.6%), from €309 to €8,786
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 | €195,063 | €214,662 | +€19,599 | +10.0% |
| Fixed assets | 21/28 | €47,395 | €32,859 | -€14,535 | -30.7% |
| Tangible fixed assets | 22/27 | €47,230 | €32,694 | -€14,535 | -30.8% |
| Plant, machinery and equipment | 23 | €11,004 | €10,472 | -€532 | -4.8% |
| Furniture and vehicles | 24 | €13,811 | €8,810 | -€5,001 | -36.2% |
| Leasing and similar rights | 25 | €22,415 | €13,412 | -€9,003 | -40.2% |
| Financial fixed assets | 28 | €165 | €165 | = | 0.0% |
| Current assets | 29/58 | €147,669 | €181,803 | +€34,134 | +23.1% |
| Stocks and contracts in progress | 3 | €3,500 | €3,505 | +€5 | +0.1% |
| Stocks | 30/36 | €3,500 | €3,505 | +€5 | +0.1% |
| Amounts receivable within one year | 40/41 | €48,195 | €23,344 | -€24,851 | -51.6% |
| Trade receivables | 40 | €33,504 | €22,130 | -€11,374 | -33.9% |
| Other amounts receivable | 41 | €14,691 | €1,214 | -€13,477 | -91.7% |
| Cash at bank and in hand | 54/58 | €95,974 | €154,954 | +€58,980 | +61.5% |
| Total equity and liabilities | 10/49 | €195,063 | €214,662 | +€19,599 | +10.0% |
| Equity | 10/15 | €140,277 | €161,336 | +€21,059 | +15.0% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €142,170 | €160,336 | +€18,166 | +12.8% |
| Distributable reserves | 133 | €142,170 | €160,336 | +€18,166 | +12.8% |
| Profit (loss) carried forward | 14 | -€2,893 | - | +€2,893 | |
| Amounts payable | 17/49 | €54,786 | €53,326 | -€1,460 | -2.7% |
| Amounts payable after more than one year | 17 | €11,942 | €6,740 | -€5,203 | -43.6% |
| Financial debts | 170/4 | €11,942 | €6,740 | -€5,203 | -43.6% |
| Amounts payable within one year | 42/48 | €40,966 | €46,442 | +€5,476 | +13.4% |
| Current portion of amounts payable after more than one year | 42 | €9,095 | €5,203 | -€3,893 | -42.8% |
| Trade debts | 44 | €4,874 | €7,626 | +€2,752 | +56.5% |
| Suppliers | 440/4 | €4,874 | €7,626 | +€2,752 | +56.5% |
| Taxes, remuneration and social security | 45 | €5,330 | €4,632 | -€697 | -13.1% |
| Taxes | 450/3 | €1,422 | €546 | -€877 | -61.6% |
| Remuneration and social security | 454/9 | €3,907 | €4,087 | +€180 | +4.6% |
| Other amounts payable | 47/48 | €21,666 | €28,981 | +€7,314 | +33.8% |
| Accrued charges and deferred income | 492/3 | €1,878 | €144 | -€1,734 | -92.3% |
| Remuneration, social security and pensions | 62 | €94,269 | €105,176 | +€10,907 | +11.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,195 | €18,627 | +€432 | +2.4% |
| Other operating charges | 640/8 | €41,941 | €441 | -€41,500 | -98.9% |
| Non-recurring operating charges | 66A | €1,269 | - | -€1,269 | |
| Gross operating margin | 9900 | €154,041 | €154,796 | +€756 | +0.5% |
| Operating profit (loss) | 9901 | -€1,633 | €30,552 | +€32,185 | |
| Financial income | 75/76B | €1 | €10 | +€9 | +1236.0% |
| Recurring financial income | 75 | €1 | €10 | +€9 | +1236.0% |
| Financial charges | 65/66B | €951 | €717 | -€235 | -24.7% |
| Recurring financial charges | 65 | €951 | €717 | -€235 | -24.7% |
| Profit (loss) for the period before taxes | 9903 | -€2,584 | €29,845 | +€32,429 | |
| Income taxes | 67/77 | €309 | €8,786 | +€8,477 | +2743.6% |
| Profit (loss) for the period | 9904 | -€2,893 | €21,059 | +€23,952 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,893 | €21,059 | +€23,952 |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.