M-Strategy: 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-Strategy
Largest movements
- Financial fixed assets +€150,000
up €150,000 (+60.0%), from €250,000 to €400,000
- Cash -€6,217
down €6,217 (-54.8%), from €11,347 to €5,130
mainly Investment in fixed assets (net) (-€150,000) and Debts after one year (-€22,852)
- Other debts +€90,000
new in 2025: €90,000
- Profit (loss) carried forward +€72,539
up €72,539 (+1061.1%), from €6,837 to €79,376
- Debts after one year -€22,852
down €22,852 (-10.1%), from €225,815 to €202,964
- Financial income +€70,230
up €70,230 (+50308.0%), from €140 to €70,370
- Financial charges +€3,753
up €3,753 (+69.2%), from €5,424 to €9,177
- Gross operating margin -€2,708
down €2,708 (-14.2%), from €19,024 to €16,316
- Taxes -€1,188
down €1,188 (-29.8%), from €3,992 to €2,803
- Depreciation -€583
down €583 (-76.3%), from €764 to €181
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 | €275,398 | €420,984 | +€145,586 | +52.9% |
| Fixed assets | 21/28 | €250,413 | €400,232 | +€149,819 | +59.8% |
| Tangible fixed assets | 22/27 | €413 | €232 | -€181 | -43.8% |
| Plant, machinery and equipment | 23 | €197 | €111 | -€86 | -43.8% |
| Furniture and vehicles | 24 | €216 | €121 | -€95 | -43.8% |
| Financial fixed assets | 28 | €250,000 | €400,000 | +€150,000 | +60.0% |
| Current assets | 29/58 | €24,985 | €20,752 | -€4,234 | -16.9% |
| Amounts receivable within one year | 40/41 | €13,137 | €15,622 | +€2,485 | +18.9% |
| Trade receivables | 40 | €8,530 | €6,587 | -€1,943 | -22.8% |
| Other amounts receivable | 41 | €4,607 | €9,035 | +€4,428 | +96.1% |
| Cash at bank and in hand | 54/58 | €11,347 | €5,130 | -€6,217 | -54.8% |
| Deferred charges and accrued income | 490/1 | €501 | - | -€501 | |
| Total equity and liabilities | 10/49 | €275,398 | €420,984 | +€145,586 | +52.9% |
| Equity | 10/15 | €16,837 | €89,376 | +€72,539 | +430.8% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €6,837 | €79,376 | +€72,539 | +1061.1% |
| Amounts payable | 17/49 | €258,562 | €331,608 | +€73,046 | +28.3% |
| Amounts payable after more than one year | 17 | €225,815 | €202,964 | -€22,852 | -10.1% |
| Financial debts | 170/4 | €225,815 | €202,964 | -€22,852 | -10.1% |
| Amounts payable within one year | 42/48 | €32,746 | €128,644 | +€95,898 | +292.8% |
| Current portion of amounts payable after more than one year | 42 | €24,185 | €24,727 | +€542 | +2.2% |
| Trade debts | 44 | €685 | €1,178 | +€493 | +71.9% |
| Suppliers | 440/4 | €685 | €1,178 | +€493 | +71.9% |
| Advances received on contracts in progress | 46 | - | €1,210 | +€1,210 | |
| Taxes, remuneration and social security | 45 | €7,876 | €11,529 | +€3,653 | +46.4% |
| Taxes | 450/3 | €6,296 | €9,592 | +€3,297 | +52.4% |
| Remuneration and social security | 454/9 | €1,581 | €1,937 | +€356 | +22.5% |
| Other amounts payable | 47/48 | - | €90,000 | +€90,000 | |
| Remuneration, social security and pensions | 62 | €1,454 | €1,520 | +€66 | +4.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €764 | €181 | -€583 | -76.3% |
| Other operating charges | 640/8 | €693 | €465 | -€228 | -32.9% |
| Gross operating margin | 9900 | €19,024 | €16,316 | -€2,708 | -14.2% |
| Operating profit (loss) | 9901 | €16,112 | €14,149 | -€1,963 | -12.2% |
| Financial income | 75/76B | €140 | €70,370 | +€70,230 | +50308.0% |
| Recurring financial income | 75 | €140 | €70,370 | +€70,230 | +50308.0% |
| Financial charges | 65/66B | €5,424 | €9,177 | +€3,753 | +69.2% |
| Recurring financial charges | 65 | €5,424 | €9,177 | +€3,753 | +69.2% |
| Profit (loss) for the period before taxes | 9903 | €10,828 | €75,343 | +€64,514 | +595.8% |
| Income taxes | 67/77 | €3,992 | €2,803 | -€1,188 | -29.8% |
| Profit (loss) for the period | 9904 | €6,837 | €72,539 | +€65,703 | +961.1% |
| Profit (loss) for the period to be appropriated | 9905 | €6,837 | €72,539 | +€65,703 | +961.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.