M-STYLE: 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-STYLE
Largest movements
- Receivables within one year +€16,948
up €16,948 (+28.1%), from €60,253 to €77,202
of which Other amounts receivable: +€10,908
- Cash +€7,329
up €7,329 (+27.0%), from €27,156 to €34,485
mainly Net result for the year (+€18,023) and Trade debts (+€6,981)
- Reserves +€18,023
up €18,023 (+19.4%), from €92,745 to €110,768
- Trade debts +€6,981
up €6,981 (+145%), from €4,820 to €11,801
- Staff costs -€5,357
down €5,357 (-32.9%), from €16,277 to €10,920
- Gross operating margin +€4,215
up €4,215 (+11.5%), from €36,572 to €40,786
- Taxes +€3,659
up €3,659 (+76.6%), from €4,777 to €8,436
- Other operating charges -€1,251
down €1,251 (-26.0%), from €4,814 to €3,563
- Depreciation -€522
down €522 (-25.7%), from €2,029 to €1,507
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 | €137,915 | €162,503 | +€24,587 | +17.8% |
| Fixed assets | 21/28 | €45,556 | €46,049 | +€493 | +1.1% |
| Tangible fixed assets | 22/27 | €45,011 | €45,504 | +€493 | +1.1% |
| Land and buildings | 22 | €40,883 | €40,883 | = | 0.0% |
| Furniture and vehicles | 24 | €4,127 | €4,620 | +€493 | +11.9% |
| Financial fixed assets | 28 | €545 | €545 | = | 0.0% |
| Current assets | 29/58 | €92,359 | €116,453 | +€24,094 | +26.1% |
| Stocks and contracts in progress | 3 | €1,293 | €1,293 | = | 0.0% |
| Stocks | 30/36 | €1,293 | €1,293 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €60,253 | €77,202 | +€16,948 | +28.1% |
| Trade receivables | 40 | €15,923 | €21,963 | +€6,041 | +37.9% |
| Other amounts receivable | 41 | €44,331 | €55,239 | +€10,908 | +24.6% |
| Cash at bank and in hand | 54/58 | €27,156 | €34,485 | +€7,329 | +27.0% |
| Deferred charges and accrued income | 490/1 | €3,657 | €3,473 | -€184 | -5.0% |
| Total equity and liabilities | 10/49 | €137,915 | €162,503 | +€24,587 | +17.8% |
| Equity | 10/15 | €111,295 | €129,318 | +€18,023 | +16.2% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €92,745 | €110,768 | +€18,023 | +19.4% |
| Distributable reserves | 133 | €92,745 | €110,768 | +€18,023 | +19.4% |
| Amounts payable | 17/49 | €26,620 | €33,185 | +€6,565 | +24.7% |
| Amounts payable within one year | 42/48 | €26,620 | €33,185 | +€6,565 | +24.7% |
| Financial debts | 43 | €3,400 | €3,400 | = | 0.0% |
| Credit institutions | 430/8 | €3,400 | €3,400 | = | 0.0% |
| Trade debts | 44 | €4,820 | €11,801 | +€6,981 | +145% |
| Suppliers | 440/4 | €4,820 | €11,801 | +€6,981 | +145% |
| Taxes, remuneration and social security | 45 | €18,400 | €17,984 | -€416 | -2.3% |
| Taxes | 450/3 | €14,432 | €17,132 | +€2,700 | +18.7% |
| Remuneration and social security | 454/9 | €3,968 | €852 | -€3,116 | -78.5% |
| Remuneration, social security and pensions | 62 | €16,277 | €10,920 | -€5,357 | -32.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,029 | €1,507 | -€522 | -25.7% |
| Other operating charges | 640/8 | €4,814 | €3,563 | -€1,251 | -26.0% |
| Gross operating margin | 9900 | €36,572 | €40,786 | +€4,215 | +11.5% |
| Operating profit (loss) | 9901 | €13,452 | €24,797 | +€11,345 | +84.3% |
| Financial income | 75/76B | €2,873 | €2,807 | -€66 | -2.3% |
| Recurring financial income | 75 | €2,873 | €2,807 | -€66 | -2.3% |
| Financial charges | 65/66B | €1,519 | €1,145 | -€374 | -24.6% |
| Recurring financial charges | 65 | €1,519 | €1,145 | -€374 | -24.6% |
| Profit (loss) for the period before taxes | 9903 | €14,806 | €26,459 | +€11,653 | +78.7% |
| Income taxes | 67/77 | €4,777 | €8,436 | +€3,659 | +76.6% |
| Profit (loss) for the period | 9904 | €10,029 | €18,023 | +€7,994 | +79.7% |
| Profit (loss) for the period to be appropriated | 9905 | €10,029 | €18,023 | +€7,994 | +79.7% |
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 23 October 2026 via checked.be.