M. Système: 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. Système
Largest movements
- Receivables within one year +€59,567
up €59,567 (+128.3%), from €46,413 to €105,980
of which Trade receivables: +€57,613
- Deferred charges and accrued income -€3,218
no longer reported in 2025 (was €3,218)
- Tangible fixed assets -€1,139
down €1,139 (-19.6%), from €5,811 to €4,672
of which Furniture and vehicles: -€2,086
- Trade debts +€34,520
up €34,520 (+162.5%), from €21,246 to €55,766
- Short-term financial debts +€12,102
up €12,102 (+509.5%), from €2,375 to €14,477
- Profit (loss) carried forward +€9,082
up €9,082 (+77.2%), from €11,769 to €20,851
- Tax, wage and social debts -€2,066
no longer reported in 2025 (was €2,066)
- Accrued charges and deferred income +€1,704
new in 2025: €1,704
- Gross operating margin +€6,854
up €6,854 (+49.8%), from €13,765 to €20,619
- Taxes +€1,227
up €1,227 (+59.4%), from €2,066 to €3,293
- Staff costs -€1,157
no longer reported in 2025 (was €1,157)
- Depreciation +€781
up €781 (+20.6%), from €3,784 to €4,565
- Financial charges +€633
up €633 (+178.7%), from €354 to €987
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 | €55,492 | €110,704 | +€55,212 | +99.5% |
| Fixed assets | 21/28 | €5,861 | €4,722 | -€1,139 | -19.4% |
| Tangible fixed assets | 22/27 | €5,811 | €4,672 | -€1,139 | -19.6% |
| Plant, machinery and equipment | 23 | €2,867 | €3,814 | +€947 | +33.0% |
| Furniture and vehicles | 24 | €2,944 | €858 | -€2,086 | -70.9% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €49,631 | €105,982 | +€56,351 | +113.5% |
| Amounts receivable within one year | 40/41 | €46,413 | €105,980 | +€59,567 | +128.3% |
| Trade receivables | 40 | €36,347 | €93,960 | +€57,613 | +158.5% |
| Other amounts receivable | 41 | €10,066 | €12,021 | +€1,955 | +19.4% |
| Cash at bank and in hand | 54/58 | - | €2 | +€2 | |
| Deferred charges and accrued income | 490/1 | €3,218 | - | -€3,218 | |
| Total equity and liabilities | 10/49 | €55,492 | €110,704 | +€55,212 | +99.5% |
| Equity | 10/15 | €13,769 | €22,851 | +€9,082 | +66.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Outside capital | 11 | €2,000 | €2,000 | = | 0.0% |
| Other | 1109/19 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €11,769 | €20,851 | +€9,082 | +77.2% |
| Amounts payable | 17/49 | €41,723 | €87,853 | +€46,130 | +110.6% |
| Amounts payable within one year | 42/48 | €41,723 | €86,149 | +€44,426 | +106.5% |
| Financial debts | 43 | €2,375 | €14,477 | +€12,102 | +509.5% |
| Credit institutions | 430/8 | €2,375 | €14,477 | +€12,102 | +509.5% |
| Trade debts | 44 | €21,246 | €55,766 | +€34,520 | +162.5% |
| Suppliers | 440/4 | €21,246 | €55,766 | +€34,520 | +162.5% |
| Taxes, remuneration and social security | 45 | €2,066 | - | -€2,066 | |
| Taxes | 450/3 | €2,066 | - | -€2,066 | |
| Other amounts payable | 47/48 | €16,036 | €15,906 | -€130 | -0.8% |
| Accrued charges and deferred income | 492/3 | - | €1,704 | +€1,704 | |
| Remuneration, social security and pensions | 62 | €1,157 | - | -€1,157 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,784 | €4,565 | +€781 | +20.6% |
| Other operating charges | 640/8 | €2,144 | €2,693 | +€549 | +25.6% |
| Gross operating margin | 9900 | €13,765 | €20,619 | +€6,854 | +49.8% |
| Operating profit (loss) | 9901 | €6,679 | €13,360 | +€6,681 | +100.0% |
| Financial income | 75/76B | €5 | €1 | -€4 | -84.3% |
| Recurring financial income | 75 | €5 | €1 | -€4 | -84.3% |
| Financial charges | 65/66B | €354 | €987 | +€633 | +178.7% |
| Recurring financial charges | 65 | €354 | €987 | +€633 | +178.7% |
| Profit (loss) for the period before taxes | 9903 | €6,330 | €12,375 | +€6,044 | +95.5% |
| Income taxes | 67/77 | €2,066 | €3,293 | +€1,227 | +59.4% |
| Profit (loss) for the period | 9904 | €4,264 | €9,082 | +€4,818 | +113.0% |
| Profit (loss) for the period to be appropriated | 9905 | €4,264 | €9,082 | +€4,818 | +113.0% |
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 8 October 2026 via checked.be.