M-SYSTEMS: 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-SYSTEMS
Largest movements
- Current assets +€332,688
up €332,688 (+231%), from €143,882 to €476,570
of which Receivables within one year: +€327,930
- Tangible fixed assets +€13,893
up €13,893 (+695%), from €2,000 to €15,892
- Financial fixed assets +€13,800
up €13,800 (+4,246%), from €325 to €14,125
- Debts within one year +€349,783
up €349,783 (+486%), from €71,915 to €421,698
- Reserves +€12,753
up €12,753 (+33.8%), from €37,750 to €50,504
- Turnover +€936,124
up €936,124 (+435%), from €215,063 to €1.2m
- Gross operating margin +€237,046
up €237,046 (+472%), from €50,244 to €287,289
From the 2019 result to the 2020 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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2019 | 2020 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €146,207 | €506,587 | +€360,381 | +246% |
| Fixed assets | 21/28 | €2,325 | €30,017 | +€27,693 | +1,191% |
| Tangible fixed assets | 22/27 | €2,000 | €15,892 | +€13,893 | +695% |
| Financial fixed assets | 28 | €325 | €14,125 | +€13,800 | +4,246% |
| Current assets | 29/58 | €143,882 | €476,570 | +€332,688 | +231% |
| Amounts receivable within one year | 40/41 | €139,728 | €467,657 | +€327,930 | +235% |
| Cash at bank and in hand | 54/58 | €152 | €853 | +€701 | +462% |
| Total equity and liabilities | 10/49 | €146,207 | €506,587 | +€360,381 | +246% |
| Equity | 10/15 | €56,350 | €69,104 | +€12,753 | +22.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €37,750 | €50,504 | +€12,753 | +33.8% |
| Amounts payable | 17/49 | €89,856 | €437,484 | +€347,627 | +387% |
| Amounts payable after more than one year | 17 | €17,941 | €15,785 | -€2,156 | -12.0% |
| Amounts payable within one year | 42/48 | €71,915 | €421,698 | +€349,783 | +486% |
| Trade debts | 44 | €5,969 | €169,602 | +€163,633 | +2,741% |
| Turnover | 70 | €215,063 | €1,151,187 | +€936,124 | +435% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,420 | €4,488 | +€2,068 | +85.5% |
| Gross operating margin | 9900 | €50,244 | €287,289 | +€237,046 | +472% |
| Operating profit (loss) | 9901 | €4,612 | €22,932 | +€18,321 | +397% |
| Recurring financial income | 75 | €4,680 | €8,185 | +€3,505 | +74.9% |
| Recurring financial charges | 65 | €4,788 | €12,457 | +€7,669 | +160% |
| Profit (loss) for the period before taxes | 9903 | €4,504 | €18,660 | +€14,156 | +314% |
| Income taxes | 67/77 | €1,510 | €5,907 | +€4,397 | +291% |
| Profit (loss) for the period | 9904 | €2,994 | €12,753 | +€9,759 | +326% |
| Profit (loss) for the period to be appropriated | 9905 | €2,994 | €12,753 | +€9,759 | +326% |
Source: filed annual accounts (NBB), financial years ended 31 December 2019 and 31 December 2020. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.