M2S GROUP: 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.
M2S GROUP
Largest movements
- Receivables within one year +€223,136
up €223,136 (+10.5%), from €2.1m to €2.3m
of which Other amounts receivable: +€238,010
- Financial fixed assets -€194,031
down €194,031 (-10.5%), from €1.9m to €1.7m
- Cash +€166,383
up €166,383 (+400.9%), from €41,506 to €207,889
mainly Investment in fixed assets (net) (+€194,031) and Other debts (+€184,554)
- Current investments +€64,414
up €64,414 (+25.3%), from €255,057 to €319,471
- Other debts +€184,554
up €184,554 (+20.5%), from €899,508 to €1.1m
- Reserves +€65,718
up €65,718 (+1.9%), from €3.5m to €3.6m
of which Distributable reserves: +€67,578
- Financial charges -€45,214
down €45,214 (-97.6%), from €46,314 to €1,100
of which Non-recurring financial charges: -€40,258
- Financial income +€42,652
up €42,652 (+67.1%), from €63,531 to €106,182
- Gross operating margin -€17,820
down €17,820, from €7,373 to -€10,447
- Depreciation -€10,942
down €10,942 (-29.5%), from €37,112 to €26,170
- Other operating charges -€2,384
down €2,384 (-46.5%), from €5,132 to €2,748
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 | €4,442,929 | €4,676,705 | +€233,775 | +5.3% |
| Fixed assets | 21/28 | €2,021,061 | €1,800,861 | -€220,201 | -10.9% |
| Tangible fixed assets | 22/27 | €168,225 | €142,054 | -€26,170 | -15.6% |
| Land and buildings | 22 | €132,900 | €126,198 | -€6,701 | -5.0% |
| Plant, machinery and equipment | 23 | €96 | €0 | -€96 | -100.0% |
| Furniture and vehicles | 24 | €35,229 | €15,856 | -€19,373 | -55.0% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €1,852,837 | €1,658,806 | -€194,031 | -10.5% |
| Current assets | 29/58 | €2,421,868 | €2,875,844 | +€453,976 | +18.7% |
| Amounts receivable within one year | 40/41 | €2,124,394 | €2,347,529 | +€223,136 | +10.5% |
| Trade receivables | 40 | €14,875 | €0 | -€14,875 | -100.0% |
| Other amounts receivable | 41 | €2,109,519 | €2,347,529 | +€238,010 | +11.3% |
| Current investments | 50/53 | €255,057 | €319,471 | +€64,414 | +25.3% |
| Cash at bank and in hand | 54/58 | €41,506 | €207,889 | +€166,383 | +400.9% |
| Deferred charges and accrued income | 490/1 | €911 | €954 | +€43 | +4.7% |
| Total equity and liabilities | 10/49 | €4,442,929 | €4,676,705 | +€233,775 | +5.3% |
| Equity | 10/15 | €3,522,929 | €3,588,647 | +€65,718 | +1.9% |
| Contributions | 10/11 | €6,250 | €6,250 | = | 0.0% |
| Reserves | 13 | €3,516,679 | €3,582,397 | +€65,718 | +1.9% |
| Non-distributable reserves | 130/1 | €1,860 | €0 | -€1,860 | -100.0% |
| Reserves not available under the articles | 1311 | €1,860 | €0 | -€1,860 | -100.0% |
| Distributable reserves | 133 | €3,514,819 | €3,582,397 | +€67,578 | +1.9% |
| Amounts payable | 17/49 | €920,000 | €1,088,058 | +€168,057 | +18.3% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €920,000 | €1,088,058 | +€168,057 | +18.3% |
| Current portion of amounts payable after more than one year | 42 | €7,949 | €0 | -€7,949 | -100.0% |
| Trade debts | 44 | €12,516 | €3,130 | -€9,386 | -75.0% |
| Suppliers | 440/4 | €12,516 | €3,130 | -€9,386 | -75.0% |
| Taxes, remuneration and social security | 45 | €27 | €865 | +€838 | +3084.0% |
| Taxes | 450/3 | €27 | €865 | +€838 | +3084.0% |
| Other amounts payable | 47/48 | €899,508 | €1,084,062 | +€184,554 | +20.5% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €10,000 | €0 | -€10,000 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,112 | €26,170 | -€10,942 | -29.5% |
| Other operating charges | 640/8 | €5,132 | €2,748 | -€2,384 | -46.5% |
| Gross operating margin | 9900 | €7,373 | -€10,447 | -€17,820 | |
| Operating profit (loss) | 9901 | -€34,871 | -€39,364 | -€4,493 | -12.9% |
| Financial income | 75/76B | €63,531 | €106,182 | +€42,652 | +67.1% |
| Recurring financial income | 75 | €63,531 | €106,182 | +€42,652 | +67.1% |
| Financial charges | 65/66B | €46,314 | €1,100 | -€45,214 | -97.6% |
| Recurring financial charges | 65 | €6,055 | €1,100 | -€4,956 | -81.8% |
| Non-recurring financial charges | 66B | €40,258 | €0 | -€40,258 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | -€17,654 | €65,718 | +€83,372 | |
| Income taxes | 67/77 | €350 | €0 | -€350 | -100.0% |
| Profit (loss) for the period | 9904 | -€18,004 | €65,718 | +€83,722 | |
| Profit (loss) for the period to be appropriated | 9905 | -€18,004 | €65,718 | +€83,722 |
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 11 October 2026 via checked.be.