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 & S INVEST
Largest movements
- Receivables within one year +€198,741
up €198,741 (+177.2%), from €112,180 to €310,921
of which Other amounts receivable: +€159,703
- Tangible fixed assets -€85,258
down €85,258 (-55.5%), from €153,609 to €68,351
of which Leasing and similar rights: -€74,165
- Cash +€25,551
up €25,551 (+121.7%), from €20,988 to €46,539
mainly Depreciation (+€83,442) and Net result for the year (+€77,082)
- Profit (loss) carried forward +€77,082
up €77,082 (+123.6%), from €62,386 to €139,468
- Other debts +€65,961
new in 2025: €65,961
- Trade debts +€56,435
up €56,435 (+143.8%), from €39,256 to €95,690
- Debts after one year -€45,793
down €45,793 (-67.0%), from €68,319 to €22,526
- Current portion of long-term debt -€35,296
down €35,296 (-52.6%), from €67,135 to €31,839
- Staff costs -€52,907
down €52,907 (-11.0%), from €481,725 to €428,818
- Other operating charges -€41,433
down €41,433 (-87.9%), from €47,154 to €5,721
- Financial charges -€15,446
down €15,446 (-73.0%), from €21,160 to €5,714
- Taxes +€14,210
new in 2025: €14,210
- Gross operating margin +€8,081
up €8,081 (+1.3%), from €606,441 to €614,522
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 | €290,468 | €428,570 | +€138,102 | +47.5% |
| Fixed assets | 21/28 | €153,879 | €68,621 | -€85,258 | -55.4% |
| Tangible fixed assets | 22/27 | €153,609 | €68,351 | -€85,258 | -55.5% |
| Furniture and vehicles | 24 | €36,408 | €25,316 | -€11,092 | -30.5% |
| Leasing and similar rights | 25 | €117,200 | €43,035 | -€74,165 | -63.3% |
| Financial fixed assets | 28 | €270 | €270 | = | 0.0% |
| Current assets | 29/58 | €136,590 | €359,949 | +€223,359 | +163.5% |
| Amounts receivable within one year | 40/41 | €112,180 | €310,921 | +€198,741 | +177.2% |
| Trade receivables | 40 | €97,413 | €136,451 | +€39,037 | +40.1% |
| Other amounts receivable | 41 | €14,767 | €174,470 | +€159,703 | +1081.5% |
| Cash at bank and in hand | 54/58 | €20,988 | €46,539 | +€25,551 | +121.7% |
| Deferred charges and accrued income | 490/1 | €3,422 | €2,489 | -€933 | -27.3% |
| Total equity and liabilities | 10/49 | €290,468 | €428,570 | +€138,102 | +47.5% |
| Equity | 10/15 | €82,846 | €159,928 | +€77,082 | +93.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €62,386 | €139,468 | +€77,082 | +123.6% |
| Amounts payable | 17/49 | €207,622 | €268,642 | +€61,020 | +29.4% |
| Amounts payable after more than one year | 17 | €68,319 | €22,526 | -€45,793 | -67.0% |
| Financial debts | 170/4 | €68,319 | €22,526 | -€45,793 | -67.0% |
| Amounts payable within one year | 42/48 | €139,303 | €246,116 | +€106,813 | +76.7% |
| Current portion of amounts payable after more than one year | 42 | €67,135 | €31,839 | -€35,296 | -52.6% |
| Financial debts | 43 | - | €13,954 | +€13,954 | |
| Other loans | 439 | - | €13,954 | +€13,954 | |
| Trade debts | 44 | €39,256 | €95,690 | +€56,435 | +143.8% |
| Suppliers | 440/4 | €39,256 | €95,690 | +€56,435 | +143.8% |
| Taxes, remuneration and social security | 45 | €32,913 | €38,672 | +€5,759 | +17.5% |
| Taxes | 450/3 | €19,334 | €15,364 | -€3,969 | -20.5% |
| Remuneration and social security | 454/9 | €13,580 | €23,308 | +€9,728 | +71.6% |
| Other amounts payable | 47/48 | - | €65,961 | +€65,961 | |
| Remuneration, social security and pensions | 62 | €481,725 | €428,818 | -€52,907 | -11.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €83,969 | €83,442 | -€527 | -0.6% |
| Other operating charges | 640/8 | €47,154 | €5,721 | -€41,433 | -87.9% |
| Non-recurring operating charges | 66A | €14,329 | €241 | -€14,088 | -98.3% |
| Gross operating margin | 9900 | €606,441 | €614,522 | +€8,081 | +1.3% |
| Operating profit (loss) | 9901 | -€20,735 | €96,300 | +€117,035 | |
| Financial income | 75/76B | €0 | €706 | +€706 | +3527900.0% |
| Recurring financial income | 75 | €0 | €706 | +€706 | +3527900.0% |
| Financial charges | 65/66B | €21,160 | €5,714 | -€15,446 | -73.0% |
| Recurring financial charges | 65 | €21,160 | €5,714 | -€15,446 | -73.0% |
| Profit (loss) for the period before taxes | 9903 | -€41,895 | €91,292 | +€133,187 | |
| Income taxes | 67/77 | - | €14,210 | +€14,210 | |
| Profit (loss) for the period | 9904 | -€41,895 | €77,082 | +€118,977 | |
| Profit (loss) for the period to be appropriated | 9905 | -€41,895 | €77,082 | +€118,977 |
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 26 September 2026 via checked.be.