D. MF: 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.
D. MF
Largest movements
- Receivables within one year -€86,404
down €86,404 (-57.0%), from €151,578 to €65,174
of which Trade receivables: -€87,403
- Tangible fixed assets -€15,045
down €15,045 (-35.7%), from €42,091 to €27,046
of which Other tangible fixed assets: -€10,865
- Stocks and contracts +€7,376
up €7,376 (+16.2%), from €45,407 to €52,783
- Other debts -€104,536
down €104,536 (-67.1%), from €155,789 to €51,253
- Trade debts +€12,163
up €12,163 (+30.3%), from €40,108 to €52,271
- Tax, wage and social debts -€3,550
down €3,550 (-17.5%), from €20,336 to €16,786
of which Taxes: -€5,270
- Staff costs -€13,087
down €13,087 (-37.8%), from €34,658 to €21,571
- Gross operating margin -€7,560
down €7,560 (-14.7%), from €51,424 to €43,864
- Other operating charges -€2,303
down €2,303 (-45.1%), from €5,110 to €2,807
- Taxes +€1,446
up €1,446 (+312%), from €463 to €1,909
- Depreciation +€863
up €863 (+5.9%), from €14,752 to €15,615
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 | €247,746 | €152,266 | -€95,480 | -38.5% |
| Fixed assets | 21/28 | €43,873 | €28,258 | -€15,615 | -35.6% |
| Intangible fixed assets | 21 | €732 | €162 | -€570 | -77.9% |
| Tangible fixed assets | 22/27 | €42,091 | €27,046 | -€15,045 | -35.7% |
| Plant, machinery and equipment | 23 | €1,343 | €980 | -€363 | -27.0% |
| Furniture and vehicles | 24 | €9,717 | €5,900 | -€3,817 | -39.3% |
| Other tangible fixed assets | 26 | €31,031 | €20,166 | -€10,865 | -35.0% |
| Financial fixed assets | 28 | €1,050 | €1,050 | = | 0.0% |
| Current assets | 29/58 | €203,873 | €124,008 | -€79,865 | -39.2% |
| Stocks and contracts in progress | 3 | €45,407 | €52,783 | +€7,376 | +16.2% |
| Stocks | 30/36 | €45,407 | €52,783 | +€7,376 | +16.2% |
| Amounts receivable within one year | 40/41 | €151,578 | €65,174 | -€86,404 | -57.0% |
| Trade receivables | 40 | €149,947 | €62,544 | -€87,403 | -58.3% |
| Other amounts receivable | 41 | €1,631 | €2,630 | +€999 | +61.3% |
| Cash at bank and in hand | 54/58 | €4,661 | €5,841 | +€1,180 | +25.3% |
| Deferred charges and accrued income | 490/1 | €2,227 | €210 | -€2,017 | -90.6% |
| Total equity and liabilities | 10/49 | €247,746 | €152,266 | -€95,480 | -38.5% |
| Equity | 10/15 | -€69,538 | -€68,752 | +€786 | +1.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€77,598 | -€76,812 | +€786 | +1.0% |
| Amounts payable | 17/49 | €317,284 | €221,018 | -€96,266 | -30.3% |
| Amounts payable after more than one year | 17 | €89,600 | €89,600 | = | 0.0% |
| Financial debts | 170/4 | €15,000 | €15,000 | = | 0.0% |
| Other amounts payable | 178/9 | €74,600 | €74,600 | = | 0.0% |
| Amounts payable within one year | 42/48 | €227,684 | €131,418 | -€96,266 | -42.3% |
| Current portion of amounts payable after more than one year | 42 | €10,438 | €10,438 | = | 0.0% |
| Financial debts | 43 | €1,013 | €670 | -€343 | -33.9% |
| Credit institutions | 430/8 | €1,013 | €670 | -€343 | -33.9% |
| Trade debts | 44 | €40,108 | €52,271 | +€12,163 | +30.3% |
| Suppliers | 440/4 | €40,108 | €52,271 | +€12,163 | +30.3% |
| Taxes, remuneration and social security | 45 | €20,336 | €16,786 | -€3,550 | -17.5% |
| Taxes | 450/3 | €8,919 | €3,649 | -€5,270 | -59.1% |
| Remuneration and social security | 454/9 | €11,417 | €13,137 | +€1,720 | +15.1% |
| Other amounts payable | 47/48 | €155,789 | €51,253 | -€104,536 | -67.1% |
| Remuneration, social security and pensions | 62 | €34,658 | €21,571 | -€13,087 | -37.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,752 | €15,615 | +€863 | +5.9% |
| Other operating charges | 640/8 | €5,110 | €2,807 | -€2,303 | -45.1% |
| Gross operating margin | 9900 | €51,424 | €43,864 | -€7,560 | -14.7% |
| Operating profit (loss) | 9901 | -€3,096 | €3,871 | +€6,967 | |
| Financial income | 75/76B | - | €19 | +€19 | |
| Recurring financial income | 75 | - | €19 | +€19 | |
| Financial charges | 65/66B | €1,324 | €1,195 | -€129 | -9.7% |
| Recurring financial charges | 65 | €1,324 | €1,195 | -€129 | -9.7% |
| Profit (loss) for the period before taxes | 9903 | -€4,420 | €2,695 | +€7,115 | |
| Income taxes | 67/77 | €463 | €1,909 | +€1,446 | +312% |
| Profit (loss) for the period | 9904 | -€4,883 | €786 | +€5,669 | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,883 | €786 | +€5,669 |
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 13 October 2026 via checked.be.