M.B.: 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.B.
Largest movements
- Stocks and contracts -€216,933
down €216,933 (-100%), from €216,933 to €0
- Tangible fixed assets +€162,130
up €162,130 (+29.3%), from €553,537 to €715,667
of which Land and buildings: +€162,807
- Deferred charges and accrued income +€8,733
up €8,733 (+242%), from €3,609 to €12,342
- Debts after one year +€78,987
up €78,987 (+23.2%), from €340,077 to €419,064
- Tax, wage and social debts -€78,379
down €78,379 (-100%), from €78,379 to €0
- Accrued charges and deferred income -€24,321
down €24,321 (-84.6%), from €28,753 to €4,433
- Reserves -€8,660
down €8,660 (-3.1%), from €278,229 to €269,568
of which Tax-exempt reserves: -€8,660
- Taxes -€74,833
down €74,833 (-96.8%), from €77,276 to €2,443
- Financial charges -€44,028
down €44,028 (-72.9%), from €60,386 to €16,358
- Financial income +€12,324
up €12,324 (+645%), from €1,910 to €14,234
- Depreciation +€7,231
up €7,231 (+15.2%), from €47,571 to €54,802
- Other operating charges -€7,044
down €7,044 (-84.6%), from €8,331 to €1,287
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 | €798,332 | €753,272 | -€45,060 | -5.6% |
| Fixed assets | 21/28 | €553,537 | €715,667 | +€162,130 | +29.3% |
| Tangible fixed assets | 22/27 | €553,537 | €715,667 | +€162,130 | +29.3% |
| Land and buildings | 22 | €551,005 | €713,811 | +€162,807 | +29.5% |
| Plant, machinery and equipment | 23 | €2,532 | €1,856 | -€676 | -26.7% |
| Current assets | 29/58 | €244,795 | €37,605 | -€207,190 | -84.6% |
| Stocks and contracts in progress | 3 | €216,933 | €0 | -€216,933 | -100% |
| Stocks | 30/36 | €216,933 | €0 | -€216,933 | -100% |
| Amounts receivable within one year | 40/41 | €24,126 | €25,242 | +€1,116 | +4.6% |
| Trade receivables | 40 | €486 | €0 | -€486 | -100% |
| Other amounts receivable | 41 | €23,640 | €25,242 | +€1,602 | +6.8% |
| Cash at bank and in hand | 54/58 | €127 | €21 | -€106 | -83.5% |
| Deferred charges and accrued income | 490/1 | €3,609 | €12,342 | +€8,733 | +242% |
| Total equity and liabilities | 10/49 | €798,332 | €753,272 | -€45,060 | -5.6% |
| Equity | 10/15 | €14,026 | €9,059 | -€4,967 | -35.4% |
| Contributions | 10/11 | €198,350 | €198,350 | = | 0.0% |
| Reserves | 13 | €278,229 | €269,568 | -€8,660 | -3.1% |
| Non-distributable reserves | 130/1 | €19,831 | €19,831 | = | 0.0% |
| Reserves not available under the articles | 1311 | €19,831 | €19,831 | = | 0.0% |
| Tax-exempt reserves | 132 | €222,181 | €213,520 | -€8,660 | -3.9% |
| Distributable reserves | 133 | €36,216 | €36,216 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€462,553 | -€458,859 | +€3,693 | +0.8% |
| Provisions and deferred taxes | 16 | €114,410 | €109,950 | -€4,459 | -3.9% |
| Deferred taxes | 168 | €114,410 | €109,950 | -€4,459 | -3.9% |
| Amounts payable | 17/49 | €669,896 | €634,264 | -€35,633 | -5.3% |
| Amounts payable after more than one year | 17 | €340,077 | €419,064 | +€78,987 | +23.2% |
| Financial debts | 170/4 | €340,077 | €419,064 | +€78,987 | +23.2% |
| Amounts payable within one year | 42/48 | €301,066 | €210,767 | -€90,299 | -30.0% |
| Current portion of amounts payable after more than one year | 42 | €20,121 | €21,013 | +€892 | +4.4% |
| Trade debts | 44 | €14,697 | €9,699 | -€4,998 | -34.0% |
| Suppliers | 440/4 | €14,697 | €9,699 | -€4,998 | -34.0% |
| Taxes, remuneration and social security | 45 | €78,379 | €0 | -€78,379 | -100% |
| Taxes | 450/3 | €78,379 | €0 | -€78,379 | -100% |
| Other amounts payable | 47/48 | €187,869 | €180,055 | -€7,814 | -4.2% |
| Accrued charges and deferred income | 492/3 | €28,753 | €4,433 | -€24,321 | -84.6% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,571 | €54,802 | +€7,231 | +15.2% |
| Other operating charges | 640/8 | €8,331 | €1,287 | -€7,044 | -84.6% |
| Gross operating margin | 9900 | €52,735 | €51,229 | -€1,506 | -2.9% |
| Operating profit (loss) | 9901 | -€3,168 | -€4,860 | -€1,693 | -53.4% |
| Financial income | 75/76B | €1,910 | €14,234 | +€12,324 | +645% |
| Recurring financial income | 75 | €1,910 | €14,234 | +€12,324 | +645% |
| Financial charges | 65/66B | €60,386 | €16,358 | -€44,028 | -72.9% |
| Recurring financial charges | 65 | €60,386 | €16,358 | -€44,028 | -72.9% |
| Profit (loss) for the period before taxes | 9903 | -€61,643 | -€6,984 | +€54,659 | +88.7% |
| Transfer from deferred taxes | 780 | €8,916 | €4,459 | -€4,457 | -50.0% |
| Income taxes | 67/77 | €77,276 | €2,443 | -€74,833 | -96.8% |
| Profit (loss) for the period | 9904 | -€130,003 | -€4,967 | +€125,035 | +96.2% |
| Transfer from tax-exempt reserves | 789 | €17,324 | €8,660 | -€8,663 | -50.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€112,679 | €3,693 | +€116,372 |
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 16 October 2026 via checked.be.