M@B: 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@B
Largest movements
- Tangible fixed assets +€133,250
up €133,250 (+10.5%), from €1.3m to €1.4m
of which Plant, machinery and equipment: +€209,755
- Receivables within one year -€31,097
down €31,097 (-65.2%), from €47,719 to €16,622
of which Trade receivables: -€35,612
- Cash -€18,178
down €18,178 (-93.4%), from €19,456 to €1,278
mainly Investment in fixed assets (net) (-€233,069) and Debts after one year (-€71,152)
- Other debts +€124,633
up €124,633 (+93.4%), from €133,386 to €258,018
- Debts after one year -€71,152
down €71,152 (-7.4%), from €960,107 to €888,954
- Reserves +€28,047
up €28,047 (+8.9%), from €316,587 to €344,633
of which Distributable reserves: +€28,047
- Gross operating margin +€29,508
up €29,508 (+17.5%), from €168,440 to €197,948
- Depreciation +€28,247
up €28,247 (+39.5%), from €71,572 to €99,819
- Financial charges +€15,765
up €15,765 (+67.6%), from €23,315 to €39,080
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 | €1,534,081 | €1,618,467 | +€84,385 | +5.5% |
| Fixed assets | 21/28 | €1,453,833 | €1,587,083 | +€133,250 | +9.2% |
| Tangible fixed assets | 22/27 | €1,266,933 | €1,400,183 | +€133,250 | +10.5% |
| Land and buildings | 22 | €1,172,568 | €1,094,325 | -€78,243 | -6.7% |
| Plant, machinery and equipment | 23 | €91,711 | €301,466 | +€209,755 | +228.7% |
| Furniture and vehicles | 24 | €2,654 | €4,392 | +€1,737 | +65.5% |
| Financial fixed assets | 28 | €186,900 | €186,900 | = | 0.0% |
| Current assets | 29/58 | €80,248 | €31,384 | -€48,864 | -60.9% |
| Stocks and contracts in progress | 3 | €5,250 | €5,500 | +€250 | +4.8% |
| Stocks | 30/36 | €5,250 | €5,500 | +€250 | +4.8% |
| Amounts receivable within one year | 40/41 | €47,719 | €16,622 | -€31,097 | -65.2% |
| Trade receivables | 40 | €44,104 | €8,492 | -€35,612 | -80.7% |
| Other amounts receivable | 41 | €3,616 | €8,130 | +€4,515 | +124.9% |
| Cash at bank and in hand | 54/58 | €19,456 | €1,278 | -€18,178 | -93.4% |
| Deferred charges and accrued income | 490/1 | €7,823 | €7,985 | +€161 | +2.1% |
| Total equity and liabilities | 10/49 | €1,534,081 | €1,618,467 | +€84,385 | +5.5% |
| Equity | 10/15 | €335,187 | €363,233 | +€28,047 | +8.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €316,587 | €344,633 | +€28,047 | +8.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €314,727 | €342,773 | +€28,047 | +8.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,198,895 | €1,255,233 | +€56,339 | +4.7% |
| Amounts payable after more than one year | 17 | €960,107 | €888,954 | -€71,152 | -7.4% |
| Financial debts | 170/4 | €960,107 | €888,954 | -€71,152 | -7.4% |
| Amounts payable within one year | 42/48 | €234,433 | €352,757 | +€118,323 | +50.5% |
| Current portion of amounts payable after more than one year | 42 | €72,050 | €71,152 | -€898 | -1.2% |
| Financial debts | 43 | €0 | - | = | |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €12,687 | €9,665 | -€3,022 | -23.8% |
| Suppliers | 440/4 | €12,687 | €9,665 | -€3,022 | -23.8% |
| Taxes, remuneration and social security | 45 | €16,311 | €13,921 | -€2,390 | -14.7% |
| Taxes | 450/3 | €16,311 | €13,921 | -€2,390 | -14.7% |
| Other amounts payable | 47/48 | €133,386 | €258,018 | +€124,633 | +93.4% |
| Accrued charges and deferred income | 492/3 | €4,355 | €13,523 | +€9,168 | +210.5% |
| Non-recurring operating income | 76A | €17,064 | €20,416 | +€3,352 | +19.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71,572 | €99,819 | +€28,247 | +39.5% |
| Other operating charges | 640/8 | €5,795 | €6,732 | +€937 | +16.2% |
| Gross operating margin | 9900 | €168,440 | €197,948 | +€29,508 | +17.5% |
| Operating profit (loss) | 9901 | €91,073 | €91,397 | +€324 | +0.4% |
| Financial income | 75/76B | €17 | €61 | +€43 | +248.2% |
| Recurring financial income | 75 | €17 | €61 | +€43 | +248.2% |
| Financial charges | 65/66B | €23,315 | €39,080 | +€15,765 | +67.6% |
| Recurring financial charges | 65 | €23,315 | €39,080 | +€15,765 | +67.6% |
| Profit (loss) for the period before taxes | 9903 | €67,775 | €52,378 | -€15,397 | -22.7% |
| Income taxes | 67/77 | €11,959 | €11,534 | -€424 | -3.5% |
| Profit (loss) for the period | 9904 | €55,816 | €40,844 | -€14,973 | -26.8% |
| Profit (loss) for the period to be appropriated | 9905 | €55,816 | €40,844 | -€14,973 | -26.8% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.