M.B. 19: 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. 19
Largest movements
- Current investments +€491,921
new in 2025: €491,921
- Tangible fixed assets +€347,314
up €347,314 (+31.9%), from €1.1m to €1.4m
of which Land and buildings: +€339,636
- Cash -€320,185
down €320,185 (-72.0%), from €444,906 to €124,720
mainly Current investments (-€491,921) and Investment in fixed assets (net) (-€433,193)
- Other debts +€428,807
up €428,807 (+185%), from €231,819 to €660,626
- Reserves +€280,000
up €280,000 (+26.4%), from €1.1m to €1.3m
- Debts after one year -€232,970
down €232,970 (-19.4%), from €1.2m to €970,615
- Short-term financial debts +€45,938
new in 2025: €45,938
- Gross operating margin -€248,880
down €248,880 (-49.2%), from €505,675 to €256,795
- Financial income +€194,780
up €194,780 (+220%), from €88,719 to €283,499
- Depreciation -€98,153
down €98,153 (-54.0%), from €181,836 to €83,683
- Financial charges +€94,058
up €94,058 (+227%), from €41,445 to €135,502
- Taxes -€57,680
down €57,680 (-64.4%), from €89,504 to €31,824
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 | €3,409,393 | €3,935,688 | +€526,294 | +15.4% |
| Fixed assets | 21/28 | €2,857,228 | €3,206,738 | +€349,510 | +12.2% |
| Intangible fixed assets | 21 | - | €2,196 | +€2,196 | |
| Tangible fixed assets | 22/27 | €1,088,142 | €1,435,456 | +€347,314 | +31.9% |
| Land and buildings | 22 | €1,088,142 | €1,427,779 | +€339,636 | +31.2% |
| Furniture and vehicles | 24 | - | €7,677 | +€7,677 | |
| Financial fixed assets | 28 | €1,769,086 | €1,769,086 | = | 0.0% |
| Current assets | 29/58 | €552,165 | €728,949 | +€176,784 | +32.0% |
| Amounts receivable within one year | 40/41 | €80,438 | €80,155 | -€284 | -0.4% |
| Trade receivables | 40 | €76,161 | €42,497 | -€33,664 | -44.2% |
| Other amounts receivable | 41 | €4,277 | €37,657 | +€33,380 | +780% |
| Current investments | 50/53 | - | €491,921 | +€491,921 | |
| Cash at bank and in hand | 54/58 | €444,906 | €124,720 | -€320,185 | -72.0% |
| Deferred charges and accrued income | 490/1 | €26,822 | €32,153 | +€5,331 | +19.9% |
| Total equity and liabilities | 10/49 | €3,409,393 | €3,935,688 | +€526,294 | +15.4% |
| Equity | 10/15 | €1,679,745 | €1,959,758 | +€280,013 | +16.7% |
| Contributions | 10/11 | €620,708 | €620,708 | = | 0.0% |
| Reserves | 13 | €1,059,000 | €1,339,000 | +€280,000 | +26.4% |
| Distributable reserves | 133 | €1,059,000 | €1,339,000 | +€280,000 | +26.4% |
| Profit (loss) carried forward | 14 | €37 | €49 | +€13 | +34.0% |
| Amounts payable | 17/49 | €1,729,648 | €1,975,930 | +€246,282 | +14.2% |
| Amounts payable after more than one year | 17 | €1,203,585 | €970,615 | -€232,970 | -19.4% |
| Financial debts | 170/4 | €1,203,585 | €970,615 | -€232,970 | -19.4% |
| Amounts payable within one year | 42/48 | €500,964 | €981,982 | +€481,018 | +96.0% |
| Current portion of amounts payable after more than one year | 42 | €228,563 | €232,970 | +€4,407 | +1.9% |
| Financial debts | 43 | - | €45,938 | +€45,938 | |
| Credit institutions | 430/8 | - | €45,938 | +€45,938 | |
| Trade debts | 44 | €7,847 | €21,081 | +€13,235 | +169% |
| Suppliers | 440/4 | €7,847 | €21,081 | +€13,235 | +169% |
| Taxes, remuneration and social security | 45 | €32,735 | €21,367 | -€11,368 | -34.7% |
| Taxes | 450/3 | €32,735 | €21,367 | -€11,368 | -34.7% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €231,819 | €660,626 | +€428,807 | +185% |
| Accrued charges and deferred income | 492/3 | €25,100 | €23,333 | -€1,767 | -7.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €181,836 | €83,683 | -€98,153 | -54.0% |
| Other operating charges | 640/8 | €12,988 | €9,272 | -€3,716 | -28.6% |
| Gross operating margin | 9900 | €505,675 | €256,795 | -€248,880 | -49.2% |
| Operating profit (loss) | 9901 | €310,852 | €163,840 | -€147,012 | -47.3% |
| Financial income | 75/76B | €88,719 | €283,499 | +€194,780 | +220% |
| Recurring financial income | 75 | €88,719 | €283,499 | +€194,780 | +220% |
| Financial charges | 65/66B | €41,445 | €135,502 | +€94,058 | +227% |
| Recurring financial charges | 65 | €41,445 | €135,502 | +€94,058 | +227% |
| Profit (loss) for the period before taxes | 9903 | €358,126 | €311,837 | -€46,289 | -12.9% |
| Income taxes | 67/77 | €89,504 | €31,824 | -€57,680 | -64.4% |
| Profit (loss) for the period | 9904 | €268,622 | €280,013 | +€11,391 | +4.2% |
| Profit (loss) for the period to be appropriated | 9905 | €268,622 | €280,013 | +€11,391 | +4.2% |
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 18 October 2026 via checked.be.