M.B.A.: 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.A.
Largest movements
- Receivables within one year +€214,030
up €214,030 (+61.5%), from €347,853 to €561,883
of which Trade receivables: +€138,098
- Cash -€25,417
down €25,417 (-9.8%), from €258,287 to €232,870
mainly Receivables within one year (-€214,030) and Trade debts (-€3,687)
- Profit (loss) carried forward +€107,029
up €107,029 (+62.7%), from €170,810 to €277,839
- Provisions +€64,336
new in 2025: €64,336
- Current portion of long-term debt +€12,883
new in 2025: €12,883
- Purchases and services -€1.1m
no longer reported in 2025 (was €1.1m)
- Gross operating margin +€224,579
up €224,579 (+83.2%), from €269,986 to €494,565
- Staff costs +€111,444
up €111,444 (+104.9%), from €106,195 to €217,639
- Provisions +€64,336
new in 2025: €64,336
- Taxes +€26,744
up €26,744 (+39.9%), from €67,035 to €93,779
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 | €637,083 | €817,644 | +€180,561 | +28.3% |
| Fixed assets | 21/28 | €28,705 | €20,923 | -€7,782 | -27.1% |
| Tangible fixed assets | 22/27 | €14,920 | €7,138 | -€7,782 | -52.2% |
| Plant, machinery and equipment | 23 | €6,823 | €3,971 | -€2,852 | -41.8% |
| Furniture and vehicles | 24 | €5,985 | €2,055 | -€3,930 | -65.7% |
| Other tangible fixed assets | 26 | €2,112 | €1,112 | -€1,000 | -47.3% |
| Financial fixed assets | 28 | €13,785 | €13,785 | = | 0.0% |
| Current assets | 29/58 | €608,378 | €796,721 | +€188,343 | +31.0% |
| Amounts receivable within one year | 40/41 | €347,853 | €561,883 | +€214,030 | +61.5% |
| Trade receivables | 40 | €163,671 | €301,770 | +€138,098 | +84.4% |
| Other amounts receivable | 41 | €184,182 | €260,114 | +€75,932 | +41.2% |
| Cash at bank and in hand | 54/58 | €258,287 | €232,870 | -€25,417 | -9.8% |
| Deferred charges and accrued income | 490/1 | €2,238 | €1,968 | -€270 | -12.1% |
| Total equity and liabilities | 10/49 | €637,083 | €817,644 | +€180,561 | +28.3% |
| Equity | 10/15 | €473,255 | €580,284 | +€107,029 | +22.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €283,844 | €283,844 | = | 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% |
| Distributable reserves | 133 | €281,984 | €281,984 | = | 0.0% |
| Profit (loss) carried forward | 14 | €170,810 | €277,839 | +€107,029 | +62.7% |
| Provisions and deferred taxes | 16 | - | €64,336 | +€64,336 | |
| Provisions for liabilities and charges | 160/5 | - | €64,336 | +€64,336 | |
| Other liabilities and charges | 164/5 | - | €64,336 | +€64,336 | |
| Amounts payable | 17/49 | €163,828 | €173,024 | +€9,196 | +5.6% |
| Amounts payable after more than one year | 17 | €4,500 | €4,500 | = | 0.0% |
| Other amounts payable | 178/9 | €4,500 | €4,500 | = | 0.0% |
| Amounts payable within one year | 42/48 | €159,328 | €168,524 | +€9,196 | +5.8% |
| Current portion of amounts payable after more than one year | 42 | - | €12,883 | +€12,883 | |
| Trade debts | 44 | €159,328 | €155,641 | -€3,687 | -2.3% |
| Suppliers | 440/4 | €159,328 | €155,641 | -€3,687 | -2.3% |
| Goods, raw materials, services and sundry goods | 60/61 | €1,059,484 | - | -€1.1m | |
| Remuneration, social security and pensions | 62 | €106,195 | €217,639 | +€111,444 | +104.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,133 | €7,782 | -€7,351 | -48.6% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €64,336 | +€64,336 | |
| Other operating charges | 640/8 | €10,816 | €9,150 | -€1,667 | -15.4% |
| Gross operating margin | 9900 | €269,986 | €494,565 | +€224,579 | +83.2% |
| Operating profit (loss) | 9901 | €137,842 | €195,658 | +€57,816 | +41.9% |
| Financial income | 75/76B | €0 | €5,540 | +€5,540 | +2769925.0% |
| Recurring financial income | 75 | €0 | €3,270 | +€3,269 | +1634700.0% |
| Non-recurring financial income | 76B | - | €2,270 | +€2,270 | |
| Financial charges | 65/66B | €714 | €390 | -€324 | -45.3% |
| Recurring financial charges | 65 | €419 | €390 | -€28 | -6.8% |
| Non-recurring financial charges | 66B | €295 | - | -€295 | |
| Profit (loss) for the period before taxes | 9903 | €137,128 | €200,808 | +€63,680 | +46.4% |
| Income taxes | 67/77 | €67,035 | €93,779 | +€26,744 | +39.9% |
| Profit (loss) for the period | 9904 | €70,093 | €107,029 | +€36,936 | +52.7% |
| Profit (loss) for the period to be appropriated | 9905 | €70,093 | €107,029 | +€36,936 | +52.7% |
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 4 October 2026 via checked.be.