M.B.E.: what changed
M.B.E.
Largest movements
- Receivables within one year -€68,750
down €68,750 (-44.0%), from €156,217 to €87,467
of which Other amounts receivable: -€62,925
- Tangible fixed assets -€16,383
down €16,383 (-13.6%), from €120,177 to €103,794
of which Furniture and vehicles: -€15,040
- Cash +€11,716
up €11,716 (+144%), from €8,164 to €19,880
mainly Receivables within one year (+€68,750) and Depreciation (+€24,545)
- Debts after one year -€40,316
down €40,316 (-83.6%), from €48,218 to €7,902
- Current portion of long-term debt -€39,055
down €39,055 (-72.0%), from €54,267 to €15,212
- Profit (loss) carried forward +€23,920
up €23,920, from -€8,808 to €15,112
- Trade debts -€16,805
down €16,805 (-64.0%), from €26,268 to €9,463
- Depreciation -€44,895
down €44,895 (-64.7%), from €69,440 to €24,545
- Staff costs +€4,195
up €4,195 (+15.7%), from €26,701 to €30,896
- Gross operating margin +€2,286
up €2,286 (+2.8%), from €82,631 to €84,917
- Taxes -€1,076
down €1,076 (-74.0%), from €1,455 to €379
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €288,731 | €215,013 | -€73,718 | -25.5% |
| Fixed assets | 21/28 | €121,177 | €104,494 | -€16,683 | -13.8% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €120,177 | €103,794 | -€16,383 | -13.6% |
| Land and buildings | 22 | €57,334 | €56,540 | -€794 | -1.4% |
| Plant, machinery and equipment | 23 | €10,979 | €10,430 | -€549 | -5.0% |
| Furniture and vehicles | 24 | €51,864 | €36,824 | -€15,040 | -29.0% |
| Financial fixed assets | 28 | €1,000 | €700 | -€300 | -30.0% |
| Current assets | 29/58 | €167,554 | €110,519 | -€57,035 | -34.0% |
| Amounts receivable within one year | 40/41 | €156,217 | €87,467 | -€68,750 | -44.0% |
| Trade receivables | 40 | €81,221 | €75,396 | -€5,825 | -7.2% |
| Other amounts receivable | 41 | €74,996 | €12,071 | -€62,925 | -83.9% |
| Cash at bank and in hand | 54/58 | €8,164 | €19,880 | +€11,716 | +144% |
| Deferred charges and accrued income | 490/1 | €3,173 | €3,172 | -€1 | 0.0% |
| Total equity and liabilities | 10/49 | €288,731 | €215,013 | -€73,718 | -25.5% |
| Equity | 10/15 | €153,774 | €177,694 | +€23,920 | +15.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €156,382 | €156,382 | = | 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% |
| Tax-exempt reserves | 132 | €14,522 | €14,522 | = | 0.0% |
| Distributable reserves | 133 | €140,000 | €140,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€8,808 | €15,112 | +€23,920 | |
| Amounts payable | 17/49 | €134,957 | €37,319 | -€97,638 | -72.3% |
| Amounts payable after more than one year | 17 | €48,218 | €7,902 | -€40,316 | -83.6% |
| Financial debts | 170/4 | €48,218 | €7,902 | -€40,316 | -83.6% |
| Amounts payable within one year | 42/48 | €86,739 | €29,417 | -€57,322 | -66.1% |
| Current portion of amounts payable after more than one year | 42 | €54,267 | €15,212 | -€39,055 | -72.0% |
| Financial debts | 43 | €14 | €15 | +€1 | +7.1% |
| Credit institutions | 430/8 | €14 | €15 | +€1 | +7.1% |
| Trade debts | 44 | €26,268 | €9,463 | -€16,805 | -64.0% |
| Suppliers | 440/4 | €26,268 | €9,463 | -€16,805 | -64.0% |
| Taxes, remuneration and social security | 45 | €6,190 | €4,727 | -€1,463 | -23.6% |
| Taxes | 450/3 | €670 | €1,047 | +€377 | +56.3% |
| Remuneration and social security | 454/9 | €5,520 | €3,680 | -€1,840 | -33.3% |
| Remuneration, social security and pensions | 62 | €26,701 | €30,896 | +€4,195 | +15.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €69,440 | €24,545 | -€44,895 | -64.7% |
| Other operating charges | 640/8 | €3,425 | €3,581 | +€156 | +4.6% |
| Gross operating margin | 9900 | €82,631 | €84,917 | +€2,286 | +2.8% |
| Operating profit (loss) | 9901 | -€16,935 | €25,895 | +€42,830 | |
| Financial charges | 65/66B | €2,199 | €1,596 | -€603 | -27.4% |
| Recurring financial charges | 65 | €2,199 | €1,596 | -€603 | -27.4% |
| Profit (loss) for the period before taxes | 9903 | -€19,134 | €24,299 | +€43,433 | |
| Income taxes | 67/77 | €1,455 | €379 | -€1,076 | -74.0% |
| Profit (loss) for the period | 9904 | -€20,589 | €23,920 | +€44,509 | |
| Profit (loss) for the period to be appropriated | 9905 | -€20,589 | €23,920 | +€44,509 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.