M.B.M.: 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.M.
Largest movements
- Receivables within one year +€64,599
up €64,599 (+1,204%), from €5,367 to €69,966
of which Trade receivables: +€65,303
- Tangible fixed assets -€36,441
down €36,441 (-61.2%), from €59,514 to €23,073
- Cash -€6,049
down €6,049 (-82.5%), from €7,333 to €1,284
mainly Receivables within one year (-€64,599) and Trade debts (-€28,098)
- Deferred charges and accrued income +€1,106
new in 2025: €1,106
- Advances received +€50,147
new in 2025: €50,147
- Trade debts -€28,098
down €28,098 (-95.4%), from €29,462 to €1,364
- Profit (loss) carried forward +€10,562
up €10,562 (+133%), from €7,965 to €18,527
- Tax, wage and social debts -€5,266
down €5,266 (-84.5%), from €6,232 to €965
of which Remuneration and social security: -€3,433
- Debts after one year -€4,074
no longer reported in 2025 (was €4,074)
- Gross operating margin +€25,999
up €25,999 (+123%), from €21,076 to €47,075
- Depreciation -€5,400
down €5,400 (-38.1%), from €14,191 to €8,791
- Staff costs -€1,755
down €1,755 (-6.4%), from €27,372 to €25,617
- Other operating charges +€619
up €619 (+41.1%), from €1,505 to €2,124
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 | €72,314 | €95,529 | +€23,215 | +32.1% |
| Fixed assets | 21/28 | €59,614 | €23,173 | -€36,441 | -61.1% |
| Tangible fixed assets | 22/27 | €59,514 | €23,073 | -€36,441 | -61.2% |
| Furniture and vehicles | 24 | €59,514 | €23,073 | -€36,441 | -61.2% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €12,700 | €72,356 | +€59,655 | +470% |
| Amounts receivable within one year | 40/41 | €5,367 | €69,966 | +€64,599 | +1,204% |
| Trade receivables | 40 | €1,152 | €66,455 | +€65,303 | +5,669% |
| Other amounts receivable | 41 | €4,215 | €3,511 | -€704 | -16.7% |
| Cash at bank and in hand | 54/58 | €7,333 | €1,284 | -€6,049 | -82.5% |
| Deferred charges and accrued income | 490/1 | - | €1,106 | +€1,106 | |
| Total equity and liabilities | 10/49 | €72,314 | €95,529 | +€23,215 | +32.1% |
| Equity | 10/15 | €28,416 | €38,979 | +€10,562 | +37.2% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Other | 1319 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €7,965 | €18,527 | +€10,562 | +133% |
| Amounts payable | 17/49 | €43,898 | €56,550 | +€12,652 | +28.8% |
| Amounts payable after more than one year | 17 | €4,074 | - | -€4,074 | |
| Financial debts | 170/4 | €4,074 | - | -€4,074 | |
| Amounts payable within one year | 42/48 | €39,824 | €56,550 | +€16,726 | +42.0% |
| Current portion of amounts payable after more than one year | 42 | €2,842 | €4,074 | +€1,232 | +43.3% |
| Trade debts | 44 | €29,462 | €1,364 | -€28,098 | -95.4% |
| Suppliers | 440/4 | €29,462 | €1,364 | -€28,098 | -95.4% |
| Advances received on contracts in progress | 46 | - | €50,147 | +€50,147 | |
| Taxes, remuneration and social security | 45 | €6,232 | €965 | -€5,266 | -84.5% |
| Taxes | 450/3 | €2,147 | €313 | -€1,834 | -85.4% |
| Remuneration and social security | 454/9 | €4,085 | €652 | -€3,433 | -84.0% |
| Other amounts payable | 47/48 | €1,288 | - | -€1,288 | |
| Remuneration, social security and pensions | 62 | €27,372 | €25,617 | -€1,755 | -6.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,191 | €8,791 | -€5,400 | -38.1% |
| Other operating charges | 640/8 | €1,505 | €2,124 | +€619 | +41.1% |
| Gross operating margin | 9900 | €21,076 | €47,075 | +€25,999 | +123% |
| Operating profit (loss) | 9901 | -€21,992 | €10,543 | +€32,534 | |
| Financial income | 75/76B | - | €39 | +€39 | |
| Recurring financial income | 75 | - | €39 | +€39 | |
| Financial charges | 65/66B | €255 | €20 | -€235 | -92.3% |
| Recurring financial charges | 65 | €255 | €20 | -€235 | -92.3% |
| Profit (loss) for the period before taxes | 9903 | -€22,246 | €10,562 | +€32,809 | |
| Profit (loss) for the period | 9904 | -€22,246 | €10,562 | +€32,809 | |
| Profit (loss) for the period to be appropriated | 9905 | -€22,246 | €10,562 | +€32,809 |
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 24 October 2026 via checked.be.