M.B.S.: 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.S.
Largest movements
- Cash -€203,025
down €203,025 (-79.2%), from €256,415 to €53,389
mainly Investment in fixed assets (net) (-€131,443) and Net result for the year (-€82,051)
- Tangible fixed assets +€97,102
up €97,102 (+15.2%), from €638,957 to €736,059
of which Plant, machinery and equipment: +€91,568
- Stocks and contracts +€23,983
up €23,983 (+76.4%), from €31,388 to €55,371
- Reserves -€81,980
down €81,980 (-26.3%), from €312,120 to €230,140
of which Distributable reserves: -€81,980
- Gross operating margin -€34,402
down €34,402, from €27,216 to -€7,186
- Staff costs -€14,973
down €14,973 (-52.7%), from €28,436 to €13,463
- Financial charges -€3,715
down €3,715 (-14.6%), from €25,492 to €21,777
- Depreciation +€1,903
up €1,903 (+5.9%), from €32,437 to €34,340
- Other operating charges +€1,539
up €1,539 (+29.8%), from €5,164 to €6,703
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €959,189 | €868,171 | -€91,018 | -9.5% |
| Fixed assets | 21/28 | €638,957 | €736,059 | +€97,102 | +15.2% |
| Tangible fixed assets | 22/27 | €638,957 | €736,059 | +€97,102 | +15.2% |
| Land and buildings | 22 | €634,510 | €640,044 | +€5,534 | +0.9% |
| Plant, machinery and equipment | 23 | €4,447 | €96,015 | +€91,568 | +2,059% |
| Current assets | 29/58 | €320,232 | €132,112 | -€188,120 | -58.7% |
| Stocks and contracts in progress | 3 | €31,388 | €55,371 | +€23,983 | +76.4% |
| Stocks | 30/36 | €31,388 | €55,371 | +€23,983 | +76.4% |
| Amounts receivable within one year | 40/41 | €30,974 | €23,352 | -€7,622 | -24.6% |
| Trade receivables | 40 | €30,974 | €23,352 | -€7,622 | -24.6% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €256,415 | €53,389 | -€203,025 | -79.2% |
| Deferred charges and accrued income | 490/1 | €1,455 | €0 | -€1,455 | -100% |
| Total equity and liabilities | 10/49 | €959,189 | €868,171 | -€91,018 | -9.5% |
| Equity | 10/15 | €374,191 | €292,140 | -€82,051 | -21.9% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €312,120 | €230,140 | -€81,980 | -26.3% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €305,920 | €223,940 | -€81,980 | -26.8% |
| Profit (loss) carried forward | 14 | €71 | €0 | -€71 | -100% |
| Amounts payable | 17/49 | €584,998 | €576,031 | -€8,967 | -1.5% |
| Amounts payable after more than one year | 17 | €454,000 | €454,000 | = | 0.0% |
| Other amounts payable | 178/9 | €454,000 | €454,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €106,220 | €100,681 | -€5,539 | -5.2% |
| Trade debts | 44 | €5,250 | €4,027 | -€1,223 | -23.3% |
| Suppliers | 440/4 | €5,250 | €4,027 | -€1,223 | -23.3% |
| Taxes, remuneration and social security | 45 | €13,157 | €11,696 | -€1,460 | -11.1% |
| Taxes | 450/3 | €5,116 | €8,796 | +€3,680 | +71.9% |
| Remuneration and social security | 454/9 | €8,041 | €2,900 | -€5,140 | -63.9% |
| Other amounts payable | 47/48 | €87,814 | €84,958 | -€2,855 | -3.3% |
| Accrued charges and deferred income | 492/3 | €24,778 | €21,349 | -€3,428 | -13.8% |
| Remuneration, social security and pensions | 62 | €28,436 | €13,463 | -€14,973 | -52.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,437 | €34,340 | +€1,903 | +5.9% |
| Other operating charges | 640/8 | €5,164 | €6,703 | +€1,539 | +29.8% |
| Gross operating margin | 9900 | €27,216 | -€7,186 | -€34,402 | |
| Operating profit (loss) | 9901 | -€38,822 | -€61,692 | -€22,870 | -58.9% |
| Financial income | 75/76B | €1,436 | €1,560 | +€124 | +8.7% |
| Recurring financial income | 75 | €1,436 | €1,560 | +€124 | +8.7% |
| Financial charges | 65/66B | €25,492 | €21,777 | -€3,715 | -14.6% |
| Recurring financial charges | 65 | €25,492 | €21,777 | -€3,715 | -14.6% |
| Profit (loss) for the period before taxes | 9903 | -€62,878 | -€81,909 | -€19,031 | -30.3% |
| Income taxes | 67/77 | €146 | €143 | -€4 | -2.4% |
| Profit (loss) for the period | 9904 | -€63,024 | -€82,051 | -€19,027 | -30.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€63,024 | -€82,051 | -€19,027 | -30.2% |
Source: filed annual accounts (NBB), financial years ended 30 June 2025 and 30 June 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.