M&B TEAM: 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 TEAM
Largest movements
- Tangible fixed assets +€565,008
up €565,008 (+165%), from €342,013 to €907,021
of which Land and buildings: +€566,411
- Cash -€387,351
down €387,351 (-77.0%), from €502,876 to €115,526
mainly Investment in fixed assets (net) (-€571,234) and Receivables within one year (-€13,758)
- Receivables within one year +€13,758
up €13,758 (+10.7%), from €128,080 to €141,838
of which Other amounts receivable: +€33,261
- Debts after one year +€148,693
up €148,693 (+160%), from €92,820 to €241,513
- Profit (loss) carried forward +€20,441
up €20,441 (+4.0%), from €505,985 to €526,426
- Trade debts +€19,985
up €19,985 (+613%), from €3,259 to €23,244
- Write-downs -€7,420
no longer reported in 2025 (was €7,420)
- Financial charges +€4,794
up €4,794 (+53.7%), from €8,928 to €13,722
- Other operating charges +€3,346
up €3,346 (+71.5%), from €4,678 to €8,024
- Depreciation -€2,115
down €2,115 (-25.4%), from €8,340 to €6,225
- Taxes -€2,055
down €2,055 (-43.3%), from €4,745 to €2,690
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 | €1,120,102 | €1,307,424 | +€187,323 | +16.7% |
| Fixed assets | 21/28 | €345,613 | €910,621 | +€565,008 | +163% |
| Tangible fixed assets | 22/27 | €342,013 | €907,021 | +€565,008 | +165% |
| Land and buildings | 22 | €337,115 | €903,525 | +€566,411 | +168% |
| Furniture and vehicles | 24 | €4,898 | €3,495 | -€1,402 | -28.6% |
| Financial fixed assets | 28 | €3,600 | €3,600 | = | 0.0% |
| Current assets | 29/58 | €774,489 | €396,804 | -€377,685 | -48.8% |
| Amounts receivable after more than one year | 29 | €100,000 | €100,000 | = | 0.0% |
| Trade receivables | 290 | €100,000 | - | -€100,000 | |
| Other amounts receivable | 291 | - | €100,000 | +€100,000 | |
| Amounts receivable within one year | 40/41 | €128,080 | €141,838 | +€13,758 | +10.7% |
| Trade receivables | 40 | €119,858 | €100,355 | -€19,504 | -16.3% |
| Other amounts receivable | 41 | €8,222 | €41,483 | +€33,261 | +405% |
| Cash at bank and in hand | 54/58 | €502,876 | €115,526 | -€387,351 | -77.0% |
| Deferred charges and accrued income | 490/1 | €43,533 | €39,440 | -€4,093 | -9.4% |
| Total equity and liabilities | 10/49 | €1,120,102 | €1,307,424 | +€187,323 | +16.7% |
| Equity | 10/15 | €997,559 | €1,017,999 | +€20,441 | +2.0% |
| Contributions | 10/11 | €20,451 | €20,451 | = | 0.0% |
| Revaluation surpluses | 12 | €260,622 | €260,622 | = | 0.0% |
| Reserves | 13 | €210,500 | €210,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €210,500 | €210,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €505,985 | €526,426 | +€20,441 | +4.0% |
| Amounts payable | 17/49 | €122,543 | €289,425 | +€166,882 | +136% |
| Amounts payable after more than one year | 17 | €92,820 | €241,513 | +€148,693 | +160% |
| Financial debts | 170/4 | €92,820 | €241,513 | +€148,693 | +160% |
| Amounts payable within one year | 42/48 | €29,724 | €47,913 | +€18,189 | +61.2% |
| Current portion of amounts payable after more than one year | 42 | €9,493 | €21,445 | +€11,951 | +126% |
| Trade debts | 44 | €3,259 | €23,244 | +€19,985 | +613% |
| Suppliers | 440/4 | €3,259 | €23,244 | +€19,985 | +613% |
| Taxes, remuneration and social security | 45 | €8,689 | €3,223 | -€5,466 | -62.9% |
| Taxes | 450/3 | €8,689 | €3,223 | -€5,466 | -62.9% |
| Other amounts payable | 47/48 | €8,282 | - | -€8,282 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,340 | €6,225 | -€2,115 | -25.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €7,420 | - | -€7,420 | |
| Other operating charges | 640/8 | €4,678 | €8,024 | +€3,346 | +71.5% |
| Gross operating margin | 9900 | €40,734 | €40,595 | -€139 | -0.3% |
| Operating profit (loss) | 9901 | €20,296 | €26,346 | +€6,050 | +29.8% |
| Financial income | 75/76B | €12,075 | €10,507 | -€1,569 | -13.0% |
| Recurring financial income | 75 | €12,075 | €10,507 | -€1,569 | -13.0% |
| Financial charges | 65/66B | €8,928 | €13,722 | +€4,794 | +53.7% |
| Recurring financial charges | 65 | €8,928 | €13,722 | +€4,794 | +53.7% |
| Profit (loss) for the period before taxes | 9903 | €23,443 | €23,131 | -€312 | -1.3% |
| Income taxes | 67/77 | €4,745 | €2,690 | -€2,055 | -43.3% |
| Profit (loss) for the period | 9904 | €18,698 | €20,441 | +€1,743 | +9.3% |
| Profit (loss) for the period to be appropriated | 9905 | €18,698 | €20,441 | +€1,743 | +9.3% |
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.