M & F: what changed
What changed
M & F
NACE 49.320, Non-scheduled passenger transport by road
filed annual accounts (NBB)
Net result for the year
€40,067
2024 · €26,425+€13,642
Equity
€1.5m
2024 · €1.5m+€40,067
Cash
€35,240
2024 · €51,812-€16,571
Balance sheet total
€1.6m
2024 · €1.6m+€47,645
Largest movements
Assets
- Receivables after one year +€73,774
up €73,774 (+5.2%), from €1.4m to €1.5m
- Cash -€16,571
down €16,571 (-32.0%), from €51,812 to €35,240
mainly Receivables after one year (-€73,774) and Trade debts (-€4,132)
Equity and liabilities
- Profit (loss) carried forward +€40,067
up €40,067 (+102%), from €39,277 to €79,344
Income statement
- Gross operating margin +€12,188
up €12,188 (+3.0%), from €410,449 to €422,637
- Taxes +€5,895
up €5,895 (+57.8%), from €10,208 to €16,102
- Staff costs -€4,827
down €4,827 (-1.2%), from €404,312 to €399,485
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.
Result 2024
€26,425
Gross operating margin
+€12,188
Staff costs
+€4,827
Depreciation
-€91
Other operating charges
+€182
Other operating items
-€68
Financial income
+€1,794
Financial charges
+€705
Taxes
-€5,895
Result 2025
€40,067
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€14,991
Investment
-€1,581
Financing
€0
Cash 2024
€51,812
From operations (derived)
-€14,991
Net result for the year
+€40,067
Depreciation
+€1,576
Receivables after one year
-€73,774
Receivables within one year
-€497
Deferred charges and accrued income
+€10,059
Trade debts
-€4,132
Tax, wage and social debts
+€8,983
Other debts
+€2,725
Accrued charges and deferred income
+€2
Investment (derived)
-€1,581
Investment in fixed assets (net)
-€1,581
Cash 2025
€35,240
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,583,735 | €1,631,379 | +€47,645 | +3.0% |
| Fixed assets | 21/28 | €40,736 | €40,740 | +€5 | 0.0% |
| Intangible fixed assets | 21 | - | €0 | = | |
| Tangible fixed assets | 22/27 | €40,736 | €40,740 | +€5 | 0.0% |
| Land and buildings | 22 | €36,090 | €36,090 | = | 0.0% |
| Plant, machinery and equipment | 23 | €4,646 | €4,651 | +€5 | +0.1% |
| Furniture and vehicles | 24 | - | €0 | = | |
| Current assets | 29/58 | €1,542,999 | €1,590,639 | +€47,640 | +3.1% |
| Amounts receivable after more than one year | 29 | €1,429,422 | €1,503,196 | +€73,774 | +5.2% |
| Other amounts receivable | 291 | €1,429,422 | €1,503,196 | +€73,774 | +5.2% |
| Amounts receivable within one year | 40/41 | €2,808 | €3,305 | +€497 | +17.7% |
| Trade receivables | 40 | €2,808 | €3,241 | +€433 | +15.4% |
| Other amounts receivable | 41 | - | €63 | +€63 | |
| Cash at bank and in hand | 54/58 | €51,812 | €35,240 | -€16,571 | -32.0% |
| Deferred charges and accrued income | 490/1 | €58,957 | €48,898 | -€10,059 | -17.1% |
| Total equity and liabilities | 10/49 | €1,583,735 | €1,631,379 | +€47,645 | +3.0% |
| Equity | 10/15 | €1,495,677 | €1,535,744 | +€40,067 | +2.7% |
| Contributions | 10/11 | €24,789 | €24,789 | = | 0.0% |
| Reserves | 13 | €1,431,611 | €1,431,611 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,479 | €2,479 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,479 | €2,479 | = | 0.0% |
| Tax-exempt reserves | 132 | €132 | €132 | = | 0.0% |
| Distributable reserves | 133 | €1,429,000 | €1,429,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €39,277 | €79,344 | +€40,067 | +102% |
| Amounts payable | 17/49 | €88,058 | €95,636 | +€7,578 | +8.6% |
| Amounts payable within one year | 42/48 | €87,932 | €95,508 | +€7,576 | +8.6% |
| Trade debts | 44 | €12,629 | €8,497 | -€4,132 | -32.7% |
| Suppliers | 440/4 | €12,629 | €8,497 | -€4,132 | -32.7% |
| Taxes, remuneration and social security | 45 | €61,856 | €70,839 | +€8,983 | +14.5% |
| Taxes | 450/3 | €10,593 | €25,573 | +€14,980 | +141% |
| Remuneration and social security | 454/9 | €51,263 | €45,266 | -€5,997 | -11.7% |
| Other amounts payable | 47/48 | €13,447 | €16,172 | +€2,725 | +20.3% |
| Accrued charges and deferred income | 492/3 | €126 | €128 | +€2 | +1.6% |
| Remuneration, social security and pensions | 62 | €404,312 | €399,485 | -€4,827 | -1.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,485 | €1,576 | +€91 | +6.1% |
| Other operating charges | 640/8 | €1,969 | €1,787 | -€182 | -9.3% |
| Non-recurring operating charges | 66A | - | €68 | +€68 | |
| Gross operating margin | 9900 | €410,449 | €422,637 | +€12,188 | +3.0% |
| Operating profit (loss) | 9901 | €2,682 | €19,721 | +€17,038 | +635% |
| Financial income | 75/76B | €42,237 | €44,030 | +€1,794 | +4.2% |
| Recurring financial income | 75 | €42,237 | €44,030 | +€1,794 | +4.2% |
| Financial charges | 65/66B | €8,287 | €7,582 | -€705 | -8.5% |
| Recurring financial charges | 65 | €8,287 | €7,582 | -€705 | -8.5% |
| Profit (loss) for the period before taxes | 9903 | €36,632 | €56,169 | +€19,537 | +53.3% |
| Income taxes | 67/77 | €10,208 | €16,102 | +€5,895 | +57.8% |
| Profit (loss) for the period | 9904 | €26,425 | €40,067 | +€13,642 | +51.6% |
| Profit (loss) for the period to be appropriated | 9905 | €26,425 | €40,067 | +€13,642 | +51.6% |
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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 8 November 2026 via checked.be.