M&F: 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&F
Largest movements
- Deferred charges and accrued income -€115,133
down €115,133 (-99.7%), from €115,426 to €293
- Cash +€19,434
up €19,434 (+500%), from €3,890 to €23,324
mainly Deferred charges and accrued income (+€115,133) and Trade debts (+€19,260)
- Stocks and contracts +€16,241
up €16,241 (+55.6%), from €29,192 to €45,433
- Intangible fixed assets -€4,000
down €4,000 (-29.3%), from €13,655 to €9,655
- Advances received -€115,426
down €115,426 (-100%), from €115,426 to €0
- Trade debts +€19,260
up €19,260 (+3,251%), from €592 to €19,852
- Reserves +€6,916
up €6,916 (+1,685%), from €411 to €7,327
- Tax, wage and social debts +€4,875
up €4,875 (+422%), from €1,156 to €6,031
of which Remuneration and social security: +€2,998
- Gross operating margin +€16,143
up €16,143 (+152%), from €10,594 to €26,737
- Staff costs +€12,667
up €12,667, from €0 to €12,667
- Taxes +€721
up €721 (+62.4%), from €1,156 to €1,877
- Depreciation +€457
up €457 (+11.4%), from €4,000 to €4,457
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 | €167,585 | €84,865 | -€82,720 | -49.4% |
| Fixed assets | 21/28 | €16,505 | €13,418 | -€3,087 | -18.7% |
| Intangible fixed assets | 21 | €13,655 | €9,655 | -€4,000 | -29.3% |
| Tangible fixed assets | 22/27 | - | €913 | +€913 | |
| Furniture and vehicles | 24 | - | €913 | +€913 | |
| Financial fixed assets | 28 | €2,850 | €2,850 | = | 0.0% |
| Current assets | 29/58 | €151,080 | €71,447 | -€79,633 | -52.7% |
| Stocks and contracts in progress | 3 | €29,192 | €45,433 | +€16,241 | +55.6% |
| Stocks | 30/36 | €29,192 | €45,433 | +€16,241 | +55.6% |
| Amounts receivable within one year | 40/41 | €2,572 | €2,398 | -€175 | -6.8% |
| Other amounts receivable | 41 | €2,572 | €2,398 | -€175 | -6.8% |
| Cash at bank and in hand | 54/58 | €3,890 | €23,324 | +€19,434 | +500% |
| Deferred charges and accrued income | 490/1 | €115,426 | €293 | -€115,133 | -99.7% |
| Total equity and liabilities | 10/49 | €167,585 | €84,865 | -€82,720 | -49.4% |
| Equity | 10/15 | €50,411 | €57,327 | +€6,916 | +13.7% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €411 | €7,327 | +€6,916 | +1,685% |
| Distributable reserves | 133 | €411 | €7,327 | +€6,916 | +1,685% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €117,174 | €27,538 | -€89,637 | -76.5% |
| Amounts payable within one year | 42/48 | €117,174 | €27,538 | -€89,637 | -76.5% |
| Trade debts | 44 | €592 | €19,852 | +€19,260 | +3,251% |
| Suppliers | 440/4 | €592 | €19,852 | +€19,260 | +3,251% |
| Advances received on contracts in progress | 46 | €115,426 | €0 | -€115,426 | -100% |
| Taxes, remuneration and social security | 45 | €1,156 | €6,031 | +€4,875 | +422% |
| Taxes | 450/3 | €1,156 | €3,034 | +€1,877 | +162% |
| Remuneration and social security | 454/9 | €0 | €2,998 | +€2,998 | |
| Other amounts payable | 47/48 | €0 | €1,654 | +€1,654 | |
| Remuneration, social security and pensions | 62 | €0 | €12,667 | +€12,667 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,000 | €4,457 | +€457 | +11.4% |
| Other operating charges | 640/8 | €823 | €640 | -€184 | -22.3% |
| Gross operating margin | 9900 | €10,594 | €26,737 | +€16,143 | +152% |
| Operating profit (loss) | 9901 | €5,771 | €8,973 | +€3,202 | +55.5% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €190 | €179 | -€11 | -5.7% |
| Recurring financial charges | 65 | €190 | €179 | -€11 | -5.7% |
| Profit (loss) for the period before taxes | 9903 | €5,581 | €8,794 | +€3,213 | +57.6% |
| Income taxes | 67/77 | €1,156 | €1,877 | +€721 | +62.4% |
| Profit (loss) for the period | 9904 | €4,424 | €6,916 | +€2,492 | +56.3% |
| Profit (loss) for the period to be appropriated | 9905 | €4,424 | €6,916 | +€2,492 | +56.3% |
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 18 October 2026 via checked.be.