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 +€24,281
up €24,281 (+953%), from €2,548 to €26,829
- Tangible fixed assets +€23,605
up €23,605 (+40.3%), from €58,612 to €82,217
of which Furniture and vehicles: +€25,896
- Receivables within one year +€14,351
up €14,351 (+3.9%), from €367,162 to €381,514
of which Trade receivables: +€20,896
- Cash -€10,603
down €10,603 (-86.9%), from €12,200 to €1,597
mainly Contributions, distributions and other (-€75,000) and Investment in fixed assets (net) (-€59,629)
- Trade debts +€42,011
up €42,011 (+24.1%), from €174,538 to €216,548
- Current portion of long-term debt +€14,409
up €14,409 (+94.6%), from €15,235 to €29,645
- Other debts -€10,250
down €10,250 (-11.5%), from €89,456 to €79,206
- Gross operating margin +€34,266
up €34,266 (+22.3%), from €153,920 to €188,186
- Staff costs +€30,992
up €30,992 (+75.3%), from €41,133 to €72,125
- Depreciation +€8,386
up €8,386 (+34.9%), from €24,062 to €32,447
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 | €440,532 | €495,743 | +€55,211 | +12.5% |
| Fixed assets | 21/28 | €58,622 | €85,804 | +€27,182 | +46.4% |
| Intangible fixed assets | 21 | - | €3,577 | +€3,577 | |
| Tangible fixed assets | 22/27 | €58,612 | €82,217 | +€23,605 | +40.3% |
| Plant, machinery and equipment | 23 | €27,262 | €20,375 | -€6,887 | -25.3% |
| Furniture and vehicles | 24 | €31,351 | €57,247 | +€25,896 | +82.6% |
| Other tangible fixed assets | 26 | - | €4,595 | +€4,595 | |
| Financial fixed assets | 28 | €10 | €10 | = | 0.0% |
| Current assets | 29/58 | €381,910 | €409,939 | +€28,029 | +7.3% |
| Amounts receivable within one year | 40/41 | €367,162 | €381,514 | +€14,351 | +3.9% |
| Trade receivables | 40 | €352,991 | €373,887 | +€20,896 | +5.9% |
| Other amounts receivable | 41 | €14,171 | €7,626 | -€6,545 | -46.2% |
| Cash at bank and in hand | 54/58 | €12,200 | €1,597 | -€10,603 | -86.9% |
| Deferred charges and accrued income | 490/1 | €2,548 | €26,829 | +€24,281 | +953% |
| Total equity and liabilities | 10/49 | €440,532 | €495,743 | +€55,211 | +12.5% |
| Equity | 10/15 | €130,292 | €133,514 | +€3,222 | +2.5% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €112,750 | €115,972 | +€3,222 | +2.9% |
| Distributable reserves | 133 | €112,750 | €115,972 | +€3,222 | +2.9% |
| Profit (loss) carried forward | 14 | €7,542 | €7,542 | = | 0.0% |
| Provisions and deferred taxes | 16 | €1,500 | €1,500 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €1,500 | €1,500 | = | 0.0% |
| Other liabilities and charges | 164/5 | €1,500 | €1,500 | = | 0.0% |
| Amounts payable | 17/49 | €308,740 | €360,729 | +€51,989 | +16.8% |
| Amounts payable after more than one year | 17 | €27,020 | €31,373 | +€4,353 | +16.1% |
| Financial debts | 170/4 | €27,020 | €31,373 | +€4,353 | +16.1% |
| Amounts payable within one year | 42/48 | €281,720 | €329,356 | +€47,637 | +16.9% |
| Current portion of amounts payable after more than one year | 42 | €15,235 | €29,645 | +€14,409 | +94.6% |
| Trade debts | 44 | €174,538 | €216,548 | +€42,011 | +24.1% |
| Suppliers | 440/4 | €174,538 | €216,548 | +€42,011 | +24.1% |
| Taxes, remuneration and social security | 45 | €2,491 | €3,958 | +€1,467 | +58.9% |
| Taxes | 450/3 | €981 | €116 | -€865 | -88.2% |
| Remuneration and social security | 454/9 | €1,510 | €3,842 | +€2,332 | +154% |
| Other amounts payable | 47/48 | €89,456 | €79,206 | -€10,250 | -11.5% |
| Non-recurring operating income | 76A | - | €9,351 | +€9,351 | |
| Remuneration, social security and pensions | 62 | €41,133 | €72,125 | +€30,992 | +75.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,062 | €32,447 | +€8,386 | +34.9% |
| Other operating charges | 640/8 | €1,730 | €1,484 | -€245 | -14.2% |
| Gross operating margin | 9900 | €153,920 | €188,186 | +€34,266 | +22.3% |
| Operating profit (loss) | 9901 | €86,996 | €82,129 | -€4,866 | -5.6% |
| Financial income | 75/76B | €62 | €70 | +€9 | +14.1% |
| Recurring financial income | 75 | €62 | €70 | +€9 | +14.1% |
| Financial charges | 65/66B | €1,557 | €2,370 | +€813 | +52.2% |
| Recurring financial charges | 65 | €1,557 | €2,370 | +€813 | +52.2% |
| Profit (loss) for the period before taxes | 9903 | €85,500 | €79,830 | -€5,671 | -6.6% |
| Income taxes | 67/77 | €3,116 | €1,608 | -€1,508 | -48.4% |
| Profit (loss) for the period | 9904 | €82,384 | €78,222 | -€4,162 | -5.1% |
| Profit (loss) for the period to be appropriated | 9905 | €82,384 | €78,222 | -€4,162 | -5.1% |
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 27 October 2026 via checked.be.