M.F.N.: what changed
What changed
M.F.N.
NACE 25.401, Forging of metal
filed annual accounts (NBB)
Net result for the year
-€71,968
2024 · €3,601-€75,569
Equity
-€63,481
2024 · €8,486-€71,968
Cash
€7,345
2024 · €6,598+€747
Balance sheet total
€81,208
2024 · €131,151-€49,943
Largest movements
Assets
- Receivables within one year -€44,388
down €44,388 (-66.2%), from €67,075 to €22,687
of which Trade receivables: -€31,662
- Deferred charges and accrued income -€3,741
down €3,741 (-80.9%), from €4,622 to €881
- Stocks and contracts -€2,364
down €2,364 (-22.0%), from €10,763 to €8,399
Equity and liabilities
- Profit (loss) carried forward -€71,968
down €71,968 (-79.0%), from -€91,119 to -€163,086
- Short-term financial debts +€45,000
new in 2025: €45,000
- Tax, wage and social debts -€11,864
down €11,864 (-56.7%), from €20,923 to €9,059
of which Taxes: -€10,859
- Debts after one year -€7,884
down €7,884 (-30.4%), from €25,951 to €18,067
- Trade debts -€2,057
down €2,057 (-21.3%), from €9,643 to €7,586
Income statement
- Gross operating margin -€105,333
down €105,333, from €92,701 to -€12,632
- Staff costs -€31,914
down €31,914 (-48.0%), from €66,494 to €34,580
- Financial charges -€2,615
down €2,615 (-34.2%), from €7,636 to €5,021
- Depreciation +€2,589
up €2,589 (+22.4%), from €11,575 to €14,164
- Other operating charges +€2,195
up €2,195 (+74.9%), from €2,930 to €5,125
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
€3,601
Gross operating margin
-€105,333
Staff costs
+€31,914
Depreciation
-€2,589
Other operating charges
-€2,195
Financial income
-€14
Financial charges
+€2,615
Taxes
+€33
Result 2025
-€71,968
raises the resultlowers the result
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
-€22,677
Investment
-€13,967
Financing
+€37,390
Cash 2024
€6,598
From operations (derived)
-€22,677
Net result for the year
-€71,968
Depreciation
+€14,164
Stocks and contracts
+€2,364
Receivables within one year
+€44,388
Deferred charges and accrued income
+€3,741
Trade debts
-€2,057
Tax, wage and social debts
-€11,864
Accrued charges and deferred income
-€1,445
Investment (derived)
-€13,967
Investment in fixed assets (net)
-€13,967
Financing
+€37,390
Debts after one year
-€7,884
Current portion of long-term debt
+€274
Short-term financial debts
+€45,000
Cash 2025
€7,345
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €131,151 | €81,208 | -€49,943 | -38.1% |
| Fixed assets | 21/28 | €42,093 | €41,896 | -€197 | -0.5% |
| Tangible fixed assets | 22/27 | €42,093 | €41,896 | -€197 | -0.5% |
| Land and buildings | 22 | - | €1,821 | +€1,821 | |
| Plant, machinery and equipment | 23 | €1,471 | €11,039 | +€9,568 | +650% |
| Furniture and vehicles | 24 | €40,622 | €29,035 | -€11,587 | -28.5% |
| Current assets | 29/58 | €89,058 | €39,312 | -€49,746 | -55.9% |
| Stocks and contracts in progress | 3 | €10,763 | €8,399 | -€2,364 | -22.0% |
| Stocks | 30/36 | €10,763 | €8,399 | -€2,364 | -22.0% |
| Amounts receivable within one year | 40/41 | €67,075 | €22,687 | -€44,388 | -66.2% |
| Trade receivables | 40 | €44,603 | €12,941 | -€31,662 | -71.0% |
| Other amounts receivable | 41 | €22,473 | €9,746 | -€12,726 | -56.6% |
| Cash at bank and in hand | 54/58 | €6,598 | €7,345 | +€747 | +11.3% |
| Deferred charges and accrued income | 490/1 | €4,622 | €881 | -€3,741 | -80.9% |
| Total equity and liabilities | 10/49 | €131,151 | €81,208 | -€49,943 | -38.1% |
| Equity | 10/15 | €8,486 | -€63,481 | -€71,968 | |
| Contributions | 10/11 | €97,605 | €97,605 | = | 0.0% |
| Reserves | 13 | €2,000 | €2,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€91,119 | -€163,086 | -€71,968 | -79.0% |
| Amounts payable | 17/49 | €122,665 | €144,689 | +€22,024 | +18.0% |
| Amounts payable after more than one year | 17 | €25,951 | €18,067 | -€7,884 | -30.4% |
| Financial debts | 170/4 | €25,951 | €18,067 | -€7,884 | -30.4% |
| Amounts payable within one year | 42/48 | €95,270 | €126,622 | +€31,352 | +32.9% |
| Current portion of amounts payable after more than one year | 42 | €14,110 | €14,384 | +€274 | +1.9% |
| Financial debts | 43 | - | €45,000 | +€45,000 | |
| Credit institutions | 430/8 | - | €45,000 | +€45,000 | |
| Trade debts | 44 | €9,643 | €7,586 | -€2,057 | -21.3% |
| Suppliers | 440/4 | €9,643 | €7,586 | -€2,057 | -21.3% |
| Taxes, remuneration and social security | 45 | €20,923 | €9,059 | -€11,864 | -56.7% |
| Taxes | 450/3 | €14,880 | €4,021 | -€10,859 | -73.0% |
| Remuneration and social security | 454/9 | €6,044 | €5,038 | -€1,005 | -16.6% |
| Other amounts payable | 47/48 | €50,593 | €50,593 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €1,445 | - | -€1,445 | |
| Remuneration, social security and pensions | 62 | €66,494 | €34,580 | -€31,914 | -48.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,575 | €14,164 | +€2,589 | +22.4% |
| Other operating charges | 640/8 | €2,930 | €5,125 | +€2,195 | +74.9% |
| Gross operating margin | 9900 | €92,701 | -€12,632 | -€105,333 | |
| Operating profit (loss) | 9901 | €11,702 | -€66,501 | -€78,203 | |
| Financial income | 75/76B | €33 | €19 | -€14 | -42.1% |
| Recurring financial income | 75 | €33 | €19 | -€14 | -42.1% |
| Financial charges | 65/66B | €7,636 | €5,021 | -€2,615 | -34.2% |
| Recurring financial charges | 65 | €7,636 | €5,021 | -€2,615 | -34.2% |
| Profit (loss) for the period before taxes | 9903 | €4,099 | -€71,503 | -€75,602 | |
| Income taxes | 67/77 | €497 | €465 | -€33 | -6.6% |
| Profit (loss) for the period | 9904 | €3,601 | -€71,968 | -€75,569 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,601 | -€71,968 | -€75,569 |
Next steps
Work out how much credit to give this customer and on what payment terms.Credit check Check what to know before you do business with this company.Supplier due diligence Check whether you can accept this company as a client under the anti-money-laundering law.AML client file Compare this company with its sector.Sector benchmark
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 3 November 2026 via checked.be.