M&FP: what changed
Two fiscal 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&FP
Largest movements
- Cash +€20,611
up €20,611 (+36.3%), from €56,712 to €77,323
mainly Net result for the year (+€33,805) and Depreciation (+€16,128)
- Intangible fixed assets -€12,921
down €12,921 (-49.7%), from €25,987 to €13,066
- Receivables within one year -€7,832
down €7,832 (-48.4%), from €16,180 to €8,348
of which Trade receivables: -€7,312
- Tangible fixed assets +€7,054
up €7,054 (+91.4%), from €7,713 to €14,767
- Investment grants -€9,569
down €9,569 (-49.4%), from €19,368 to €9,800
- Reserves +€7,442
up €7,442 (+15.5%), from €48,045 to €55,487
- Other debts +€6,463
up €6,463 (+32.5%), from €19,900 to €26,363
- Trade debts +€1,607
up €1,607 (+117.3%), from €1,371 to €2,978
- Gross operating margin -€7,984
down €7,984 (-12.7%), from €63,085 to €55,102
- Taxes +€7,289
up €7,289 (+100.3%), from €7,271 to €14,561
- Write-downs -€6,280
down €6,280, from €3,140 to -€3,140
- Depreciation -€2,890
down €2,890 (-15.2%), from €19,018 to €16,128
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.
Cash bridge derived
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 | €108,354 | €114,947 | +€6,592 | +6.1% |
| Fixed assets | 21/28 | €33,700 | €27,833 | -€5,867 | -17.4% |
| Intangible fixed assets | 21 | €25,987 | €13,066 | -€12,921 | -49.7% |
| Tangible fixed assets | 22/27 | €7,713 | €14,767 | +€7,054 | +91.4% |
| Furniture and vehicles | 24 | €7,713 | €14,767 | +€7,054 | +91.4% |
| Current assets | 29/58 | €74,654 | €87,114 | +€12,459 | +16.7% |
| Stocks and contracts in progress | 3 | €1,129 | €682 | -€447 | -39.6% |
| Stocks | 30/36 | €1,129 | €682 | -€447 | -39.6% |
| Amounts receivable within one year | 40/41 | €16,180 | €8,348 | -€7,832 | -48.4% |
| Trade receivables | 40 | €15,660 | €8,348 | -€7,312 | -46.7% |
| Other amounts receivable | 41 | €520 | €0 | -€520 | -100.0% |
| Cash at bank and in hand | 54/58 | €56,712 | €77,323 | +€20,611 | +36.3% |
| Deferred charges and accrued income | 490/1 | €634 | €761 | +€127 | +20.1% |
| Total equity and liabilities | 10/49 | €108,354 | €114,947 | +€6,592 | +6.1% |
| Equity | 10/15 | €79,813 | €77,686 | -€2,126 | -2.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €48,045 | €55,487 | +€7,442 | +15.5% |
| Distributable reserves | 133 | €48,045 | €55,487 | +€7,442 | +15.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Investment grants | 15 | €19,368 | €9,800 | -€9,569 | -49.4% |
| Amounts payable | 17/49 | €28,542 | €37,260 | +€8,719 | +30.5% |
| Amounts payable within one year | 42/48 | €28,542 | €37,260 | +€8,719 | +30.5% |
| Trade debts | 44 | €1,371 | €2,978 | +€1,607 | +117.3% |
| Suppliers | 440/4 | €1,371 | €2,978 | +€1,607 | +117.3% |
| Taxes, remuneration and social security | 45 | €7,271 | €7,919 | +€648 | +8.9% |
| Taxes | 450/3 | €7,271 | €7,919 | +€648 | +8.9% |
| Other amounts payable | 47/48 | €19,900 | €26,363 | +€6,463 | +32.5% |
| Non-recurring operating income | 76A | - | €4,040 | +€4,040 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,018 | €16,128 | -€2,890 | -15.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,140 | -€3,140 | -€6,280 | |
| Other operating charges | 640/8 | €3,425 | €3,126 | -€299 | -8.7% |
| Gross operating margin | 9900 | €63,085 | €55,102 | -€7,984 | -12.7% |
| Operating profit (loss) | 9901 | €37,503 | €38,988 | +€1,485 | +4.0% |
| Financial income | 75/76B | €9,569 | €9,569 | = | 0.0% |
| Recurring financial income | 75 | €9,569 | €9,569 | = | 0.0% |
| Financial charges | 65/66B | €258 | €191 | -€67 | -26.1% |
| Recurring financial charges | 65 | €258 | €191 | -€67 | -26.1% |
| Profit (loss) for the period before taxes | 9903 | €46,813 | €48,366 | +€1,552 | +3.3% |
| Income taxes | 67/77 | €7,271 | €14,561 | +€7,289 | +100.3% |
| Profit (loss) for the period | 9904 | €39,542 | €33,805 | -€5,737 | -14.5% |
| Profit (loss) for the period to be appropriated | 9905 | €39,542 | €33,805 | -€5,737 | -14.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.