M-FRESH: 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-FRESH
Largest movements
- Receivables within one year +€15,538
up €15,538 (+198.8%), from €7,816 to €23,354
of which Trade receivables: +€17,603
- Tangible fixed assets -€4,148
down €4,148 (-37.1%), from €11,172 to €7,024
of which Plant, machinery and equipment: -€2,742
- Profit (loss) carried forward +€16,578
up €16,578 (+54.0%), from -€30,713 to -€14,134
- Accrued charges and deferred income +€11,541
new in 2025: €11,541
- Debts after one year -€8,920
down €8,920 (-23.9%), from €37,378 to €28,458
- Current portion of long-term debt -€5,610
down €5,610 (-63.1%), from €8,884 to €3,274
- Short-term financial debts -€2,100
down €2,100 (-57.8%), from €3,635 to €1,535
- Gross operating margin +€2,386
up €2,386 (+12.0%), from €19,870 to €22,256
- Financial charges -€1,014
down €1,014 (-45.9%), from €2,209 to €1,194
- Other operating charges -€409
down €409 (-55.0%), from €745 to €335
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 | €21,884 | €33,274 | +€11,390 | +52.0% |
| Fixed assets | 21/28 | €11,172 | €7,024 | -€4,148 | -37.1% |
| Tangible fixed assets | 22/27 | €11,172 | €7,024 | -€4,148 | -37.1% |
| Plant, machinery and equipment | 23 | €5,879 | €3,136 | -€2,742 | -46.7% |
| Furniture and vehicles | 24 | €5,293 | €3,888 | -€1,405 | -26.5% |
| Current assets | 29/58 | €10,712 | €26,250 | +€15,538 | +145.0% |
| Amounts receivable within one year | 40/41 | €7,816 | €23,354 | +€15,538 | +198.8% |
| Trade receivables | 40 | €3,873 | €21,476 | +€17,603 | +454.5% |
| Other amounts receivable | 41 | €3,943 | €1,877 | -€2,065 | -52.4% |
| Cash at bank and in hand | 54/58 | €2,897 | €2,897 | = | 0.0% |
| Total equity and liabilities | 10/49 | €21,884 | €33,274 | +€11,390 | +52.0% |
| Equity | 10/15 | -€28,713 | -€12,134 | +€16,578 | +57.7% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€30,713 | -€14,134 | +€16,578 | +54.0% |
| Amounts payable | 17/49 | €50,597 | €45,408 | -€5,188 | -10.3% |
| Amounts payable after more than one year | 17 | €37,378 | €28,458 | -€8,920 | -23.9% |
| Other amounts payable | 178/9 | €37,378 | €28,458 | -€8,920 | -23.9% |
| Amounts payable within one year | 42/48 | €13,218 | €5,410 | -€7,809 | -59.1% |
| Current portion of amounts payable after more than one year | 42 | €8,884 | €3,274 | -€5,610 | -63.1% |
| Financial debts | 43 | €3,635 | €1,535 | -€2,100 | -57.8% |
| Credit institutions | 430/8 | €3,635 | €1,535 | -€2,100 | -57.8% |
| Other amounts payable | 47/48 | €700 | €600 | -€99 | -14.2% |
| Accrued charges and deferred income | 492/3 | - | €11,541 | +€11,541 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,200 | €4,148 | -€52 | -1.2% |
| Other operating charges | 640/8 | €745 | €335 | -€409 | -55.0% |
| Non-recurring operating charges | 66A | €307 | - | -€307 | |
| Gross operating margin | 9900 | €19,870 | €22,256 | +€2,386 | +12.0% |
| Operating profit (loss) | 9901 | €14,618 | €17,773 | +€3,155 | +21.6% |
| Financial income | 75/76B | €18 | - | -€18 | |
| Recurring financial income | 75 | €18 | - | -€18 | |
| Financial charges | 65/66B | €2,209 | €1,194 | -€1,014 | -45.9% |
| Recurring financial charges | 65 | €2,209 | €1,194 | -€1,014 | -45.9% |
| Profit (loss) for the period before taxes | 9903 | €12,427 | €16,578 | +€4,151 | +33.4% |
| Profit (loss) for the period | 9904 | €12,427 | €16,578 | +€4,151 | +33.4% |
| Profit (loss) for the period to be appropriated | 9905 | €12,427 | €16,578 | +€4,151 | +33.4% |
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 4 October 2026 via checked.be.