M.L. union: 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.L. union
Largest movements
- Receivables within one year -€308,695
down €308,695 (-38.9%), from €794,476 to €485,781
of which Trade receivables: -€280,115
- Tangible fixed assets -€131,404
down €131,404 (-25.8%), from €508,469 to €377,065
of which Leasing and similar rights: -€113,967
- Cash +€23,194
up €23,194 (+2,620%), from €885 to €24,079
mainly Receivables within one year (+€308,695) and Depreciation (+€139,341)
- Trade debts -€342,180
down €342,180 (-56.6%), from €604,708 to €262,528
- Debts after one year -€125,589
down €125,589 (-33.7%), from €372,352 to €246,762
- Short-term financial debts +€38,194
up €38,194 (+16.7%), from €228,936 to €267,130
- Profit (loss) carried forward -€33,518
down €33,518 (-24.2%), from €138,435 to €104,917
- Other debts +€30,638
up €30,638 (+1,253%), from €2,445 to €33,082
- Depreciation +€47,467
up €47,467 (+51.7%), from €91,874 to €139,341
- Financial charges +€21,804
up €21,804 (+77.1%), from €28,290 to €50,095
- Staff costs -€20,893
down €20,893 (-46.2%), from €45,251 to €24,357
- Other operating charges -€15,960
down €15,960 (-61.5%), from €25,959 to €9,999
- Gross operating margin +€6,609
up €6,609 (+3.5%), from €189,866 to €196,475
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 | €1,675,904 | €1,256,349 | -€419,555 | -25.0% |
| Fixed assets | 21/28 | €510,177 | €378,410 | -€131,767 | -25.8% |
| Tangible fixed assets | 22/27 | €508,469 | €377,065 | -€131,404 | -25.8% |
| Plant, machinery and equipment | 23 | €10,452 | €5,504 | -€4,948 | -47.3% |
| Furniture and vehicles | 24 | €51,847 | €39,358 | -€12,489 | -24.1% |
| Leasing and similar rights | 25 | €446,170 | €332,203 | -€113,967 | -25.5% |
| Financial fixed assets | 28 | €1,708 | €1,345 | -€363 | -21.3% |
| Current assets | 29/58 | €1,165,727 | €877,939 | -€287,789 | -24.7% |
| Stocks and contracts in progress | 3 | €364,000 | €355,500 | -€8,500 | -2.3% |
| Stocks | 30/36 | €364,000 | €355,500 | -€8,500 | -2.3% |
| Amounts receivable within one year | 40/41 | €794,476 | €485,781 | -€308,695 | -38.9% |
| Trade receivables | 40 | €648,907 | €368,792 | -€280,115 | -43.2% |
| Other amounts receivable | 41 | €145,569 | €116,989 | -€28,580 | -19.6% |
| Cash at bank and in hand | 54/58 | €885 | €24,079 | +€23,194 | +2,620% |
| Deferred charges and accrued income | 490/1 | €6,367 | €12,579 | +€6,213 | +97.6% |
| Total equity and liabilities | 10/49 | €1,675,904 | €1,256,349 | -€419,555 | -25.0% |
| Equity | 10/15 | €316,495 | €282,977 | -€33,518 | -10.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €171,860 | €171,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €170,000 | €170,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €138,435 | €104,917 | -€33,518 | -24.2% |
| Amounts payable | 17/49 | €1,359,409 | €973,372 | -€386,037 | -28.4% |
| Amounts payable after more than one year | 17 | €372,352 | €246,762 | -€125,589 | -33.7% |
| Financial debts | 170/4 | €372,352 | €246,762 | -€125,589 | -33.7% |
| Amounts payable within one year | 42/48 | €986,316 | €726,609 | -€259,706 | -26.3% |
| Current portion of amounts payable after more than one year | 42 | €124,214 | €125,589 | +€1,375 | +1.1% |
| Financial debts | 43 | €228,936 | €267,130 | +€38,194 | +16.7% |
| Credit institutions | 430/8 | €228,936 | €267,130 | +€38,194 | +16.7% |
| Trade debts | 44 | €604,708 | €262,528 | -€342,180 | -56.6% |
| Suppliers | 440/4 | €604,708 | €262,528 | -€342,180 | -56.6% |
| Taxes, remuneration and social security | 45 | €26,013 | €38,279 | +€12,266 | +47.2% |
| Taxes | 450/3 | €26,013 | €34,808 | +€8,795 | +33.8% |
| Remuneration and social security | 454/9 | €0 | €3,471 | +€3,471 | |
| Other amounts payable | 47/48 | €2,445 | €33,082 | +€30,638 | +1,253% |
| Accrued charges and deferred income | 492/3 | €741 | €0 | -€741 | -100% |
| Non-recurring operating income | 76A | €86,754 | €15,289 | -€71,465 | -82.4% |
| Remuneration, social security and pensions | 62 | €45,251 | €24,357 | -€20,893 | -46.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €91,874 | €139,341 | +€47,467 | +51.7% |
| Other operating charges | 640/8 | €25,959 | €9,999 | -€15,960 | -61.5% |
| Non-recurring operating charges | 66A | €7,769 | €6,459 | -€1,310 | -16.9% |
| Gross operating margin | 9900 | €189,866 | €196,475 | +€6,609 | +3.5% |
| Operating profit (loss) | 9901 | €19,013 | €16,318 | -€2,695 | -14.2% |
| Financial income | 75/76B | €13 | €258 | +€246 | +1,915% |
| Recurring financial income | 75 | €13 | €258 | +€246 | +1,915% |
| Financial charges | 65/66B | €28,290 | €50,095 | +€21,804 | +77.1% |
| Recurring financial charges | 65 | €28,290 | €50,095 | +€21,804 | +77.1% |
| Profit (loss) for the period before taxes | 9903 | -€9,264 | -€33,518 | -€24,254 | -262% |
| Profit (loss) for the period | 9904 | -€9,264 | -€33,518 | -€24,254 | -262% |
| Profit (loss) for the period to be appropriated | 9905 | -€9,264 | -€33,518 | -€24,254 | -262% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.