M&N: 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&N
Largest movements
- Receivables within one year +€11,223
up €11,223 (+592%), from €1,897 to €13,119
of which Other amounts receivable: +€12,342
- Cash +€8,696
up €8,696 (+51.4%), from €16,916 to €25,612
mainly Net result for the year (+€8,764) and Deferred charges and accrued income (+€6,098)
- Deferred charges and accrued income -€6,098
no longer reported in 2025 (was €6,098)
- Reserves +€9,712
new in 2025: €9,712
- Tax, wage and social debts +€2,153
up €2,153 (+190%), from €1,135 to €3,289
- Trade debts +€1,572
up €1,572 (+21.5%), from €7,328 to €8,900
- Other debts +€1,331
up €1,331 (+9.2%), from €14,500 to €15,831
- Profit (loss) carried forward -€948
no longer reported in 2025 (was €948)
- Gross operating margin +€14,298
up €14,298 (+840%), from €1,703 to €16,000
- Write-downs +€3,700
new in 2025: €3,700
- Taxes +€2,554
up €2,554 (+695%), from €367 to €2,921
- Financial charges +€215
up €215 (+71,740%), from €0 to €216
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 | €24,911 | €38,731 | +€13,820 | +55.5% |
| Current assets | 29/58 | €24,911 | €38,731 | +€13,820 | +55.5% |
| Amounts receivable within one year | 40/41 | €1,897 | €13,119 | +€11,223 | +592% |
| Trade receivables | 40 | €1,897 | €777 | -€1,120 | -59.0% |
| Other amounts receivable | 41 | - | €12,342 | +€12,342 | |
| Cash at bank and in hand | 54/58 | €16,916 | €25,612 | +€8,696 | +51.4% |
| Deferred charges and accrued income | 490/1 | €6,098 | - | -€6,098 | |
| Total equity and liabilities | 10/49 | €24,911 | €38,731 | +€13,820 | +55.5% |
| Equity | 10/15 | €1,948 | €10,712 | +€8,764 | +450% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | - | €9,712 | +€9,712 | |
| Distributable reserves | 133 | - | €9,712 | +€9,712 | |
| Profit (loss) carried forward | 14 | €948 | - | -€948 | |
| Amounts payable | 17/49 | €22,963 | €28,019 | +€5,056 | +22.0% |
| Amounts payable within one year | 42/48 | €22,963 | €28,019 | +€5,056 | +22.0% |
| Trade debts | 44 | €7,328 | €8,900 | +€1,572 | +21.5% |
| Suppliers | 440/4 | €7,328 | €8,900 | +€1,572 | +21.5% |
| Taxes, remuneration and social security | 45 | €1,135 | €3,289 | +€2,153 | +190% |
| Taxes | 450/3 | €1,135 | €3,289 | +€2,153 | +190% |
| Other amounts payable | 47/48 | €14,500 | €15,831 | +€1,331 | +9.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €3,700 | +€3,700 | |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €1,703 | €16,000 | +€14,298 | +840% |
| Operating profit (loss) | 9901 | €1,315 | €11,901 | +€10,585 | +805% |
| Financial charges | 65/66B | €0 | €216 | +€215 | +71,740% |
| Recurring financial charges | 65 | €0 | €216 | +€215 | +71,740% |
| Profit (loss) for the period before taxes | 9903 | €1,315 | €11,685 | +€10,370 | +789% |
| Income taxes | 67/77 | €367 | €2,921 | +€2,554 | +695% |
| Profit (loss) for the period | 9904 | €948 | €8,764 | +€7,816 | +825% |
| Profit (loss) for the period to be appropriated | 9905 | €948 | €8,764 | +€7,816 | +825% |
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 16 October 2026 via checked.be.