M.N. CONSTRUCT: 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. CONSTRUCT
Largest movements
- Cash -€168,060
down €168,060 (-34.4%), from €488,150 to €320,090
mainly Accrued charges and deferred income (-€90,015) and Trade debts (-€88,046)
- Receivables within one year +€26,497
up €26,497 (+7.2%), from €368,835 to €395,332
of which Trade receivables: +€28,197
- Accrued charges and deferred income -€90,015
no longer reported in 2025 (was €90,015)
- Trade debts -€88,046
down €88,046 (-19.7%), from €446,967 to €358,921
- Profit (loss) carried forward +€34,636
up €34,636 (+17.1%), from €202,258 to €236,893
- Reserves +€20,000
up €20,000 (+62.8%), from €31,860 to €51,860
of which Distributable reserves: +€20,000
- Gross operating margin -€27,255
down €27,255 (-14.7%), from €184,944 to €157,689
- Depreciation -€6,895
down €6,895 (-23.9%), from €28,905 to €22,010
- Financial charges -€5,423
down €5,423 (-23.3%), from €23,278 to €17,854
- Taxes -€3,883
down €3,883 (-15.7%), from €24,747 to €20,864
- Staff costs +€1,863
up €1,863 (+5.0%), from €37,286 to €39,150
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 | €889,367 | €740,303 | -€149,064 | -16.8% |
| Fixed assets | 21/28 | €24,458 | €19,743 | -€4,715 | -19.3% |
| Tangible fixed assets | 22/27 | €22,995 | €18,280 | -€4,715 | -20.5% |
| Plant, machinery and equipment | 23 | €6,346 | €6,136 | -€210 | -3.3% |
| Furniture and vehicles | 24 | €2,945 | €8,694 | +€5,749 | +195% |
| Leasing and similar rights | 25 | €13,704 | €3,450 | -€10,254 | -74.8% |
| Financial fixed assets | 28 | €1,463 | €1,463 | = | 0.0% |
| Current assets | 29/58 | €864,909 | €720,560 | -€144,349 | -16.7% |
| Amounts receivable within one year | 40/41 | €368,835 | €395,332 | +€26,497 | +7.2% |
| Trade receivables | 40 | €231,781 | €259,978 | +€28,197 | +12.2% |
| Other amounts receivable | 41 | €137,054 | €135,354 | -€1,700 | -1.2% |
| Cash at bank and in hand | 54/58 | €488,150 | €320,090 | -€168,060 | -34.4% |
| Deferred charges and accrued income | 490/1 | €7,924 | €5,138 | -€2,786 | -35.2% |
| Total equity and liabilities | 10/49 | €889,367 | €740,303 | -€149,064 | -16.8% |
| Equity | 10/15 | €252,318 | €306,953 | +€54,636 | +21.7% |
| Contributions | 10/11 | €18,200 | €18,200 | = | 0.0% |
| Reserves | 13 | €31,860 | €51,860 | +€20,000 | +62.8% |
| 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 | €30,000 | €50,000 | +€20,000 | +66.7% |
| Profit (loss) carried forward | 14 | €202,258 | €236,893 | +€34,636 | +17.1% |
| Amounts payable | 17/49 | €637,050 | €433,350 | -€203,700 | -32.0% |
| Amounts payable after more than one year | 17 | €19,529 | €10,639 | -€8,890 | -45.5% |
| Financial debts | 170/4 | €19,529 | €10,639 | -€8,890 | -45.5% |
| Amounts payable within one year | 42/48 | €527,505 | €422,711 | -€104,795 | -19.9% |
| Current portion of amounts payable after more than one year | 42 | €9,827 | €6,539 | -€3,288 | -33.5% |
| Trade debts | 44 | €446,967 | €358,921 | -€88,046 | -19.7% |
| Suppliers | 440/4 | €446,967 | €358,921 | -€88,046 | -19.7% |
| Taxes, remuneration and social security | 45 | €64,711 | €57,250 | -€7,461 | -11.5% |
| Taxes | 450/3 | €57,007 | €50,611 | -€6,396 | -11.2% |
| Remuneration and social security | 454/9 | €7,704 | €6,639 | -€1,065 | -13.8% |
| Other amounts payable | 47/48 | €6,000 | - | -€6,000 | |
| Accrued charges and deferred income | 492/3 | €90,015 | - | -€90,015 | |
| Remuneration, social security and pensions | 62 | €37,286 | €39,150 | +€1,863 | +5.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,905 | €22,010 | -€6,895 | -23.9% |
| Other operating charges | 640/8 | €4,352 | €3,175 | -€1,177 | -27.0% |
| Gross operating margin | 9900 | €184,944 | €157,689 | -€27,255 | -14.7% |
| Operating profit (loss) | 9901 | €114,401 | €93,354 | -€21,046 | -18.4% |
| Financial income | 75/76B | €103 | - | -€103 | |
| Recurring financial income | 75 | €103 | - | -€103 | |
| Financial charges | 65/66B | €23,278 | €17,854 | -€5,423 | -23.3% |
| Recurring financial charges | 65 | €23,278 | €17,854 | -€5,423 | -23.3% |
| Profit (loss) for the period before taxes | 9903 | €91,226 | €75,500 | -€15,726 | -17.2% |
| Income taxes | 67/77 | €24,747 | €20,864 | -€3,883 | -15.7% |
| Profit (loss) for the period | 9904 | €66,479 | €54,636 | -€11,843 | -17.8% |
| Profit (loss) for the period to be appropriated | 9905 | €66,479 | €54,636 | -€11,843 | -17.8% |
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 28 October 2026 via checked.be.