M.N.M.: 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.M.
Largest movements
- Receivables within one year -€55,313
down €55,313 (-36.4%), from €152,134 to €96,822
of which Trade receivables: -€47,290
- Tangible fixed assets -€38,507
down €38,507 (-2.9%), from €1.3m to €1.3m
of which Land and buildings: -€38,286
- Debts after one year -€48,797
down €48,797 (-4.7%), from €1.0m to €980,825
of which Financial debts: -€48,797
- Other debts -€42,303
down €42,303 (-14.2%), from €296,936 to €254,633
- Trade debts -€27,571
down €27,571 (-52.9%), from €52,117 to €24,545
- Gross operating margin +€20,292
up €20,292 (+17.3%), from €117,323 to €137,615
- Other operating charges +€10,539
up €10,539 (+174%), from €6,045 to €16,584
- Financial charges +€6,381
up €6,381 (+9.9%), from €64,525 to €70,906
- Depreciation +€1,752
up €1,752 (+4.8%), from €36,756 to €38,507
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 | €1,466,059 | €1,367,560 | -€98,499 | -6.7% |
| Fixed assets | 21/28 | €1,306,973 | €1,268,465 | -€38,507 | -2.9% |
| Tangible fixed assets | 22/27 | €1,306,473 | €1,267,965 | -€38,507 | -2.9% |
| Land and buildings | 22 | €1,305,808 | €1,267,522 | -€38,286 | -2.9% |
| Other tangible fixed assets | 26 | €665 | €443 | -€222 | -33.3% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €159,087 | €99,095 | -€59,992 | -37.7% |
| Amounts receivable within one year | 40/41 | €152,134 | €96,822 | -€55,313 | -36.4% |
| Trade receivables | 40 | €50,228 | €2,938 | -€47,290 | -94.2% |
| Other amounts receivable | 41 | €101,906 | €93,884 | -€8,023 | -7.9% |
| Cash at bank and in hand | 54/58 | €6,952 | €2,273 | -€4,679 | -67.3% |
| Total equity and liabilities | 10/49 | €1,466,059 | €1,367,560 | -€98,499 | -6.7% |
| Equity | 10/15 | €33,442 | €40,497 | +€7,054 | +21.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,007 | €1,007 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,007 | €1,007 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,007 | €1,007 | = | 0.0% |
| Profit (loss) carried forward | 14 | €13,843 | €20,897 | +€7,054 | +51.0% |
| Amounts payable | 17/49 | €1,432,617 | €1,327,063 | -€105,554 | -7.4% |
| Amounts payable after more than one year | 17 | €1,029,621 | €980,825 | -€48,797 | -4.7% |
| Financial debts | 170/4 | €1,026,621 | €977,825 | -€48,797 | -4.8% |
| Other amounts payable | 178/9 | €3,000 | €3,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €402,996 | €346,239 | -€56,757 | -14.1% |
| Current portion of amounts payable after more than one year | 42 | €46,493 | €49,344 | +€2,851 | +6.1% |
| Financial debts | 43 | - | €8,752 | +€8,752 | |
| Credit institutions | 430/8 | - | €8,752 | +€8,752 | |
| Trade debts | 44 | €52,117 | €24,545 | -€27,571 | -52.9% |
| Suppliers | 440/4 | €52,117 | €24,545 | -€27,571 | -52.9% |
| Taxes, remuneration and social security | 45 | €7,450 | €8,965 | +€1,515 | +20.3% |
| Taxes | 450/3 | €7,450 | €8,965 | +€1,515 | +20.3% |
| Other amounts payable | 47/48 | €296,936 | €254,633 | -€42,303 | -14.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,756 | €38,507 | +€1,752 | +4.8% |
| Other operating charges | 640/8 | €6,045 | €16,584 | +€10,539 | +174% |
| Gross operating margin | 9900 | €117,323 | €137,615 | +€20,292 | +17.3% |
| Operating profit (loss) | 9901 | €74,523 | €82,524 | +€8,002 | +10.7% |
| Financial income | 75/76B | €3 | €18 | +€16 | +608% |
| Recurring financial income | 75 | €3 | €18 | +€16 | +608% |
| Financial charges | 65/66B | €64,525 | €70,906 | +€6,381 | +9.9% |
| Recurring financial charges | 65 | €64,525 | €70,906 | +€6,381 | +9.9% |
| Profit (loss) for the period before taxes | 9903 | €10,000 | €11,636 | +€1,636 | +16.4% |
| Income taxes | 67/77 | €3,528 | €4,582 | +€1,054 | +29.9% |
| Profit (loss) for the period | 9904 | €6,473 | €7,054 | +€582 | +9.0% |
| Profit (loss) for the period to be appropriated | 9905 | €6,473 | €7,054 | +€582 | +9.0% |
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 14 October 2026 via checked.be.