M.N.S.: 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.S.
Largest movements
- Receivables after one year +€8,000
up €8,000 (+8.6%), from €92,794 to €100,794
of which Trade receivables: +€100,794
- Receivables within one year -€4,777
down €4,777 (-13.7%), from €34,827 to €30,050
of which Trade receivables: -€5,100
- Cash -€4,059
down €4,059 (-69.2%), from €5,863 to €1,804
mainly Receivables after one year (-€8,000) and Debts after one year (-€5,928)
- Deferred charges and accrued income +€4,059
new in 2025: €4,059
- Reserves +€6,500
up €6,500 (+38.1%), from €17,075 to €23,575
- Debts after one year -€5,928
down €5,928 (-12.5%), from €47,521 to €41,593
- Tax, wage and social debts +€3,471
up €3,471 (+108%), from €3,200 to €6,670
- Gross operating margin +€12,731
up €12,731 (+146%), from €8,718 to €21,449
- Taxes +€2,700
up €2,700 (+113%), from €2,398 to €5,098
- Write-downs +€1,900
up €1,900 (+100%), from €1,900 to €3,800
- Other operating charges +€1,393
up €1,393 (+239%), from €582 to €1,975
- Financial charges +€307
up €307 (+5.2%), from €5,878 to €6,185
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 | €134,029 | €137,093 | +€3,063 | +2.3% |
| Fixed assets | 21/28 | €546 | €386 | -€160 | -29.3% |
| Tangible fixed assets | 22/27 | €546 | €386 | -€160 | -29.3% |
| Plant, machinery and equipment | 23 | €546 | €386 | -€160 | -29.3% |
| Current assets | 29/58 | €133,484 | €136,707 | +€3,223 | +2.4% |
| Amounts receivable after more than one year | 29 | €92,794 | €100,794 | +€8,000 | +8.6% |
| Trade receivables | 290 | - | €100,794 | +€100,794 | |
| Other amounts receivable | 291 | €92,794 | - | -€92,794 | |
| Amounts receivable within one year | 40/41 | €34,827 | €30,050 | -€4,777 | -13.7% |
| Trade receivables | 40 | €34,827 | €29,728 | -€5,100 | -14.6% |
| Other amounts receivable | 41 | - | €322 | +€322 | |
| Cash at bank and in hand | 54/58 | €5,863 | €1,804 | -€4,059 | -69.2% |
| Deferred charges and accrued income | 490/1 | - | €4,059 | +€4,059 | |
| Total equity and liabilities | 10/49 | €134,029 | €137,093 | +€3,063 | +2.3% |
| Equity | 10/15 | €60,724 | €67,342 | +€6,618 | +10.9% |
| Contributions | 10/11 | €39,711 | €39,711 | = | 0.0% |
| Reserves | 13 | €17,075 | €23,575 | +€6,500 | +38.1% |
| Distributable reserves | 133 | €17,075 | €23,575 | +€6,500 | +38.1% |
| Profit (loss) carried forward | 14 | €3,939 | €4,057 | +€118 | +3.0% |
| Amounts payable | 17/49 | €73,305 | €69,750 | -€3,555 | -4.8% |
| Amounts payable after more than one year | 17 | €47,521 | €41,593 | -€5,928 | -12.5% |
| Financial debts | 170/4 | €47,521 | €41,593 | -€5,928 | -12.5% |
| Amounts payable within one year | 42/48 | €25,784 | €28,157 | +€2,374 | +9.2% |
| Current portion of amounts payable after more than one year | 42 | €5,983 | €5,928 | -€55 | -0.9% |
| Trade debts | 44 | €16,601 | €15,559 | -€1,042 | -6.3% |
| Suppliers | 440/4 | €16,601 | €15,559 | -€1,042 | -6.3% |
| Taxes, remuneration and social security | 45 | €3,200 | €6,670 | +€3,471 | +108% |
| Taxes | 450/3 | €3,200 | €6,670 | +€3,471 | +108% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €160 | €160 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,900 | €3,800 | +€1,900 | +100% |
| Other operating charges | 640/8 | €582 | €1,975 | +€1,393 | +239% |
| Non-recurring operating charges | 66A | €115 | - | -€115 | |
| Gross operating margin | 9900 | €8,718 | €21,449 | +€12,731 | +146% |
| Operating profit (loss) | 9901 | €5,961 | €15,515 | +€9,554 | +160% |
| Financial income | 75/76B | €2,541 | €2,386 | -€154 | -6.1% |
| Recurring financial income | 75 | €2,541 | €2,386 | -€154 | -6.1% |
| Financial charges | 65/66B | €5,878 | €6,185 | +€307 | +5.2% |
| Recurring financial charges | 65 | €5,878 | €6,185 | +€307 | +5.2% |
| Profit (loss) for the period before taxes | 9903 | €2,624 | €11,716 | +€9,092 | +347% |
| Income taxes | 67/77 | €2,398 | €5,098 | +€2,700 | +113% |
| Profit (loss) for the period | 9904 | €226 | €6,618 | +€6,392 | +2,828% |
| Profit (loss) for the period to be appropriated | 9905 | €226 | €6,618 | +€6,392 | +2,828% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.