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.
What changed
M.N.S.
NACE 46.370, Wholesale trade
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€2,581
2024 · €51,710-€49,129
Equity
€2.2m
2024 · €2.2m+€2,581
Cash
€141,917
2024 · €77,778+€64,139
Balance sheet total
€6.0m
2024 · €5.6m+€358,884
Largest movements
Assets
- Stocks and contracts +€201,753
up €201,753 (+16.6%), from €1.2m to €1.4m
- Receivables within one year +€109,203
up €109,203 (+2.9%), from €3.8m to €3.9m
of which Trade receivables: +€98,519
- Cash +€64,139
up €64,139 (+82.5%), from €77,778 to €141,917
mainly Debts after one year (+€317,374) and Current portion of long-term debt (+€139,510)
Equity and liabilities
- Debts after one year +€317,374
new in 2025: €317,374
- Short-term financial debts -€163,303
down €163,303 (-17.9%), from €913,303 to €750,000
- Current portion of long-term debt +€139,510
up €139,510 (+253%), from €55,115 to €194,625
- Trade debts +€61,778
up €61,778 (+2.6%), from €2.4m to €2.5m
Income statement
- Turnover -€1.5m
down €1.5m (-15.4%), from €9.9m to €8.4m
- Purchases and services -€1.4m
down €1.4m (-15.3%), from €9.2m to €7.8m
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.
Result 2024
€51,710
Gross operating margin
-€84,341
Staff costs
+€55,009
Depreciation
-€1,121
Other operating charges
+€3,240
Financial charges
+€23,687
Taxes
-€45,602
Result 2025
€2,581
raises the resultlowers the result
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.
From operations
-€219,693
Investment
-€9,747
Financing
+€293,580
Cash 2024
€77,778
From operations (derived)
-€219,693
Net result for the year
+€2,581
Depreciation
+€25,957
Stocks and contracts
-€201,753
Receivables within one year
-€109,203
Trade debts
+€61,778
Tax, wage and social debts
+€945
Investment (derived)
-€9,747
Investment in fixed assets (net)
-€9,747
Financing
+€293,580
Debts after one year
+€317,374
Current portion of long-term debt
+€139,510
Short-term financial debts
-€163,303
Cash 2025
€141,917
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,600,638 | €5,959,522 | +€358,884 | +6.4% |
| Formation expenses | 20 | €4,217 | €4,217 | = | 0.0% |
| Fixed assets | 21/28 | €537,409 | €521,199 | -€16,210 | -3.0% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €501,884 | €485,673 | -€16,210 | -3.2% |
| Land and buildings | 22 | €444,976 | €444,976 | = | 0.0% |
| Plant, machinery and equipment | 23 | €48,063 | €21,225 | -€26,839 | -55.8% |
| Furniture and vehicles | 24 | €3,658 | €15,827 | +€12,169 | +333% |
| Other tangible fixed assets | 26 | €5,186 | €3,645 | -€1,540 | -29.7% |
| Financial fixed assets | 28 | €35,526 | €35,526 | = | 0.0% |
| Current assets | 29/58 | €5,059,012 | €5,434,106 | +€375,095 | +7.4% |
| Stocks and contracts in progress | 3 | €1,217,514 | €1,419,267 | +€201,753 | +16.6% |
| Stocks | 30/36 | €1,217,514 | €1,419,267 | +€201,753 | +16.6% |
| Amounts receivable within one year | 40/41 | €3,763,720 | €3,872,922 | +€109,203 | +2.9% |
| Trade receivables | 40 | €3,700,212 | €3,798,731 | +€98,519 | +2.7% |
| Other amounts receivable | 41 | €63,508 | €74,191 | +€10,683 | +16.8% |
| Cash at bank and in hand | 54/58 | €77,778 | €141,917 | +€64,139 | +82.5% |
| Total equity and liabilities | 10/49 | €5,600,638 | €5,959,522 | +€358,884 | +6.4% |
| Equity | 10/15 | €2,222,742 | €2,225,324 | +€2,581 | +0.1% |
| Contributions | 10/11 | €249,579 | €249,579 | = | 0.0% |
| Capital | 10 | €249,579 | €249,579 | = | 0.0% |
| Issued capital | 100 | €371,840 | €371,840 | = | 0.0% |
| Uncalled capital | 101 | €122,262 | €122,262 | = | 0.0% |
| Reserves | 13 | €23,518 | €23,518 | = | 0.0% |
| Non-distributable reserves | 130/1 | €23,518 | €23,518 | = | 0.0% |
| Legal reserve | 130 | €23,518 | €23,518 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,949,645 | €1,952,226 | +€2,581 | +0.1% |
| Amounts payable | 17/49 | €3,377,896 | €3,734,199 | +€356,303 | +10.5% |
| Amounts payable after more than one year | 17 | - | €317,374 | +€317,374 | |
| Financial debts | 170/4 | - | €317,374 | +€317,374 | |
| Amounts payable within one year | 42/48 | €3,377,896 | €3,416,825 | +€38,929 | +1.2% |
| Current portion of amounts payable after more than one year | 42 | €55,115 | €194,625 | +€139,510 | +253% |
| Financial debts | 43 | €913,303 | €750,000 | -€163,303 | -17.9% |
| Credit institutions | 430/8 | €913,303 | €750,000 | -€163,303 | -17.9% |
| Trade debts | 44 | €2,407,811 | €2,469,590 | +€61,778 | +2.6% |
| Suppliers | 440/4 | €2,407,811 | €2,469,590 | +€61,778 | +2.6% |
| Taxes, remuneration and social security | 45 | €766 | €1,711 | +€945 | +123% |
| Taxes | 450/3 | €0 | €1,711 | +€1,711 | |
| Remuneration and social security | 454/9 | €766 | €0 | -€766 | -100% |
| Other amounts payable | 47/48 | €900 | €900 | = | 0.0% |
| Turnover | 70 | €9,924,244 | €8,390,957 | -€1.5m | -15.4% |
| Goods, raw materials, services and sundry goods | 60/61 | €9,157,398 | €7,760,751 | -€1.4m | -15.3% |
| Remuneration, social security and pensions | 62 | €524,988 | €469,979 | -€55,009 | -10.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,836 | €25,957 | +€1,121 | +4.5% |
| Other operating charges | 640/8 | €11,977 | €8,738 | -€3,240 | -27.0% |
| Gross operating margin | 9900 | €790,534 | €706,193 | -€84,341 | -10.7% |
| Operating profit (loss) | 9901 | €228,733 | €201,519 | -€27,214 | -11.9% |
| Financial charges | 65/66B | €117,023 | €93,335 | -€23,687 | -20.2% |
| Recurring financial charges | 65 | €117,023 | €93,335 | -€23,687 | -20.2% |
| Profit (loss) for the period before taxes | 9903 | €111,710 | €108,183 | -€3,526 | -3.2% |
| Income taxes | 67/77 | €60,000 | €105,602 | +€45,602 | +76.0% |
| Profit (loss) for the period | 9904 | €51,710 | €2,581 | -€49,129 | -95.0% |
| Profit (loss) for the period to be appropriated | 9905 | €51,710 | €2,581 | -€49,129 | -95.0% |
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 15 October 2026 via checked.be.