M&NB: 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&NB
Largest movements
- Receivables within one year +€93,190
up €93,190 (+6.4%), from €1.5m to €1.6m
of which Other amounts receivable: +€292,258
- Cash +€39,276
up €39,276 (+69.6%), from €56,400 to €95,676
mainly Tax, wage and social debts (+€571,978) and Trade debts (+€243,344)
- Tax, wage and social debts +€571,978
up €571,978 (+1,004%), from €56,954 to €628,932
of which Taxes: +€542,379
- Profit (loss) carried forward -€508,236
down €508,236 (-84.9%), from €598,759 to €90,523
- Trade debts +€243,344
up €243,344 (+77.1%), from €315,784 to €559,128
- Provisions -€180,000
down €180,000 (-100%), from €180,000 to €0
- Gross operating margin -€449,586
down €449,586 (-58.5%), from €768,996 to €319,410
- Turnover -€444,554
down €444,554 (-10.7%), from €4.2m to €3.7m
- Taxes +€231,218
up €231,218 (+58.9%), from €392,777 to €623,994
- Provisions -€210,000
down €210,000, from €30,000 to -€180,000
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 | €1,560,428 | €1,692,511 | +€132,083 | +8.5% |
| Fixed assets | 21/28 | €37,357 | €36,974 | -€383 | -1.0% |
| Tangible fixed assets | 22/27 | €37,357 | €36,974 | -€383 | -1.0% |
| Plant, machinery and equipment | 23 | €5,160 | €3,781 | -€1,379 | -26.7% |
| Furniture and vehicles | 24 | €32,197 | €33,193 | +€995 | +3.1% |
| Current assets | 29/58 | €1,523,071 | €1,655,537 | +€132,466 | +8.7% |
| Amounts receivable within one year | 40/41 | €1,466,671 | €1,559,861 | +€93,190 | +6.4% |
| Trade receivables | 40 | €965,644 | €766,575 | -€199,069 | -20.6% |
| Other amounts receivable | 41 | €501,027 | €793,285 | +€292,258 | +58.3% |
| Cash at bank and in hand | 54/58 | €56,400 | €95,676 | +€39,276 | +69.6% |
| Total equity and liabilities | 10/49 | €1,560,428 | €1,692,511 | +€132,083 | +8.5% |
| Equity | 10/15 | €666,959 | €158,723 | -€508,236 | -76.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €598,759 | €90,523 | -€508,236 | -84.9% |
| Provisions and deferred taxes | 16 | €180,000 | €0 | -€180,000 | -100% |
| Provisions for liabilities and charges | 160/5 | €180,000 | €0 | -€180,000 | -100% |
| Taxes | 161 | €180,000 | €0 | -€180,000 | -100% |
| Amounts payable | 17/49 | €713,469 | €1,533,787 | +€820,319 | +115% |
| Amounts payable within one year | 42/48 | €713,469 | €1,533,787 | +€820,319 | +115% |
| Trade debts | 44 | €315,784 | €559,128 | +€243,344 | +77.1% |
| Suppliers | 440/4 | €315,784 | €559,128 | +€243,344 | +77.1% |
| Taxes, remuneration and social security | 45 | €56,954 | €628,932 | +€571,978 | +1,004% |
| Taxes | 450/3 | €43,903 | €586,282 | +€542,379 | +1,235% |
| Remuneration and social security | 454/9 | €13,050 | €42,649 | +€29,599 | +227% |
| Other amounts payable | 47/48 | €340,731 | €345,728 | +€4,997 | +1.5% |
| Turnover | 70 | €4,169,756 | €3,725,202 | -€444,554 | -10.7% |
| Goods, raw materials, services and sundry goods | 60/61 | €3,416,823 | €3,405,728 | -€11,095 | -0.3% |
| Remuneration, social security and pensions | 62 | €313,509 | €354,412 | +€40,903 | +13.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,720 | €12,711 | +€2,991 | +30.8% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €30,000 | -€180,000 | -€210,000 | |
| Other operating charges | 640/8 | €13,789 | €13,757 | -€31 | -0.2% |
| Gross operating margin | 9900 | €768,996 | €319,410 | -€449,586 | -58.5% |
| Operating profit (loss) | 9901 | €401,978 | €118,529 | -€283,449 | -70.5% |
| Financial income | 75/76B | €144 | €0 | -€144 | -100% |
| Recurring financial income | 75 | €144 | €0 | -€144 | -100% |
| Financial charges | 65/66B | €5,430 | €2,771 | -€2,659 | -49.0% |
| Recurring financial charges | 65 | €5,430 | €2,771 | -€2,659 | -49.0% |
| Profit (loss) for the period before taxes | 9903 | €396,692 | €115,758 | -€280,934 | -70.8% |
| Income taxes | 67/77 | €392,777 | €623,994 | +€231,218 | +58.9% |
| Profit (loss) for the period | 9904 | €3,916 | -€508,236 | -€512,152 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,916 | -€508,236 | -€512,152 |
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 27 October 2026 via checked.be.