MB-4: 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.
MB-4
Largest movements
- Cash +€133,323
up €133,323 (+30.3%), from €440,569 to €573,892
mainly Other debts (+€299,742) and Net result for the year (+€98,871)
- Receivables within one year -€17,843
down €17,843 (-35.2%), from €50,706 to €32,863
of which Trade receivables: -€23,707
- Other debts +€299,742
up €299,742 (+9,738%), from €3,078 to €302,820
- Reserves -€201,129
down €201,129 (-39.1%), from €514,212 to €313,084
- Trade debts +€8,321
up €8,321 (+264%), from €3,148 to €11,470
- Tax, wage and social debts +€7,917
up €7,917 (+245%), from €3,225 to €11,142
of which Taxes: +€4,167
- Depreciation -€11,152
down €11,152 (-95.7%), from €11,651 to €499
- Taxes +€4,014
up €4,014 (+16.4%), from €24,532 to €28,546
- Gross operating margin +€3,874
up €3,874 (+3.1%), from €123,557 to €127,431
- Financial charges +€1,905
up €1,905 (+425%), from €449 to €2,354
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 | €542,444 | €657,215 | +€114,771 | +21.2% |
| Fixed assets | 21/28 | €313 | €1,837 | +€1,525 | +488% |
| Tangible fixed assets | 22/27 | €313 | €1,837 | +€1,525 | +488% |
| Plant, machinery and equipment | 23 | - | €1,263 | +€1,263 | |
| Furniture and vehicles | 24 | €313 | €574 | +€261 | +83.6% |
| Current assets | 29/58 | €542,131 | €655,377 | +€113,246 | +20.9% |
| Amounts receivable within one year | 40/41 | €50,706 | €32,863 | -€17,843 | -35.2% |
| Trade receivables | 40 | €42,633 | €18,926 | -€23,707 | -55.6% |
| Other amounts receivable | 41 | €8,073 | €13,937 | +€5,864 | +72.6% |
| Current investments | 50/53 | €48,850 | €46,768 | -€2,082 | -4.3% |
| Cash at bank and in hand | 54/58 | €440,569 | €573,892 | +€133,323 | +30.3% |
| Deferred charges and accrued income | 490/1 | €2,006 | €1,855 | -€151 | -7.5% |
| Total equity and liabilities | 10/49 | €542,444 | €657,215 | +€114,771 | +21.2% |
| Equity | 10/15 | €532,812 | €331,684 | -€201,129 | -37.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €514,212 | €313,084 | -€201,129 | -39.1% |
| Distributable reserves | 133 | €514,212 | €313,084 | -€201,129 | -39.1% |
| Amounts payable | 17/49 | €9,631 | €325,531 | +€315,900 | +3,280% |
| Amounts payable within one year | 42/48 | €9,452 | €325,432 | +€315,980 | +3,343% |
| Trade debts | 44 | €3,148 | €11,470 | +€8,321 | +264% |
| Suppliers | 440/4 | €3,148 | €11,470 | +€8,321 | +264% |
| Taxes, remuneration and social security | 45 | €3,225 | €11,142 | +€7,917 | +245% |
| Taxes | 450/3 | €3,225 | €7,392 | +€4,167 | +129% |
| Remuneration and social security | 454/9 | - | €3,750 | +€3,750 | |
| Other amounts payable | 47/48 | €3,078 | €302,820 | +€299,742 | +9,738% |
| Accrued charges and deferred income | 492/3 | €180 | €99 | -€81 | -44.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,651 | €499 | -€11,152 | -95.7% |
| Other operating charges | 640/8 | €676 | €530 | -€146 | -21.5% |
| Gross operating margin | 9900 | €123,557 | €127,431 | +€3,874 | +3.1% |
| Operating profit (loss) | 9901 | €111,230 | €126,402 | +€15,172 | +13.6% |
| Financial income | 75/76B | €3,425 | €3,370 | -€56 | -1.6% |
| Recurring financial income | 75 | €3,425 | €3,370 | -€56 | -1.6% |
| Financial charges | 65/66B | €449 | €2,354 | +€1,905 | +425% |
| Recurring financial charges | 65 | €449 | €2,354 | +€1,905 | +425% |
| Profit (loss) for the period before taxes | 9903 | €114,206 | €127,417 | +€13,211 | +11.6% |
| Income taxes | 67/77 | €24,532 | €28,546 | +€4,014 | +16.4% |
| Profit (loss) for the period | 9904 | €89,674 | €98,871 | +€9,197 | +10.3% |
| Profit (loss) for the period to be appropriated | 9905 | €89,674 | €98,871 | +€9,197 | +10.3% |
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 17 October 2026 via checked.be.