MB NANDRIN: 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
MB NANDRIN
NACE 46.494, Wholesale of non-electrical household articles
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€164,326
2024 · €219,105-€54,779
Equity
€1.3m
2024 · €1.3m+€4,326
Cash
€116,791
2024 · €93,792+€22,999
Balance sheet total
€2.5m
2024 · €2.7m-€147,249
Largest movements
Assets
- Stocks and contracts -€97,418
down €97,418 (-10.3%), from €945,873 to €848,455
- Tangible fixed assets -€80,636
down €80,636 (-5.3%), from €1.5m to €1.4m
of which Land and buildings: -€83,795
Equity and liabilities
- Debts after one year -€103,832
down €103,832 (-15.6%), from €664,035 to €560,202
- Tax, wage and social debts -€90,017
down €90,017 (-58.9%), from €152,795 to €62,778
of which Taxes: -€77,961
Income statement
- Gross operating margin -€52,670
down €52,670 (-7.0%), from €753,714 to €701,044
- Taxes -€11,153
down €11,153 (-26.2%), from €42,594 to €31,441
- Staff costs +€8,738
up €8,738 (+2.3%), from €380,671 to €389,408
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
€219,105
Gross operating margin
-€52,670
Staff costs
-€8,738
Depreciation
-€1,574
Other operating charges
-€662
Financial income
-€1,380
Financial charges
-€908
Taxes
+€11,153
Result 2025
€164,326
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
+€296,976
Investment
-€11,586
Financing
-€262,391
Cash 2024
€93,792
From operations (derived)
+€296,976
Net result for the year
+€164,326
Depreciation
+€92,522
Stocks and contracts
+€97,418
Receivables within one year
-€8,105
Trade debts
+€25,929
Tax, wage and social debts
-€90,017
Other debts
+€14,904
Investment (derived)
-€11,586
Investment in fixed assets (net)
-€11,586
Financing
-€262,391
Debts after one year
-€103,832
Current portion of long-term debt
+€1,442
Contributions, distributions and other
-€160,000
Cash 2025
€116,791
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,652,259 | €2,505,010 | -€147,249 | -5.6% |
| Fixed assets | 21/28 | €1,529,823 | €1,448,887 | -€80,936 | -5.3% |
| Tangible fixed assets | 22/27 | €1,529,523 | €1,448,887 | -€80,636 | -5.3% |
| Land and buildings | 22 | €1,507,700 | €1,423,906 | -€83,795 | -5.6% |
| Plant, machinery and equipment | 23 | €20,898 | €21,041 | +€143 | +0.7% |
| Furniture and vehicles | 24 | €925 | €3,940 | +€3,016 | +326% |
| Financial fixed assets | 28 | €300 | €0 | -€300 | -100% |
| Current assets | 29/58 | €1,122,436 | €1,056,123 | -€66,313 | -5.9% |
| Stocks and contracts in progress | 3 | €945,873 | €848,455 | -€97,418 | -10.3% |
| Stocks | 30/36 | €945,873 | €848,455 | -€97,418 | -10.3% |
| Amounts receivable within one year | 40/41 | €82,771 | €90,877 | +€8,105 | +9.8% |
| Trade receivables | 40 | €82,771 | €82,318 | -€453 | -0.5% |
| Other amounts receivable | 41 | - | €8,559 | +€8,559 | |
| Cash at bank and in hand | 54/58 | €93,792 | €116,791 | +€22,999 | +24.5% |
| Total equity and liabilities | 10/49 | €2,652,259 | €2,505,010 | -€147,249 | -5.6% |
| Equity | 10/15 | €1,319,980 | €1,324,306 | +€4,326 | +0.3% |
| Contributions | 10/11 | €600,000 | €600,000 | = | 0.0% |
| Capital | 10 | €600,000 | €600,000 | = | 0.0% |
| Issued capital | 100 | €600,000 | €600,000 | = | 0.0% |
| Reserves | 13 | €719,980 | €724,306 | +€4,326 | +0.6% |
| Non-distributable reserves | 130/1 | €60,000 | €60,000 | = | 0.0% |
| Legal reserve | 130 | €60,000 | €60,000 | = | 0.0% |
| Distributable reserves | 133 | €659,980 | €664,306 | +€4,326 | +0.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,332,279 | €1,180,704 | -€151,575 | -11.4% |
| Amounts payable after more than one year | 17 | €664,035 | €560,202 | -€103,832 | -15.6% |
| Financial debts | 170/4 | €664,035 | €560,202 | -€103,832 | -15.6% |
| Amounts payable within one year | 42/48 | €668,244 | €620,502 | -€47,743 | -7.1% |
| Current portion of amounts payable after more than one year | 42 | €102,391 | €103,832 | +€1,442 | +1.4% |
| Trade debts | 44 | €56,470 | €82,399 | +€25,929 | +45.9% |
| Suppliers | 440/4 | €56,470 | €82,399 | +€25,929 | +45.9% |
| Taxes, remuneration and social security | 45 | €152,795 | €62,778 | -€90,017 | -58.9% |
| Taxes | 450/3 | €98,446 | €20,485 | -€77,961 | -79.2% |
| Remuneration and social security | 454/9 | €54,349 | €42,293 | -€12,056 | -22.2% |
| Other amounts payable | 47/48 | €356,589 | €371,493 | +€14,904 | +4.2% |
| Remuneration, social security and pensions | 62 | €380,671 | €389,408 | +€8,738 | +2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €90,948 | €92,522 | +€1,574 | +1.7% |
| Other operating charges | 640/8 | €23,778 | €24,440 | +€662 | +2.8% |
| Gross operating margin | 9900 | €753,714 | €701,044 | -€52,670 | -7.0% |
| Operating profit (loss) | 9901 | €258,317 | €194,674 | -€63,643 | -24.6% |
| Financial income | 75/76B | €24,396 | €23,016 | -€1,380 | -5.7% |
| Recurring financial income | 75 | €24,396 | €23,016 | -€1,380 | -5.7% |
| Financial charges | 65/66B | €21,014 | €21,922 | +€908 | +4.3% |
| Recurring financial charges | 65 | €21,014 | €21,922 | +€908 | +4.3% |
| Profit (loss) for the period before taxes | 9903 | €261,699 | €195,768 | -€65,931 | -25.2% |
| Income taxes | 67/77 | €42,594 | €31,441 | -€11,153 | -26.2% |
| Profit (loss) for the period | 9904 | €219,105 | €164,326 | -€54,779 | -25.0% |
| Profit (loss) for the period to be appropriated | 9905 | €219,105 | €164,326 | -€54,779 | -25.0% |
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.