MBALDO: what changed
Two fiscal 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.
MBALDO
Largest movements
- Receivables within one year +€221,798
up €221,798 (+787.8%), from €28,155 to €249,953
of which Other amounts receivable: +€218,018
- Cash +€57,506
up €57,506 (+225.3%), from €25,524 to €83,030
mainly Net result for the year (+€117,964) and Debts after one year (+€113,413)
- Current investments +€10,000
new in 2025: €10,000
- Reserves +€117,964
up €117,964 (+387.7%), from €30,427 to €148,391
- Debts after one year +€113,413
new in 2025: €113,413
- Current portion of long-term debt +€32,703
new in 2025: €32,703
- Tax, wage and social debts +€26,600
up €26,600 (+136.6%), from €19,477 to €46,077
of which Taxes: +€22,900
- Gross operating margin +€127,291
up €127,291 (+331.5%), from €38,397 to €165,688
- Taxes +€35,170
up €35,170 (+451.1%), from €7,796 to €42,966
- Financial charges +€4,090
up €4,090 (+138179.4%), from €3 to €4,093
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.
Cash bridge derived
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 | €55,110 | €347,696 | +€292,586 | +530.9% |
| Fixed assets | 21/28 | - | €3,188 | +€3,188 | |
| Financial fixed assets | 28 | - | €3,188 | +€3,188 | |
| Current assets | 29/58 | €55,110 | €344,509 | +€289,399 | +525.1% |
| Amounts receivable within one year | 40/41 | €28,155 | €249,953 | +€221,798 | +787.8% |
| Trade receivables | 40 | €28,155 | €31,934 | +€3,780 | +13.4% |
| Other amounts receivable | 41 | - | €218,018 | +€218,018 | |
| Current investments | 50/53 | - | €10,000 | +€10,000 | |
| Cash at bank and in hand | 54/58 | €25,524 | €83,030 | +€57,506 | +225.3% |
| Deferred charges and accrued income | 490/1 | €1,431 | €1,525 | +€94 | +6.6% |
| Total equity and liabilities | 10/49 | €55,110 | €347,696 | +€292,586 | +530.9% |
| Equity | 10/15 | €35,427 | €153,391 | +€117,964 | +333.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €30,427 | €148,391 | +€117,964 | +387.7% |
| Distributable reserves | 133 | €30,427 | €148,391 | +€117,964 | +387.7% |
| Amounts payable | 17/49 | €19,683 | €194,305 | +€174,622 | +887.2% |
| Amounts payable after more than one year | 17 | - | €113,413 | +€113,413 | |
| Financial debts | 170/4 | - | €113,413 | +€113,413 | |
| Amounts payable within one year | 42/48 | €19,683 | €80,592 | +€60,909 | +309.5% |
| Current portion of amounts payable after more than one year | 42 | - | €32,703 | +€32,703 | |
| Trade debts | 44 | €184 | €1,812 | +€1,628 | +885.9% |
| Suppliers | 440/4 | €184 | €1,812 | +€1,628 | +885.9% |
| Taxes, remuneration and social security | 45 | €19,477 | €46,077 | +€26,600 | +136.6% |
| Taxes | 450/3 | €19,477 | €42,377 | +€22,900 | +117.6% |
| Remuneration and social security | 454/9 | - | €3,700 | +€3,700 | |
| Other amounts payable | 47/48 | €22 | €0 | -€22 | -100.0% |
| Accrued charges and deferred income | 492/3 | - | €300 | +€300 | |
| Other operating charges | 640/8 | €171 | €664 | +€494 | +289.7% |
| Gross operating margin | 9900 | €38,397 | €165,688 | +€127,291 | +331.5% |
| Operating profit (loss) | 9901 | €38,226 | €165,023 | +€126,797 | +331.7% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100.0% |
| Financial charges | 65/66B | €3 | €4,093 | +€4,090 | +138179.4% |
| Recurring financial charges | 65 | €3 | €4,093 | +€4,090 | +138179.4% |
| Profit (loss) for the period before taxes | 9903 | €38,224 | €160,930 | +€122,707 | +321.0% |
| Income taxes | 67/77 | €7,796 | €42,966 | +€35,170 | +451.1% |
| Profit (loss) for the period | 9904 | €30,427 | €117,964 | +€87,537 | +287.7% |
| Profit (loss) for the period to be appropriated | 9905 | €30,427 | €117,964 | +€87,537 | +287.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.