MBernaerts: 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.
MBernaerts
Largest movements
- Cash +€650,867
up €650,867 (+358.9%), from €181,333 to €832,199
mainly Debts after one year (+€502,416) and Net result for the year (+€279,684)
- Intangible fixed assets -€75,625
no longer reported in 2025 (was €75,625)
- Current investments -€40,936
down €40,936 (-14.7%), from €279,251 to €238,315
- Receivables after one year -€40,000
down €40,000 (-33.3%), from €120,000 to €80,000
- Debts after one year +€502,416
up €502,416 (+247.9%), from €202,661 to €705,078
- Current portion of long-term debt +€96,447
new in 2025: €96,447
- Tax, wage and social debts -€58,159
down €58,159 (-99.2%), from €58,651 to €491
- Other debts -€42,436
down €42,436 (-12.6%), from €337,130 to €294,694
- Gross operating margin -€32,204
down €32,204 (-6.5%), from €493,892 to €461,688
- Financial charges +€10,503
up €10,503 (+44.8%), from €23,459 to €33,962
- Financial income -€9,328
down €9,328 (-18.0%), from €51,870 to €42,542
- Depreciation -€8,003
down €8,003 (-7.7%), from €103,277 to €95,274
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 | €1,563,783 | €2,059,944 | +€496,161 | +31.7% |
| Fixed assets | 21/28 | €925,918 | €840,894 | -€85,024 | -9.2% |
| Intangible fixed assets | 21 | €75,625 | - | -€75,625 | |
| Tangible fixed assets | 22/27 | €810,293 | €790,894 | -€19,399 | -2.4% |
| Land and buildings | 22 | €750,000 | €750,000 | = | 0.0% |
| Furniture and vehicles | 24 | €60,293 | €40,894 | -€19,399 | -32.2% |
| Financial fixed assets | 28 | €40,000 | €50,000 | +€10,000 | +25.0% |
| Current assets | 29/58 | €637,865 | €1,219,051 | +€581,185 | +91.1% |
| Amounts receivable after more than one year | 29 | €120,000 | €80,000 | -€40,000 | -33.3% |
| Other amounts receivable | 291 | €120,000 | €80,000 | -€40,000 | -33.3% |
| Amounts receivable within one year | 40/41 | €46,876 | €60,695 | +€13,819 | +29.5% |
| Trade receivables | 40 | €36,876 | €50,695 | +€13,819 | +37.5% |
| Other amounts receivable | 41 | €10,000 | €10,000 | = | 0.0% |
| Current investments | 50/53 | €279,251 | €238,315 | -€40,936 | -14.7% |
| Cash at bank and in hand | 54/58 | €181,333 | €832,199 | +€650,867 | +358.9% |
| Deferred charges and accrued income | 490/1 | €10,406 | €7,841 | -€2,564 | -24.6% |
| Total equity and liabilities | 10/49 | €1,563,783 | €2,059,944 | +€496,161 | +31.7% |
| Equity | 10/15 | €939,750 | €939,750 | = | 0.0% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Reserves | 13 | €639,750 | €639,750 | = | 0.0% |
| Tax-exempt reserves | 132 | €15,474 | €15,474 | = | 0.0% |
| Distributable reserves | 133 | €624,276 | €624,276 | = | 0.0% |
| Amounts payable | 17/49 | €624,033 | €1,120,194 | +€496,161 | +79.5% |
| Amounts payable after more than one year | 17 | €202,661 | €705,078 | +€502,416 | +247.9% |
| Financial debts | 170/4 | €202,661 | €705,078 | +€502,416 | +247.9% |
| Amounts payable within one year | 42/48 | €397,867 | €393,553 | -€4,314 | -1.1% |
| Current portion of amounts payable after more than one year | 42 | - | €96,447 | +€96,447 | |
| Trade debts | 44 | €2,087 | €1,921 | -€166 | -8.0% |
| Suppliers | 440/4 | €2,087 | €1,921 | -€166 | -8.0% |
| Taxes, remuneration and social security | 45 | €58,651 | €491 | -€58,159 | -99.2% |
| Taxes | 450/3 | €58,651 | €491 | -€58,159 | -99.2% |
| Other amounts payable | 47/48 | €337,130 | €294,694 | -€42,436 | -12.6% |
| Accrued charges and deferred income | 492/3 | €23,504 | €21,563 | -€1,941 | -8.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €103,277 | €95,274 | -€8,003 | -7.7% |
| Other operating charges | 640/8 | €3,774 | €3,315 | -€459 | -12.2% |
| Gross operating margin | 9900 | €493,892 | €461,688 | -€32,204 | -6.5% |
| Operating profit (loss) | 9901 | €386,842 | €363,099 | -€23,743 | -6.1% |
| Financial income | 75/76B | €51,870 | €42,542 | -€9,328 | -18.0% |
| Recurring financial income | 75 | €51,870 | €42,542 | -€9,328 | -18.0% |
| Financial charges | 65/66B | €23,459 | €33,962 | +€10,503 | +44.8% |
| Recurring financial charges | 65 | €23,459 | €33,962 | +€10,503 | +44.8% |
| Profit (loss) for the period before taxes | 9903 | €415,252 | €371,679 | -€43,574 | -10.5% |
| Income taxes | 67/77 | €92,203 | €91,995 | -€208 | -0.2% |
| Profit (loss) for the period | 9904 | €323,050 | €279,684 | -€43,366 | -13.4% |
| Profit (loss) for the period to be appropriated | 9905 | €323,050 | €279,684 | -€43,366 | -13.4% |
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 9 October 2026 via checked.be.