MBJ: 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.
MBJ
Largest movements
- Stocks and contracts -€79,019
no longer reported in 2025 (was €79,019)
- Receivables within one year +€73,623
up €73,623 (+28.7%), from €256,370 to €329,993
of which Other amounts receivable: +€45,740
- Tangible fixed assets +€53,880
up €53,880 (+460.6%), from €11,698 to €65,578
of which Plant, machinery and equipment: +€54,901
- Cash +€10,148
up €10,148 (+87.4%), from €11,610 to €21,758
mainly Other debts (+€103,046) and Stocks and contracts (+€79,019)
- Deferred charges and accrued income -€8,719
down €8,719 (-86.9%), from €10,038 to €1,319
- Other debts +€103,046
new in 2025: €103,046
- Reserves -€95,112
down €95,112 (-40.9%), from €232,805 to €137,692
- Trade debts +€38,759
up €38,759 (+80.5%), from €48,154 to €86,913
- Advances received +€20,000
new in 2025: €20,000
- Current portion of long-term debt -€8,367
down €8,367 (-54.4%), from €15,367 to €7,000
- Gross operating margin -€26,305
down €26,305 (-46.9%), from €56,143 to €29,838
- Taxes +€3,366
up €3,366 (+34.4%), from €9,796 to €13,162
- Financial charges -€3,327
down €3,327 (-43.5%), from €7,643 to €4,316
- Other operating charges -€1,597
down €1,597 (-34.7%), from €4,607 to €3,010
- Financial income +€1,515
up €1,515 (+13.5%), from €11,250 to €12,765
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 | €379,234 | €425,647 | +€46,413 | +12.2% |
| Fixed assets | 21/28 | €22,198 | €72,578 | +€50,380 | +227.0% |
| Intangible fixed assets | 21 | €10,500 | €7,000 | -€3,500 | -33.3% |
| Tangible fixed assets | 22/27 | €11,698 | €65,578 | +€53,880 | +460.6% |
| Plant, machinery and equipment | 23 | €7,582 | €62,483 | +€54,901 | +724.1% |
| Furniture and vehicles | 24 | €4,116 | €3,095 | -€1,021 | -24.8% |
| Current assets | 29/58 | €357,037 | €353,069 | -€3,967 | -1.1% |
| Stocks and contracts in progress | 3 | €79,019 | - | -€79,019 | |
| Contracts in progress | 37 | €79,019 | - | -€79,019 | |
| Amounts receivable within one year | 40/41 | €256,370 | €329,993 | +€73,623 | +28.7% |
| Trade receivables | 40 | €41,871 | €69,753 | +€27,882 | +66.6% |
| Other amounts receivable | 41 | €214,499 | €260,239 | +€45,740 | +21.3% |
| Cash at bank and in hand | 54/58 | €11,610 | €21,758 | +€10,148 | +87.4% |
| Deferred charges and accrued income | 490/1 | €10,038 | €1,319 | -€8,719 | -86.9% |
| Total equity and liabilities | 10/49 | €379,234 | €425,647 | +€46,413 | +12.2% |
| Equity | 10/15 | €251,405 | €156,292 | -€95,112 | -37.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €232,805 | €137,692 | -€95,112 | -40.9% |
| Distributable reserves | 133 | €232,805 | €137,692 | -€95,112 | -40.9% |
| Amounts payable | 17/49 | €127,830 | €269,355 | +€141,525 | +110.7% |
| Amounts payable after more than one year | 17 | €44,916 | €37,916 | -€7,000 | -15.6% |
| Financial debts | 170/4 | €44,916 | €37,916 | -€7,000 | -15.6% |
| Amounts payable within one year | 42/48 | €82,913 | €231,438 | +€148,525 | +179.1% |
| Current portion of amounts payable after more than one year | 42 | €15,367 | €7,000 | -€8,367 | -54.4% |
| Financial debts | 43 | - | €848 | +€848 | |
| Credit institutions | 430/8 | - | €848 | +€848 | |
| Trade debts | 44 | €48,154 | €86,913 | +€38,759 | +80.5% |
| Suppliers | 440/4 | €48,154 | €86,913 | +€38,759 | +80.5% |
| Advances received on contracts in progress | 46 | - | €20,000 | +€20,000 | |
| Taxes, remuneration and social security | 45 | €19,392 | €13,632 | -€5,761 | -29.7% |
| Taxes | 450/3 | €19,392 | €13,632 | -€5,761 | -29.7% |
| Other amounts payable | 47/48 | - | €103,046 | +€103,046 | |
| Non-recurring operating income | 76A | €24,000 | - | -€24,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,582 | €7,939 | -€643 | -7.5% |
| Other operating charges | 640/8 | €4,607 | €3,010 | -€1,597 | -34.7% |
| Gross operating margin | 9900 | €56,143 | €29,838 | -€26,305 | -46.9% |
| Operating profit (loss) | 9901 | €42,954 | €18,890 | -€24,064 | -56.0% |
| Financial income | 75/76B | €11,250 | €12,765 | +€1,515 | +13.5% |
| Recurring financial income | 75 | €11,250 | €12,765 | +€1,515 | +13.5% |
| Financial charges | 65/66B | €7,643 | €4,316 | -€3,327 | -43.5% |
| Recurring financial charges | 65 | €7,643 | €4,316 | -€3,327 | -43.5% |
| Profit (loss) for the period before taxes | 9903 | €46,561 | €27,339 | -€19,222 | -41.3% |
| Income taxes | 67/77 | €9,796 | €13,162 | +€3,366 | +34.4% |
| Profit (loss) for the period | 9904 | €36,765 | €14,176 | -€22,588 | -61.4% |
| Profit (loss) for the period to be appropriated | 9905 | €36,765 | €14,176 | -€22,588 | -61.4% |
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 4 October 2026 via checked.be.