Mbrace: 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.
Mbrace
Largest movements
- Tangible fixed assets +€213,458
up €213,458 (+521.9%), from €40,901 to €254,359
of which Land and buildings: +€150,202
- Cash -€128,561
down €128,561 (-43.3%), from €296,607 to €168,047
mainly Investment in fixed assets (net) (-€242,755) and Contributions, distributions and other (-€180,000)
- Receivables within one year -€50,323
down €50,323 (-52.3%), from €96,302 to €45,978
of which Trade receivables: -€54,226
- Deferred charges and accrued income -€5,882
down €5,882 (-37.9%), from €15,539 to €9,657
- Profit (loss) carried forward -€175,188
down €175,188 (-94.9%), from €184,668 to €9,480
- Debts after one year +€117,425
up €117,425 (+596.4%), from €19,689 to €137,114
- Other debts +€112,683
up €112,683 (+226.4%), from €49,783 to €162,466
- Trade debts -€27,823
down €27,823 (-88.2%), from €31,554 to €3,731
- Current portion of long-term debt +€10,245
up €10,245 (+87.1%), from €11,765 to €22,010
- Depreciation +€25,322
up €25,322 (+637.0%), from €3,975 to €29,297
- Write-downs +€18,375
up €18,375, from -€18,375 to €0
- Taxes -€12,112
down €12,112 (-93.6%), from €12,943 to €831
- Gross operating margin -€4,316
down €4,316 (-10.0%), from €43,159 to €38,843
- Financial income -€2,765
down €2,765 (-67.5%), from €4,099 to €1,334
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 | €449,348 | €478,041 | +€28,693 | +6.4% |
| Fixed assets | 21/28 | €40,901 | €254,359 | +€213,458 | +521.9% |
| Tangible fixed assets | 22/27 | €40,901 | €254,359 | +€213,458 | +521.9% |
| Land and buildings | 22 | €4,293 | €154,495 | +€150,202 | +3498.9% |
| Plant, machinery and equipment | 23 | €938 | €259 | -€679 | -72.4% |
| Furniture and vehicles | 24 | €1,979 | €8,779 | +€6,799 | +343.5% |
| Leasing and similar rights | 25 | €33,690 | €26,448 | -€7,242 | -21.5% |
| Assets under construction and advance payments | 27 | - | €64,378 | +€64,378 | |
| Current assets | 29/58 | €408,448 | €223,682 | -€184,766 | -45.2% |
| Amounts receivable within one year | 40/41 | €96,302 | €45,978 | -€50,323 | -52.3% |
| Trade receivables | 40 | €95,503 | €41,278 | -€54,226 | -56.8% |
| Other amounts receivable | 41 | €799 | €4,701 | +€3,902 | +488.7% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €296,607 | €168,047 | -€128,561 | -43.3% |
| Deferred charges and accrued income | 490/1 | €15,539 | €9,657 | -€5,882 | -37.9% |
| Total equity and liabilities | 10/49 | €449,348 | €478,041 | +€28,693 | +6.4% |
| Equity | 10/15 | €319,647 | €144,458 | -€175,188 | -54.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €116,379 | €116,379 | = | 0.0% |
| Distributable reserves | 133 | €116,379 | €116,379 | = | 0.0% |
| Profit (loss) carried forward | 14 | €184,668 | €9,480 | -€175,188 | -94.9% |
| Amounts payable | 17/49 | €129,701 | €333,583 | +€203,881 | +157.2% |
| Amounts payable after more than one year | 17 | €19,689 | €137,114 | +€117,425 | +596.4% |
| Financial debts | 170/4 | €19,689 | €137,114 | +€117,425 | +596.4% |
| Amounts payable within one year | 42/48 | €110,012 | €196,468 | +€86,457 | +78.6% |
| Current portion of amounts payable after more than one year | 42 | €11,765 | €22,010 | +€10,245 | +87.1% |
| Trade debts | 44 | €31,554 | €3,731 | -€27,823 | -88.2% |
| Suppliers | 440/4 | €31,554 | €3,731 | -€27,823 | -88.2% |
| Taxes, remuneration and social security | 45 | €16,910 | €8,262 | -€8,649 | -51.1% |
| Taxes | 450/3 | €16,910 | €8,262 | -€8,649 | -51.1% |
| Other amounts payable | 47/48 | €49,783 | €162,466 | +€112,683 | +226.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,975 | €29,297 | +€25,322 | +637.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€18,375 | €0 | +€18,375 | |
| Other operating charges | 640/8 | €1,788 | €1,923 | +€136 | +7.6% |
| Non-recurring operating charges | 66A | €196 | €0 | -€196 | -100.0% |
| Gross operating margin | 9900 | €43,159 | €38,843 | -€4,316 | -10.0% |
| Operating profit (loss) | 9901 | €55,575 | €7,623 | -€47,952 | -86.3% |
| Financial income | 75/76B | €4,099 | €1,334 | -€2,765 | -67.5% |
| Recurring financial income | 75 | €4,099 | €1,334 | -€2,765 | -67.5% |
| Financial charges | 65/66B | €757 | €3,314 | +€2,557 | +337.7% |
| Recurring financial charges | 65 | €757 | €3,314 | +€2,557 | +337.7% |
| Profit (loss) for the period before taxes | 9903 | €58,917 | €5,642 | -€53,274 | -90.4% |
| Income taxes | 67/77 | €12,943 | €831 | -€12,112 | -93.6% |
| Profit (loss) for the period | 9904 | €45,973 | €4,812 | -€41,162 | -89.5% |
| Profit (loss) for the period to be appropriated | 9905 | €45,973 | €4,812 | -€41,162 | -89.5% |
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.