MBS MANAGEMENT: 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.
MBS MANAGEMENT
Largest movements
- Cash -€381,150
down €381,150 (-66.3%), from €575,224 to €194,074
mainly Contributions, distributions and other (-€587,000) and Debts after one year (-€320,464)
- Tangible fixed assets -€255,383
down €255,383 (-5.1%), from €5.0m to €4.7m
of which Land and buildings: -€227,060
- Reserves -€483,816
down €483,816 (-45.4%), from €1.1m to €580,711
of which Distributable reserves: -€452,269
- Debts after one year -€320,464
down €320,464 (-8.2%), from €3.9m to €3.6m
- Other debts +€190,000
up €190,000, from €0 to €190,000
- Gross operating margin -€45,499
down €45,499 (-8.8%), from €518,942 to €473,443
- Taxes -€45,483
down €45,483 (-87.9%), from €51,740 to €6,257
- Depreciation +€6,082
up €6,082 (+2.4%), from €249,301 to €255,383
- Other operating charges +€5,854
up €5,854 (+17.4%), from €33,662 to €39,515
- Financial charges +€5,781
up €5,781 (+7.8%), from €74,315 to €80,096
From the 2025 result to the 2026 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.
Derived cash bridge
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,643,405 | €4,981,768 | -€661,637 | -11.7% |
| Fixed assets | 21/28 | €4,998,166 | €4,742,783 | -€255,383 | -5.1% |
| Tangible fixed assets | 22/27 | €4,993,166 | €4,737,783 | -€255,383 | -5.1% |
| Land and buildings | 22 | €4,866,401 | €4,639,340 | -€227,060 | -4.7% |
| Furniture and vehicles | 24 | €96,283 | €80,933 | -€15,350 | -15.9% |
| Leasing and similar rights | 25 | €30,482 | €17,510 | -€12,972 | -42.6% |
| Financial fixed assets | 28 | €5,000 | €5,000 | = | 0.0% |
| Current assets | 29/58 | €645,239 | €238,985 | -€406,254 | -63.0% |
| Amounts receivable after more than one year | 29 | €12,347 | €0 | -€12,347 | -100% |
| Other amounts receivable | 291 | €12,347 | €0 | -€12,347 | -100% |
| Amounts receivable within one year | 40/41 | €53,992 | €41,100 | -€12,892 | -23.9% |
| Trade receivables | 40 | €33 | €24,000 | +€23,967 | +72,452% |
| Other amounts receivable | 41 | €53,959 | €17,100 | -€36,859 | -68.3% |
| Cash at bank and in hand | 54/58 | €575,224 | €194,074 | -€381,150 | -66.3% |
| Deferred charges and accrued income | 490/1 | €3,676 | €3,810 | +€134 | +3.7% |
| Total equity and liabilities | 10/49 | €5,643,405 | €4,981,768 | -€661,637 | -11.7% |
| Equity | 10/15 | €1,164,528 | €680,711 | -€483,816 | -41.5% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €1,064,528 | €580,711 | -€483,816 | -45.4% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €504,750 | €473,203 | -€31,547 | -6.3% |
| Distributable reserves | 133 | €549,778 | €97,508 | -€452,269 | -82.3% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €168,250 | €157,734 | -€10,516 | -6.3% |
| Deferred taxes | 168 | €168,250 | €157,734 | -€10,516 | -6.3% |
| Amounts payable | 17/49 | €4,310,627 | €4,143,322 | -€167,305 | -3.9% |
| Amounts payable after more than one year | 17 | €3,929,033 | €3,608,569 | -€320,464 | -8.2% |
| Financial debts | 170/4 | €3,929,033 | €3,608,569 | -€320,464 | -8.2% |
| Amounts payable within one year | 42/48 | €381,594 | €534,753 | +€153,159 | +40.1% |
| Current portion of amounts payable after more than one year | 42 | €344,138 | €320,464 | -€23,674 | -6.9% |
| Trade debts | 44 | €602 | €0 | -€602 | -100% |
| Suppliers | 440/4 | €602 | €0 | -€602 | -100% |
| Taxes, remuneration and social security | 45 | €36,855 | €24,289 | -€12,565 | -34.1% |
| Taxes | 450/3 | €36,855 | €24,289 | -€12,565 | -34.1% |
| Other amounts payable | 47/48 | €0 | €190,000 | +€190,000 | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €249,301 | €255,383 | +€6,082 | +2.4% |
| Other operating charges | 640/8 | €33,662 | €39,515 | +€5,854 | +17.4% |
| Gross operating margin | 9900 | €518,942 | €473,443 | -€45,499 | -8.8% |
| Operating profit (loss) | 9901 | €235,979 | €178,544 | -€57,435 | -24.3% |
| Financial income | 75/76B | €492 | €477 | -€15 | -3.1% |
| Recurring financial income | 75 | €492 | €477 | -€15 | -3.1% |
| Financial charges | 65/66B | €74,315 | €80,096 | +€5,781 | +7.8% |
| Recurring financial charges | 65 | €74,315 | €80,096 | +€5,781 | +7.8% |
| Profit (loss) for the period before taxes | 9903 | €162,156 | €98,925 | -€63,231 | -39.0% |
| Transfer from deferred taxes | 780 | €10,516 | €10,516 | = | 0.0% |
| Income taxes | 67/77 | €51,740 | €6,257 | -€45,483 | -87.9% |
| Profit (loss) for the period | 9904 | €120,932 | €103,184 | -€17,748 | -14.7% |
| Transfer from tax-exempt reserves | 789 | €31,547 | €31,547 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €152,479 | €134,731 | -€17,748 | -11.6% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.