MF 28 Management: what changed
MF 28 Management
Largest movements
- Cash +€34,089
up €34,089 (+245%), from €13,900 to €47,989
mainly Trade debts (+€22,295) and Net result for the year (+€18,681)
- Receivables within one year +€12,049
new in 2025: €12,049
of which Trade receivables: +€9,296
- Tangible fixed assets -€9,127
down €9,127 (-3.1%), from €294,785 to €285,658
of which Land and buildings: -€9,518
- Trade debts +€22,295
up €22,295 (+603%), from €3,696 to €25,991
- Profit (loss) carried forward +€18,681
up €18,681, from -€17,207 to €1,474
- Debts after one year -€17,324
down €17,324 (-6.9%), from €251,726 to €234,402
- Accrued charges and deferred income +€12,504
up €12,504 (+893%), from €1,400 to €13,904
- Gross operating margin +€18,324
up €18,324 (+78.6%), from €23,299 to €41,623
- Other operating charges +€975
up €975 (+23.7%), from €4,111 to €5,086
- Taxes +€855
new in 2025: €855
- Financial charges -€680
down €680 (-8.5%), from €8,001 to €7,321
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €309,210 | €346,556 | +€37,346 | +12.1% |
| Fixed assets | 21/28 | €294,785 | €285,658 | -€9,127 | -3.1% |
| Tangible fixed assets | 22/27 | €294,785 | €285,658 | -€9,127 | -3.1% |
| Land and buildings | 22 | €294,785 | €285,267 | -€9,518 | -3.2% |
| Furniture and vehicles | 24 | - | €391 | +€391 | |
| Current assets | 29/58 | €14,425 | €60,898 | +€46,473 | +322% |
| Amounts receivable within one year | 40/41 | - | €12,049 | +€12,049 | |
| Trade receivables | 40 | - | €9,296 | +€9,296 | |
| Other amounts receivable | 41 | - | €2,753 | +€2,753 | |
| Cash at bank and in hand | 54/58 | €13,900 | €47,989 | +€34,089 | +245% |
| Deferred charges and accrued income | 490/1 | €525 | €860 | +€335 | +63.8% |
| Total equity and liabilities | 10/49 | €309,210 | €346,556 | +€37,346 | +12.1% |
| Equity | 10/15 | -€12,207 | €6,474 | +€18,681 | |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€17,207 | €1,474 | +€18,681 | |
| Amounts payable | 17/49 | €321,417 | €340,082 | +€18,665 | +5.8% |
| Amounts payable after more than one year | 17 | €251,726 | €234,402 | -€17,324 | -6.9% |
| Financial debts | 170/4 | €251,726 | €234,402 | -€17,324 | -6.9% |
| Amounts payable within one year | 42/48 | €68,291 | €91,776 | +€23,485 | +34.4% |
| Current portion of amounts payable after more than one year | 42 | €18,056 | €18,739 | +€683 | +3.8% |
| Trade debts | 44 | €3,696 | €25,991 | +€22,295 | +603% |
| Suppliers | 440/4 | €3,696 | €25,991 | +€22,295 | +603% |
| Taxes, remuneration and social security | 45 | - | €855 | +€855 | |
| Taxes | 450/3 | - | €855 | +€855 | |
| Other amounts payable | 47/48 | €46,539 | €46,191 | -€348 | -0.7% |
| Accrued charges and deferred income | 492/3 | €1,400 | €13,904 | +€12,504 | +893% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,518 | €9,680 | +€162 | +1.7% |
| Other operating charges | 640/8 | €4,111 | €5,086 | +€975 | +23.7% |
| Gross operating margin | 9900 | €23,299 | €41,623 | +€18,324 | +78.6% |
| Operating profit (loss) | 9901 | €9,670 | €26,857 | +€17,187 | +178% |
| Financial income | 75/76B | €129 | - | -€129 | |
| Recurring financial income | 75 | €129 | - | -€129 | |
| Financial charges | 65/66B | €8,001 | €7,321 | -€680 | -8.5% |
| Recurring financial charges | 65 | €8,001 | €7,321 | -€680 | -8.5% |
| Profit (loss) for the period before taxes | 9903 | €1,798 | €19,536 | +€17,738 | +987% |
| Income taxes | 67/77 | - | €855 | +€855 | |
| Profit (loss) for the period | 9904 | €1,798 | €18,681 | +€16,883 | +939% |
| Profit (loss) for the period to be appropriated | 9905 | €1,798 | €18,681 | +€16,883 | +939% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.