MF/AB GROUP: 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.
MF/AB GROUP
Largest movements
- Stocks and contracts -€459,845
down €459,845 (-99.4%), from €462,500 to €2,655
- Receivables within one year -€26,850
down €26,850 (-68.4%), from €39,275 to €12,425
of which Trade receivables: -€21,127
- Short-term financial debts -€631,764
down €631,764 (-100.0%), from €631,764 to €0
of which Credit institutions: -€631,764
- Other debts +€163,780
up €163,780 (+174.7%), from €93,740 to €257,520
- Accrued charges and deferred income -€9,843
no longer reported in 2025 (was €9,843)
- Trade debts -€5,089
down €5,089 (-66.5%), from €7,650 to €2,561
- Financial charges -€29,775
down €29,775 (-66.4%), from €44,854 to €15,079
- Gross operating margin +€16,913
up €16,913 (+34.8%), from €48,544 to €65,457
- Write-downs +€2,937
no longer reported in 2025 (was -€2,937)
- Staff costs -€1,691
down €1,691 (-3.1%), from €53,961 to €52,270
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 | €503,423 | €15,993 | -€487,430 | -96.8% |
| Formation expenses | 20 | €1,278 | €323 | -€955 | -74.7% |
| Fixed assets | 21/28 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €0 | - | = | |
| Furniture and vehicles | 24 | €0 | - | = | |
| Current assets | 29/58 | €502,144 | €15,670 | -€486,475 | -96.9% |
| Stocks and contracts in progress | 3 | €462,500 | €2,655 | -€459,845 | -99.4% |
| Stocks | 30/36 | €462,500 | €2,655 | -€459,845 | -99.4% |
| Amounts receivable within one year | 40/41 | €39,275 | €12,425 | -€26,850 | -68.4% |
| Trade receivables | 40 | €33,552 | €12,425 | -€21,127 | -63.0% |
| Other amounts receivable | 41 | €5,723 | €0 | -€5,723 | -100.0% |
| Cash at bank and in hand | 54/58 | €0 | €220 | +€220 | |
| Deferred charges and accrued income | 490/1 | €370 | €370 | = | 0.0% |
| Total equity and liabilities | 10/49 | €503,423 | €15,993 | -€487,430 | -96.8% |
| Equity | 10/15 | -€243,264 | -€246,422 | -€3,158 | -1.3% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€258,264 | -€261,422 | -€3,158 | -1.2% |
| Amounts payable | 17/49 | €746,687 | €262,415 | -€484,272 | -64.9% |
| Amounts payable within one year | 42/48 | €736,844 | €262,415 | -€474,429 | -64.4% |
| Financial debts | 43 | €631,764 | €0 | -€631,764 | -100.0% |
| Credit institutions | 430/8 | €631,764 | €0 | -€631,764 | -100.0% |
| Other loans | 439 | €0 | €0 | = | |
| Trade debts | 44 | €7,650 | €2,561 | -€5,089 | -66.5% |
| Suppliers | 440/4 | €7,650 | €2,561 | -€5,089 | -66.5% |
| Taxes, remuneration and social security | 45 | €3,690 | €2,334 | -€1,355 | -36.7% |
| Taxes | 450/3 | €260 | - | -€260 | |
| Remuneration and social security | 454/9 | €3,430 | €2,334 | -€1,096 | -31.9% |
| Other amounts payable | 47/48 | €93,740 | €257,520 | +€163,780 | +174.7% |
| Accrued charges and deferred income | 492/3 | €9,843 | - | -€9,843 | |
| Remuneration, social security and pensions | 62 | €53,961 | €52,270 | -€1,691 | -3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €955 | €955 | -€0 | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€2,937 | - | +€2,937 | |
| Other operating charges | 640/8 | €505 | €311 | -€194 | -38.5% |
| Non-recurring operating charges | 66A | €3,644 | - | -€3,644 | |
| Gross operating margin | 9900 | €48,544 | €65,457 | +€16,913 | +34.8% |
| Operating profit (loss) | 9901 | -€7,585 | €11,921 | +€19,506 | |
| Financial income | 75/76B | €40 | €0 | -€40 | -100.0% |
| Recurring financial income | 75 | €40 | €0 | -€40 | -100.0% |
| Financial charges | 65/66B | €44,854 | €15,079 | -€29,775 | -66.4% |
| Recurring financial charges | 65 | €44,854 | €15,079 | -€29,775 | -66.4% |
| Profit (loss) for the period before taxes | 9903 | -€52,399 | -€3,158 | +€49,240 | +94.0% |
| Profit (loss) for the period | 9904 | -€52,399 | -€3,158 | +€49,240 | +94.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€52,399 | -€3,158 | +€49,240 | +94.0% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.