MF Beheer: 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 Beheer
Largest movements
- Cash +€45,168
up €45,168 (+228.4%), from €19,778 to €64,946
mainly Net result for the year (+€91,621) and Other debts (+€31,648)
- Tangible fixed assets -€19,805
down €19,805 (-3.5%), from €562,774 to €542,969
- Debts after one year -€45,432
down €45,432 (-13.1%), from €346,904 to €301,472
- Reserves +€43,366
up €43,366 (+20.2%), from €214,335 to €257,701
of which Distributable reserves: +€43,366
- Other debts +€31,648
up €31,648 (+412.6%), from €7,670 to €39,318
- Gross operating margin +€61,370
up €61,370 (+57.4%), from €106,898 to €168,268
- Taxes +€21,988
up €21,988 (+115.9%), from €18,969 to €40,957
- Other operating charges -€6,732
down €6,732 (-81.3%), from €8,281 to €1,549
- Depreciation -€1,964
down €1,964 (-9.0%), from €21,769 to €19,805
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 | €648,043 | €676,922 | +€28,880 | +4.5% |
| Fixed assets | 21/28 | €562,774 | €542,969 | -€19,805 | -3.5% |
| Tangible fixed assets | 22/27 | €562,774 | €542,969 | -€19,805 | -3.5% |
| Land and buildings | 22 | €526,555 | €516,707 | -€9,849 | -1.9% |
| Plant, machinery and equipment | 23 | €32,594 | €23,872 | -€8,722 | -26.8% |
| Furniture and vehicles | 24 | €3,429 | €2,390 | -€1,038 | -30.3% |
| Other tangible fixed assets | 26 | €196 | €0 | -€196 | -100.0% |
| Current assets | 29/58 | €85,269 | €133,953 | +€48,685 | +57.1% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €54,428 | €60,044 | +€5,617 | +10.3% |
| Trade receivables | 40 | €51,250 | €54,618 | +€3,368 | +6.6% |
| Other amounts receivable | 41 | €3,178 | €5,427 | +€2,249 | +70.8% |
| Cash at bank and in hand | 54/58 | €19,778 | €64,946 | +€45,168 | +228.4% |
| Deferred charges and accrued income | 490/1 | €11,063 | €8,963 | -€2,100 | -19.0% |
| Total equity and liabilities | 10/49 | €648,043 | €676,922 | +€28,880 | +4.5% |
| Equity | 10/15 | €232,935 | €276,301 | +€43,366 | +18.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €214,335 | €257,701 | +€43,366 | +20.2% |
| Tax-exempt reserves | 132 | €108 | €108 | = | 0.0% |
| Distributable reserves | 133 | €214,227 | €257,592 | +€43,366 | +20.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €415,108 | €400,621 | -€14,486 | -3.5% |
| Amounts payable after more than one year | 17 | €346,904 | €301,472 | -€45,432 | -13.1% |
| Financial debts | 170/4 | €346,904 | €301,472 | -€45,432 | -13.1% |
| Amounts payable within one year | 42/48 | €67,363 | €98,447 | +€31,084 | +46.1% |
| Current portion of amounts payable after more than one year | 42 | €43,565 | €40,432 | -€3,133 | -7.2% |
| Financial debts | 43 | €264 | €13 | -€251 | -95.1% |
| Credit institutions | 430/8 | €264 | €13 | -€251 | -95.1% |
| Trade debts | 44 | €6,550 | €5,031 | -€1,520 | -23.2% |
| Suppliers | 440/4 | €6,550 | €5,031 | -€1,520 | -23.2% |
| Taxes, remuneration and social security | 45 | €9,314 | €13,654 | +€4,340 | +46.6% |
| Taxes | 450/3 | €9,314 | €13,654 | +€4,340 | +46.6% |
| Other amounts payable | 47/48 | €7,670 | €39,318 | +€31,648 | +412.6% |
| Accrued charges and deferred income | 492/3 | €840 | €702 | -€139 | -16.5% |
| Non-recurring operating income | 76A | €10,034 | €0 | -€10,034 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,769 | €19,805 | -€1,964 | -9.0% |
| Other operating charges | 640/8 | €8,281 | €1,549 | -€6,732 | -81.3% |
| Non-recurring operating charges | 66A | €0 | €0 | -€0 | -100.0% |
| Gross operating margin | 9900 | €106,898 | €168,268 | +€61,370 | +57.4% |
| Operating profit (loss) | 9901 | €76,848 | €146,914 | +€70,066 | +91.2% |
| Financial income | 75/76B | €33 | €112 | +€79 | +235.7% |
| Recurring financial income | 75 | €33 | €112 | +€79 | +235.7% |
| Financial charges | 65/66B | €15,474 | €14,448 | -€1,026 | -6.6% |
| Recurring financial charges | 65 | €15,474 | €14,448 | -€1,026 | -6.6% |
| Profit (loss) for the period before taxes | 9903 | €61,408 | €132,578 | +€71,170 | +115.9% |
| Income taxes | 67/77 | €18,969 | €40,957 | +€21,988 | +115.9% |
| Profit (loss) for the period | 9904 | €42,439 | €91,621 | +€49,183 | +115.9% |
| Profit (loss) for the period to be appropriated | 9905 | €42,439 | €91,621 | +€49,183 | +115.9% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.