MF-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.
MF-Management
Largest movements
- Tangible fixed assets -€50,390
down €50,390 (-3.6%), from €1.4m to €1.4m
of which Land and buildings: -€48,399
- Receivables within one year +€18,846
up €18,846 (+282%), from €6,687 to €25,533
of which Trade receivables: +€19,097
- Profit (loss) carried forward -€83,424
down €83,424 (-486%), from -€17,176 to -€100,600
- Other debts +€61,111
up €61,111 (+10.7%), from €571,577 to €632,688
- Debts after one year -€30,912
down €30,912 (-4.3%), from €719,202 to €688,290
- Gross operating margin -€21,730
down €21,730 (-45.7%), from €47,578 to €25,848
- Other operating charges +€10,343
up €10,343 (+184%), from €5,613 to €15,955
- Financial charges -€3,060
down €3,060 (-7.9%), from €38,703 to €35,643
of which Non-recurring financial charges: -€1,584
- Depreciation +€1,098
up €1,098 (+1.9%), from €57,762 to €58,860
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.
Derived cash bridge
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 | €1,423,172 | €1,380,787 | -€42,386 | -3.0% |
| Fixed assets | 21/28 | €1,404,967 | €1,350,457 | -€54,510 | -3.9% |
| Tangible fixed assets | 22/27 | €1,400,847 | €1,350,457 | -€50,390 | -3.6% |
| Land and buildings | 22 | €1,391,924 | €1,343,525 | -€48,399 | -3.5% |
| Plant, machinery and equipment | 23 | €8,924 | €6,932 | -€1,991 | -22.3% |
| Financial fixed assets | 28 | €4,120 | - | -€4,120 | |
| Current assets | 29/58 | €18,205 | €30,329 | +€12,124 | +66.6% |
| Amounts receivable within one year | 40/41 | €6,687 | €25,533 | +€18,846 | +282% |
| Trade receivables | 40 | €962 | €20,059 | +€19,097 | +1,985% |
| Other amounts receivable | 41 | €5,725 | €5,474 | -€252 | -4.4% |
| Cash at bank and in hand | 54/58 | €108 | €471 | +€363 | +335% |
| Deferred charges and accrued income | 490/1 | €11,409 | €4,326 | -€7,084 | -62.1% |
| Total equity and liabilities | 10/49 | €1,423,172 | €1,380,787 | -€42,386 | -3.0% |
| Equity | 10/15 | €67,100 | -€18,217 | -€85,316 | |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €71,876 | €69,983 | -€1,892 | -2.6% |
| Non-distributable reserves | 130/1 | €2,479 | €2,479 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,479 | €2,479 | = | 0.0% |
| Tax-exempt reserves | 132 | €59,397 | €57,504 | -€1,892 | -3.2% |
| Distributable reserves | 133 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€17,176 | -€100,600 | -€83,424 | -486% |
| Provisions and deferred taxes | 16 | €19,799 | €19,168 | -€631 | -3.2% |
| Deferred taxes | 168 | €19,799 | €19,168 | -€631 | -3.2% |
| Amounts payable | 17/49 | €1,336,274 | €1,379,835 | +€43,562 | +3.3% |
| Amounts payable after more than one year | 17 | €719,202 | €688,290 | -€30,912 | -4.3% |
| Financial debts | 170/4 | €719,202 | €688,290 | -€30,912 | -4.3% |
| Amounts payable within one year | 42/48 | €617,071 | €691,545 | +€74,473 | +12.1% |
| Current portion of amounts payable after more than one year | 42 | €31,771 | €33,183 | +€1,411 | +4.4% |
| Trade debts | 44 | €10,890 | €22,926 | +€12,036 | +111% |
| Suppliers | 440/4 | €10,890 | €22,926 | +€12,036 | +111% |
| Taxes, remuneration and social security | 45 | €2,833 | €2,749 | -€85 | -3.0% |
| Taxes | 450/3 | €2,833 | €2,749 | -€85 | -3.0% |
| Other amounts payable | 47/48 | €571,577 | €632,688 | +€61,111 | +10.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,762 | €58,860 | +€1,098 | +1.9% |
| Other operating charges | 640/8 | €5,613 | €15,955 | +€10,343 | +184% |
| Gross operating margin | 9900 | €47,578 | €25,848 | -€21,730 | -45.7% |
| Operating profit (loss) | 9901 | -€15,797 | -€48,968 | -€33,170 | -210% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €38,703 | €35,643 | -€3,060 | -7.9% |
| Recurring financial charges | 65 | €37,118 | €35,643 | -€1,475 | -4.0% |
| Non-recurring financial charges | 66B | €1,584 | - | -€1,584 | |
| Profit (loss) for the period before taxes | 9903 | -€54,500 | -€84,611 | -€30,111 | -55.2% |
| Transfer from deferred taxes | 780 | €631 | €631 | = | 0.0% |
| Income taxes | 67/77 | €1,397 | €1,337 | -€61 | -4.3% |
| Profit (loss) for the period | 9904 | -€55,266 | -€85,316 | -€30,050 | -54.4% |
| Transfer from tax-exempt reserves | 789 | €1,892 | €1,892 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€53,374 | -€83,424 | -€30,050 | -56.3% |
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 15 October 2026 via checked.be.