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
- Financial fixed assets +€281,363
up €281,363 (+70.3%), from €400,000 to €681,363
- Receivables within one year -€50,603
down €50,603 (-8.5%), from €591,968 to €541,365
of which Other amounts receivable: -€56,653
- Cash +€21,716
up €21,716 (+112%), from €19,432 to €41,148
mainly Net result for the year (+€530,522) and Tax, wage and social debts (+€159,738)
- Profit (loss) carried forward +€320,522
up €320,522 (+67.1%), from €477,991 to €798,513
- Other debts -€164,193
no longer reported in 2025 (was €164,193)
- Tax, wage and social debts +€159,738
up €159,738 (+1,657%), from €9,640 to €169,378
of which Remuneration and social security: +€156,642
- Debts after one year -€77,916
down €77,916 (-26.4%), from €295,100 to €217,184
- Financial income +€53,163
up €53,163 (+11.8%), from €449,000 to €502,163
of which Non-recurring financial income: +€281,363
- Gross operating margin -€49,360
down €49,360 (-41.1%), from €120,105 to €70,746
- Taxes -€8,984
down €8,984 (-34.8%), from €25,800 to €16,816
- Financial charges +€6,620
up €6,620 (+82.6%), from €8,016 to €14,637
- Depreciation -€1,403
down €1,403 (-13.8%), from €10,130 to €8,727
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 | €1,041,234 | €1,286,946 | +€245,712 | +23.6% |
| Fixed assets | 21/28 | €428,916 | €701,552 | +€272,636 | +63.6% |
| Tangible fixed assets | 22/27 | €28,916 | €20,189 | -€8,727 | -30.2% |
| Furniture and vehicles | 24 | €28,916 | €20,189 | -€8,727 | -30.2% |
| Financial fixed assets | 28 | €400,000 | €681,363 | +€281,363 | +70.3% |
| Current assets | 29/58 | €612,318 | €585,394 | -€26,923 | -4.4% |
| Amounts receivable within one year | 40/41 | €591,968 | €541,365 | -€50,603 | -8.5% |
| Trade receivables | 40 | €7,260 | €13,310 | +€6,050 | +83.3% |
| Other amounts receivable | 41 | €584,708 | €528,055 | -€56,653 | -9.7% |
| Cash at bank and in hand | 54/58 | €19,432 | €41,148 | +€21,716 | +112% |
| Deferred charges and accrued income | 490/1 | €918 | €2,882 | +€1,964 | +214% |
| Total equity and liabilities | 10/49 | €1,041,234 | €1,286,946 | +€245,712 | +23.6% |
| Equity | 10/15 | €496,591 | €817,113 | +€320,522 | +64.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €477,991 | €798,513 | +€320,522 | +67.1% |
| Amounts payable | 17/49 | €544,643 | €469,834 | -€74,810 | -13.7% |
| Amounts payable after more than one year | 17 | €295,100 | €217,184 | -€77,916 | -26.4% |
| Financial debts | 170/4 | €295,100 | €217,184 | -€77,916 | -26.4% |
| Amounts payable within one year | 42/48 | €249,544 | €252,649 | +€3,106 | +1.2% |
| Current portion of amounts payable after more than one year | 42 | €74,696 | €77,916 | +€3,220 | +4.3% |
| Trade debts | 44 | €1,015 | €5,356 | +€4,341 | +428% |
| Suppliers | 440/4 | €1,015 | €5,356 | +€4,341 | +428% |
| Taxes, remuneration and social security | 45 | €9,640 | €169,378 | +€159,738 | +1,657% |
| Taxes | 450/3 | €9,640 | €12,736 | +€3,096 | +32.1% |
| Remuneration and social security | 454/9 | - | €156,642 | +€156,642 | |
| Other amounts payable | 47/48 | €164,193 | - | -€164,193 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,130 | €8,727 | -€1,403 | -13.8% |
| Other operating charges | 640/8 | €2,011 | €2,206 | +€195 | +9.7% |
| Gross operating margin | 9900 | €120,105 | €70,746 | -€49,360 | -41.1% |
| Operating profit (loss) | 9901 | €107,964 | €59,812 | -€48,152 | -44.6% |
| Financial income | 75/76B | €449,000 | €502,163 | +€53,163 | +11.8% |
| Recurring financial income | 75 | €449,000 | €220,800 | -€228,200 | -50.8% |
| Non-recurring financial income | 76B | - | €281,363 | +€281,363 | |
| Financial charges | 65/66B | €8,016 | €14,637 | +€6,620 | +82.6% |
| Recurring financial charges | 65 | €8,016 | €14,637 | +€6,620 | +82.6% |
| Profit (loss) for the period before taxes | 9903 | €548,947 | €547,338 | -€1,609 | -0.3% |
| Income taxes | 67/77 | €25,800 | €16,816 | -€8,984 | -34.8% |
| Profit (loss) for the period | 9904 | €523,147 | €530,522 | +€7,375 | +1.4% |
| Profit (loss) for the period to be appropriated | 9905 | €523,147 | €530,522 | +€7,375 | +1.4% |
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 25 October 2026 via checked.be.