MF - MAT: what changed
Two fiscal 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 - MAT
Largest movements
- Stocks and contracts -€138,336
no longer reported in 2025 (was €138,336)
- Cash +€63,895
up €63,895 (+726.4%), from €8,797 to €72,692
mainly Stocks and contracts (+€138,336) and Net result for the year (+€86,392)
- Tangible fixed assets +€55,119
up €55,119 (+10.5%), from €523,695 to €578,814
of which Land and buildings: +€47,284
- Reserves +€471,000
up €471,000 (+7596.8%), from €6,200 to €477,200
of which Distributable reserves: +€471,000
- Profit (loss) carried forward -€384,608
down €384,608 (-99.8%), from €385,196 to €588
- Other debts -€110,000
down €110,000 (-52.6%), from €209,282 to €99,282
- Tax, wage and social debts +€12,396
new in 2025: €12,396
- Gross operating margin +€127,385
up €127,385 (+727.5%), from €17,511 to €144,895
- Taxes +€26,536
new in 2025: €26,536
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 | €672,887 | €653,760 | -€19,127 | -2.8% |
| Fixed assets | 21/28 | €523,695 | €578,814 | +€55,119 | +10.5% |
| Tangible fixed assets | 22/27 | €523,695 | €578,814 | +€55,119 | +10.5% |
| Land and buildings | 22 | €510,861 | €558,145 | +€47,284 | +9.3% |
| Furniture and vehicles | 24 | €12,834 | €20,669 | +€7,835 | +61.0% |
| Current assets | 29/58 | €149,192 | €74,946 | -€74,246 | -49.8% |
| Stocks and contracts in progress | 3 | €138,336 | - | -€138,336 | |
| Stocks | 30/36 | €138,336 | - | -€138,336 | |
| Amounts receivable within one year | 40/41 | €30 | €30 | = | 0.0% |
| Other amounts receivable | 41 | €30 | €30 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €8,797 | €72,692 | +€63,895 | +726.4% |
| Deferred charges and accrued income | 490/1 | €2,029 | €2,224 | +€195 | +9.6% |
| Total equity and liabilities | 10/49 | €672,887 | €653,760 | -€19,127 | -2.8% |
| Equity | 10/15 | €459,567 | €539,788 | +€80,222 | +17.5% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | - | €62,000 | +€62,000 | |
| Issued capital | 100 | - | €62,000 | +€62,000 | |
| Revaluation surpluses | 12 | €6,171 | - | -€6,171 | |
| Reserves | 13 | €6,200 | €477,200 | +€471,000 | +7596.8% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | - | €6,200 | +€6,200 | |
| Reserves not available under the articles | 1311 | €6,200 | - | -€6,200 | |
| Distributable reserves | 133 | - | €471,000 | +€471,000 | |
| Profit (loss) carried forward | 14 | €385,196 | €588 | -€384,608 | -99.8% |
| Amounts payable | 17/49 | €213,320 | €113,971 | -€99,349 | -46.6% |
| Amounts payable within one year | 42/48 | €211,620 | €112,271 | -€99,349 | -46.9% |
| Trade debts | 44 | €2,338 | €593 | -€1,745 | -74.6% |
| Suppliers | 440/4 | €2,338 | €593 | -€1,745 | -74.6% |
| Taxes, remuneration and social security | 45 | - | €12,396 | +€12,396 | |
| Taxes | 450/3 | - | €12,396 | +€12,396 | |
| Other amounts payable | 47/48 | €209,282 | €99,282 | -€110,000 | -52.6% |
| Accrued charges and deferred income | 492/3 | €1,700 | €1,700 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,506 | €27,611 | -€895 | -3.1% |
| Other operating charges | 640/8 | €3,376 | €2,819 | -€557 | -16.5% |
| Non-recurring operating charges | 66A | - | €1,266 | +€1,266 | |
| Gross operating margin | 9900 | €17,511 | €144,895 | +€127,385 | +727.5% |
| Operating profit (loss) | 9901 | -€14,371 | €113,199 | +€127,570 | |
| Financial income | 75/76B | €0 | €1 | +€1 | +9900.0% |
| Recurring financial income | 75 | €0 | €1 | +€1 | +9900.0% |
| Non-recurring financial income | 76B | €0 | - | -€0 | |
| Financial charges | 65/66B | €68 | €272 | +€204 | +301.3% |
| Recurring financial charges | 65 | €68 | €272 | +€204 | +301.3% |
| Profit (loss) for the period before taxes | 9903 | -€14,439 | €112,928 | +€127,367 | |
| Income taxes | 67/77 | - | €26,536 | +€26,536 | |
| Profit (loss) for the period | 9904 | -€14,439 | €86,392 | +€100,831 | |
| Profit (loss) for the period to be appropriated | 9905 | -€14,439 | €86,392 | +€100,831 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.