MF SHUTTLE: 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 SHUTTLE
Largest movements
- Receivables within one year +€23,487
up €23,487 (+94.5%), from €24,864 to €48,351
of which Trade receivables: +€16,938
- Cash +€6,506
up €6,506 (+838.5%), from €776 to €7,282
mainly Trade debts (+€21,592) and Depreciation (+€6,650)
- Tangible fixed assets -€3,489
down €3,489 (-6.4%), from €54,474 to €50,985
- Trade debts +€21,592
up €21,592 (+796.7%), from €2,710 to €24,302
- Tax, wage and social debts +€5,494
up €5,494 (+48.3%), from €11,363 to €16,856
of which Remuneration and social security: +€6,011
- Debts after one year -€2,808
down €2,808 (-7.5%), from €37,586 to €34,778
- Profit (loss) carried forward +€2,188
up €2,188 (+19.0%), from -€11,509 to -€9,321
- Staff costs -€19,966
down €19,966 (-27.9%), from €71,480 to €51,514
- Gross operating margin -€18,340
down €18,340 (-20.2%), from €90,925 to €72,585
- Other operating charges -€7,159
down €7,159 (-41.6%), from €17,229 to €10,070
- Depreciation -€5,237
down €5,237 (-44.1%), from €11,887 to €6,650
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 | €83,666 | €109,451 | +€25,785 | +30.8% |
| Fixed assets | 21/28 | €56,974 | €53,485 | -€3,489 | -6.1% |
| Tangible fixed assets | 22/27 | €54,474 | €50,985 | -€3,489 | -6.4% |
| Furniture and vehicles | 24 | €54,474 | €50,985 | -€3,489 | -6.4% |
| Financial fixed assets | 28 | €2,500 | €2,500 | = | 0.0% |
| Current assets | 29/58 | €26,691 | €55,966 | +€29,274 | +109.7% |
| Amounts receivable within one year | 40/41 | €24,864 | €48,351 | +€23,487 | +94.5% |
| Trade receivables | 40 | €17,656 | €34,594 | +€16,938 | +95.9% |
| Other amounts receivable | 41 | €7,208 | €13,757 | +€6,549 | +90.9% |
| Cash at bank and in hand | 54/58 | €776 | €7,282 | +€6,506 | +838.5% |
| Deferred charges and accrued income | 490/1 | €1,051 | €332 | -€719 | -68.4% |
| Total equity and liabilities | 10/49 | €83,666 | €109,451 | +€25,785 | +30.8% |
| Equity | 10/15 | €21,633 | €23,821 | +€2,188 | +10.1% |
| Contributions | 10/11 | €7,000 | €7,000 | = | 0.0% |
| Reserves | 13 | €26,142 | €26,142 | = | 0.0% |
| Distributable reserves | 133 | €26,142 | €26,142 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€11,509 | -€9,321 | +€2,188 | +19.0% |
| Amounts payable | 17/49 | €62,033 | €85,630 | +€23,597 | +38.0% |
| Amounts payable after more than one year | 17 | €37,586 | €34,778 | -€2,808 | -7.5% |
| Financial debts | 170/4 | €37,586 | €34,778 | -€2,808 | -7.5% |
| Amounts payable within one year | 42/48 | €24,446 | €50,852 | +€26,405 | +108.0% |
| Current portion of amounts payable after more than one year | 42 | €10,373 | €9,693 | -€680 | -6.6% |
| Trade debts | 44 | €2,710 | €24,302 | +€21,592 | +796.7% |
| Suppliers | 440/4 | €2,710 | €24,302 | +€21,592 | +796.7% |
| Taxes, remuneration and social security | 45 | €11,363 | €16,856 | +€5,494 | +48.3% |
| Taxes | 450/3 | €3,631 | €3,113 | -€517 | -14.2% |
| Remuneration and social security | 454/9 | €7,732 | €13,743 | +€6,011 | +77.7% |
| Remuneration, social security and pensions | 62 | €71,480 | €51,514 | -€19,966 | -27.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,887 | €6,650 | -€5,237 | -44.1% |
| Other operating charges | 640/8 | €17,229 | €10,070 | -€7,159 | -41.6% |
| Gross operating margin | 9900 | €90,925 | €72,585 | -€18,340 | -20.2% |
| Operating profit (loss) | 9901 | -€9,672 | €4,350 | +€14,022 | |
| Financial income | 75/76B | €55 | €9 | -€46 | -83.4% |
| Recurring financial income | 75 | €55 | €9 | -€46 | -83.4% |
| Financial charges | 65/66B | €1,893 | €2,172 | +€279 | +14.7% |
| Recurring financial charges | 65 | €1,893 | €2,172 | +€279 | +14.7% |
| Profit (loss) for the period before taxes | 9903 | -€11,509 | €2,188 | +€13,697 | |
| Profit (loss) for the period | 9904 | -€11,509 | €2,188 | +€13,697 | |
| Profit (loss) for the period to be appropriated | 9905 | -€11,509 | €2,188 | +€13,697 |
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.