MFA CONSULT: 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.
MFA CONSULT
Largest movements
- Cash -€33,391
down €33,391 (-96.0%), from €34,766 to €1,375
mainly Investment in fixed assets (net) (-€27,165) and Trade debts (-€25,909)
- Receivables within one year -€25,363
down €25,363 (-37.0%), from €68,554 to €43,191
of which Trade receivables: -€25,567
- Tangible fixed assets +€9,179
up €9,179 (+1.7%), from €548,109 to €557,288
of which Land and buildings: +€9,464
- Trade debts -€25,909
down €25,909 (-44.6%), from €58,147 to €32,238
- Debts after one year -€19,256
down €19,256 (-3.6%), from €531,480 to €512,225
- Depreciation -€62,152
down €62,152 (-77.6%), from €80,137 to €17,985
- Financial charges +€20,845
up €20,845 (+916.7%), from €2,274 to €23,119
- Gross operating margin -€16,374
down €16,374 (-28.2%), from €58,086 to €41,711
- Other operating charges +€5,550
up €5,550 (+936.6%), from €593 to €6,142
- Financial income +€812
up €812 (+30.9%), from €2,630 to €3,442
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 | €692,513 | €643,591 | -€48,922 | -7.1% |
| Fixed assets | 21/28 | €548,109 | €557,288 | +€9,179 | +1.7% |
| Tangible fixed assets | 22/27 | €548,109 | €557,288 | +€9,179 | +1.7% |
| Land and buildings | 22 | €547,546 | €557,009 | +€9,464 | +1.7% |
| Other tangible fixed assets | 26 | €563 | €278 | -€285 | -50.6% |
| Current assets | 29/58 | €144,404 | €86,304 | -€58,101 | -40.2% |
| Amounts receivable after more than one year | 29 | €39,653 | €40,775 | +€1,122 | +2.8% |
| Other amounts receivable | 291 | €39,653 | €40,775 | +€1,122 | +2.8% |
| Amounts receivable within one year | 40/41 | €68,554 | €43,191 | -€25,363 | -37.0% |
| Trade receivables | 40 | €26,980 | €1,413 | -€25,567 | -94.8% |
| Other amounts receivable | 41 | €41,574 | €41,777 | +€204 | +0.5% |
| Cash at bank and in hand | 54/58 | €34,766 | €1,375 | -€33,391 | -96.0% |
| Deferred charges and accrued income | 490/1 | €1,432 | €963 | -€469 | -32.8% |
| Total equity and liabilities | 10/49 | €692,513 | €643,591 | -€48,922 | -7.1% |
| Equity | 10/15 | €69,962 | €67,809 | -€2,154 | -3.1% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €66,962 | €64,809 | -€2,154 | -3.2% |
| Amounts payable | 17/49 | €622,551 | €575,783 | -€46,768 | -7.5% |
| Amounts payable after more than one year | 17 | €531,480 | €512,225 | -€19,256 | -3.6% |
| Financial debts | 170/4 | €531,480 | €512,225 | -€19,256 | -3.6% |
| Amounts payable within one year | 42/48 | €91,002 | €63,558 | -€27,444 | -30.2% |
| Current portion of amounts payable after more than one year | 42 | €18,520 | €19,256 | +€736 | +4.0% |
| Financial debts | 43 | €20 | €1,793 | +€1,773 | +8869.6% |
| Credit institutions | 430/8 | €20 | €1,793 | +€1,773 | +8869.6% |
| Trade debts | 44 | €58,147 | €32,238 | -€25,909 | -44.6% |
| Suppliers | 440/4 | €58,147 | €32,238 | -€25,909 | -44.6% |
| Taxes, remuneration and social security | 45 | €14,316 | €10,272 | -€4,044 | -28.2% |
| Taxes | 450/3 | €14,316 | €10,272 | -€4,044 | -28.2% |
| Accrued charges and deferred income | 492/3 | €68 | €0 | -€68 | -100.0% |
| Non-recurring operating income | 76A | - | €384 | +€384 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €80,137 | €17,985 | -€62,152 | -77.6% |
| Other operating charges | 640/8 | €593 | €6,142 | +€5,550 | +936.6% |
| Gross operating margin | 9900 | €58,086 | €41,711 | -€16,374 | -28.2% |
| Operating profit (loss) | 9901 | -€22,644 | €17,584 | +€40,228 | |
| Financial income | 75/76B | €2,630 | €3,442 | +€812 | +30.9% |
| Recurring financial income | 75 | €2,630 | €3,442 | +€812 | +30.9% |
| Financial charges | 65/66B | €2,274 | €23,119 | +€20,845 | +916.7% |
| Recurring financial charges | 65 | €2,274 | €23,119 | +€20,845 | +916.7% |
| Profit (loss) for the period before taxes | 9903 | -€22,288 | -€2,093 | +€20,196 | +90.6% |
| Income taxes | 67/77 | €246 | €61 | -€185 | -75.2% |
| Profit (loss) for the period | 9904 | -€22,535 | -€2,154 | +€20,381 | +90.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€22,535 | -€2,154 | +€20,381 | +90.4% |
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 4 October 2026 via checked.be.