MFC Combo: 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.
MFC Combo
Largest movements
- Tangible fixed assets +€433,285
up €433,285 (+53.0%), from €817,553 to €1.3m
of which Land and buildings: +€455,562
- Cash -€92,426
down €92,426 (-4.7%), from €2.0m to €1.9m
mainly Investment in fixed assets (net) (-€586,427) and Accrued charges and deferred income (-€41,598)
- Reserves +€1.4m
new in 2025: €1.4m
- Profit (loss) carried forward -€1.3m
down €1.3m (-80.0%), from €1.7m to €330,752
- Debts after one year +€308,892
new in 2025: €308,892
- Debts within one year +€95,879
up €95,879 (+15.3%), from €628,255 to €724,134
- Accrued charges and deferred income -€41,598
down €41,598 (-54.9%), from €75,804 to €34,206
- Staff costs +€138,229
up €138,229 (+3.4%), from €4.1m to €4.3m
- Purchases and services +€65,726
up €65,726 (+14.8%), from €443,754 to €509,480
- Gross operating margin +€50,781
up €50,781 (+1.2%), from €4.4m to €4.5m
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 | €3,303,151 | €3,664,548 | +€361,397 | +10.9% |
| Fixed assets | 21/28 | €818,053 | €1,251,338 | +€433,285 | +53.0% |
| Tangible fixed assets | 22/27 | €817,553 | €1,250,838 | +€433,285 | +53.0% |
| Land and buildings | 22 | €638,249 | €1,093,810 | +€455,562 | +71.4% |
| Plant, machinery and equipment | 23 | €44,047 | €36,968 | -€7,080 | -16.1% |
| Furniture and vehicles | 24 | €62,339 | €79,477 | +€17,138 | +27.5% |
| Other tangible fixed assets | 26 | €60,875 | €40,583 | -€20,292 | -33.3% |
| Assets under construction and advance payments | 27 | €12,042 | - | -€12,042 | |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €2,485,098 | €2,413,210 | -€71,888 | -2.9% |
| Amounts receivable within one year | 40/41 | €498,710 | €515,459 | +€16,749 | +3.4% |
| Trade receivables | 40 | - | €30 | +€30 | |
| Other amounts receivable | 41 | €498,710 | €515,429 | +€16,719 | +3.4% |
| Cash at bank and in hand | 54/58 | €1,950,135 | €1,857,709 | -€92,426 | -4.7% |
| Deferred charges and accrued income | 490/1 | €36,252 | €40,041 | +€3,789 | +10.5% |
| Total equity and liabilities | 10/49 | €3,303,151 | €3,664,548 | +€361,397 | +10.9% |
| Equity | 10/15 | €2,599,092 | €2,597,315 | -€1,777 | -0.1% |
| Contributions | 10/11 | €814,894 | €814,894 | = | 0.0% |
| Capital | 10 | €814,894 | €814,894 | = | 0.0% |
| Reserves | 13 | - | €1,360,858 | +€1.4m | |
| Profit (loss) carried forward | 14 | €1,653,761 | €330,752 | -€1.3m | -80.0% |
| Investment grants | 15 | €130,438 | €90,811 | -€39,627 | -30.4% |
| Amounts payable | 17/49 | €704,058 | €1,067,233 | +€363,174 | +51.6% |
| Amounts payable after more than one year | 17 | - | €308,892 | +€308,892 | |
| Financial debts | 170/4 | - | €308,892 | +€308,892 | |
| Amounts payable within one year | 42/48 | €628,255 | €724,134 | +€95,879 | +15.3% |
| Current portion of amounts payable after more than one year | 42 | - | €10,724 | +€10,724 | |
| Trade debts | 44 | €50,732 | €76,234 | +€25,502 | +50.3% |
| Suppliers | 440/4 | €50,732 | €76,234 | +€25,502 | +50.3% |
| Taxes, remuneration and social security | 45 | €576,312 | €618,145 | +€41,833 | +7.3% |
| Taxes | 450/3 | €56,197 | €54,275 | -€1,923 | -3.4% |
| Remuneration and social security | 454/9 | €520,115 | €563,871 | +€43,755 | +8.4% |
| Accrued charges and deferred income | 492/3 | €75,804 | €34,206 | -€41,598 | -54.9% |
| Membership fees, donations, legacies and grants | 73 | €4,819,610 | €4,935,946 | +€116,336 | +2.4% |
| Non-recurring operating income | 76A | €4,580 | €2,500 | -€2,080 | -45.4% |
| Goods, raw materials, services and sundry goods | 60/61 | €443,754 | €509,480 | +€65,726 | +14.8% |
| Remuneration, social security and pensions | 62 | €4,114,351 | €4,252,580 | +€138,229 | +3.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €121,666 | €153,142 | +€31,476 | +25.9% |
| Other operating charges | 640/8 | €31,639 | €27,393 | -€4,247 | -13.4% |
| Gross operating margin | 9900 | €4,410,405 | €4,461,186 | +€50,781 | +1.2% |
| Operating profit (loss) | 9901 | €142,748 | €28,071 | -€114,677 | -80.3% |
| Financial income | 75/76B | €15,143 | €17,748 | +€2,606 | +17.2% |
| Recurring financial income | 75 | €15,143 | €17,748 | +€2,606 | +17.2% |
| Financial charges | 65/66B | €1,014 | €2,351 | +€1,338 | +132.0% |
| Recurring financial charges | 65 | €1,014 | €2,351 | +€1,338 | +132.0% |
| Profit (loss) for the period before taxes | 9903 | €156,877 | €43,468 | -€113,409 | -72.3% |
| Income taxes | 67/77 | €3,363 | €5,619 | +€2,255 | +67.1% |
| Profit (loss) for the period | 9904 | €153,514 | €37,849 | -€115,665 | -75.3% |
| Profit (loss) for the period to be appropriated | 9905 | €153,514 | €37,849 | -€115,665 | -75.3% |
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 10 October 2026 via checked.be.