MFDesign: 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.
MFDesign
Largest movements
- Stocks and contracts -€3.1m
down €3.1m (-36.8%), from €8.4m to €5.3m
- Receivables within one year +€1.4m
up €1.4m (+168.6%), from €829,877 to €2.2m
of which Other amounts receivable: +€1.4m
- Tangible fixed assets -€420,087
down €420,087 (-5.8%), from €7.3m to €6.9m
- Cash -€200,941
down €200,941 (-86.3%), from €232,815 to €31,873
mainly Receivables within one year (-€1.4m) and Short-term financial debts (-€1.3m)
- Short-term financial debts -€1.3m
down €1.3m (-100.0%), from €1.3m to €0
- Other debts -€490,273
down €490,273 (-6.3%), from €7.7m to €7.2m
- Profit (loss) carried forward -€247,316
down €247,316 (-97.6%), from €253,383 to €6,067
- Debts after one year -€208,609
down €208,609 (-5.3%), from €3.9m to €3.7m
- Gross operating margin -€443,812
down €443,812 (-74.3%), from €597,308 to €153,496
- Financial charges -€52,242
down €52,242 (-32.5%), from €160,691 to €108,449
- Depreciation -€36,251
down €36,251 (-9.9%), from €366,343 to €330,093
- Taxes -€6,816
down €6,816 (-100.0%), from €6,816 to €0
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €16,729,183 | €14,431,989 | -€2.3m | -13.7% |
| Fixed assets | 21/28 | €7,295,894 | €6,875,808 | -€420,087 | -5.8% |
| Tangible fixed assets | 22/27 | €7,295,894 | €6,875,808 | -€420,087 | -5.8% |
| Land and buildings | 22 | €7,295,894 | €6,875,808 | -€420,087 | -5.8% |
| Current assets | 29/58 | €9,433,289 | €7,556,181 | -€1.9m | -19.9% |
| Stocks and contracts in progress | 3 | €8,362,531 | €5,284,888 | -€3.1m | -36.8% |
| Stocks | 30/36 | €8,362,531 | €5,284,888 | -€3.1m | -36.8% |
| Amounts receivable within one year | 40/41 | €829,877 | €2,229,398 | +€1.4m | +168.6% |
| Trade receivables | 40 | €0 | €2,799 | +€2,799 | |
| Other amounts receivable | 41 | €829,877 | €2,226,599 | +€1.4m | +168.3% |
| Cash at bank and in hand | 54/58 | €232,815 | €31,873 | -€200,941 | -86.3% |
| Deferred charges and accrued income | 490/1 | €8,066 | €10,022 | +€1,956 | +24.3% |
| Total equity and liabilities | 10/49 | €16,729,183 | €14,431,989 | -€2.3m | -13.7% |
| Equity | 10/15 | €3,540,054 | €3,250,051 | -€290,003 | -8.2% |
| Contributions | 10/11 | €967,176 | €967,176 | = | 0.0% |
| Reserves | 13 | €2,319,495 | €2,276,808 | -€42,687 | -1.8% |
| Tax-exempt reserves | 132 | €120,658 | €77,971 | -€42,687 | -35.4% |
| Distributable reserves | 133 | €2,198,837 | €2,198,837 | = | 0.0% |
| Profit (loss) carried forward | 14 | €253,383 | €6,067 | -€247,316 | -97.6% |
| Provisions and deferred taxes | 16 | €25,477 | €14,805 | -€10,672 | -41.9% |
| Deferred taxes | 168 | €25,477 | €14,805 | -€10,672 | -41.9% |
| Amounts payable | 17/49 | €13,163,652 | €11,167,133 | -€2.0m | -15.2% |
| Amounts payable after more than one year | 17 | €3,915,401 | €3,706,792 | -€208,609 | -5.3% |
| Financial debts | 170/4 | €3,915,401 | €3,706,792 | -€208,609 | -5.3% |
| Amounts payable within one year | 42/48 | €9,247,021 | €7,459,300 | -€1.8m | -19.3% |
| Current portion of amounts payable after more than one year | 42 | €202,588 | €208,609 | +€6,021 | +3.0% |
| Financial debts | 43 | €1,300,000 | €0 | -€1.3m | -100.0% |
| Credit institutions | 430/8 | €1,300,000 | €0 | -€1.3m | -100.0% |
| Trade debts | 44 | €907 | €4,254 | +€3,347 | +369.2% |
| Suppliers | 440/4 | €907 | €4,254 | +€3,347 | +369.2% |
| Taxes, remuneration and social security | 45 | €6,816 | €0 | -€6,816 | -100.0% |
| Taxes | 450/3 | €6,816 | €0 | -€6,816 | -100.0% |
| Other amounts payable | 47/48 | €7,736,711 | €7,246,437 | -€490,273 | -6.3% |
| Accrued charges and deferred income | 492/3 | €1,230 | €1,041 | -€189 | -15.4% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €366,343 | €330,093 | -€36,251 | -9.9% |
| Other operating charges | 640/8 | €20,627 | €17,358 | -€3,270 | -15.9% |
| Gross operating margin | 9900 | €597,308 | €153,496 | -€443,812 | -74.3% |
| Operating profit (loss) | 9901 | €210,337 | -€193,954 | -€404,292 | |
| Financial income | 75/76B | €7,182 | €1,729 | -€5,453 | -75.9% |
| Recurring financial income | 75 | €7,182 | €1,729 | -€5,453 | -75.9% |
| Financial charges | 65/66B | €160,691 | €108,449 | -€52,242 | -32.5% |
| Recurring financial charges | 65 | €160,691 | €108,449 | -€52,242 | -32.5% |
| Profit (loss) for the period before taxes | 9903 | €56,828 | -€300,675 | -€357,503 | |
| Transfer from deferred taxes | 780 | €3,629 | €10,672 | +€7,043 | +194.1% |
| Income taxes | 67/77 | €6,816 | €0 | -€6,816 | -100.0% |
| Profit (loss) for the period | 9904 | €53,641 | -€290,003 | -€343,644 | |
| Transfer from tax-exempt reserves | 789 | €14,516 | €42,687 | +€28,171 | +194.1% |
| Profit (loss) for the period to be appropriated | 9905 | €68,157 | -€247,316 | -€315,474 |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.