MFI: 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.
MFI
Largest movements
- Tangible fixed assets -€303,122
down €303,122 (-56.7%), from €534,234 to €231,112
of which Land and buildings: -€301,747
- Cash +€126,335
up €126,335 (+995.8%), from €12,686 to €139,021
mainly Investment in fixed assets (net) (+€299,681) and Trade debts (+€134,270)
- Intangible fixed assets -€25,000
down €25,000 (-10.4%), from €240,411 to €215,411
- Debts after one year -€303,951
down €303,951 (-51.1%), from €594,530 to €290,579
- Trade debts +€134,270
up €134,270 (+185.0%), from €72,592 to €206,862
- Tax, wage and social debts -€89,933
down €89,933 (-76.5%), from €117,572 to €27,639
of which Taxes: -€87,232
- Reserves +€46,055
up €46,055 (+57.4%), from €80,189 to €126,244
of which Distributable reserves: +€46,055
- Other debts +€31,696
up €31,696 (+120.0%), from €26,405 to €58,102
- Gross operating margin +€165,552
up €165,552 (+148.4%), from €111,525 to €277,077
- Staff costs +€31,637
up €31,637 (+62.3%), from €50,750 to €82,387
- Write-downs +€26,551
up €26,551, from -€25,183 to €1,369
- Taxes +€21,957
up €21,957 (+459345.4%), from €5 to €21,961
- Financial charges -€8,483
down €8,483 (-27.5%), from €30,807 to €22,324
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 | €1,230,823 | €1,034,089 | -€196,734 | -16.0% |
| Fixed assets | 21/28 | €774,645 | €446,523 | -€328,122 | -42.4% |
| Intangible fixed assets | 21 | €240,411 | €215,411 | -€25,000 | -10.4% |
| Tangible fixed assets | 22/27 | €534,234 | €231,112 | -€303,122 | -56.7% |
| Land and buildings | 22 | €522,691 | €220,945 | -€301,747 | -57.7% |
| Plant, machinery and equipment | 23 | €7,393 | €5,853 | -€1,541 | -20.8% |
| Furniture and vehicles | 24 | €4,149 | €4,315 | +€165 | +4.0% |
| Current assets | 29/58 | €456,177 | €587,566 | +€131,388 | +28.8% |
| Stocks and contracts in progress | 3 | €208,650 | €199,403 | -€9,247 | -4.4% |
| Stocks | 30/36 | €208,650 | €199,403 | -€9,247 | -4.4% |
| Amounts receivable within one year | 40/41 | €233,964 | €243,438 | +€9,474 | +4.0% |
| Trade receivables | 40 | €214,919 | €105,120 | -€109,799 | -51.1% |
| Other amounts receivable | 41 | €19,045 | €138,318 | +€119,273 | +626.3% |
| Cash at bank and in hand | 54/58 | €12,686 | €139,021 | +€126,335 | +995.8% |
| Deferred charges and accrued income | 490/1 | €877 | €5,704 | +€4,827 | +550.4% |
| Total equity and liabilities | 10/49 | €1,230,823 | €1,034,089 | -€196,734 | -16.0% |
| Equity | 10/15 | €184,981 | €228,544 | +€43,563 | +23.6% |
| Contributions | 10/11 | €102,300 | €102,300 | = | 0.0% |
| Reserves | 13 | €80,189 | €126,244 | +€46,055 | +57.4% |
| Non-distributable reserves | 130/1 | €10,230 | €10,230 | = | 0.0% |
| Reserves not available under the articles | 1311 | €10,230 | €10,230 | = | 0.0% |
| Tax-exempt reserves | 132 | €15,418 | €15,418 | = | 0.0% |
| Distributable reserves | 133 | €54,542 | €100,597 | +€46,055 | +84.4% |
| Profit (loss) carried forward | 14 | -€8,370 | €0 | +€8,370 | |
| Investment grants | 15 | €10,862 | €0 | -€10,862 | -100.0% |
| Amounts payable | 17/49 | €1,045,842 | €805,545 | -€240,297 | -23.0% |
| Amounts payable after more than one year | 17 | €594,530 | €290,579 | -€303,951 | -51.1% |
| Financial debts | 170/4 | €594,530 | €290,579 | -€303,951 | -51.1% |
| Amounts payable within one year | 42/48 | €451,312 | €513,355 | +€62,043 | +13.7% |
| Current portion of amounts payable after more than one year | 42 | €59,742 | €45,753 | -€13,990 | -23.4% |
| Financial debts | 43 | €125,000 | €125,000 | = | 0.0% |
| Credit institutions | 430/8 | €125,000 | €125,000 | = | 0.0% |
| Trade debts | 44 | €72,592 | €206,862 | +€134,270 | +185.0% |
| Suppliers | 440/4 | €72,592 | €206,862 | +€134,270 | +185.0% |
| Advances received on contracts in progress | 46 | €50,000 | €50,000 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €117,572 | €27,639 | -€89,933 | -76.5% |
| Taxes | 450/3 | €107,921 | €20,688 | -€87,232 | -80.8% |
| Remuneration and social security | 454/9 | €9,652 | €6,951 | -€2,701 | -28.0% |
| Other amounts payable | 47/48 | €26,405 | €58,102 | +€31,696 | +120.0% |
| Accrued charges and deferred income | 492/3 | - | €1,611 | +€1,611 | |
| Remuneration, social security and pensions | 62 | €50,750 | €82,387 | +€31,637 | +62.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,280 | €28,441 | -€838 | -2.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€25,183 | €1,369 | +€26,551 | |
| Other operating charges | 640/8 | €27,983 | €28,519 | +€536 | +1.9% |
| Gross operating margin | 9900 | €111,525 | €277,077 | +€165,552 | +148.4% |
| Operating profit (loss) | 9901 | €28,695 | €136,361 | +€107,666 | +375.2% |
| Financial income | 75/76B | €4,266 | €12,350 | +€8,084 | +189.5% |
| Recurring financial income | 75 | €4,266 | €12,350 | +€8,084 | +189.5% |
| Financial charges | 65/66B | €30,807 | €22,324 | -€8,483 | -27.5% |
| Recurring financial charges | 65 | €30,807 | €22,324 | -€8,483 | -27.5% |
| Profit (loss) for the period before taxes | 9903 | €2,154 | €126,387 | +€124,233 | +5767.7% |
| Income taxes | 67/77 | €5 | €21,961 | +€21,957 | +459345.4% |
| Profit (loss) for the period | 9904 | €2,149 | €104,425 | +€102,276 | +4758.9% |
| Profit (loss) for the period to be appropriated | 9905 | €2,149 | €104,425 | +€102,276 | +4758.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.