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
- Stocks and contracts -€32,045
down €32,045 (-25.3%), from €126,796 to €94,751
- Tangible fixed assets -€17,345
down €17,345 (-9.1%), from €190,535 to €173,189
of which Land and buildings: -€13,592
- Cash +€3,996
up €3,996 (+225.7%), from €1,771 to €5,767
mainly Stocks and contracts (+€32,045) and Depreciation (+€22,026)
- Tax, wage and social debts -€19,189
down €19,189 (-20.3%), from €94,601 to €75,412
of which Taxes: -€14,511
- Short-term financial debts -€14,990
no longer reported in 2025 (was €14,990)
- Trade debts -€14,809
down €14,809 (-30.4%), from €48,759 to €33,950
- Profit (loss) carried forward +€12,274
up €12,274 (+36.7%), from -€33,457 to -€21,182
- Current portion of long-term debt -€9,935
down €9,935 (-19.7%), from €50,392 to €40,458
- Gross operating margin +€20,234
up €20,234 (+19.3%), from €104,973 to €125,207
- Taxes +€5,961
up €5,961 (+1892.3%), from €315 to €6,276
- Staff costs -€4,951
down €4,951 (-7.2%), from €68,700 to €63,749
- Financial charges +€1,274
up €1,274 (+7.1%), from €18,037 to €19,311
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 | €390,433 | €344,903 | -€45,530 | -11.7% |
| Fixed assets | 21/28 | €190,942 | €173,597 | -€17,345 | -9.1% |
| Tangible fixed assets | 22/27 | €190,535 | €173,189 | -€17,345 | -9.1% |
| Land and buildings | 22 | €177,962 | €164,371 | -€13,592 | -7.6% |
| Furniture and vehicles | 24 | €1,277 | €542 | -€735 | -57.5% |
| Other tangible fixed assets | 26 | €11,295 | €8,276 | -€3,019 | -26.7% |
| Financial fixed assets | 28 | €407 | €407 | = | 0.0% |
| Current assets | 29/58 | €199,490 | €171,306 | -€28,184 | -14.1% |
| Amounts receivable after more than one year | 29 | €49,581 | €49,581 | = | 0.0% |
| Other amounts receivable | 291 | €49,581 | €49,581 | = | 0.0% |
| Stocks and contracts in progress | 3 | €126,796 | €94,751 | -€32,045 | -25.3% |
| Stocks | 30/36 | €126,796 | €94,751 | -€32,045 | -25.3% |
| Amounts receivable within one year | 40/41 | €605 | - | -€605 | |
| Trade receivables | 40 | €605 | - | -€605 | |
| Cash at bank and in hand | 54/58 | €1,771 | €5,767 | +€3,996 | +225.7% |
| Deferred charges and accrued income | 490/1 | €20,738 | €21,207 | +€469 | +2.3% |
| Total equity and liabilities | 10/49 | €390,433 | €344,903 | -€45,530 | -11.7% |
| Equity | 10/15 | €50,252 | €60,825 | +€10,573 | +21.0% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €45,591 | €45,591 | = | 0.0% |
| Distributable reserves | 133 | €45,591 | €45,591 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€33,457 | -€21,182 | +€12,274 | +36.7% |
| Investment grants | 15 | €19,568 | €17,866 | -€1,702 | -8.7% |
| Amounts payable | 17/49 | €340,181 | €284,078 | -€56,102 | -16.5% |
| Amounts payable after more than one year | 17 | €107,969 | €113,326 | +€5,357 | +5.0% |
| Financial debts | 170/4 | €107,969 | €113,326 | +€5,357 | +5.0% |
| Amounts payable within one year | 42/48 | €229,956 | €170,119 | -€59,837 | -26.0% |
| Current portion of amounts payable after more than one year | 42 | €50,392 | €40,458 | -€9,935 | -19.7% |
| Financial debts | 43 | €14,990 | - | -€14,990 | |
| Credit institutions | 430/8 | €14,990 | - | -€14,990 | |
| Trade debts | 44 | €48,759 | €33,950 | -€14,809 | -30.4% |
| Suppliers | 440/4 | €48,759 | €33,950 | -€14,809 | -30.4% |
| Taxes, remuneration and social security | 45 | €94,601 | €75,412 | -€19,189 | -20.3% |
| Taxes | 450/3 | €75,106 | €60,595 | -€14,511 | -19.3% |
| Remuneration and social security | 454/9 | €19,495 | €14,817 | -€4,679 | -24.0% |
| Other amounts payable | 47/48 | €21,213 | €20,299 | -€914 | -4.3% |
| Accrued charges and deferred income | 492/3 | €2,256 | €633 | -€1,623 | -71.9% |
| Remuneration, social security and pensions | 62 | €68,700 | €63,749 | -€4,951 | -7.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,421 | €22,026 | +€605 | +2.8% |
| Other operating charges | 640/8 | €4,590 | €4,793 | +€203 | +4.4% |
| Gross operating margin | 9900 | €104,973 | €125,207 | +€20,234 | +19.3% |
| Operating profit (loss) | 9901 | €10,263 | €34,640 | +€24,377 | +237.5% |
| Financial income | 75/76B | €4,297 | €3,221 | -€1,076 | -25.0% |
| Recurring financial income | 75 | €4,297 | €3,221 | -€1,076 | -25.0% |
| Financial charges | 65/66B | €18,037 | €19,311 | +€1,274 | +7.1% |
| Recurring financial charges | 65 | €18,037 | €19,311 | +€1,274 | +7.1% |
| Profit (loss) for the period before taxes | 9903 | -€3,477 | €18,550 | +€22,027 | |
| Income taxes | 67/77 | €315 | €6,276 | +€5,961 | +1892.3% |
| Profit (loss) for the period | 9904 | -€3,792 | €12,274 | +€16,066 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,792 | €12,274 | +€16,066 |
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 28 September 2026 via checked.be.