MFL REAL ESTATE DEVELOPMENT: 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.
MFL REAL ESTATE DEVELOPMENT
Largest movements
- Receivables within one year +€946,335
up €946,335 (+7,074%), from €13,377 to €959,713
- Cash -€291,271
down €291,271 (-93.4%), from €311,714 to €20,443
mainly Receivables within one year (-€946,335) and Debts after one year (-€67,535)
- Tangible fixed assets -€22,969
down €22,969 (-3.0%), from €778,463 to €755,494
- Short-term financial debts +€688,112
new in 2025: €688,112
- Debts after one year -€67,535
down €67,535 (-11.7%), from €578,095 to €510,561
- Gross operating margin -€17,728
down €17,728 (-19.0%), from €93,532 to €75,804
- Financial charges +€6,860
up €6,860 (+62.8%), from €10,920 to €17,780
- Taxes -€6,299
down €6,299 (-59.3%), from €10,624 to €4,325
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.
Derived cash bridge
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 | €1,150,580 | €1,783,177 | +€632,597 | +55.0% |
| Fixed assets | 21/28 | €778,463 | €755,494 | -€22,969 | -3.0% |
| Tangible fixed assets | 22/27 | €778,463 | €755,494 | -€22,969 | -3.0% |
| Land and buildings | 22 | €778,463 | €755,494 | -€22,969 | -3.0% |
| Current assets | 29/58 | €372,117 | €1,027,683 | +€655,566 | +176% |
| Stocks and contracts in progress | 3 | €43,026 | €43,026 | = | 0.0% |
| Stocks | 30/36 | €43,026 | €43,026 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €13,377 | €959,713 | +€946,335 | +7,074% |
| Other amounts receivable | 41 | €13,377 | €959,713 | +€946,335 | +7,074% |
| Current investments | 50/53 | - | €0 | = | |
| Cash at bank and in hand | 54/58 | €311,714 | €20,443 | -€291,271 | -93.4% |
| Deferred charges and accrued income | 490/1 | €4,000 | €4,501 | +€501 | +12.5% |
| Total equity and liabilities | 10/49 | €1,150,580 | €1,783,177 | +€632,597 | +55.0% |
| Equity | 10/15 | €501,343 | €514,317 | +€12,974 | +2.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Revaluation surpluses | 12 | €360,000 | €360,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €121,343 | €134,317 | +€12,974 | +10.7% |
| Amounts payable | 17/49 | €649,237 | €1,268,860 | +€619,623 | +95.4% |
| Amounts payable after more than one year | 17 | €578,095 | €510,561 | -€67,535 | -11.7% |
| Financial debts | 170/4 | €578,095 | €510,561 | -€67,535 | -11.7% |
| Amounts payable within one year | 42/48 | €71,142 | €758,299 | +€687,157 | +966% |
| Current portion of amounts payable after more than one year | 42 | €62,935 | €65,251 | +€2,315 | +3.7% |
| Financial debts | 43 | - | €688,112 | +€688,112 | |
| Credit institutions | 430/8 | - | €688,112 | +€688,112 | |
| Trade debts | 44 | €968 | €2,946 | +€1,979 | +205% |
| Suppliers | 440/4 | €968 | €2,946 | +€1,979 | +205% |
| Taxes, remuneration and social security | 45 | €6,216 | - | -€6,216 | |
| Taxes | 450/3 | €6,216 | - | -€6,216 | |
| Other amounts payable | 47/48 | €1,023 | €1,990 | +€968 | +94.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,969 | €22,969 | = | 0.0% |
| Other operating charges | 640/8 | €17,149 | €17,756 | +€607 | +3.5% |
| Gross operating margin | 9900 | €93,532 | €75,804 | -€17,728 | -19.0% |
| Operating profit (loss) | 9901 | €53,415 | €35,080 | -€18,335 | -34.3% |
| Financial charges | 65/66B | €10,920 | €17,780 | +€6,860 | +62.8% |
| Recurring financial charges | 65 | €10,920 | €17,780 | +€6,860 | +62.8% |
| Profit (loss) for the period before taxes | 9903 | €42,495 | €17,299 | -€25,196 | -59.3% |
| Income taxes | 67/77 | €10,624 | €4,325 | -€6,299 | -59.3% |
| Profit (loss) for the period | 9904 | €31,871 | €12,974 | -€18,897 | -59.3% |
| Profit (loss) for the period to be appropriated | 9905 | €31,871 | €12,974 | -€18,897 | -59.3% |
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 22 October 2026 via checked.be.