mfn: 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.
mfn
Largest movements
- Current investments +€20,000
up €20,000 (+15.4%), from €130,000 to €150,000
- Cash -€11,535
down €11,535 (-38.6%), from €29,879 to €18,343
mainly Current investments (-€20,000) and Tax, wage and social debts (-€6,570)
- Tangible fixed assets -€5,805
down €5,805 (-30.3%), from €19,130 to €13,325
- Reserves +€40,764
up €40,764 (+33.8%), from €120,470 to €161,234
- Profit (loss) carried forward -€30,956
down €30,956 (-75.9%), from €40,764 to €9,808
- Tax, wage and social debts -€6,570
down €6,570 (-47.3%), from €13,904 to €7,334
- Gross operating margin -€36,304
down €36,304 (-64.7%), from €56,104 to €19,800
- Taxes -€7,646
down €7,646 (-67.5%), from €11,331 to €3,685
- Financial income -€2,383
down €2,383 (-69.3%), from €3,437 to €1,054
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 | €186,939 | €189,820 | +€2,881 | +1.5% |
| Fixed assets | 21/28 | €19,130 | €13,325 | -€5,805 | -30.3% |
| Tangible fixed assets | 22/27 | €19,130 | €13,325 | -€5,805 | -30.3% |
| Furniture and vehicles | 24 | €19,130 | €13,325 | -€5,805 | -30.3% |
| Current assets | 29/58 | €167,809 | €176,495 | +€8,686 | +5.2% |
| Amounts receivable within one year | 40/41 | €7,623 | €7,889 | +€266 | +3.5% |
| Trade receivables | 40 | €7,623 | €7,889 | +€266 | +3.5% |
| Current investments | 50/53 | €130,000 | €150,000 | +€20,000 | +15.4% |
| Cash at bank and in hand | 54/58 | €29,879 | €18,343 | -€11,535 | -38.6% |
| Deferred charges and accrued income | 490/1 | €308 | €263 | -€45 | -14.5% |
| Total equity and liabilities | 10/49 | €186,939 | €189,820 | +€2,881 | +1.5% |
| Equity | 10/15 | €166,234 | €176,042 | +€9,808 | +5.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €120,470 | €161,234 | +€40,764 | +33.8% |
| Distributable reserves | 133 | €120,470 | €161,234 | +€40,764 | +33.8% |
| Profit (loss) carried forward | 14 | €40,764 | €9,808 | -€30,956 | -75.9% |
| Amounts payable | 17/49 | €20,704 | €13,778 | -€6,927 | -33.5% |
| Amounts payable within one year | 42/48 | €20,704 | €13,778 | -€6,927 | -33.5% |
| Trade debts | 44 | €1,802 | €1,446 | -€356 | -19.8% |
| Suppliers | 440/4 | €1,802 | €1,446 | -€356 | -19.8% |
| Taxes, remuneration and social security | 45 | €13,904 | €7,334 | -€6,570 | -47.3% |
| Taxes | 450/3 | €13,904 | €7,334 | -€6,570 | -47.3% |
| Other amounts payable | 47/48 | €4,998 | €4,998 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,027 | €6,118 | +€91 | +1.5% |
| Other operating charges | 640/8 | €1,365 | €1,188 | -€177 | -12.9% |
| Gross operating margin | 9900 | €56,104 | €19,800 | -€36,304 | -64.7% |
| Operating profit (loss) | 9901 | €48,712 | €12,494 | -€36,219 | -74.4% |
| Financial income | 75/76B | €3,437 | €1,054 | -€2,383 | -69.3% |
| Recurring financial income | 75 | €3,437 | €1,054 | -€2,383 | -69.3% |
| Financial charges | 65/66B | €54 | €55 | +€1 | +1.5% |
| Recurring financial charges | 65 | €54 | €55 | +€1 | +1.5% |
| Profit (loss) for the period before taxes | 9903 | €52,095 | €13,493 | -€38,602 | -74.1% |
| Income taxes | 67/77 | €11,331 | €3,685 | -€7,646 | -67.5% |
| Profit (loss) for the period | 9904 | €40,764 | €9,808 | -€30,956 | -75.9% |
| Profit (loss) for the period to be appropriated | 9905 | €40,764 | €9,808 | -€30,956 | -75.9% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.