MFORM: 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.
MFORM
Largest movements
- Stocks and contracts +€311,010
up €311,010 (+43.8%), from €710,269 to €1.0m
of which Contracts in progress: +€323,473
- Receivables within one year +€131,827
up €131,827 (+17.2%), from €765,886 to €897,713
of which Trade receivables: +€116,566
- Cash -€88,528
down €88,528 (-59.2%), from €149,602 to €61,074
mainly Stocks and contracts (-€311,010) and Receivables within one year (-€131,827)
- Tangible fixed assets -€68,162
down €68,162 (-9.8%), from €694,391 to €626,229
of which Other tangible fixed assets: -€66,600
- Intangible fixed assets +€29,391
new in 2025: €29,391
- Trade debts +€396,346
up €396,346 (+97.4%), from €406,921 to €803,267
- Debts after one year -€62,251
down €62,251 (-12.2%), from €509,493 to €447,242
of which Financial debts: -€62,251
- Short-term financial debts -€50,383
down €50,383 (-10.6%), from €476,741 to €426,358
- Reserves +€28,167
up €28,167 (+18.1%), from €155,364 to €183,531
of which Distributable reserves: +€28,167
- Gross operating margin -€28,475
down €28,475 (-2.3%), from €1.2m to €1.2m
- Financial charges +€13,256
up €13,256 (+18.3%), from €72,398 to €85,654
- Staff costs -€13,029
down €13,029 (-1.4%), from €954,820 to €941,791
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 | €2,331,017 | €2,645,594 | +€314,577 | +13.5% |
| Fixed assets | 21/28 | €695,716 | €656,945 | -€38,771 | -5.6% |
| Intangible fixed assets | 21 | - | €29,391 | +€29,391 | |
| Tangible fixed assets | 22/27 | €694,391 | €626,229 | -€68,162 | -9.8% |
| Land and buildings | 22 | €23,220 | €8,239 | -€14,982 | -64.5% |
| Plant, machinery and equipment | 23 | €31,552 | €57,325 | +€25,773 | +81.7% |
| Furniture and vehicles | 24 | €24,248 | €21,395 | -€2,852 | -11.8% |
| Leasing and similar rights | 25 | €9,917 | €416 | -€9,501 | -95.8% |
| Other tangible fixed assets | 26 | €605,455 | €538,855 | -€66,600 | -11.0% |
| Financial fixed assets | 28 | €1,324 | €1,324 | = | 0.0% |
| Current assets | 29/58 | €1,635,301 | €1,988,649 | +€353,348 | +21.6% |
| Stocks and contracts in progress | 3 | €710,269 | €1,021,279 | +€311,010 | +43.8% |
| Stocks | 30/36 | €584,178 | €571,715 | -€12,463 | -2.1% |
| Contracts in progress | 37 | €126,091 | €449,564 | +€323,473 | +256.5% |
| Amounts receivable within one year | 40/41 | €765,886 | €897,713 | +€131,827 | +17.2% |
| Trade receivables | 40 | €711,770 | €828,336 | +€116,566 | +16.4% |
| Other amounts receivable | 41 | €54,116 | €69,377 | +€15,260 | +28.2% |
| Cash at bank and in hand | 54/58 | €149,602 | €61,074 | -€88,528 | -59.2% |
| Deferred charges and accrued income | 490/1 | €9,544 | €8,584 | -€960 | -10.1% |
| Total equity and liabilities | 10/49 | €2,331,017 | €2,645,594 | +€314,577 | +13.5% |
| Equity | 10/15 | €317,364 | €345,531 | +€28,167 | +8.9% |
| Contributions | 10/11 | €162,000 | €162,000 | = | 0.0% |
| Reserves | 13 | €155,364 | €183,531 | +€28,167 | +18.1% |
| Tax-exempt reserves | 132 | €56,250 | €56,250 | = | 0.0% |
| Distributable reserves | 133 | €99,114 | €127,281 | +€28,167 | +28.4% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €2,013,653 | €2,300,063 | +€286,410 | +14.2% |
| Amounts payable after more than one year | 17 | €509,493 | €447,242 | -€62,251 | -12.2% |
| Financial debts | 170/4 | €359,493 | €297,242 | -€62,251 | -17.3% |
| Other amounts payable | 178/9 | €150,000 | €150,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,482,595 | €1,833,624 | +€351,029 | +23.7% |
| Current portion of amounts payable after more than one year | 42 | €108,191 | €110,187 | +€1,995 | +1.8% |
| Financial debts | 43 | €476,741 | €426,358 | -€50,383 | -10.6% |
| Credit institutions | 430/8 | €476,741 | €426,358 | -€50,383 | -10.6% |
| Trade debts | 44 | €406,921 | €803,267 | +€396,346 | +97.4% |
| Suppliers | 440/4 | €406,921 | €803,267 | +€396,346 | +97.4% |
| Advances received on contracts in progress | 46 | €20,000 | €26,068 | +€6,068 | +30.3% |
| Taxes, remuneration and social security | 45 | €281,753 | €268,737 | -€13,015 | -4.6% |
| Taxes | 450/3 | €139,444 | €40,491 | -€98,952 | -71.0% |
| Remuneration and social security | 454/9 | €142,309 | €228,246 | +€85,937 | +60.4% |
| Other amounts payable | 47/48 | €188,989 | €199,006 | +€10,018 | +5.3% |
| Accrued charges and deferred income | 492/3 | €21,564 | €19,197 | -€2,367 | -11.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €954,820 | €941,791 | -€13,029 | -1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €130,188 | €120,891 | -€9,297 | -7.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €22,201 | €28,106 | +€5,905 | +26.6% |
| Non-recurring operating charges | 66A | €2,915 | €0 | -€2,915 | -100.0% |
| Gross operating margin | 9900 | €1,235,237 | €1,206,762 | -€28,475 | -2.3% |
| Operating profit (loss) | 9901 | €125,113 | €115,974 | -€9,139 | -7.3% |
| Financial income | 75/76B | €5,343 | €4,651 | -€693 | -13.0% |
| Recurring financial income | 75 | €5,343 | €4,651 | -€693 | -13.0% |
| Financial charges | 65/66B | €72,398 | €85,654 | +€13,256 | +18.3% |
| Recurring financial charges | 65 | €72,398 | €85,654 | +€13,256 | +18.3% |
| Profit (loss) for the period before taxes | 9903 | €58,058 | €34,971 | -€23,087 | -39.8% |
| Transfer from deferred taxes | 780 | €0 | - | = | |
| Income taxes | 67/77 | €5,755 | €6,804 | +€1,049 | +18.2% |
| Profit (loss) for the period | 9904 | €52,303 | €28,167 | -€24,136 | -46.1% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €52,303 | €28,167 | -€24,136 | -46.1% |
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 2 October 2026 via checked.be.