MK: 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.
MK
Largest movements
- Receivables within one year +€86,804
up €86,804 (+134.6%), from €64,491 to €151,294
of which Other amounts receivable: +€54,137
- Cash +€42,056
up €42,056 (+147.2%), from €28,567 to €70,622
- Tangible fixed assets +€39,680
up €39,680 (+169.7%), from €23,380 to €63,060
of which Leasing and similar rights: +€31,149
- Reserves +€65,276
up €65,276 (+108.0%), from €60,465 to €125,741
- Debts after one year +€52,734
up €52,734 (+263.9%), from €19,985 to €72,718
- Tax, wage and social debts +€37,365
up €37,365 (+191.7%), from €19,496 to €56,861
of which Taxes: +€23,685
- Current portion of long-term debt +€14,131
new in 2025: €14,131
- Staff costs +€49,326
up €49,326 (+4075.1%), from €1,210 to €50,537
- Gross operating margin +€36,178
up €36,178 (+44.6%), from €81,129 to €117,307
- Depreciation +€13,949
up €13,949 (+350.7%), from €3,977 to €17,926
- Financial charges +€6,727
up €6,727 (+2172.1%), from €310 to €7,037
- Other operating charges +€6,105
up €6,105 (+12209.4%), from €50 to €6,155
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €117,188 | €285,060 | +€167,873 | +143.3% |
| Fixed assets | 21/28 | €24,130 | €63,144 | +€39,013 | +161.7% |
| Intangible fixed assets | 21 | €750 | €83 | -€667 | -88.9% |
| Tangible fixed assets | 22/27 | €23,380 | €63,060 | +€39,680 | +169.7% |
| Land and buildings | 22 | €2,567 | €1,533 | -€1,034 | -40.3% |
| Plant, machinery and equipment | 23 | €1,754 | €944 | -€809 | -46.1% |
| Furniture and vehicles | 24 | €986 | €11,360 | +€10,374 | +1051.7% |
| Leasing and similar rights | 25 | €18,073 | €49,223 | +€31,149 | +172.3% |
| Current assets | 29/58 | €93,057 | €221,917 | +€128,859 | +138.5% |
| Amounts receivable within one year | 40/41 | €64,491 | €151,294 | +€86,804 | +134.6% |
| Trade receivables | 40 | €42,688 | €75,355 | +€32,667 | +76.5% |
| Other amounts receivable | 41 | €21,803 | €75,940 | +€54,137 | +248.3% |
| Cash at bank and in hand | 54/58 | €28,567 | €70,622 | +€42,056 | +147.2% |
| Total equity and liabilities | 10/49 | €117,188 | €285,060 | +€167,873 | +143.3% |
| Equity | 10/15 | €70,465 | €135,741 | +€65,276 | +92.6% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €60,465 | €125,741 | +€65,276 | +108.0% |
| Distributable reserves | 133 | €60,465 | €125,741 | +€65,276 | +108.0% |
| Amounts payable | 17/49 | €46,722 | €149,319 | +€102,597 | +219.6% |
| Amounts payable after more than one year | 17 | €19,985 | €72,718 | +€52,734 | +263.9% |
| Financial debts | 170/4 | €19,985 | €72,718 | +€52,734 | +263.9% |
| Amounts payable within one year | 42/48 | €26,738 | €75,641 | +€48,903 | +182.9% |
| Current portion of amounts payable after more than one year | 42 | - | €14,131 | +€14,131 | |
| Trade debts | 44 | €7,042 | €4,449 | -€2,593 | -36.8% |
| Suppliers | 440/4 | €7,042 | €4,449 | -€2,593 | -36.8% |
| Taxes, remuneration and social security | 45 | €19,496 | €56,861 | +€37,365 | +191.7% |
| Taxes | 450/3 | €18,796 | €42,481 | +€23,685 | +126.0% |
| Remuneration and social security | 454/9 | €699 | €14,380 | +€13,681 | +1956.0% |
| Other amounts payable | 47/48 | €200 | €200 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | - | €960 | +€960 | |
| Remuneration, social security and pensions | 62 | €1,210 | €50,537 | +€49,326 | +4075.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,977 | €17,926 | +€13,949 | +350.7% |
| Other operating charges | 640/8 | €50 | €6,155 | +€6,105 | +12209.4% |
| Gross operating margin | 9900 | €81,129 | €117,307 | +€36,178 | +44.6% |
| Operating profit (loss) | 9901 | €75,891 | €42,689 | -€33,202 | -43.7% |
| Financial income | 75/76B | - | €2,306 | +€2,306 | |
| Recurring financial income | 75 | - | €591 | +€591 | |
| Non-recurring financial income | 76B | - | €1,715 | +€1,715 | |
| Financial charges | 65/66B | €310 | €7,037 | +€6,727 | +2172.1% |
| Recurring financial charges | 65 | €310 | €7,037 | +€6,727 | +2172.1% |
| Profit (loss) for the period before taxes | 9903 | €75,581 | €37,958 | -€37,623 | -49.8% |
| Income taxes | 67/77 | €15,116 | €12,043 | -€3,073 | -20.3% |
| Profit (loss) for the period | 9904 | €60,465 | €25,915 | -€34,550 | -57.1% |
| Profit (loss) for the period to be appropriated | 9905 | €60,465 | €25,915 | -€34,550 | -57.1% |
Source: filed annual accounts (NBB), financial years ended 30 September 2023 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.