ML Business Partner: 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.
ML Business Partner
Largest movements
- Tangible fixed assets +€137,592
up €137,592 (+39.5%), from €347,895 to €485,488
of which Land and buildings: +€134,903
- Cash -€21,250
down €21,250 (-46.4%), from €45,771 to €24,521
mainly Contributions, distributions and other (-€185,683) and Investment in fixed assets (net) (-€166,566)
- Receivables within one year -€15,296
down €15,296 (-14.4%), from €105,872 to €90,576
of which Trade receivables: -€15,343
- Other debts +€221,339
new in 2025: €221,339
- Profit (loss) carried forward -€91,015
down €91,015 (-100%), from €91,015 to €0
- Trade debts -€29,716
down €29,716 (-82.1%), from €36,196 to €6,480
- Tax, wage and social debts +€20,682
up €20,682 (+43.0%), from €48,109 to €68,791
of which Taxes: +€31,415
- Debts after one year -€18,535
down €18,535 (-6.1%), from €303,968 to €285,433
- Gross operating margin +€18,334
up €18,334 (+11.7%), from €156,704 to €175,038
- Depreciation +€11,319
up €11,319 (+64.1%), from €17,655 to €28,973
- Taxes +€4,100
up €4,100 (+12.9%), from €31,733 to €35,834
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 | €499,539 | €603,081 | +€103,543 | +20.7% |
| Fixed assets | 21/28 | €347,895 | €485,488 | +€137,592 | +39.5% |
| Tangible fixed assets | 22/27 | €347,895 | €485,488 | +€137,592 | +39.5% |
| Land and buildings | 22 | €347,895 | €482,798 | +€134,903 | +38.8% |
| Furniture and vehicles | 24 | - | €2,689 | +€2,689 | |
| Current assets | 29/58 | €151,643 | €117,594 | -€34,050 | -22.5% |
| Amounts receivable within one year | 40/41 | €105,872 | €90,576 | -€15,296 | -14.4% |
| Trade receivables | 40 | €104,324 | €88,981 | -€15,343 | -14.7% |
| Other amounts receivable | 41 | €1,548 | €1,595 | +€46 | +3.0% |
| Cash at bank and in hand | 54/58 | €45,771 | €24,521 | -€21,250 | -46.4% |
| Deferred charges and accrued income | 490/1 | - | €2,497 | +€2,497 | |
| Total equity and liabilities | 10/49 | €499,539 | €603,081 | +€103,543 | +20.7% |
| Equity | 10/15 | €93,515 | €2,500 | -€91,015 | -97.3% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €91,015 | €0 | -€91,015 | -100% |
| Amounts payable | 17/49 | €406,024 | €600,581 | +€194,557 | +47.9% |
| Amounts payable after more than one year | 17 | €303,968 | €285,433 | -€18,535 | -6.1% |
| Financial debts | 170/4 | €303,968 | €285,433 | -€18,535 | -6.1% |
| Amounts payable within one year | 42/48 | €102,056 | €315,149 | +€213,093 | +209% |
| Current portion of amounts payable after more than one year | 42 | €17,746 | €18,535 | +€789 | +4.4% |
| Financial debts | 43 | €4 | €3 | -€2 | -33.4% |
| Credit institutions | 430/8 | €4 | €3 | -€2 | -33.4% |
| Trade debts | 44 | €36,196 | €6,480 | -€29,716 | -82.1% |
| Suppliers | 440/4 | €36,196 | €6,480 | -€29,716 | -82.1% |
| Taxes, remuneration and social security | 45 | €48,109 | €68,791 | +€20,682 | +43.0% |
| Taxes | 450/3 | €37,376 | €68,791 | +€31,415 | +84.1% |
| Remuneration and social security | 454/9 | €10,733 | €0 | -€10,733 | -100% |
| Other amounts payable | 47/48 | - | €221,339 | +€221,339 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,655 | €28,973 | +€11,319 | +64.1% |
| Other operating charges | 640/8 | €2,364 | €2,357 | -€7 | -0.3% |
| Gross operating margin | 9900 | €156,704 | €175,038 | +€18,334 | +11.7% |
| Operating profit (loss) | 9901 | €136,685 | €143,707 | +€7,022 | +5.1% |
| Financial income | 75/76B | €17 | €46 | +€29 | +170% |
| Recurring financial income | 75 | €17 | €46 | +€29 | +170% |
| Financial charges | 65/66B | €13,955 | €13,251 | -€703 | -5.0% |
| Recurring financial charges | 65 | €13,955 | €13,251 | -€703 | -5.0% |
| Profit (loss) for the period before taxes | 9903 | €122,748 | €130,502 | +€7,754 | +6.3% |
| Income taxes | 67/77 | €31,733 | €35,834 | +€4,100 | +12.9% |
| Profit (loss) for the period | 9904 | €91,015 | €94,669 | +€3,654 | +4.0% |
| Profit (loss) for the period to be appropriated | 9905 | €91,015 | €94,669 | +€3,654 | +4.0% |
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.