MLN Construct: 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.
MLN Construct
Largest movements
- Receivables within one year +€1.0m
up €1.0m (+97.7%), from €1.0m to €2.1m
of which Trade receivables: +€625,300
- Cash -€534,893
down €534,893 (-90.1%), from €593,690 to €58,796
mainly Receivables within one year (-€1.0m) and Short-term financial debts (-€742,921)
- Stocks and contracts -€449,007
down €449,007 (-44.0%), from €1.0m to €571,353
- Short-term financial debts -€742,921
down €742,921 (-54.9%), from €1.4m to €610,412
- Advances received +€654,859
up €654,859 (+295.1%), from €221,942 to €876,801
- Debts after one year +€599,115
new in 2025: €599,115
- Profit (loss) carried forward -€324,434
new in 2025: -€324,434
- Trade debts -€285,688
down €285,688 (-43.5%), from €656,334 to €370,646
- Gross operating margin -€293,329
down €293,329, from €51,753 to -€241,576
- Financial charges +€92,926
up €92,926 (+404.5%), from €22,975 to €115,901
- Financial income +€12,681
up €12,681 (+2338.7%), from €542 to €13,223
- Taxes -€6,877
down €6,877 (-100.0%), from €6,877 to €0
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 | €2,655,923 | €2,690,183 | +€34,260 | +1.3% |
| Current assets | 29/58 | €2,655,923 | €2,690,183 | +€34,260 | +1.3% |
| Stocks and contracts in progress | 3 | €1,020,360 | €571,353 | -€449,007 | -44.0% |
| Stocks | 30/36 | €1,020,360 | €571,353 | -€449,007 | -44.0% |
| Amounts receivable within one year | 40/41 | €1,041,873 | €2,060,034 | +€1.0m | +97.7% |
| Trade receivables | 40 | €780,966 | €1,406,265 | +€625,300 | +80.1% |
| Other amounts receivable | 41 | €260,908 | €653,768 | +€392,861 | +150.6% |
| Cash at bank and in hand | 54/58 | €593,690 | €58,796 | -€534,893 | -90.1% |
| Total equity and liabilities | 10/49 | €2,655,923 | €2,690,183 | +€34,260 | +1.3% |
| Equity | 10/15 | €90,632 | -€254,434 | -€345,066 | |
| Contributions | 10/11 | €70,000 | €70,000 | = | 0.0% |
| Reserves | 13 | €20,632 | €0 | -€20,632 | -100.0% |
| Distributable reserves | 133 | €20,632 | €0 | -€20,632 | -100.0% |
| Profit (loss) carried forward | 14 | - | -€324,434 | -€324,434 | |
| Amounts payable | 17/49 | €2,565,291 | €2,944,617 | +€379,326 | +14.8% |
| Amounts payable after more than one year | 17 | - | €599,115 | +€599,115 | |
| Other amounts payable | 178/9 | - | €599,115 | +€599,115 | |
| Amounts payable within one year | 42/48 | €2,563,616 | €2,345,502 | -€218,115 | -8.5% |
| Financial debts | 43 | €1,353,333 | €610,412 | -€742,921 | -54.9% |
| Credit institutions | 430/8 | €1,353,333 | €610,412 | -€742,921 | -54.9% |
| Trade debts | 44 | €656,334 | €370,646 | -€285,688 | -43.5% |
| Suppliers | 440/4 | €656,334 | €370,646 | -€285,688 | -43.5% |
| Advances received on contracts in progress | 46 | €221,942 | €876,801 | +€654,859 | +295.1% |
| Taxes, remuneration and social security | 45 | €26,450 | €302,779 | +€276,329 | +1044.7% |
| Taxes | 450/3 | €26,450 | €302,779 | +€276,329 | +1044.7% |
| Other amounts payable | 47/48 | €305,558 | €184,864 | -€120,694 | -39.5% |
| Accrued charges and deferred income | 492/3 | €1,674 | €0 | -€1,674 | -100.0% |
| Other operating charges | 640/8 | €1,810 | €812 | -€999 | -55.2% |
| Gross operating margin | 9900 | €51,753 | -€241,576 | -€293,329 | |
| Operating profit (loss) | 9901 | €49,942 | -€242,388 | -€292,330 | |
| Financial income | 75/76B | €542 | €13,223 | +€12,681 | +2338.7% |
| Recurring financial income | 75 | €542 | €13,223 | +€12,681 | +2338.7% |
| Financial charges | 65/66B | €22,975 | €115,901 | +€92,926 | +404.5% |
| Recurring financial charges | 65 | €22,975 | €115,901 | +€92,926 | +404.5% |
| Profit (loss) for the period before taxes | 9903 | €27,509 | -€345,066 | -€372,575 | |
| Income taxes | 67/77 | €6,877 | €0 | -€6,877 | -100.0% |
| Profit (loss) for the period | 9904 | €20,632 | -€345,066 | -€365,698 | |
| Profit (loss) for the period to be appropriated | 9905 | €20,632 | -€345,066 | -€365,698 |
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 7 October 2026 via checked.be.