MN DISTRIBUTION: 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.
MN DISTRIBUTION
Largest movements
- Receivables within one year +€198,969
up €198,969 (+94.2%), from €211,178 to €410,147
of which Trade receivables: +€198,969
- Tangible fixed assets -€13,620
down €13,620 (-14.2%), from €96,023 to €82,403
of which Land and buildings: -€10,184
- Stocks and contracts +€8,020
up €8,020 (+21.3%), from €37,709 to €45,730
- Trade debts +€169,500
up €169,500 (+258%), from €65,766 to €235,266
- Other debts +€55,480
up €55,480 (+66.6%), from €83,293 to €138,773
- Profit (loss) carried forward -€19,557
down €19,557 (-23.0%), from €84,954 to €65,396
- Debts after one year -€16,952
down €16,952 (-37.3%), from €45,486 to €28,534
- Purchases and services +€570,177
up €570,177 (+98,590%), from €578 to €570,756
- Gross operating margin -€34,927
down €34,927 (-30.7%), from €113,707 to €78,780
- Financial charges -€5,644
down €5,644 (-55.5%), from €10,167 to €4,523
- Taxes -€4,452
no longer reported in 2025 (was €4,452)
- Staff costs +€1,308
up €1,308 (+1.9%), from €70,685 to €71,993
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 | €353,391 | €541,397 | +€188,005 | +53.2% |
| Fixed assets | 21/28 | €96,023 | €82,403 | -€13,620 | -14.2% |
| Tangible fixed assets | 22/27 | €96,023 | €82,403 | -€13,620 | -14.2% |
| Land and buildings | 22 | €81,629 | €71,444 | -€10,184 | -12.5% |
| Plant, machinery and equipment | 23 | €14,394 | €10,959 | -€3,435 | -23.9% |
| Current assets | 29/58 | €257,368 | €458,993 | +€201,625 | +78.3% |
| Stocks and contracts in progress | 3 | €37,709 | €45,730 | +€8,020 | +21.3% |
| Stocks | 30/36 | €37,709 | €45,730 | +€8,020 | +21.3% |
| Amounts receivable within one year | 40/41 | €211,178 | €410,147 | +€198,969 | +94.2% |
| Trade receivables | 40 | €210,290 | €409,259 | +€198,969 | +94.6% |
| Other amounts receivable | 41 | €888 | €888 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €8,481 | €3,117 | -€5,364 | -63.2% |
| Total equity and liabilities | 10/49 | €353,391 | €541,397 | +€188,005 | +53.2% |
| Equity | 10/15 | €105,414 | €85,856 | -€19,557 | -18.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | - | -€18,600 | |
| Other | 1109/19 | €18,600 | - | -€18,600 | |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €84,954 | €65,396 | -€19,557 | -23.0% |
| Amounts payable | 17/49 | €247,978 | €455,540 | +€207,563 | +83.7% |
| Amounts payable after more than one year | 17 | €45,486 | €28,534 | -€16,952 | -37.3% |
| Financial debts | 170/4 | €45,486 | €28,534 | -€16,952 | -37.3% |
| Amounts payable within one year | 42/48 | €202,491 | €427,007 | +€224,515 | +111% |
| Current portion of amounts payable after more than one year | 42 | €16,629 | €16,952 | +€323 | +1.9% |
| Trade debts | 44 | €65,766 | €235,266 | +€169,500 | +258% |
| Suppliers | 440/4 | €65,766 | €235,266 | +€169,500 | +258% |
| Advances received on contracts in progress | 46 | - | €4,538 | +€4,538 | |
| Taxes, remuneration and social security | 45 | €36,803 | €31,477 | -€5,325 | -14.5% |
| Taxes | 450/3 | €20,909 | €18,855 | -€2,054 | -9.8% |
| Remuneration and social security | 454/9 | €15,893 | €12,622 | -€3,271 | -20.6% |
| Other amounts payable | 47/48 | €83,293 | €138,773 | +€55,480 | +66.6% |
| Goods, raw materials, services and sundry goods | 60/61 | €578 | €570,756 | +€570,177 | +98,590% |
| Remuneration, social security and pensions | 62 | €70,685 | €71,993 | +€1,308 | +1.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,620 | €13,620 | = | 0.0% |
| Other operating charges | 640/8 | €8,697 | €8,432 | -€265 | -3.0% |
| Gross operating margin | 9900 | €113,707 | €78,780 | -€34,927 | -30.7% |
| Operating profit (loss) | 9901 | €20,705 | -€15,265 | -€35,970 | |
| Financial income | 75/76B | - | €230 | +€230 | |
| Recurring financial income | 75 | - | €230 | +€230 | |
| Financial charges | 65/66B | €10,167 | €4,523 | -€5,644 | -55.5% |
| Recurring financial charges | 65 | €10,167 | €4,523 | -€5,644 | -55.5% |
| Profit (loss) for the period before taxes | 9903 | €10,538 | -€19,557 | -€30,095 | |
| Income taxes | 67/77 | €4,452 | - | -€4,452 | |
| Profit (loss) for the period | 9904 | €6,086 | -€19,557 | -€25,644 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,086 | -€19,557 | -€25,644 |
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 18 October 2026 via checked.be.