MN MGMT: 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.
MN MGMT
Largest movements
- Cash -€18,600
down €18,600 (-49.5%), from €37,589 to €18,989
mainly Contributions, distributions and other (-€126,658) and Debts after one year (-€8,852)
- Receivables within one year +€5,071
up €5,071 (+16.0%), from €31,655 to €36,726
of which Trade receivables: +€13,607
- Tangible fixed assets -€3,731
down €3,731 (-12.0%), from €31,183 to €27,452
of which Furniture and vehicles: -€7,215
- Reserves -€76,990
down €76,990 (-100.0%), from €76,990 to €0
- Other debts +€59,214
up €59,214 (+7401.7%), from €800 to €60,014
- Tax, wage and social debts +€9,352
up €9,352 (+348.2%), from €2,686 to €12,038
- Debts after one year -€8,852
down €8,852 (-92.2%), from €9,604 to €752
- Gross operating margin +€16,056
up €16,056 (+26.7%), from €60,176 to €76,231
- Taxes +€3,406
up €3,406 (+32.3%), from €10,554 to €13,959
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 | €100,982 | €83,732 | -€17,249 | -17.1% |
| Fixed assets | 21/28 | €31,433 | €27,702 | -€3,731 | -11.9% |
| Tangible fixed assets | 22/27 | €31,183 | €27,452 | -€3,731 | -12.0% |
| Plant, machinery and equipment | 23 | €116 | €0 | -€116 | -100.0% |
| Furniture and vehicles | 24 | €31,067 | €23,852 | -€7,215 | -23.2% |
| Other tangible fixed assets | 26 | - | €3,600 | +€3,600 | |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €69,549 | €56,030 | -€13,519 | -19.4% |
| Amounts receivable within one year | 40/41 | €31,655 | €36,726 | +€5,071 | +16.0% |
| Trade receivables | 40 | €23,088 | €36,696 | +€13,607 | +58.9% |
| Other amounts receivable | 41 | €8,566 | €30 | -€8,536 | -99.6% |
| Cash at bank and in hand | 54/58 | €37,589 | €18,989 | -€18,600 | -49.5% |
| Deferred charges and accrued income | 490/1 | €306 | €316 | +€10 | +3.2% |
| Total equity and liabilities | 10/49 | €100,982 | €83,732 | -€17,249 | -17.1% |
| Equity | 10/15 | €78,990 | €2,000 | -€76,990 | -97.5% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €76,990 | €0 | -€76,990 | -100.0% |
| Distributable reserves | 133 | €76,990 | €0 | -€76,990 | -100.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €21,991 | €81,732 | +€59,741 | +271.7% |
| Amounts payable after more than one year | 17 | €9,604 | €752 | -€8,852 | -92.2% |
| Financial debts | 170/4 | €9,604 | €752 | -€8,852 | -92.2% |
| Amounts payable within one year | 42/48 | €12,388 | €80,980 | +€68,593 | +553.7% |
| Current portion of amounts payable after more than one year | 42 | €8,547 | €8,852 | +€305 | +3.6% |
| Trade debts | 44 | €355 | €76 | -€278 | -78.4% |
| Suppliers | 440/4 | €355 | €76 | -€278 | -78.4% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €2,686 | €12,038 | +€9,352 | +348.2% |
| Taxes | 450/3 | €2,686 | €12,038 | +€9,352 | +348.2% |
| Other amounts payable | 47/48 | €800 | €60,014 | +€59,214 | +7401.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,066 | €11,198 | +€132 | +1.2% |
| Other operating charges | 640/8 | €576 | €769 | +€193 | +33.4% |
| Gross operating margin | 9900 | €60,176 | €76,231 | +€16,056 | +26.7% |
| Operating profit (loss) | 9901 | €48,533 | €64,264 | +€15,731 | +32.4% |
| Financial income | 75/76B | €0 | €3 | +€3 | |
| Recurring financial income | 75 | €0 | €3 | +€3 | |
| Financial charges | 65/66B | €934 | €641 | -€294 | -31.4% |
| Recurring financial charges | 65 | €934 | €641 | -€294 | -31.4% |
| Profit (loss) for the period before taxes | 9903 | €47,599 | €63,627 | +€16,028 | +33.7% |
| Income taxes | 67/77 | €10,554 | €13,959 | +€3,406 | +32.3% |
| Profit (loss) for the period | 9904 | €37,045 | €49,668 | +€12,623 | +34.1% |
| Profit (loss) for the period to be appropriated | 9905 | €37,045 | €49,668 | +€12,623 | +34.1% |
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 8 October 2026 via checked.be.