MNAR: 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.
MNAR
Largest movements
- Receivables within one year -€51,575
down €51,575 (-54.6%), from €94,486 to €42,911
of which Trade receivables: -€58,095
- Cash +€3,664
up €3,664 (+24.1%), from €15,234 to €18,898
mainly Receivables within one year (+€51,575) and Tax, wage and social debts (+€5,000)
- Tangible fixed assets -€3,245
down €3,245 (-16.0%), from €20,255 to €17,010
of which Other tangible fixed assets: -€2,600
- Stocks and contracts -€3,058
down €3,058 (-24.6%), from €12,445 to €9,387
- Trade debts -€53,569
down €53,569 (-70.0%), from €76,534 to €22,965
- Profit (loss) carried forward -€5,645
down €5,645 (-26.5%), from €21,312 to €15,667
- Tax, wage and social debts +€5,000
up €5,000 (+20.7%), from €24,114 to €29,114
of which Taxes: +€5,782
- Turnover -€130,775
down €130,775 (-28.0%), from €467,320 to €336,545
- Purchases and services -€106,539
down €106,539 (-27.3%), from €390,939 to €284,400
- Gross operating margin -€24,813
down €24,813 (-30.4%), from €81,672 to €56,859
- Staff costs -€12,927
down €12,927 (-18.8%), from €68,928 to €56,002
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 | €142,420 | €88,206 | -€54,214 | -38.1% |
| Fixed assets | 21/28 | €20,255 | €17,010 | -€3,245 | -16.0% |
| Tangible fixed assets | 22/27 | €20,255 | €17,010 | -€3,245 | -16.0% |
| Plant, machinery and equipment | 23 | €885 | €563 | -€322 | -36.4% |
| Furniture and vehicles | 24 | €782 | €460 | -€322 | -41.2% |
| Other tangible fixed assets | 26 | €18,588 | €15,988 | -€2,600 | -14.0% |
| Current assets | 29/58 | €122,165 | €71,196 | -€50,969 | -41.7% |
| Stocks and contracts in progress | 3 | €12,445 | €9,387 | -€3,058 | -24.6% |
| Stocks | 30/36 | €12,445 | €9,387 | -€3,058 | -24.6% |
| Amounts receivable within one year | 40/41 | €94,486 | €42,911 | -€51,575 | -54.6% |
| Trade receivables | 40 | €73,519 | €15,424 | -€58,095 | -79.0% |
| Other amounts receivable | 41 | €20,968 | €27,488 | +€6,520 | +31.1% |
| Cash at bank and in hand | 54/58 | €15,234 | €18,898 | +€3,664 | +24.1% |
| Total equity and liabilities | 10/49 | €142,420 | €88,206 | -€54,214 | -38.1% |
| Equity | 10/15 | €41,772 | €36,127 | -€5,645 | -13.5% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Contributions outside capital | 11 | €20,460 | €20,460 | = | 0.0% |
| Other | 1109/19 | €20,460 | €20,460 | = | 0.0% |
| Profit (loss) carried forward | 14 | €21,312 | €15,667 | -€5,645 | -26.5% |
| Amounts payable | 17/49 | €100,648 | €52,079 | -€48,569 | -48.3% |
| Amounts payable within one year | 42/48 | €100,648 | €52,079 | -€48,569 | -48.3% |
| Trade debts | 44 | €76,534 | €22,965 | -€53,569 | -70.0% |
| Suppliers | 440/4 | €76,534 | €22,965 | -€53,569 | -70.0% |
| Taxes, remuneration and social security | 45 | €24,114 | €29,114 | +€5,000 | +20.7% |
| Taxes | 450/3 | €17,798 | €23,580 | +€5,782 | +32.5% |
| Remuneration and social security | 454/9 | €6,317 | €5,535 | -€782 | -12.4% |
| Turnover | 70 | €467,320 | €336,545 | -€130,775 | -28.0% |
| Goods, raw materials, services and sundry goods | 60/61 | €390,939 | €284,400 | -€106,539 | -27.3% |
| Remuneration, social security and pensions | 62 | €68,928 | €56,002 | -€12,927 | -18.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,833 | €3,245 | -€1,588 | -32.9% |
| Other operating charges | 640/8 | €1,924 | €1,457 | -€467 | -24.3% |
| Gross operating margin | 9900 | €81,672 | €56,859 | -€24,813 | -30.4% |
| Operating profit (loss) | 9901 | €5,987 | -€3,843 | -€9,831 | |
| Financial charges | 65/66B | €2,857 | €1,801 | -€1,055 | -36.9% |
| Recurring financial charges | 65 | €2,857 | €1,801 | -€1,055 | -36.9% |
| Profit (loss) for the period before taxes | 9903 | €3,131 | -€5,645 | -€8,775 | |
| Income taxes | 67/77 | €785 | - | -€785 | |
| Profit (loss) for the period | 9904 | €2,346 | -€5,645 | -€7,990 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,346 | -€5,645 | -€7,990 |
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 10 October 2026 via checked.be.