MNAYIS: 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.
MNAYIS
Largest movements
- Tangible fixed assets -€81,750
down €81,750 (-84.7%), from €96,567 to €14,817
of which Other tangible fixed assets: -€67,850
- Receivables within one year +€57,678
up €57,678 (+81.0%), from €71,193 to €128,871
of which Other amounts receivable: +€92,576
- Cash +€37,524
up €37,524 (+78.7%), from €47,703 to €85,227
mainly Short-term financial debts (+€100,000) and Investment in fixed assets (net) (+€75,286)
- Stocks and contracts -€23,603
down €23,603 (-78.5%), from €30,064 to €6,461
- Deferred charges and accrued income -€7,560
down €7,560 (-85.2%), from €8,868 to €1,309
- Profit (loss) carried forward -€144,746
down €144,746 (-256%), from -€56,464 to -€201,210
- Short-term financial debts +€100,000
new in 2025: €100,000
- Debts after one year +€50,834
up €50,834 (+28.3%), from €179,473 to €230,307
- Other debts -€37,935
no longer reported in 2025 (was €37,935)
- Tax, wage and social debts +€28,977
up €28,977 (+6,182%), from €469 to €29,445
of which Taxes: +€15,677
- Gross operating margin -€132,248
down €132,248, from €60,736 to -€71,511
- Depreciation -€32,421
down €32,421 (-79.2%), from €40,958 to €8,537
- Financial income -€9,540
down €9,540 (-68.6%), from €13,898 to €4,358
- Other operating charges -€7,458
down €7,458 (-65.0%), from €11,473 to €4,014
- Financial charges +€2,277
up €2,277 (+33.3%), from €6,845 to €9,123
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 | €280,464 | €260,681 | -€19,783 | -7.1% |
| Fixed assets | 21/28 | €122,637 | €38,814 | -€83,823 | -68.4% |
| Intangible fixed assets | 21 | €13,800 | €9,200 | -€4,600 | -33.3% |
| Tangible fixed assets | 22/27 | €96,567 | €14,817 | -€81,750 | -84.7% |
| Furniture and vehicles | 24 | €28,717 | €14,817 | -€13,900 | -48.4% |
| Leasing and similar rights | 25 | €0 | €0 | = | 0.0% |
| Other tangible fixed assets | 26 | €67,850 | - | -€67,850 | |
| Financial fixed assets | 28 | €12,270 | €14,797 | +€2,527 | +20.6% |
| Current assets | 29/58 | €157,828 | €221,867 | +€64,040 | +40.6% |
| Stocks and contracts in progress | 3 | €30,064 | €6,461 | -€23,603 | -78.5% |
| Stocks | 30/36 | €30,064 | €6,461 | -€23,603 | -78.5% |
| Amounts receivable within one year | 40/41 | €71,193 | €128,871 | +€57,678 | +81.0% |
| Trade receivables | 40 | €52,984 | €18,085 | -€34,899 | -65.9% |
| Other amounts receivable | 41 | €18,209 | €110,785 | +€92,576 | +508% |
| Cash at bank and in hand | 54/58 | €47,703 | €85,227 | +€37,524 | +78.7% |
| Deferred charges and accrued income | 490/1 | €8,868 | €1,309 | -€7,560 | -85.2% |
| Total equity and liabilities | 10/49 | €280,464 | €260,681 | -€19,783 | -7.1% |
| Equity | 10/15 | -€31,708 | -€177,327 | -€145,619 | -459% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | - | €18,600 | +€18,600 | |
| Issued capital | 100 | - | €18,600 | +€18,600 | |
| Contributions outside capital | 11 | €18,600 | - | -€18,600 | |
| Other | 1109/19 | €18,600 | - | -€18,600 | |
| Profit (loss) carried forward | 14 | -€56,464 | -€201,210 | -€144,746 | -256% |
| Investment grants | 15 | €6,156 | €5,283 | -€872 | -14.2% |
| Amounts payable | 17/49 | €312,173 | €438,008 | +€125,836 | +40.3% |
| Amounts payable after more than one year | 17 | €179,473 | €230,307 | +€50,834 | +28.3% |
| Financial debts | 170/4 | €179,473 | €230,307 | +€50,834 | +28.3% |
| Amounts payable within one year | 42/48 | €132,699 | €207,701 | +€75,002 | +56.5% |
| Current portion of amounts payable after more than one year | 42 | €24,310 | €23,142 | -€1,169 | -4.8% |
| Financial debts | 43 | - | €100,000 | +€100,000 | |
| Credit institutions | 430/8 | - | €100,000 | +€100,000 | |
| Trade debts | 44 | €69,985 | €55,114 | -€14,871 | -21.2% |
| Suppliers | 440/4 | €69,985 | €55,114 | -€14,871 | -21.2% |
| Taxes, remuneration and social security | 45 | €469 | €29,445 | +€28,977 | +6,182% |
| Taxes | 450/3 | €469 | €16,146 | +€15,677 | +3,344% |
| Remuneration and social security | 454/9 | - | €13,299 | +€13,299 | |
| Other amounts payable | 47/48 | €37,935 | - | -€37,935 | |
| Non-recurring operating income | 76A | - | €42,975 | +€42,975 | |
| Remuneration, social security and pensions | 62 | €11,610 | €11,530 | -€80 | -0.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,958 | €8,537 | -€32,421 | -79.2% |
| Other operating charges | 640/8 | €11,473 | €4,014 | -€7,458 | -65.0% |
| Non-recurring operating charges | 66A | - | €44,450 | +€44,450 | |
| Gross operating margin | 9900 | €60,736 | -€71,511 | -€132,248 | |
| Operating profit (loss) | 9901 | -€3,304 | -€140,041 | -€136,737 | -4,138% |
| Financial income | 75/76B | €13,898 | €4,358 | -€9,540 | -68.6% |
| Recurring financial income | 75 | €13,898 | €4,358 | -€9,540 | -68.6% |
| Financial charges | 65/66B | €6,845 | €9,123 | +€2,277 | +33.3% |
| Recurring financial charges | 65 | €6,845 | €9,123 | +€2,277 | +33.3% |
| Profit (loss) for the period before taxes | 9903 | €3,748 | -€144,806 | -€148,555 | |
| Income taxes | 67/77 | €396 | -€60 | -€456 | |
| Profit (loss) for the period | 9904 | €3,352 | -€144,746 | -€148,099 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,352 | -€144,746 | -€148,099 |
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 17 October 2026 via checked.be.