MND FOREST: 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.
MND FOREST
Largest movements
- Tangible fixed assets +€142,062
up €142,062 (+11.6%), from €1.2m to €1.4m
of which Land and buildings: +€181,431
- Cash +€45,158
up €45,158 (+127%), from €35,440 to €80,598
mainly Depreciation (+€368,454) and Debts after one year (+€158,427)
- Receivables within one year +€16,820
up €16,820 (+12.8%), from €131,395 to €148,215
of which Other amounts receivable: +€14,052
- Debts after one year +€158,427
up €158,427 (+18.8%), from €843,317 to €1.0m
- Profit (loss) carried forward +€53,131
up €53,131 (+20.8%), from -€255,823 to -€202,693
- Gross operating margin +€372,306
up €372,306 (+155%), from €240,855 to €613,161
- Staff costs +€21,157
up €21,157 (+19.7%), from €107,500 to €128,657
- Other operating charges +€16,659
up €16,659 (+293%), from €5,693 to €22,352
- Depreciation -€9,826
down €9,826 (-2.6%), from €378,280 to €368,454
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 | €1,399,341 | €1,605,259 | +€205,918 | +14.7% |
| Fixed assets | 21/28 | €1,220,485 | €1,362,547 | +€142,062 | +11.6% |
| Intangible fixed assets | 21 | - | €0 | = | |
| Tangible fixed assets | 22/27 | €1,219,730 | €1,361,792 | +€142,062 | +11.6% |
| Land and buildings | 22 | €55,286 | €236,718 | +€181,431 | +328% |
| Plant, machinery and equipment | 23 | €170,850 | €123,687 | -€47,163 | -27.6% |
| Furniture and vehicles | 24 | €620,176 | €801,167 | +€180,992 | +29.2% |
| Leasing and similar rights | 25 | €373,418 | €200,220 | -€173,199 | -46.4% |
| Financial fixed assets | 28 | €755 | €755 | = | 0.0% |
| Current assets | 29/58 | €178,856 | €242,712 | +€63,856 | +35.7% |
| Amounts receivable within one year | 40/41 | €131,395 | €148,215 | +€16,820 | +12.8% |
| Trade receivables | 40 | €119,933 | €122,701 | +€2,769 | +2.3% |
| Other amounts receivable | 41 | €11,462 | €25,514 | +€14,052 | +123% |
| Cash at bank and in hand | 54/58 | €35,440 | €80,598 | +€45,158 | +127% |
| Deferred charges and accrued income | 490/1 | €12,021 | €13,899 | +€1,878 | +15.6% |
| Total equity and liabilities | 10/49 | €1,399,341 | €1,605,259 | +€205,918 | +14.7% |
| Equity | 10/15 | €155,252 | €222,207 | +€66,955 | +43.1% |
| Reserves | 13 | €411,076 | €411,076 | = | 0.0% |
| Distributable reserves | 133 | €411,076 | €411,076 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€255,823 | -€202,693 | +€53,131 | +20.8% |
| Investment grants | 15 | - | €13,824 | +€13,824 | |
| Amounts payable | 17/49 | €1,244,089 | €1,383,052 | +€138,963 | +11.2% |
| Amounts payable after more than one year | 17 | €843,317 | €1,001,744 | +€158,427 | +18.8% |
| Financial debts | 170/4 | €843,317 | €1,001,744 | +€158,427 | +18.8% |
| Amounts payable within one year | 42/48 | €397,272 | €380,588 | -€16,684 | -4.2% |
| Current portion of amounts payable after more than one year | 42 | €266,710 | €267,575 | +€864 | +0.3% |
| Trade debts | 44 | €121,100 | €105,222 | -€15,877 | -13.1% |
| Suppliers | 440/4 | €121,100 | €105,222 | -€15,877 | -13.1% |
| Taxes, remuneration and social security | 45 | €9,462 | €7,791 | -€1,671 | -17.7% |
| Taxes | 450/3 | €3,084 | €289 | -€2,795 | -90.6% |
| Remuneration and social security | 454/9 | €6,377 | €7,502 | +€1,125 | +17.6% |
| Accrued charges and deferred income | 492/3 | €3,500 | €719 | -€2,781 | -79.4% |
| Remuneration, social security and pensions | 62 | €107,500 | €128,657 | +€21,157 | +19.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €378,280 | €368,454 | -€9,826 | -2.6% |
| Other operating charges | 640/8 | €5,693 | €22,352 | +€16,659 | +293% |
| Gross operating margin | 9900 | €240,855 | €613,161 | +€372,306 | +155% |
| Operating profit (loss) | 9901 | -€250,618 | €93,698 | +€344,317 | |
| Financial income | 75/76B | - | €89 | +€89 | |
| Recurring financial income | 75 | - | €89 | +€89 | |
| Financial charges | 65/66B | €37,231 | €40,495 | +€3,264 | +8.8% |
| Recurring financial charges | 65 | €37,231 | €40,495 | +€3,264 | +8.8% |
| Profit (loss) for the period before taxes | 9903 | -€287,849 | €53,293 | +€341,142 | |
| Income taxes | 67/77 | - | €162 | +€162 | |
| Profit (loss) for the period | 9904 | -€287,849 | €53,131 | +€340,980 | |
| Profit (loss) for the period to be appropriated | 9905 | -€287,849 | €53,131 | +€340,980 |
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 19 October 2026 via checked.be.