MNL: 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.
MNL
Largest movements
- Tangible fixed assets +€308,518
up €308,518 (+20,819%), from €1,482 to €310,000
of which Land and buildings: +€309,342
- Cash -€31,467
down €31,467 (-30.1%), from €104,442 to €72,975
mainly Investment in fixed assets (net) (-€316,573) and Contributions, distributions and other (-€82,000)
- Deferred charges and accrued income -€11,869
down €11,869 (-95.4%), from €12,437 to €568
- Receivables within one year -€6,534
no longer reported in 2025 (was €6,534)
- Debts after one year +€176,425
new in 2025: €176,425
- Tax, wage and social debts +€34,521
up €34,521 (+135%), from €25,505 to €60,027
of which Taxes: +€34,325
- Reserves +€18,345
up €18,345 (+24.4%), from €75,286 to €93,631
- Current portion of long-term debt +€18,151
new in 2025: €18,151
- Trade debts +€6,357
up €6,357 (+60.5%), from €10,512 to €16,868
- Gross operating margin +€113,402
up €113,402 (+247%), from €45,845 to €159,247
- Taxes +€25,419
up €25,419 (+224%), from €11,371 to €36,790
- Depreciation +€7,231
up €7,231 (+878%), from €824 to €8,055
- Staff costs +€3,840
new in 2025: €3,840
- Financial charges +€2,760
up €2,760 (+38.9%), from €7,088 to €9,848
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 | €124,895 | €383,543 | +€258,648 | +207% |
| Fixed assets | 21/28 | €1,482 | €310,000 | +€308,518 | +20,819% |
| Tangible fixed assets | 22/27 | €1,482 | €310,000 | +€308,518 | +20,819% |
| Land and buildings | 22 | - | €309,342 | +€309,342 | |
| Plant, machinery and equipment | 23 | €1,482 | €658 | -€824 | -55.6% |
| Current assets | 29/58 | €123,413 | €73,543 | -€49,870 | -40.4% |
| Amounts receivable within one year | 40/41 | €6,534 | - | -€6,534 | |
| Trade receivables | 40 | €6,534 | - | -€6,534 | |
| Cash at bank and in hand | 54/58 | €104,442 | €72,975 | -€31,467 | -30.1% |
| Deferred charges and accrued income | 490/1 | €12,437 | €568 | -€11,869 | -95.4% |
| Total equity and liabilities | 10/49 | €124,895 | €383,543 | +€258,648 | +207% |
| Equity | 10/15 | €80,286 | €98,631 | +€18,345 | +22.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €75,286 | €93,631 | +€18,345 | +24.4% |
| Distributable reserves | 133 | €75,286 | €93,631 | +€18,345 | +24.4% |
| Amounts payable | 17/49 | €44,609 | €284,912 | +€240,303 | +539% |
| Amounts payable after more than one year | 17 | - | €176,425 | +€176,425 | |
| Financial debts | 170/4 | - | €176,425 | +€176,425 | |
| Amounts payable within one year | 42/48 | €44,609 | €107,795 | +€63,186 | +142% |
| Current portion of amounts payable after more than one year | 42 | - | €18,151 | +€18,151 | |
| Trade debts | 44 | €10,512 | €16,868 | +€6,357 | +60.5% |
| Suppliers | 440/4 | €10,512 | €16,868 | +€6,357 | +60.5% |
| Taxes, remuneration and social security | 45 | €25,505 | €60,027 | +€34,521 | +135% |
| Taxes | 450/3 | €25,505 | €59,831 | +€34,325 | +135% |
| Remuneration and social security | 454/9 | - | €196 | +€196 | |
| Other amounts payable | 47/48 | €8,592 | €12,749 | +€4,157 | +48.4% |
| Accrued charges and deferred income | 492/3 | - | €692 | +€692 | |
| Remuneration, social security and pensions | 62 | - | €3,840 | +€3,840 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €824 | €8,055 | +€7,231 | +878% |
| Other operating charges | 640/8 | €774 | €789 | +€14 | +1.9% |
| Gross operating margin | 9900 | €45,845 | €159,247 | +€113,402 | +247% |
| Operating profit (loss) | 9901 | €44,247 | €146,564 | +€102,317 | +231% |
| Financial income | 75/76B | €1,187 | €419 | -€768 | -64.7% |
| Recurring financial income | 75 | €1,187 | €419 | -€768 | -64.7% |
| Financial charges | 65/66B | €7,088 | €9,848 | +€2,760 | +38.9% |
| Recurring financial charges | 65 | €7,088 | €9,848 | +€2,760 | +38.9% |
| Profit (loss) for the period before taxes | 9903 | €38,346 | €137,135 | +€98,789 | +258% |
| Income taxes | 67/77 | €11,371 | €36,790 | +€25,419 | +224% |
| Profit (loss) for the period | 9904 | €26,975 | €100,345 | +€73,370 | +272% |
| Profit (loss) for the period to be appropriated | 9905 | €26,975 | €100,345 | +€73,370 | +272% |
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 27 October 2026 via checked.be.