MnM: 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.
MnM
Largest movements
- Tangible fixed assets +€369,873
up €369,873 (+20.0%), from €1.9m to €2.2m
of which Land and buildings: +€326,329
- Receivables within one year +€123,676
up €123,676 (+49.8%), from €248,408 to €372,083
of which Trade receivables: +€129,430
- Debts after one year +€308,229
up €308,229 (+39.4%), from €782,190 to €1.1m
- Other debts +€93,486
up €93,486 (+94.3%), from €99,145 to €192,630
- Current portion of long-term debt +€56,786
up €56,786 (+45.0%), from €126,115 to €182,901
- Trade debts +€43,101
up €43,101 (+193.1%), from €22,325 to €65,426
- Tax, wage and social debts -€31,161
down €31,161 (-25.4%), from €122,628 to €91,467
of which Taxes: -€27,129
- Gross operating margin -€86,383
down €86,383 (-19.9%), from €433,466 to €347,083
- Taxes -€33,654
down €33,654 (-44.3%), from €76,055 to €42,401
- Depreciation +€23,609
up €23,609 (+27.7%), from €85,095 to €108,704
- Other operating charges -€15,744
down €15,744 (-31.9%), from €49,357 to €33,613
- Financial charges +€7,606
up €7,606 (+21.4%), from €35,543 to €43,149
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 | €2,167,922 | €2,659,119 | +€491,197 | +22.7% |
| Fixed assets | 21/28 | €1,853,571 | €2,223,445 | +€369,873 | +20.0% |
| Tangible fixed assets | 22/27 | €1,853,522 | €2,223,395 | +€369,873 | +20.0% |
| Land and buildings | 22 | €1,752,730 | €2,079,059 | +€326,329 | +18.6% |
| Plant, machinery and equipment | 23 | €36,446 | €32,860 | -€3,586 | -9.8% |
| Furniture and vehicles | 24 | €46,893 | €94,024 | +€47,131 | +100.5% |
| Other tangible fixed assets | 26 | €17,453 | €17,453 | = | 0.0% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €314,350 | €435,674 | +€121,324 | +38.6% |
| Stocks and contracts in progress | 3 | - | €8,785 | +€8,785 | |
| Stocks | 30/36 | - | €8,785 | +€8,785 | |
| Amounts receivable within one year | 40/41 | €248,408 | €372,083 | +€123,676 | +49.8% |
| Trade receivables | 40 | €186,115 | €315,544 | +€129,430 | +69.5% |
| Other amounts receivable | 41 | €62,293 | €56,539 | -€5,754 | -9.2% |
| Cash at bank and in hand | 54/58 | €53,697 | €35,892 | -€17,805 | -33.2% |
| Deferred charges and accrued income | 490/1 | €12,245 | €18,914 | +€6,669 | +54.5% |
| Total equity and liabilities | 10/49 | €2,167,922 | €2,659,119 | +€491,197 | +22.7% |
| Equity | 10/15 | €1,011,745 | €1,033,914 | +€22,169 | +2.2% |
| Contributions | 10/11 | €105,000 | €105,000 | = | 0.0% |
| Capital | 10 | €105,000 | €105,000 | = | 0.0% |
| Issued capital | 100 | €105,000 | €105,000 | = | 0.0% |
| Reserves | 13 | €906,745 | €928,914 | +€22,169 | +2.4% |
| Non-distributable reserves | 130/1 | €10,500 | €10,500 | = | 0.0% |
| Legal reserve | 130 | €10,500 | €10,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €22,300 | €22,300 | = | 0.0% |
| Distributable reserves | 133 | €873,944 | €896,113 | +€22,169 | +2.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,156,177 | €1,625,205 | +€469,028 | +40.6% |
| Amounts payable after more than one year | 17 | €782,190 | €1,090,419 | +€308,229 | +39.4% |
| Financial debts | 170/4 | €782,190 | €1,090,419 | +€308,229 | +39.4% |
| Amounts payable within one year | 42/48 | €370,213 | €532,425 | +€162,212 | +43.8% |
| Current portion of amounts payable after more than one year | 42 | €126,115 | €182,901 | +€56,786 | +45.0% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €22,325 | €65,426 | +€43,101 | +193.1% |
| Suppliers | 440/4 | €22,325 | €65,426 | +€43,101 | +193.1% |
| Taxes, remuneration and social security | 45 | €122,628 | €91,467 | -€31,161 | -25.4% |
| Taxes | 450/3 | €113,771 | €86,642 | -€27,129 | -23.8% |
| Remuneration and social security | 454/9 | €8,857 | €4,825 | -€4,032 | -45.5% |
| Other amounts payable | 47/48 | €99,145 | €192,630 | +€93,486 | +94.3% |
| Accrued charges and deferred income | 492/3 | €3,774 | €2,361 | -€1,413 | -37.4% |
| Non-recurring operating income | 76A | - | €14,610 | +€14,610 | |
| Remuneration, social security and pensions | 62 | €18,834 | €19,626 | +€792 | +4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €85,095 | €108,704 | +€23,609 | +27.7% |
| Other operating charges | 640/8 | €49,357 | €33,613 | -€15,744 | -31.9% |
| Gross operating margin | 9900 | €433,466 | €347,083 | -€86,383 | -19.9% |
| Operating profit (loss) | 9901 | €280,180 | €185,140 | -€95,040 | -33.9% |
| Financial income | 75/76B | €1,005 | €179 | -€825 | -82.1% |
| Recurring financial income | 75 | €1,005 | €179 | -€825 | -82.1% |
| Financial charges | 65/66B | €35,543 | €43,149 | +€7,606 | +21.4% |
| Recurring financial charges | 65 | €35,543 | €43,149 | +€7,606 | +21.4% |
| Profit (loss) for the period before taxes | 9903 | €245,641 | €142,170 | -€103,471 | -42.1% |
| Income taxes | 67/77 | €76,055 | €42,401 | -€33,654 | -44.3% |
| Profit (loss) for the period | 9904 | €169,586 | €99,769 | -€69,817 | -41.2% |
| Profit (loss) for the period to be appropriated | 9905 | €169,586 | €99,769 | -€69,817 | -41.2% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.