MNm: 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.
MNm
Largest movements
- Receivables within one year +€310,206
up €310,206 (+6952.0%), from €4,462 to €314,668
of which Other amounts receivable: +€300,123
- Tangible fixed assets -€133,250
no longer reported in 2025 (was €133,250)
- Cash -€66,287
down €66,287 (-90.0%), from €73,668 to €7,381
mainly Receivables within one year (-€310,206) and Contributions, distributions and other (-€33,275)
- Reserves +€95,882
up €95,882 (+48.6%), from €197,370 to €293,252
- Tax, wage and social debts +€14,400
up €14,400 (+257.8%), from €5,586 to €19,986
- Gross operating margin +€144,057
up €144,057 (+382.1%), from €37,705 to €181,762
- Taxes +€44,441
up €44,441 (+401.4%), from €11,071 to €55,512
- Financial income +€3,216
new in 2025: €3,216
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 | €211,380 | €322,050 | +€110,670 | +52.4% |
| Fixed assets | 21/28 | €133,250 | - | -€133,250 | |
| Tangible fixed assets | 22/27 | €133,250 | - | -€133,250 | |
| Land and buildings | 22 | €133,250 | - | -€133,250 | |
| Current assets | 29/58 | €78,130 | €322,050 | +€243,920 | +312.2% |
| Amounts receivable within one year | 40/41 | €4,462 | €314,668 | +€310,206 | +6952.0% |
| Trade receivables | 40 | - | €10,083 | +€10,083 | |
| Other amounts receivable | 41 | €4,462 | €304,585 | +€300,123 | +6726.1% |
| Cash at bank and in hand | 54/58 | €73,668 | €7,381 | -€66,287 | -90.0% |
| Total equity and liabilities | 10/49 | €211,380 | €322,050 | +€110,670 | +52.4% |
| Equity | 10/15 | €203,570 | €299,452 | +€95,882 | +47.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €197,370 | €293,252 | +€95,882 | +48.6% |
| Distributable reserves | 133 | €197,370 | €293,252 | +€95,882 | +48.6% |
| Amounts payable | 17/49 | €7,810 | €22,598 | +€14,788 | +189.3% |
| Amounts payable within one year | 42/48 | €7,810 | €22,598 | +€14,788 | +189.3% |
| Trade debts | 44 | €2,224 | €2,612 | +€388 | +17.4% |
| Suppliers | 440/4 | €2,224 | €2,612 | +€388 | +17.4% |
| Taxes, remuneration and social security | 45 | €5,586 | €19,986 | +€14,400 | +257.8% |
| Taxes | 450/3 | €5,586 | €19,986 | +€14,400 | +257.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €496 | - | -€496 | |
| Other operating charges | 640/8 | €118 | €83 | -€35 | -29.9% |
| Gross operating margin | 9900 | €37,705 | €181,762 | +€144,057 | +382.1% |
| Operating profit (loss) | 9901 | €37,092 | €181,679 | +€144,588 | +389.8% |
| Financial income | 75/76B | - | €3,216 | +€3,216 | |
| Recurring financial income | 75 | - | €3,216 | +€3,216 | |
| Financial charges | 65/66B | €139 | €226 | +€87 | +62.7% |
| Recurring financial charges | 65 | €139 | €226 | +€87 | +62.7% |
| Profit (loss) for the period before taxes | 9903 | €36,953 | €184,669 | +€147,716 | +399.7% |
| Income taxes | 67/77 | €11,071 | €55,512 | +€44,441 | +401.4% |
| Profit (loss) for the period | 9904 | €25,882 | €129,157 | +€103,275 | +399.0% |
| Profit (loss) for the period to be appropriated | 9905 | €25,882 | €129,157 | +€103,275 | +399.0% |
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 12 October 2026 via checked.be.