NEW MF: 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.
NEW MF
Largest movements
- Stocks and contracts -€44,092
down €44,092 (-31.3%), from €140,842 to €96,750
- Cash -€36,760
down €36,760 (-50.0%), from €73,492 to €36,732
mainly Debts after one year (-€71,780) and Net result for the year (-€44,586)
- Intangible fixed assets -€20,310
down €20,310 (-11.1%), from €182,786 to €162,476
- Debts after one year -€71,780
down €71,780 (-43.9%), from €163,673 to €91,893
- Profit (loss) carried forward -€44,586
down €44,586, from €26,855 to -€17,731
- Tax, wage and social debts +€19,100
up €19,100 (+33.0%), from €57,830 to €76,930
of which Taxes: +€23,688
- Trade debts -€13,803
down €13,803 (-50.1%), from €27,538 to €13,735
- Current portion of long-term debt +€7,137
up €7,137 (+11.0%), from €64,643 to €71,780
- Gross operating margin -€53,951
down €53,951 (-26.0%), from €207,247 to €153,296
- Staff costs +€16,604
up €16,604 (+12.0%), from €138,760 to €155,364
- Taxes -€12,250
no longer reported in 2025 (was €12,250)
- Financial charges +€10,194
up €10,194 (+107.3%), from €9,500 to €19,694
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 | €415,539 | €317,607 | -€97,932 | -23.6% |
| Fixed assets | 21/28 | €185,240 | €165,777 | -€19,463 | -10.5% |
| Intangible fixed assets | 21 | €182,786 | €162,476 | -€20,310 | -11.1% |
| Tangible fixed assets | 22/27 | €2,011 | €1,588 | -€423 | -21.0% |
| Plant, machinery and equipment | 23 | €2,011 | €1,588 | -€423 | -21.0% |
| Financial fixed assets | 28 | €443 | €1,713 | +€1,270 | +286.7% |
| Current assets | 29/58 | €230,299 | €151,830 | -€78,469 | -34.1% |
| Stocks and contracts in progress | 3 | €140,842 | €96,750 | -€44,092 | -31.3% |
| Stocks | 30/36 | €140,842 | €96,750 | -€44,092 | -31.3% |
| Amounts receivable within one year | 40/41 | €15,965 | €18,348 | +€2,383 | +14.9% |
| Trade receivables | 40 | €15,965 | €18,348 | +€2,383 | +14.9% |
| Cash at bank and in hand | 54/58 | €73,492 | €36,732 | -€36,760 | -50.0% |
| Total equity and liabilities | 10/49 | €415,539 | €317,607 | -€97,932 | -23.6% |
| Equity | 10/15 | €36,855 | -€7,731 | -€44,586 | |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Outside capital | 11 | €10,000 | €10,000 | = | 0.0% |
| Share premium | 1100/10 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €26,855 | -€17,731 | -€44,586 | |
| Amounts payable | 17/49 | €378,684 | €325,338 | -€53,346 | -14.1% |
| Amounts payable after more than one year | 17 | €163,673 | €91,893 | -€71,780 | -43.9% |
| Financial debts | 170/4 | €163,673 | €91,893 | -€71,780 | -43.9% |
| Amounts payable within one year | 42/48 | €215,011 | €233,445 | +€18,434 | +8.6% |
| Current portion of amounts payable after more than one year | 42 | €64,643 | €71,780 | +€7,137 | +11.0% |
| Trade debts | 44 | €27,538 | €13,735 | -€13,803 | -50.1% |
| Suppliers | 440/4 | €27,538 | €13,735 | -€13,803 | -50.1% |
| Taxes, remuneration and social security | 45 | €57,830 | €76,930 | +€19,100 | +33.0% |
| Taxes | 450/3 | €46,168 | €69,856 | +€23,688 | +51.3% |
| Remuneration and social security | 454/9 | €11,662 | €7,074 | -€4,588 | -39.3% |
| Other amounts payable | 47/48 | €65,000 | €71,000 | +€6,000 | +9.2% |
| Remuneration, social security and pensions | 62 | €138,760 | €155,364 | +€16,604 | +12.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,416 | €20,733 | +€317 | +1.6% |
| Other operating charges | 640/8 | €1,198 | €2,730 | +€1,532 | +127.9% |
| Gross operating margin | 9900 | €207,247 | €153,296 | -€53,951 | -26.0% |
| Operating profit (loss) | 9901 | €46,873 | -€25,531 | -€72,404 | |
| Financial income | 75/76B | €1,732 | €639 | -€1,093 | -63.1% |
| Recurring financial income | 75 | €1,732 | €639 | -€1,093 | -63.1% |
| Financial charges | 65/66B | €9,500 | €19,694 | +€10,194 | +107.3% |
| Recurring financial charges | 65 | €9,500 | €19,694 | +€10,194 | +107.3% |
| Profit (loss) for the period before taxes | 9903 | €39,105 | -€44,586 | -€83,691 | |
| Income taxes | 67/77 | €12,250 | - | -€12,250 | |
| Profit (loss) for the period | 9904 | €26,855 | -€44,586 | -€71,441 | |
| Profit (loss) for the period to be appropriated | 9905 | €26,855 | -€44,586 | -€71,441 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.