MK28: what changed
MK28
Largest movements
- Financial fixed assets +€50,000
new in 2025: €50,000
- Cash -€26,941
down €26,941 (-48.6%), from €55,488 to €28,547
mainly Investment in fixed assets (net) (-€49,907) and Receivables within one year (-€20,165)
- Receivables within one year +€20,165
up €20,165 (+296%), from €6,822 to €26,987
of which Trade receivables: +€23,298
- Other debts +€43,667
up €43,667 (+5,165%), from €845 to €44,513
- Tax, wage and social debts -€2,312
down €2,312 (-98.3%), from €2,352 to €40
- Reserves +€1,420
up €1,420 (+2.0%), from €71,860 to €73,280
of which Distributable reserves: +€1,420
- Gross operating margin +€27,551
up €27,551, from -€25,749 to €1,803
- Depreciation -€560
no longer reported in 2025 (was €560)
- Financial income +€376
up €376 (+125%), from €300 to €676
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €62,515 | €105,645 | +€43,130 | +69.0% |
| Fixed assets | 21/28 | €93 | €50,000 | +€49,907 | +53,502% |
| Tangible fixed assets | 22/27 | €93 | - | -€93 | |
| Plant, machinery and equipment | 23 | €93 | - | -€93 | |
| Financial fixed assets | 28 | - | €50,000 | +€50,000 | |
| Current assets | 29/58 | €62,422 | €55,645 | -€6,777 | -10.9% |
| Amounts receivable within one year | 40/41 | €6,822 | €26,987 | +€20,165 | +296% |
| Trade receivables | 40 | €3,482 | €26,780 | +€23,298 | +669% |
| Other amounts receivable | 41 | €3,340 | €207 | -€3,133 | -93.8% |
| Cash at bank and in hand | 54/58 | €55,488 | €28,547 | -€26,941 | -48.6% |
| Deferred charges and accrued income | 490/1 | €112 | €111 | -€1 | -1.1% |
| Total equity and liabilities | 10/49 | €62,515 | €105,645 | +€43,130 | +69.0% |
| Equity | 10/15 | €57,608 | €59,172 | +€1,565 | +2.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €71,860 | €73,280 | +€1,420 | +2.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €70,000 | €71,420 | +€1,420 | +2.0% |
| Profit (loss) carried forward | 14 | -€20,452 | -€20,308 | +€145 | +0.7% |
| Amounts payable | 17/49 | €4,908 | €46,473 | +€41,565 | +847% |
| Amounts payable within one year | 42/48 | €4,908 | €46,473 | +€41,565 | +847% |
| Trade debts | 44 | €1,710 | €1,920 | +€210 | +12.3% |
| Suppliers | 440/4 | €1,710 | €1,920 | +€210 | +12.3% |
| Taxes, remuneration and social security | 45 | €2,352 | €40 | -€2,312 | -98.3% |
| Taxes | 450/3 | €2,352 | €40 | -€2,312 | -98.3% |
| Other amounts payable | 47/48 | €845 | €44,513 | +€43,667 | +5,165% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €560 | - | -€560 | |
| Other operating charges | 640/8 | €676 | €643 | -€33 | -4.9% |
| Gross operating margin | 9900 | -€25,749 | €1,803 | +€27,551 | |
| Operating profit (loss) | 9901 | -€26,985 | €1,160 | +€28,144 | |
| Financial income | 75/76B | €300 | €676 | +€376 | +125% |
| Recurring financial income | 75 | €300 | €676 | +€376 | +125% |
| Financial charges | 65/66B | €26 | €129 | +€103 | +395% |
| Recurring financial charges | 65 | €26 | €129 | +€103 | +395% |
| Profit (loss) for the period before taxes | 9903 | -€26,710 | €1,707 | +€28,417 | |
| Income taxes | 67/77 | €191 | €142 | -€49 | -25.5% |
| Profit (loss) for the period | 9904 | -€26,901 | €1,565 | +€28,466 | |
| Profit (loss) for the period to be appropriated | 9905 | -€26,901 | €1,565 | +€28,466 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.