MBO: 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.
MBO
Largest movements
- Cash -€126,728
down €126,728 (-66.7%), from €189,948 to €63,221
mainly Other debts (-€45,902) and Net result for the year (-€37,900)
- Receivables within one year +€12,760
up €12,760 (+744%), from €1,715 to €14,475
- Tangible fixed assets -€3,666
down €3,666 (-30.1%), from €12,171 to €8,505
of which Furniture and vehicles: -€3,236
- Other debts -€45,902
no longer reported in 2025 (was €45,902)
- Profit (loss) carried forward -€37,900
down €37,900 (-537%), from -€7,064 to -€44,965
- Tax, wage and social debts -€34,481
down €34,481 (-99.4%), from €34,706 to €225
- Gross operating margin -€31,940
down €31,940, from €1,162 to -€30,778
- Financial charges -€813
down €813 (-27.2%), from €2,991 to €2,178
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 | €210,668 | €91,680 | -€118,988 | -56.5% |
| Fixed assets | 21/28 | €12,171 | €8,505 | -€3,666 | -30.1% |
| Tangible fixed assets | 22/27 | €12,171 | €8,505 | -€3,666 | -30.1% |
| Plant, machinery and equipment | 23 | €859 | €430 | -€430 | -50.0% |
| Furniture and vehicles | 24 | €11,312 | €8,076 | -€3,236 | -28.6% |
| Current assets | 29/58 | €198,497 | €83,175 | -€115,322 | -58.1% |
| Amounts receivable within one year | 40/41 | €1,715 | €14,475 | +€12,760 | +744% |
| Other amounts receivable | 41 | €1,715 | €14,475 | +€12,760 | +744% |
| Cash at bank and in hand | 54/58 | €189,948 | €63,221 | -€126,728 | -66.7% |
| Deferred charges and accrued income | 490/1 | €6,833 | €5,479 | -€1,354 | -19.8% |
| Total equity and liabilities | 10/49 | €210,668 | €91,680 | -€118,988 | -56.5% |
| Equity | 10/15 | €129,298 | €91,397 | -€37,900 | -29.3% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €135,362 | €135,362 | = | 0.0% |
| Distributable reserves | 133 | €135,362 | €135,362 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€7,064 | -€44,965 | -€37,900 | -537% |
| Amounts payable | 17/49 | €81,370 | €282 | -€81,087 | -99.7% |
| Amounts payable within one year | 42/48 | €81,370 | €282 | -€81,087 | -99.7% |
| Trade debts | 44 | €762 | €57 | -€705 | -92.5% |
| Suppliers | 440/4 | €762 | €57 | -€705 | -92.5% |
| Taxes, remuneration and social security | 45 | €34,706 | €225 | -€34,481 | -99.4% |
| Taxes | 450/3 | €34,706 | €225 | -€34,481 | -99.4% |
| Other amounts payable | 47/48 | €45,902 | - | -€45,902 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,916 | €3,666 | -€250 | -6.4% |
| Other operating charges | 640/8 | €1,076 | €1,053 | -€23 | -2.1% |
| Gross operating margin | 9900 | €1,162 | -€30,778 | -€31,940 | |
| Operating profit (loss) | 9901 | -€3,830 | -€35,497 | -€31,667 | -827% |
| Financial income | 75/76B | €3 | - | -€3 | |
| Recurring financial income | 75 | €3 | - | -€3 | |
| Financial charges | 65/66B | €2,991 | €2,178 | -€813 | -27.2% |
| Recurring financial charges | 65 | €2,991 | €2,178 | -€813 | -27.2% |
| Profit (loss) for the period before taxes | 9903 | -€6,818 | -€37,675 | -€30,857 | -453% |
| Income taxes | 67/77 | €246 | €225 | -€21 | -8.5% |
| Profit (loss) for the period | 9904 | -€7,064 | -€37,900 | -€30,836 | -437% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,064 | -€37,900 | -€30,836 | -437% |
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 26 October 2026 via checked.be.