M.B.E.: 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.
M.B.E.
Largest movements
- Receivables within one year +€268,196
up €268,196 (+47.3%), from €567,564 to €835,760
of which Other amounts receivable: +€172,759
- Current investments -€179,998
down €179,998 (-20.8%), from €867,164 to €687,166
- Stocks and contracts -€40,000
down €40,000 (-16.7%), from €240,000 to €200,000
- Receivables after one year -€28,935
no longer reported in 2025 (was €28,935)
- Tangible fixed assets -€28,666
down €28,666 (-4.5%), from €638,453 to €609,786
of which Land and buildings: -€26,200
- Current portion of long-term debt -€134,826
down €134,826 (-37.5%), from €359,286 to €224,460
- Debts after one year +€131,794
up €131,794 (+236%), from €55,874 to €187,668
- Financial charges +€18,251
up €18,251 (+227%), from €8,048 to €26,299
- Gross operating margin +€6,267
up €6,267 (+13.3%), from €46,987 to €53,254
- Other operating charges -€5,423
down €5,423 (-76.7%), from €7,071 to €1,649
- Depreciation +€4,052
up €4,052 (+13.5%), from €29,936 to €33,988
- Financial income -€3,423
down €3,423 (-16.2%), from €21,188 to €17,765
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 | €2,399,362 | €2,401,425 | +€2,063 | +0.1% |
| Fixed assets | 21/28 | €663,453 | €634,786 | -€28,666 | -4.3% |
| Tangible fixed assets | 22/27 | €638,453 | €609,786 | -€28,666 | -4.5% |
| Land and buildings | 22 | €614,199 | €588,000 | -€26,200 | -4.3% |
| Furniture and vehicles | 24 | €24,253 | €21,787 | -€2,467 | -10.2% |
| Financial fixed assets | 28 | €25,000 | €25,000 | = | 0.0% |
| Current assets | 29/58 | €1,735,909 | €1,766,638 | +€30,729 | +1.8% |
| Amounts receivable after more than one year | 29 | €28,935 | - | -€28,935 | |
| Other amounts receivable | 291 | €28,935 | - | -€28,935 | |
| Stocks and contracts in progress | 3 | €240,000 | €200,000 | -€40,000 | -16.7% |
| Contracts in progress | 37 | €240,000 | €200,000 | -€40,000 | -16.7% |
| Amounts receivable within one year | 40/41 | €567,564 | €835,760 | +€268,196 | +47.3% |
| Trade receivables | 40 | €173,516 | €268,953 | +€95,437 | +55.0% |
| Other amounts receivable | 41 | €394,048 | €566,807 | +€172,759 | +43.8% |
| Current investments | 50/53 | €867,164 | €687,166 | -€179,998 | -20.8% |
| Cash at bank and in hand | 54/58 | €32,246 | €43,712 | +€11,466 | +35.6% |
| Total equity and liabilities | 10/49 | €2,399,362 | €2,401,425 | +€2,063 | +0.1% |
| Equity | 10/15 | €1,984,202 | €1,988,059 | +€3,857 | +0.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,978,002 | €1,981,859 | +€3,857 | +0.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €216,605 | €216,605 | = | 0.0% |
| Distributable reserves | 133 | €1,759,537 | €1,763,394 | +€3,857 | +0.2% |
| Amounts payable | 17/49 | €415,160 | €413,366 | -€1,795 | -0.4% |
| Amounts payable after more than one year | 17 | €55,874 | €187,668 | +€131,794 | +236% |
| Financial debts | 170/4 | €55,874 | €187,668 | +€131,794 | +236% |
| Amounts payable within one year | 42/48 | €359,286 | €225,698 | -€133,588 | -37.2% |
| Current portion of amounts payable after more than one year | 42 | €359,286 | €224,460 | -€134,826 | -37.5% |
| Trade debts | 44 | - | €689 | +€689 | |
| Suppliers | 440/4 | - | €689 | +€689 | |
| Taxes, remuneration and social security | 45 | - | €549 | +€549 | |
| Taxes | 450/3 | - | €549 | +€549 | |
| Non-recurring operating income | 76A | €11,441 | - | -€11,441 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,936 | €33,988 | +€4,052 | +13.5% |
| Other operating charges | 640/8 | €7,071 | €1,649 | -€5,423 | -76.7% |
| Gross operating margin | 9900 | €46,987 | €53,254 | +€6,267 | +13.3% |
| Operating profit (loss) | 9901 | €9,980 | €17,618 | +€7,638 | +76.5% |
| Financial income | 75/76B | €21,188 | €17,765 | -€3,423 | -16.2% |
| Recurring financial income | 75 | €21,188 | €17,765 | -€3,423 | -16.2% |
| Financial charges | 65/66B | €8,048 | €26,299 | +€18,251 | +227% |
| Recurring financial charges | 65 | €8,048 | €26,299 | +€18,251 | +227% |
| Profit (loss) for the period before taxes | 9903 | €23,119 | €9,084 | -€14,036 | -60.7% |
| Income taxes | 67/77 | €5,541 | €5,227 | -€314 | -5.7% |
| Profit (loss) for the period | 9904 | €17,579 | €3,857 | -€13,722 | -78.1% |
| Profit (loss) for the period to be appropriated | 9905 | €17,579 | €3,857 | -€13,722 | -78.1% |
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 29 October 2026 via checked.be.