M&G PROJECT: 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&G PROJECT
Largest movements
- Receivables within one year -€6,299
down €6,299 (-8.7%), from €72,319 to €66,020
of which Trade receivables: -€27,455
- Cash +€5,982
up €5,982 (+308%), from €1,942 to €7,924
mainly Depreciation (+€10,143) and Receivables within one year (+€6,299)
- Financial fixed assets -€2,130
no longer reported in 2025 (was €2,130)
- Trade debts +€5,588
up €5,588 (+21.9%), from €25,557 to €31,145
- Current portion of long-term debt -€5,319
down €5,319 (-82.9%), from €6,418 to €1,100
- Tax, wage and social debts -€2,725
down €2,725 (-24.8%), from €10,988 to €8,264
of which Taxes: -€2,918
- Profit (loss) carried forward +€1,696
up €1,696 (+4.2%), from €40,647 to €42,343
- Debts after one year -€1,100
no longer reported in 2025 (was €1,100)
- Purchases and services +€35,919
up €35,919 (+9.5%), from €377,597 to €413,517
- Gross operating margin -€22,117
down €22,117 (-56.8%), from €38,964 to €16,848
- Taxes -€5,851
down €5,851 (-83.9%), from €6,974 to €1,123
- Depreciation +€5,026
up €5,026 (+98.2%), from €5,117 to €10,143
- Staff costs +€3,603
new in 2025: €3,603
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 | €86,261 | €84,401 | -€1,860 | -2.2% |
| Fixed assets | 21/28 | €11,827 | €10,214 | -€1,613 | -13.6% |
| Tangible fixed assets | 22/27 | €9,697 | €10,214 | +€517 | +5.3% |
| Plant, machinery and equipment | 23 | €892 | €1,352 | +€460 | +51.6% |
| Furniture and vehicles | 24 | €1,014 | €7,023 | +€6,009 | +593% |
| Leasing and similar rights | 25 | €7,791 | €1,839 | -€5,952 | -76.4% |
| Financial fixed assets | 28 | €2,130 | - | -€2,130 | |
| Current assets | 29/58 | €74,434 | €74,187 | -€247 | -0.3% |
| Amounts receivable within one year | 40/41 | €72,319 | €66,020 | -€6,299 | -8.7% |
| Trade receivables | 40 | €56,850 | €29,395 | -€27,455 | -48.3% |
| Other amounts receivable | 41 | €15,469 | €36,624 | +€21,156 | +137% |
| Cash at bank and in hand | 54/58 | €1,942 | €7,924 | +€5,982 | +308% |
| Deferred charges and accrued income | 490/1 | €174 | €244 | +€70 | +40.5% |
| Total equity and liabilities | 10/49 | €86,261 | €84,401 | -€1,860 | -2.2% |
| Equity | 10/15 | €42,197 | €43,893 | +€1,696 | +4.0% |
| Contributions | 10/11 | €1,550 | €1,550 | = | 0.0% |
| Profit (loss) carried forward | 14 | €40,647 | €42,343 | +€1,696 | +4.2% |
| Amounts payable | 17/49 | €44,063 | €40,508 | -€3,555 | -8.1% |
| Amounts payable after more than one year | 17 | €1,100 | - | -€1,100 | |
| Financial debts | 170/4 | €1,100 | - | -€1,100 | |
| Amounts payable within one year | 42/48 | €42,963 | €40,508 | -€2,455 | -5.7% |
| Current portion of amounts payable after more than one year | 42 | €6,418 | €1,100 | -€5,319 | -82.9% |
| Trade debts | 44 | €25,557 | €31,145 | +€5,588 | +21.9% |
| Suppliers | 440/4 | €25,557 | €31,145 | +€5,588 | +21.9% |
| Taxes, remuneration and social security | 45 | €10,988 | €8,264 | -€2,725 | -24.8% |
| Taxes | 450/3 | €10,988 | €8,071 | -€2,918 | -26.6% |
| Remuneration and social security | 454/9 | - | €193 | +€193 | |
| Goods, raw materials, services and sundry goods | 60/61 | €377,597 | €413,517 | +€35,919 | +9.5% |
| Remuneration, social security and pensions | 62 | - | €3,603 | +€3,603 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,117 | €10,143 | +€5,026 | +98.2% |
| Other operating charges | 640/8 | €644 | €1,031 | +€387 | +60.1% |
| Gross operating margin | 9900 | €38,964 | €16,848 | -€22,117 | -56.8% |
| Operating profit (loss) | 9901 | €33,203 | €2,071 | -€31,132 | -93.8% |
| Financial income | 75/76B | €151 | €1,124 | +€972 | +643% |
| Recurring financial income | 75 | €151 | €1,124 | +€972 | +643% |
| Financial charges | 65/66B | €647 | €375 | -€271 | -42.0% |
| Recurring financial charges | 65 | €647 | €375 | -€271 | -42.0% |
| Profit (loss) for the period before taxes | 9903 | €32,707 | €2,819 | -€29,889 | -91.4% |
| Income taxes | 67/77 | €6,974 | €1,123 | -€5,851 | -83.9% |
| Profit (loss) for the period | 9904 | €25,733 | €1,696 | -€24,038 | -93.4% |
| Profit (loss) for the period to be appropriated | 9905 | €25,733 | €1,696 | -€24,038 | -93.4% |
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 13 October 2026 via checked.be.