M & G Projects: 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 Projects
Largest movements
- Financial fixed assets +€107,000
up €107,000 (+10.1%), from €1.1m to €1.2m
- Tangible fixed assets -€29,218
down €29,218 (-17.2%), from €169,899 to €140,680
of which Furniture and vehicles: -€21,830
- Reserves +€121,765
up €121,765 (+14.9%), from €816,851 to €938,617
- Other debts +€83,309
up €83,309 (+57.7%), from €144,318 to €227,627
- Trade debts -€75,753
down €75,753 (-99.5%), from €76,134 to €380
- Debts after one year -€71,193
down €71,193 (-51.4%), from €138,530 to €67,337
- Tax, wage and social debts +€30,142
up €30,142 (+338%), from €8,906 to €39,048
- Gross operating margin +€164,025
up €164,025 (+293%), from €56,008 to €220,032
- Taxes +€38,898
up €38,898 (+332%), from €11,712 to €50,610
- Depreciation +€13,385
up €13,385 (+56.9%), from €23,513 to €36,898
- Other operating charges -€5,439
down €5,439 (-52.7%), from €10,318 to €4,879
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 | €1,276,536 | €1,366,230 | +€89,694 | +7.0% |
| Fixed assets | 21/28 | €1,229,899 | €1,307,680 | +€77,782 | +6.3% |
| Tangible fixed assets | 22/27 | €169,899 | €140,680 | -€29,218 | -17.2% |
| Land and buildings | 22 | €29,707 | €25,422 | -€4,286 | -14.4% |
| Plant, machinery and equipment | 23 | €20,443 | €17,340 | -€3,103 | -15.2% |
| Furniture and vehicles | 24 | €119,749 | €97,919 | -€21,830 | -18.2% |
| Financial fixed assets | 28 | €1,060,000 | €1,167,000 | +€107,000 | +10.1% |
| Current assets | 29/58 | €46,637 | €58,550 | +€11,913 | +25.5% |
| Amounts receivable within one year | 40/41 | €26,520 | €15,408 | -€11,112 | -41.9% |
| Trade receivables | 40 | €4,408 | €12,903 | +€8,495 | +193% |
| Other amounts receivable | 41 | €22,112 | €2,505 | -€19,607 | -88.7% |
| Cash at bank and in hand | 54/58 | €20,117 | €29,513 | +€9,396 | +46.7% |
| Deferred charges and accrued income | 490/1 | - | €13,629 | +€13,629 | |
| Total equity and liabilities | 10/49 | €1,276,536 | €1,366,230 | +€89,694 | +7.0% |
| Equity | 10/15 | €838,851 | €960,617 | +€121,765 | +14.5% |
| Contributions | 10/11 | €22,000 | €22,000 | = | 0.0% |
| Reserves | 13 | €816,851 | €938,617 | +€121,765 | +14.9% |
| Distributable reserves | 133 | €816,851 | €938,617 | +€121,765 | +14.9% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €437,684 | €405,613 | -€32,071 | -7.3% |
| Amounts payable after more than one year | 17 | €138,530 | €67,337 | -€71,193 | -51.4% |
| Financial debts | 170/4 | €138,530 | €67,337 | -€71,193 | -51.4% |
| Amounts payable within one year | 42/48 | €299,154 | €338,248 | +€39,094 | +13.1% |
| Current portion of amounts payable after more than one year | 42 | €69,797 | €71,193 | +€1,397 | +2.0% |
| Trade debts | 44 | €76,134 | €380 | -€75,753 | -99.5% |
| Suppliers | 440/4 | €76,134 | €380 | -€75,753 | -99.5% |
| Taxes, remuneration and social security | 45 | €8,906 | €39,048 | +€30,142 | +338% |
| Taxes | 450/3 | €8,906 | €39,048 | +€30,142 | +338% |
| Other amounts payable | 47/48 | €144,318 | €227,627 | +€83,309 | +57.7% |
| Accrued charges and deferred income | 492/3 | €0 | €28 | +€28 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,513 | €36,898 | +€13,385 | +56.9% |
| Other operating charges | 640/8 | €10,318 | €4,879 | -€5,439 | -52.7% |
| Gross operating margin | 9900 | €56,008 | €220,032 | +€164,025 | +293% |
| Operating profit (loss) | 9901 | €22,177 | €178,255 | +€156,078 | +704% |
| Financial income | 75/76B | €783 | €0 | -€783 | -100% |
| Recurring financial income | 75 | €783 | €0 | -€783 | -100% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €3,996 | €5,880 | +€1,884 | +47.2% |
| Recurring financial charges | 65 | €3,996 | €5,880 | +€1,884 | +47.2% |
| Profit (loss) for the period before taxes | 9903 | €18,964 | €172,375 | +€153,411 | +809% |
| Income taxes | 67/77 | €11,712 | €50,610 | +€38,898 | +332% |
| Profit (loss) for the period | 9904 | €7,252 | €121,765 | +€114,513 | +1,579% |
| Profit (loss) for the period to be appropriated | 9905 | €7,252 | €121,765 | +€114,513 | +1,579% |
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 17 October 2026 via checked.be.