M&G Projects: what changed
Two fiscal 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
- Cash +€57,109
up €57,109 (+104.5%), from €54,652 to €111,761
mainly Net result for the year (+€295,952) and Provisions (+€68,175)
- Tangible fixed assets +€37,995
up €37,995 (+2.8%), from €1.4m to €1.4m
of which Land and buildings: +€65,488
- Reserves +€179,000
up €179,000 (+30.7%), from €583,100 to €762,100
of which Tax-exempt reserves: +€272,700
- Other debts -€103,964
down €103,964 (-26.9%), from €386,829 to €282,866
- Provisions +€68,175
up €68,175 (+185.2%), from €36,811 to €104,986
of which Deferred taxes: +€68,175
- Debts after one year -€61,695
down €61,695 (-18.1%), from €341,045 to €279,350
- Current portion of long-term debt -€28,734
down €28,734 (-31.8%), from €90,248 to €61,515
- Gross operating margin +€343,293
up €343,293 (+261.8%), from €131,133 to €474,425
- Depreciation -€125,924
down €125,924 (-65.6%), from €191,851 to €65,927
- Financial charges +€12,588
up €12,588 (+58.2%), from €21,643 to €34,231
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.
Cash bridge derived
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 | €1,422,778 | €1,507,423 | +€84,646 | +5.9% |
| Fixed assets | 21/28 | €1,351,383 | €1,389,378 | +€37,995 | +2.8% |
| Tangible fixed assets | 22/27 | €1,351,383 | €1,389,378 | +€37,995 | +2.8% |
| Land and buildings | 22 | €1,283,284 | €1,348,772 | +€65,488 | +5.1% |
| Plant, machinery and equipment | 23 | €9,932 | €4,932 | -€5,001 | -50.3% |
| Furniture and vehicles | 24 | €58,168 | €35,675 | -€22,492 | -38.7% |
| Current assets | 29/58 | €71,394 | €118,045 | +€46,650 | +65.3% |
| Amounts receivable within one year | 40/41 | €9,943 | €1,639 | -€8,304 | -83.5% |
| Trade receivables | 40 | €9,943 | €1,639 | -€8,304 | -83.5% |
| Cash at bank and in hand | 54/58 | €54,652 | €111,761 | +€57,109 | +104.5% |
| Deferred charges and accrued income | 490/1 | €6,800 | €4,645 | -€2,155 | -31.7% |
| Total equity and liabilities | 10/49 | €1,422,778 | €1,507,423 | +€84,646 | +5.9% |
| Equity | 10/15 | €536,991 | €739,242 | +€202,252 | +37.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €583,100 | €762,100 | +€179,000 | +30.7% |
| Tax-exempt reserves | 132 | - | €272,700 | +€272,700 | |
| Distributable reserves | 133 | €583,100 | €489,400 | -€93,700 | -16.1% |
| Profit (loss) carried forward | 14 | -€66,109 | -€42,857 | +€23,252 | +35.2% |
| Provisions and deferred taxes | 16 | €36,811 | €104,986 | +€68,175 | +185.2% |
| Provisions for liabilities and charges | 160/5 | €36,811 | €36,811 | = | 0.0% |
| Pensions and similar obligations | 160 | €36,811 | €36,811 | = | 0.0% |
| Deferred taxes | 168 | - | €68,175 | +€68,175 | |
| Amounts payable | 17/49 | €848,976 | €663,195 | -€185,781 | -21.9% |
| Amounts payable after more than one year | 17 | €341,045 | €279,350 | -€61,695 | -18.1% |
| Financial debts | 170/4 | €341,045 | €279,350 | -€61,695 | -18.1% |
| Amounts payable within one year | 42/48 | €507,932 | €360,449 | -€147,482 | -29.0% |
| Current portion of amounts payable after more than one year | 42 | €90,248 | €61,515 | -€28,734 | -31.8% |
| Trade debts | 44 | €28,200 | €12,614 | -€15,586 | -55.3% |
| Suppliers | 440/4 | €28,200 | €12,614 | -€15,586 | -55.3% |
| Taxes, remuneration and social security | 45 | €2,654 | €3,455 | +€801 | +30.2% |
| Taxes | 450/3 | €2,654 | €3,455 | +€801 | +30.2% |
| Other amounts payable | 47/48 | €386,829 | €282,866 | -€103,964 | -26.9% |
| Accrued charges and deferred income | 492/3 | - | €23,396 | +€23,396 | |
| Non-recurring operating income | 76A | - | €414,980 | +€414,980 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €191,851 | €65,927 | -€125,924 | -65.6% |
| Other operating charges | 640/8 | €13,192 | €9,906 | -€3,286 | -24.9% |
| Gross operating margin | 9900 | €131,133 | €474,425 | +€343,293 | +261.8% |
| Operating profit (loss) | 9901 | -€73,910 | €398,592 | +€472,502 | |
| Financial income | 75/76B | €80 | - | -€80 | |
| Recurring financial income | 75 | €80 | - | -€80 | |
| Financial charges | 65/66B | €21,643 | €34,231 | +€12,588 | +58.2% |
| Recurring financial charges | 65 | €21,643 | €34,231 | +€12,588 | +58.2% |
| Profit (loss) for the period before taxes | 9903 | -€95,472 | €364,362 | +€459,834 | |
| Transfer from deferred taxes | 780 | - | €5,221 | +€5,221 | |
| Transfer to deferred taxes | 680 | - | €73,396 | +€73,396 | |
| Income taxes | 67/77 | €441 | €235 | -€206 | -46.7% |
| Profit (loss) for the period | 9904 | -€95,913 | €295,952 | +€391,865 | |
| Transfer from tax-exempt reserves | 789 | - | €20,886 | +€20,886 | |
| Transfer to tax-exempt reserves | 689 | - | €293,586 | +€293,586 | |
| Profit (loss) for the period to be appropriated | 9905 | -€95,913 | €23,252 | +€119,165 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.