M-L 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-L PROJECTS
Largest movements
- Cash +€84,877
up €84,877 (+18.3%), from €464,840 to €549,716
mainly Net result for the year (+€54,917) and Receivables within one year (+€31,848)
- Receivables within one year -€31,848
down €31,848 (-76.1%), from €41,857 to €10,009
of which Trade receivables: -€33,543
- Reserves +€54,917
up €54,917 (+13.6%), from €405,022 to €459,938
- Trade debts -€25,620
down €25,620 (-95.3%), from €26,874 to €1,254
- Tax, wage and social debts +€22,940
up €22,940 (+27.6%), from €83,002 to €105,942
of which Taxes: +€22,940
- Gross operating margin -€341,939
down €341,939 (-81.1%), from €421,663 to €79,724
- Taxes -€109,344
down €109,344 (-82.6%), from €132,388 to €23,045
- Depreciation -€4,352
down €4,352 (-66.5%), from €6,547 to €2,195
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 | €519,720 | €576,360 | +€56,640 | +10.9% |
| Fixed assets | 21/28 | €10,275 | €11,364 | +€1,089 | +10.6% |
| Tangible fixed assets | 22/27 | €10,275 | €11,364 | +€1,089 | +10.6% |
| Plant, machinery and equipment | 23 | - | €9,719 | +€9,719 | |
| Furniture and vehicles | 24 | €10,275 | €1,645 | -€8,630 | -84.0% |
| Current assets | 29/58 | €509,445 | €564,995 | +€55,550 | +10.9% |
| Amounts receivable within one year | 40/41 | €41,857 | €10,009 | -€31,848 | -76.1% |
| Trade receivables | 40 | €39,866 | €6,323 | -€33,543 | -84.1% |
| Other amounts receivable | 41 | €1,991 | €3,686 | +€1,695 | +85.2% |
| Cash at bank and in hand | 54/58 | €464,840 | €549,716 | +€84,877 | +18.3% |
| Deferred charges and accrued income | 490/1 | €2,749 | €5,270 | +€2,522 | +91.7% |
| Total equity and liabilities | 10/49 | €519,720 | €576,360 | +€56,640 | +10.9% |
| Equity | 10/15 | €407,022 | €461,938 | +€54,917 | +13.5% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €405,022 | €459,938 | +€54,917 | +13.6% |
| Distributable reserves | 133 | €405,022 | €459,938 | +€54,917 | +13.6% |
| Amounts payable | 17/49 | €112,698 | €114,422 | +€1,723 | +1.5% |
| Amounts payable within one year | 42/48 | €112,698 | €114,422 | +€1,723 | +1.5% |
| Trade debts | 44 | €26,874 | €1,254 | -€25,620 | -95.3% |
| Suppliers | 440/4 | €26,874 | €1,254 | -€25,620 | -95.3% |
| Taxes, remuneration and social security | 45 | €83,002 | €105,942 | +€22,940 | +27.6% |
| Taxes | 450/3 | €82,597 | €105,537 | +€22,940 | +27.8% |
| Remuneration and social security | 454/9 | €405 | €405 | = | 0.0% |
| Other amounts payable | 47/48 | €2,822 | €7,226 | +€4,404 | +156% |
| Non-recurring operating income | 76A | - | €17,863 | +€17,863 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,547 | €2,195 | -€4,352 | -66.5% |
| Other operating charges | 640/8 | €1,353 | €2,266 | +€913 | +67.5% |
| Gross operating margin | 9900 | €421,663 | €79,724 | -€341,939 | -81.1% |
| Operating profit (loss) | 9901 | €413,763 | €75,263 | -€338,500 | -81.8% |
| Financial income | 75/76B | €4,070 | €5,616 | +€1,546 | +38.0% |
| Recurring financial income | 75 | €4,070 | €5,616 | +€1,546 | +38.0% |
| Financial charges | 65/66B | €1,037 | €2,918 | +€1,881 | +181% |
| Recurring financial charges | 65 | €1,037 | €2,918 | +€1,881 | +181% |
| Profit (loss) for the period before taxes | 9903 | €416,796 | €77,961 | -€338,835 | -81.3% |
| Income taxes | 67/77 | €132,388 | €23,045 | -€109,344 | -82.6% |
| Profit (loss) for the period | 9904 | €284,408 | €54,917 | -€229,491 | -80.7% |
| Profit (loss) for the period to be appropriated | 9905 | €284,408 | €54,917 | -€229,491 | -80.7% |
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 18 October 2026 via checked.be.