M.M.P.: 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.M.P.
Largest movements
- Tangible fixed assets +€133,940
up €133,940 (+73.3%), from €182,627 to €316,567
of which Land and buildings: +€174,913
- Receivables after one year +€67,988
up €67,988 (+16.7%), from €408,235 to €476,222
- Receivables within one year -€63,244
down €63,244 (-60.5%), from €104,606 to €41,362
of which Other amounts receivable: -€82,903
- Cash +€50,191
up €50,191 (+1,378%), from €3,642 to €53,833
mainly Other debts (+€259,776) and Receivables within one year (+€63,244)
- Other debts +€259,776
up €259,776 (+10.8%), from €2.4m to €2.7m
- Debts after one year -€107,501
down €107,501 (-15.9%), from €674,022 to €566,521
- Depreciation +€16,231
up €16,231 (+49.8%), from €32,597 to €48,829
- Financial charges -€10,085
down €10,085 (-31.5%), from €32,005 to €21,919
- Other operating charges -€2,803
down €2,803 (-50.9%), from €5,503 to €2,699
- Taxes +€1,459
up €1,459 (+7.7%), from €18,841 to €20,300
- Gross operating margin -€1,295
down €1,295 (-1.2%), from €106,664 to €105,368
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 | €3,461,074 | €3,647,270 | +€186,195 | +5.4% |
| Fixed assets | 21/28 | €2,939,283 | €3,073,223 | +€133,940 | +4.6% |
| Tangible fixed assets | 22/27 | €182,627 | €316,567 | +€133,940 | +73.3% |
| Land and buildings | 22 | - | €174,913 | +€174,913 | |
| Plant, machinery and equipment | 23 | €1,813 | €1,124 | -€689 | -38.0% |
| Furniture and vehicles | 24 | €180,815 | €140,530 | -€40,284 | -22.3% |
| Financial fixed assets | 28 | €2,756,656 | €2,756,656 | = | 0.0% |
| Current assets | 29/58 | €521,791 | €574,047 | +€52,256 | +10.0% |
| Amounts receivable after more than one year | 29 | €408,235 | €476,222 | +€67,988 | +16.7% |
| Other amounts receivable | 291 | €408,235 | €476,222 | +€67,988 | +16.7% |
| Amounts receivable within one year | 40/41 | €104,606 | €41,362 | -€63,244 | -60.5% |
| Trade receivables | 40 | - | €19,659 | +€19,659 | |
| Other amounts receivable | 41 | €104,606 | €21,703 | -€82,903 | -79.3% |
| Cash at bank and in hand | 54/58 | €3,642 | €53,833 | +€50,191 | +1,378% |
| Deferred charges and accrued income | 490/1 | €5,308 | €2,629 | -€2,679 | -50.5% |
| Total equity and liabilities | 10/49 | €3,461,074 | €3,647,270 | +€186,195 | +5.4% |
| Equity | 10/15 | €263,616 | €284,468 | +€20,852 | +7.9% |
| Contributions | 10/11 | €63,000 | €63,000 | = | 0.0% |
| Capital | 10 | €63,000 | €63,000 | = | 0.0% |
| Issued capital | 100 | €63,000 | €63,000 | = | 0.0% |
| Reserves | 13 | €200,155 | €200,155 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,300 | €6,300 | = | 0.0% |
| Legal reserve | 130 | €6,300 | €6,300 | = | 0.0% |
| Distributable reserves | 133 | €193,855 | €193,855 | = | 0.0% |
| Profit (loss) carried forward | 14 | €461 | €21,313 | +€20,852 | +4,519% |
| Amounts payable | 17/49 | €3,197,458 | €3,362,802 | +€165,344 | +5.2% |
| Amounts payable after more than one year | 17 | €674,022 | €566,521 | -€107,501 | -15.9% |
| Financial debts | 170/4 | €674,022 | €566,521 | -€107,501 | -15.9% |
| Amounts payable within one year | 42/48 | €2,523,436 | €2,796,281 | +€272,845 | +10.8% |
| Current portion of amounts payable after more than one year | 42 | €105,375 | €107,501 | +€2,127 | +2.0% |
| Trade debts | 44 | €6,112 | €5,028 | -€1,084 | -17.7% |
| Suppliers | 440/4 | €6,112 | €5,028 | -€1,084 | -17.7% |
| Taxes, remuneration and social security | 45 | €9,573 | €21,600 | +€12,027 | +126% |
| Taxes | 450/3 | €9,573 | €21,600 | +€12,027 | +126% |
| Other amounts payable | 47/48 | €2,402,376 | €2,662,152 | +€259,776 | +10.8% |
| Non-recurring operating income | 76A | - | €15,310 | +€15,310 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,597 | €48,829 | +€16,231 | +49.8% |
| Other operating charges | 640/8 | €5,503 | €2,699 | -€2,803 | -50.9% |
| Gross operating margin | 9900 | €106,664 | €105,368 | -€1,295 | -1.2% |
| Operating profit (loss) | 9901 | €68,564 | €53,840 | -€14,723 | -21.5% |
| Financial income | 75/76B | €9,856 | €9,231 | -€625 | -6.3% |
| Recurring financial income | 75 | €9,856 | €9,231 | -€625 | -6.3% |
| Financial charges | 65/66B | €32,005 | €21,919 | -€10,085 | -31.5% |
| Recurring financial charges | 65 | €32,005 | €21,919 | -€10,085 | -31.5% |
| Profit (loss) for the period before taxes | 9903 | €46,415 | €41,152 | -€5,263 | -11.3% |
| Income taxes | 67/77 | €18,841 | €20,300 | +€1,459 | +7.7% |
| Profit (loss) for the period | 9904 | €27,574 | €20,852 | -€6,722 | -24.4% |
| Profit (loss) for the period to be appropriated | 9905 | €27,574 | €20,852 | -€6,722 | -24.4% |
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 27 October 2026 via checked.be.