M&M 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&M Projects
Largest movements
- Tangible fixed assets +€3.4m
up €3.4m (+177.5%), from €1.9m to €5.3m
of which Land and buildings: +€2.8m
- Cash -€1.0m
down €1.0m (-90.6%), from €1.1m to €104,491
mainly Investment in fixed assets (net) (-€3.8m) and Stocks and contracts (-€30,000)
- Debts after one year +€1.9m
up €1.9m (+153.4%), from €1.2m to €3.1m
- Current portion of long-term debt +€162,427
up €162,427 (+100.2%), from €162,045 to €324,473
- Other debts +€135,332
up €135,332 (+10.1%), from €1.3m to €1.5m
- Gross operating margin +€520,521
up €520,521 (+52.8%), from €985,527 to €1.5m
- Staff costs +€204,399
up €204,399 (+28.6%), from €714,351 to €918,750
- Depreciation +€170,297
up €170,297 (+78.9%), from €215,868 to €386,165
- Financial charges +€72,549
up €72,549 (+186.6%), from €38,869 to €111,419
- Other operating charges +€23,974
up €23,974 (+115.2%), from €20,809 to €44,782
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 | €3,191,271 | €5,613,000 | +€2.4m | +75.9% |
| Fixed assets | 21/28 | €1,926,820 | €5,309,775 | +€3.4m | +175.6% |
| Intangible fixed assets | 21 | €19,167 | €15,250 | -€3,917 | -20.4% |
| Tangible fixed assets | 22/27 | €1,907,653 | €5,294,525 | +€3.4m | +177.5% |
| Land and buildings | 22 | €1,138,773 | €3,967,156 | +€2.8m | +248.4% |
| Plant, machinery and equipment | 23 | €661,885 | €1,253,300 | +€591,415 | +89.4% |
| Furniture and vehicles | 24 | €106,994 | €74,069 | -€32,925 | -30.8% |
| Current assets | 29/58 | €1,264,451 | €303,226 | -€961,225 | -76.0% |
| Stocks and contracts in progress | 3 | €20,000 | €50,000 | +€30,000 | +150.0% |
| Stocks | 30/36 | €20,000 | €50,000 | +€30,000 | +150.0% |
| Amounts receivable within one year | 40/41 | €125,456 | €146,998 | +€21,542 | +17.2% |
| Trade receivables | 40 | €99,419 | €89,184 | -€10,234 | -10.3% |
| Other amounts receivable | 41 | €26,038 | €57,814 | +€31,776 | +122.0% |
| Cash at bank and in hand | 54/58 | €1,116,413 | €104,491 | -€1.0m | -90.6% |
| Deferred charges and accrued income | 490/1 | €2,582 | €1,737 | -€845 | -32.7% |
| Total equity and liabilities | 10/49 | €3,191,271 | €5,613,000 | +€2.4m | +75.9% |
| Equity | 10/15 | €259,574 | €300,129 | +€40,555 | +15.6% |
| Contributions | 10/11 | €17,400 | €17,400 | = | 0.0% |
| Reserves | 13 | €242,174 | €282,729 | +€40,555 | +16.7% |
| Distributable reserves | 133 | €242,174 | €282,729 | +€40,555 | +16.7% |
| Amounts payable | 17/49 | €2,931,696 | €5,312,872 | +€2.4m | +81.2% |
| Amounts payable after more than one year | 17 | €1,226,116 | €3,107,312 | +€1.9m | +153.4% |
| Financial debts | 170/4 | €1,226,116 | €3,107,312 | +€1.9m | +153.4% |
| Amounts payable within one year | 42/48 | €1,705,581 | €2,149,912 | +€444,331 | +26.1% |
| Current portion of amounts payable after more than one year | 42 | €162,045 | €324,473 | +€162,427 | +100.2% |
| Financial debts | 43 | - | €50,000 | +€50,000 | |
| Credit institutions | 430/8 | - | €50,000 | +€50,000 | |
| Trade debts | 44 | €96,857 | €141,626 | +€44,769 | +46.2% |
| Suppliers | 440/4 | €96,857 | €141,626 | +€44,769 | +46.2% |
| Advances received on contracts in progress | 46 | - | €10,062 | +€10,062 | |
| Taxes, remuneration and social security | 45 | €109,951 | €151,691 | +€41,740 | +38.0% |
| Taxes | 450/3 | €15,638 | €43,777 | +€28,139 | +179.9% |
| Remuneration and social security | 454/9 | €94,313 | €107,914 | +€13,601 | +14.4% |
| Other amounts payable | 47/48 | €1,336,728 | €1,472,060 | +€135,332 | +10.1% |
| Accrued charges and deferred income | 492/3 | - | €55,648 | +€55,648 | |
| Remuneration, social security and pensions | 62 | €714,351 | €918,750 | +€204,399 | +28.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €215,868 | €386,165 | +€170,297 | +78.9% |
| Other operating charges | 640/8 | €20,809 | €44,782 | +€23,974 | +115.2% |
| Gross operating margin | 9900 | €985,527 | €1,506,048 | +€520,521 | +52.8% |
| Operating profit (loss) | 9901 | €34,499 | €156,351 | +€121,852 | +353.2% |
| Financial income | 75/76B | €1,124 | €323 | -€801 | -71.3% |
| Recurring financial income | 75 | €1,124 | €323 | -€801 | -71.3% |
| Financial charges | 65/66B | €38,869 | €111,419 | +€72,549 | +186.6% |
| Recurring financial charges | 65 | €38,869 | €111,419 | +€72,549 | +186.6% |
| Profit (loss) for the period before taxes | 9903 | -€3,246 | €45,256 | +€48,502 | |
| Income taxes | 67/77 | €2,553 | €4,701 | +€2,148 | +84.1% |
| Profit (loss) for the period | 9904 | -€5,799 | €40,555 | +€46,354 | |
| Transfer from tax-exempt reserves | 789 | €8,149 | - | -€8,149 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,350 | €40,555 | +€38,204 | +1625.5% |
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 10 October 2026 via checked.be.