M&N 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&N Projects
Largest movements
- Cash +€26,259
up €26,259 (+70.2%), from €37,423 to €63,681
mainly Net result for the year (+€64,828) and Other debts (+€43,126)
- Receivables within one year +€17,921
up €17,921 (+158.7%), from €11,291 to €29,212
of which Trade receivables: +€17,353
- Deferred charges and accrued income -€2,785
down €2,785 (-6.6%), from €42,380 to €39,595
- Other debts +€43,126
up €43,126 (+898.2%), from €4,801 to €47,927
- Reserves -€2,946
down €2,946 (-4.2%), from €69,774 to €66,828
- Gross operating margin +€18,793
up €18,793 (+55.3%), from €34,007 to €52,799
- Taxes +€2,635
up €2,635 (+33.0%), from €7,980 to €10,614
- Financial charges +€2,183
up €2,183 (+361.9%), from €603 to €2,786
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 | €97,745 | €139,503 | +€41,757 | +42.7% |
| Fixed assets | 21/28 | €6,651 | €7,014 | +€363 | +5.5% |
| Tangible fixed assets | 22/27 | €4,101 | €4,464 | +€363 | +8.8% |
| Land and buildings | 22 | €3,891 | €4,464 | +€573 | +14.7% |
| Furniture and vehicles | 24 | €211 | €0 | -€211 | -100.0% |
| Financial fixed assets | 28 | €2,550 | €2,550 | = | 0.0% |
| Current assets | 29/58 | €91,094 | €132,489 | +€41,395 | +45.4% |
| Amounts receivable within one year | 40/41 | €11,291 | €29,212 | +€17,921 | +158.7% |
| Trade receivables | 40 | €10,944 | €28,297 | +€17,353 | +158.6% |
| Other amounts receivable | 41 | €347 | €915 | +€568 | +163.7% |
| Cash at bank and in hand | 54/58 | €37,423 | €63,681 | +€26,259 | +70.2% |
| Deferred charges and accrued income | 490/1 | €42,380 | €39,595 | -€2,785 | -6.6% |
| Total equity and liabilities | 10/49 | €97,745 | €139,503 | +€41,757 | +42.7% |
| Equity | 10/15 | €88,374 | €85,428 | -€2,946 | -3.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €69,774 | €66,828 | -€2,946 | -4.2% |
| Distributable reserves | 133 | €69,774 | €66,828 | -€2,946 | -4.2% |
| Amounts payable | 17/49 | €9,372 | €54,075 | +€44,703 | +477.0% |
| Amounts payable within one year | 42/48 | €9,372 | €52,717 | +€43,345 | +462.5% |
| Trade debts | 44 | - | €329 | +€329 | |
| Suppliers | 440/4 | - | €329 | +€329 | |
| Taxes, remuneration and social security | 45 | €4,570 | €4,461 | -€110 | -2.4% |
| Taxes | 450/3 | €4,570 | €4,461 | -€110 | -2.4% |
| Other amounts payable | 47/48 | €4,801 | €47,927 | +€43,126 | +898.2% |
| Accrued charges and deferred income | 492/3 | - | €1,358 | +€1,358 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €989 | €1,472 | +€483 | +48.8% |
| Other operating charges | 640/8 | €725 | €673 | -€53 | -7.2% |
| Non-recurring operating charges | 66A | - | €1,602 | +€1,602 | |
| Gross operating margin | 9900 | €34,007 | €52,799 | +€18,793 | +55.3% |
| Operating profit (loss) | 9901 | €32,292 | €49,052 | +€16,760 | +51.9% |
| Financial income | 75/76B | €29,547 | €29,176 | -€371 | -1.3% |
| Recurring financial income | 75 | €29,547 | €29,176 | -€371 | -1.3% |
| Financial charges | 65/66B | €603 | €2,786 | +€2,183 | +361.9% |
| Recurring financial charges | 65 | €603 | €2,786 | +€2,183 | +361.9% |
| Profit (loss) for the period before taxes | 9903 | €61,236 | €75,442 | +€14,206 | +23.2% |
| Income taxes | 67/77 | €7,980 | €10,614 | +€2,635 | +33.0% |
| Profit (loss) for the period | 9904 | €53,256 | €64,828 | +€11,572 | +21.7% |
| Profit (loss) for the period to be appropriated | 9905 | €53,256 | €64,828 | +€11,572 | +21.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.