M.P.M: 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.P.M
Largest movements
- Receivables after one year -€71,250
down €71,250 (-40.2%), from €177,032 to €105,782
- Cash -€28,150
down €28,150 (-42.2%), from €66,656 to €38,506
mainly Contributions, distributions and other (-€163,525) and Provisions (-€20,000)
- Current investments +€13,622
up €13,622 (+5.1%), from €267,240 to €280,862
- Reserves -€133,329
down €133,329 (-39.5%), from €337,734 to €204,405
of which Distributable reserves: -€71,329
- Other debts +€69,450
up €69,450 (+86.9%), from €79,891 to €149,341
- Provisions -€20,000
down €20,000 (-100%), from €20,000 to €0
- Tax, wage and social debts -€9,949
down €9,949 (-35.1%), from €28,327 to €18,377
- Gross operating margin +€13,160
up €13,160 (+46.2%), from €28,469 to €41,629
- Taxes +€9,858
up €9,858 (+70.2%), from €14,050 to €23,908
- Financial income +€1,283
up €1,283 (+9.0%), from €14,276 to €15,559
- Depreciation +€867
up €867 (+62.7%), from €1,383 to €2,249
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 | €530,790 | €436,968 | -€93,822 | -17.7% |
| Fixed assets | 21/28 | €5,438 | €5,226 | -€212 | -3.9% |
| Tangible fixed assets | 22/27 | €5,173 | €4,961 | -€212 | -4.1% |
| Plant, machinery and equipment | 23 | €3,190 | €1,970 | -€1,220 | -38.3% |
| Furniture and vehicles | 24 | €1,230 | €887 | -€344 | -27.9% |
| Other tangible fixed assets | 26 | €752 | €2,104 | +€1,352 | +180% |
| Financial fixed assets | 28 | €265 | €265 | = | 0.0% |
| Current assets | 29/58 | €525,352 | €431,743 | -€93,609 | -17.8% |
| Amounts receivable after more than one year | 29 | €177,032 | €105,782 | -€71,250 | -40.2% |
| Other amounts receivable | 291 | €177,032 | €105,782 | -€71,250 | -40.2% |
| Amounts receivable within one year | 40/41 | €10,328 | €6,593 | -€3,736 | -36.2% |
| Trade receivables | 40 | €3,736 | €0 | -€3,736 | -100% |
| Other amounts receivable | 41 | €6,593 | €6,593 | = | 0.0% |
| Current investments | 50/53 | €267,240 | €280,862 | +€13,622 | +5.1% |
| Cash at bank and in hand | 54/58 | €66,656 | €38,506 | -€28,150 | -42.2% |
| Deferred charges and accrued income | 490/1 | €4,097 | €0 | -€4,097 | -100% |
| Total equity and liabilities | 10/49 | €530,790 | €436,968 | -€93,822 | -17.7% |
| Equity | 10/15 | €397,225 | €263,896 | -€133,329 | -33.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €337,734 | €204,405 | -€133,329 | -39.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €62,000 | €0 | -€62,000 | -100% |
| Distributable reserves | 133 | €273,874 | €202,545 | -€71,329 | -26.0% |
| Profit (loss) carried forward | 14 | €47,091 | €47,091 | = | 0.0% |
| Provisions and deferred taxes | 16 | €20,000 | €0 | -€20,000 | -100% |
| Provisions for liabilities and charges | 160/5 | €20,000 | €0 | -€20,000 | -100% |
| Other liabilities and charges | 164/5 | €20,000 | €0 | -€20,000 | -100% |
| Amounts payable | 17/49 | €113,565 | €173,073 | +€59,508 | +52.4% |
| Amounts payable within one year | 42/48 | €113,565 | €173,073 | +€59,508 | +52.4% |
| Current portion of amounts payable after more than one year | 42 | €5,075 | €3,373 | -€1,702 | -33.5% |
| Trade debts | 44 | €272 | €1,982 | +€1,710 | +629% |
| Suppliers | 440/4 | €272 | €1,982 | +€1,710 | +629% |
| Taxes, remuneration and social security | 45 | €28,327 | €18,377 | -€9,949 | -35.1% |
| Taxes | 450/3 | €28,327 | €18,377 | -€9,949 | -35.1% |
| Other amounts payable | 47/48 | €79,891 | €149,341 | +€69,450 | +86.9% |
| Non-recurring operating income | 76A | - | €20,000 | +€20,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,383 | €2,249 | +€867 | +62.7% |
| Other operating charges | 640/8 | €0 | - | = | |
| Gross operating margin | 9900 | €28,469 | €41,629 | +€13,160 | +46.2% |
| Operating profit (loss) | 9901 | €27,087 | €39,380 | +€12,293 | +45.4% |
| Financial income | 75/76B | €14,276 | €15,559 | +€1,283 | +9.0% |
| Recurring financial income | 75 | €14,276 | €15,559 | +€1,283 | +9.0% |
| Financial charges | 65/66B | €825 | €835 | +€10 | +1.3% |
| Recurring financial charges | 65 | €825 | €835 | +€10 | +1.3% |
| Profit (loss) for the period before taxes | 9903 | €40,538 | €54,104 | +€13,566 | +33.5% |
| Income taxes | 67/77 | €14,050 | €23,908 | +€9,858 | +70.2% |
| Profit (loss) for the period | 9904 | €26,488 | €30,196 | +€3,708 | +14.0% |
| Transfer from tax-exempt reserves | 789 | - | €62,000 | +€62,000 | |
| Profit (loss) for the period to be appropriated | 9905 | €26,488 | €92,196 | +€65,708 | +248% |
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 15 October 2026 via checked.be.