M.P.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.P.P.
Largest movements
- Stocks and contracts -€143,405
down €143,405 (-19.5%), from €735,123 to €591,719
- Cash -€73,980
down €73,980 (-30.4%), from €243,295 to €169,315
mainly Net result for the year (-€295,622) and Short-term financial debts (-€135,000)
- Tangible fixed assets +€61,384
up €61,384 (+77.6%), from €79,092 to €140,475
of which Furniture and vehicles: +€35,255
- Deferred charges and accrued income -€57,978
down €57,978 (-44.9%), from €129,100 to €71,122
- Intangible fixed assets -€20,000
down €20,000 (-25.5%), from €78,306 to €58,306
- Profit (loss) carried forward -€295,622
down €295,622 (-47.6%), from -€620,740 to -€916,361
- Trade debts +€266,068
up €266,068 (+22.6%), from €1.2m to €1.4m
- Short-term financial debts -€135,000
down €135,000 (-100%), from €135,000 to €0
- Tax, wage and social debts -€79,480
down €79,480 (-20.9%), from €381,052 to €301,572
of which Remuneration and social security: -€85,331
- Other debts +€52,574
new in 2025: €52,574
- Staff costs -€930,511
down €930,511 (-28.8%), from €3.2m to €2.3m
- Gross operating margin -€600,806
down €600,806 (-22.4%), from €2.7m to €2.1m
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 | €1,401,364 | €1,171,839 | -€229,525 | -16.4% |
| Fixed assets | 21/28 | €162,318 | €203,701 | +€41,384 | +25.5% |
| Intangible fixed assets | 21 | €78,306 | €58,306 | -€20,000 | -25.5% |
| Tangible fixed assets | 22/27 | €79,092 | €140,475 | +€61,384 | +77.6% |
| Plant, machinery and equipment | 23 | €16,160 | €12,075 | -€4,085 | -25.3% |
| Furniture and vehicles | 24 | €7,548 | €42,803 | +€35,255 | +467% |
| Other tangible fixed assets | 26 | €55,384 | €84,205 | +€28,821 | +52.0% |
| Assets under construction and advance payments | 27 | - | €1,393 | +€1,393 | |
| Financial fixed assets | 28 | €4,920 | €4,920 | = | 0.0% |
| Current assets | 29/58 | €1,239,047 | €968,138 | -€270,909 | -21.9% |
| Stocks and contracts in progress | 3 | €735,123 | €591,719 | -€143,405 | -19.5% |
| Stocks | 30/36 | €735,123 | €591,719 | -€143,405 | -19.5% |
| Amounts receivable within one year | 40/41 | €131,529 | €135,983 | +€4,454 | +3.4% |
| Trade receivables | 40 | €94,134 | €123,233 | +€29,099 | +30.9% |
| Other amounts receivable | 41 | €37,395 | €12,749 | -€24,645 | -65.9% |
| Cash at bank and in hand | 54/58 | €243,295 | €169,315 | -€73,980 | -30.4% |
| Deferred charges and accrued income | 490/1 | €129,100 | €71,122 | -€57,978 | -44.9% |
| Total equity and liabilities | 10/49 | €1,401,364 | €1,171,839 | -€229,525 | -16.4% |
| Equity | 10/15 | -€420,740 | -€716,361 | -€295,622 | -70.3% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€620,740 | -€916,361 | -€295,622 | -47.6% |
| Amounts payable | 17/49 | €1,822,104 | €1,888,201 | +€66,097 | +3.6% |
| Amounts payable after more than one year | 17 | €90,204 | €55,225 | -€34,980 | -38.8% |
| Financial debts | 170/4 | €90,204 | €55,225 | -€34,980 | -38.8% |
| Amounts payable within one year | 42/48 | €1,726,110 | €1,832,976 | +€106,866 | +6.2% |
| Current portion of amounts payable after more than one year | 42 | €32,507 | €34,597 | +€2,091 | +6.4% |
| Financial debts | 43 | €135,000 | €0 | -€135,000 | -100% |
| Credit institutions | 430/8 | €135,000 | €0 | -€135,000 | -100% |
| Trade debts | 44 | €1,176,855 | €1,442,924 | +€266,068 | +22.6% |
| Suppliers | 440/4 | €1,176,855 | €1,442,924 | +€266,068 | +22.6% |
| Advances received on contracts in progress | 46 | €696 | €1,309 | +€613 | +88.0% |
| Taxes, remuneration and social security | 45 | €381,052 | €301,572 | -€79,480 | -20.9% |
| Taxes | 450/3 | €16,235 | €22,086 | +€5,851 | +36.0% |
| Remuneration and social security | 454/9 | €364,817 | €279,487 | -€85,331 | -23.4% |
| Other amounts payable | 47/48 | - | €52,574 | +€52,574 | |
| Accrued charges and deferred income | 492/3 | €5,790 | €0 | -€5,790 | -100% |
| Non-recurring operating income | 76A | - | €450,814 | +€450,814 | |
| Remuneration, social security and pensions | 62 | €3,227,436 | €2,296,925 | -€930,511 | -28.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,012 | €39,127 | +€8,115 | +26.2% |
| Other operating charges | 640/8 | €3,747 | €5,466 | +€1,719 | +45.9% |
| Gross operating margin | 9900 | €2,680,706 | €2,079,900 | -€600,806 | -22.4% |
| Operating profit (loss) | 9901 | -€581,489 | -€261,618 | +€319,871 | +55.0% |
| Financial income | 75/76B | €1,094 | €778 | -€316 | -28.9% |
| Recurring financial income | 75 | €1,094 | €778 | -€316 | -28.9% |
| Financial charges | 65/66B | €40,024 | €34,725 | -€5,299 | -13.2% |
| Recurring financial charges | 65 | €40,024 | €34,725 | -€5,299 | -13.2% |
| Profit (loss) for the period before taxes | 9903 | -€620,419 | -€295,566 | +€324,854 | +52.4% |
| Income taxes | 67/77 | €320 | €56 | -€264 | -82.5% |
| Profit (loss) for the period | 9904 | -€620,740 | -€295,622 | +€325,118 | +52.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€620,740 | -€295,622 | +€325,118 | +52.4% |
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 29 October 2026 via checked.be.