M.P.P. & S.: 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. & S.
Largest movements
- Current investments +€157,286
up €157,286 (+41.4%), from €379,565 to €536,850
- Financial fixed assets -€49,970
down €49,970 (-98.8%), from €50,590 to €620
- Cash +€15,897
up €15,897 (+30.7%), from €51,793 to €67,690
mainly Net result for the year (+€253,817) and Investment in fixed assets (net) (+€43,775)
- Tangible fixed assets -€12,504
down €12,504 (-9.1%), from €136,841 to €124,338
of which Land and buildings: -€30,286
- Profit (loss) carried forward +€253,817
up €253,817 (+115%), from €221,382 to €475,199
- Other debts -€100,139
down €100,139 (-87.8%), from €114,114 to €13,975
- Debts after one year -€44,444
down €44,444 (-37.0%), from €120,000 to €75,556
of which Financial debts: -€44,444
- Tax, wage and social debts +€27,354
up €27,354 (+64.1%), from €42,679 to €70,032
of which Taxes: +€27,987
- Current portion of long-term debt -€26,869
down €26,869 (-44.6%), from €60,203 to €33,333
- Financial income +€239,943
up €239,943 (+172%), from €139,823 to €379,766
- Taxes +€38,894
up €38,894 (+138%), from €28,225 to €67,119
- Financial charges -€19,494
down €19,494 (-17.3%), from €112,908 to €93,414
- Other operating charges +€7,092
up €7,092 (+171%), from €4,136 to €11,229
- Gross operating margin -€1,803
down €1,803 (-1.3%), from €134,360 to €132,557
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 | €631,511 | €740,338 | +€108,827 | +17.2% |
| Fixed assets | 21/28 | €187,431 | €124,958 | -€62,474 | -33.3% |
| Tangible fixed assets | 22/27 | €136,841 | €124,338 | -€12,504 | -9.1% |
| Land and buildings | 22 | €136,841 | €106,555 | -€30,286 | -22.1% |
| Furniture and vehicles | 24 | - | €5,452 | +€5,452 | |
| Leasing and similar rights | 25 | - | €12,330 | +€12,330 | |
| Financial fixed assets | 28 | €50,590 | €620 | -€49,970 | -98.8% |
| Current assets | 29/58 | €444,080 | €615,381 | +€171,301 | +38.6% |
| Amounts receivable within one year | 40/41 | €12,690 | €10,808 | -€1,883 | -14.8% |
| Trade receivables | 40 | €12,690 | €10,808 | -€1,883 | -14.8% |
| Current investments | 50/53 | €379,565 | €536,850 | +€157,286 | +41.4% |
| Cash at bank and in hand | 54/58 | €51,793 | €67,690 | +€15,897 | +30.7% |
| Deferred charges and accrued income | 490/1 | €32 | €33 | +€1 | +2.7% |
| Total equity and liabilities | 10/49 | €631,511 | €740,338 | +€108,827 | +17.2% |
| Equity | 10/15 | €289,582 | €543,399 | +€253,817 | +87.6% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €221,382 | €475,199 | +€253,817 | +115% |
| Amounts payable | 17/49 | €341,930 | €196,939 | -€144,991 | -42.4% |
| Amounts payable after more than one year | 17 | €120,000 | €75,556 | -€44,444 | -37.0% |
| Financial debts | 170/4 | €100,000 | €55,556 | -€44,444 | -44.4% |
| Other amounts payable | 178/9 | €20,000 | €20,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €221,930 | €117,404 | -€104,526 | -47.1% |
| Current portion of amounts payable after more than one year | 42 | €60,203 | €33,333 | -€26,869 | -44.6% |
| Trade debts | 44 | €4,934 | €64 | -€4,871 | -98.7% |
| Suppliers | 440/4 | €4,934 | €64 | -€4,871 | -98.7% |
| Taxes, remuneration and social security | 45 | €42,679 | €70,032 | +€27,354 | +64.1% |
| Taxes | 450/3 | €31,987 | €59,974 | +€27,987 | +87.5% |
| Remuneration and social security | 454/9 | €10,692 | €10,058 | -€634 | -5.9% |
| Other amounts payable | 47/48 | €114,114 | €13,975 | -€100,139 | -87.8% |
| Accrued charges and deferred income | 492/3 | - | €3,979 | +€3,979 | |
| Remuneration, social security and pensions | 62 | €66,257 | €68,045 | +€1,788 | +2.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,956 | €18,699 | +€743 | +4.1% |
| Other operating charges | 640/8 | €4,136 | €11,229 | +€7,092 | +171% |
| Gross operating margin | 9900 | €134,360 | €132,557 | -€1,803 | -1.3% |
| Operating profit (loss) | 9901 | €46,011 | €34,584 | -€11,427 | -24.8% |
| Financial income | 75/76B | €139,823 | €379,766 | +€239,943 | +172% |
| Recurring financial income | 75 | €139,823 | €379,766 | +€239,943 | +172% |
| Financial charges | 65/66B | €112,908 | €93,414 | -€19,494 | -17.3% |
| Recurring financial charges | 65 | €112,908 | €93,414 | -€19,494 | -17.3% |
| Profit (loss) for the period before taxes | 9903 | €72,926 | €320,937 | +€248,011 | +340% |
| Income taxes | 67/77 | €28,225 | €67,119 | +€38,894 | +138% |
| Profit (loss) for the period | 9904 | €44,701 | €253,817 | +€209,117 | +468% |
| Profit (loss) for the period to be appropriated | 9905 | €44,701 | €253,817 | +€209,117 | +468% |
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 18 October 2026 via checked.be.