M-PACKAGING: 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-PACKAGING
Largest movements
- Receivables within one year +€434,220
up €434,220 (+125.8%), from €345,062 to €779,282
of which Trade receivables: +€439,268
- Cash +€278,312
up €278,312 (+50.9%), from €547,144 to €825,456
mainly Net result for the year (+€694,491) and Trade debts (+€244,325)
- Stocks and contracts +€31,081
new in 2025: €31,081
- Trade debts +€244,325
up €244,325 (+317.7%), from €76,899 to €321,224
- Reserves +€210,500
new in 2025: €210,500
- Other debts +€200,000
up €200,000 (+80.0%), from €250,000 to €450,000
- Tax, wage and social debts +€70,109
up €70,109 (+96.4%), from €72,690 to €142,799
of which Taxes: +€65,034
- Profit (loss) carried forward +€21,621
up €21,621 (+4.9%), from €440,129 to €461,750
- Gross operating margin +€328,230
up €328,230 (+47.0%), from €698,502 to €1.0m
- Taxes +€78,349
up €78,349 (+52.1%), from €150,322 to €228,671
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 | €913,709 | €1,650,965 | +€737,256 | +80.7% |
| Fixed assets | 21/28 | €19,764 | €11,641 | -€8,123 | -41.1% |
| Tangible fixed assets | 22/27 | €19,764 | €11,641 | -€8,123 | -41.1% |
| Furniture and vehicles | 24 | €19,764 | €11,641 | -€8,123 | -41.1% |
| Current assets | 29/58 | €893,945 | €1,639,324 | +€745,379 | +83.4% |
| Stocks and contracts in progress | 3 | - | €31,081 | +€31,081 | |
| Stocks | 30/36 | - | €31,081 | +€31,081 | |
| Amounts receivable within one year | 40/41 | €345,062 | €779,282 | +€434,220 | +125.8% |
| Trade receivables | 40 | €309,445 | €748,713 | +€439,268 | +142.0% |
| Other amounts receivable | 41 | €35,617 | €30,569 | -€5,048 | -14.2% |
| Cash at bank and in hand | 54/58 | €547,144 | €825,456 | +€278,312 | +50.9% |
| Deferred charges and accrued income | 490/1 | €1,740 | €3,505 | +€1,766 | +101.5% |
| Total equity and liabilities | 10/49 | €913,709 | €1,650,965 | +€737,256 | +80.7% |
| Equity | 10/15 | €500,129 | €732,250 | +€232,121 | +46.4% |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Reserves | 13 | - | €210,500 | +€210,500 | |
| Tax-exempt reserves | 132 | - | €210,500 | +€210,500 | |
| Profit (loss) carried forward | 14 | €440,129 | €461,750 | +€21,621 | +4.9% |
| Amounts payable | 17/49 | €413,580 | €918,715 | +€505,135 | +122.1% |
| Amounts payable after more than one year | 17 | €4,692 | €0 | -€4,692 | -100.0% |
| Financial debts | 170/4 | €4,692 | €0 | -€4,692 | -100.0% |
| Amounts payable within one year | 42/48 | €408,888 | €918,715 | +€509,827 | +124.7% |
| Current portion of amounts payable after more than one year | 42 | €9,299 | €4,692 | -€4,607 | -49.5% |
| Trade debts | 44 | €76,899 | €321,224 | +€244,325 | +317.7% |
| Suppliers | 440/4 | €76,899 | €321,224 | +€244,325 | +317.7% |
| Taxes, remuneration and social security | 45 | €72,690 | €142,799 | +€70,109 | +96.4% |
| Taxes | 450/3 | €53,750 | €118,784 | +€65,034 | +121.0% |
| Remuneration and social security | 454/9 | €18,940 | €24,016 | +€5,075 | +26.8% |
| Other amounts payable | 47/48 | €250,000 | €450,000 | +€200,000 | +80.0% |
| Remuneration, social security and pensions | 62 | €90,049 | €94,500 | +€4,451 | +4.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,123 | €8,123 | = | 0.0% |
| Other operating charges | 640/8 | €923 | €926 | +€2 | +0.3% |
| Gross operating margin | 9900 | €698,502 | €1,026,733 | +€328,230 | +47.0% |
| Operating profit (loss) | 9901 | €599,407 | €923,184 | +€323,777 | +54.0% |
| Financial income | 75/76B | €202 | €104 | -€98 | -48.7% |
| Recurring financial income | 75 | €202 | €104 | -€98 | -48.7% |
| Financial charges | 65/66B | €259 | €125 | -€133 | -51.6% |
| Recurring financial charges | 65 | €259 | €125 | -€133 | -51.6% |
| Profit (loss) for the period before taxes | 9903 | €599,350 | €923,162 | +€323,812 | +54.0% |
| Income taxes | 67/77 | €150,322 | €228,671 | +€78,349 | +52.1% |
| Profit (loss) for the period | 9904 | €449,028 | €694,491 | +€245,463 | +54.7% |
| Transfer to tax-exempt reserves | 689 | - | €210,500 | +€210,500 | |
| Profit (loss) for the period to be appropriated | 9905 | €449,028 | €483,991 | +€34,963 | +7.8% |
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 12 October 2026 via checked.be.