M-Pact: 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-Pact
Largest movements
- Tangible fixed assets -€21,327
down €21,327 (-6.5%), from €326,001 to €304,674
of which Leasing and similar rights: -€16,110
- Cash +€18,602
up €18,602 (+12.4%), from €149,811 to €168,413
mainly Net result for the year (+€40,977) and Depreciation (+€25,351)
- Receivables within one year +€14,144
up €14,144 (+33.2%), from €42,546 to €56,689
of which Trade receivables: +€10,374
- Reserves +€40,977
up €40,977 (+15.4%), from €265,854 to €306,831
- Debts after one year -€26,182
down €26,182 (-12.8%), from €204,483 to €178,301
- Gross operating margin -€32,845
down €32,845 (-26.3%), from €124,928 to €92,083
- Taxes -€6,270
down €6,270 (-33.9%), from €18,494 to €12,225
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 | €522,245 | €529,777 | +€7,532 | +1.4% |
| Fixed assets | 21/28 | €326,001 | €304,674 | -€21,327 | -6.5% |
| Tangible fixed assets | 22/27 | €326,001 | €304,674 | -€21,327 | -6.5% |
| Land and buildings | 22 | €261,814 | €255,314 | -€6,500 | -2.5% |
| Plant, machinery and equipment | 23 | €2,748 | €1,527 | -€1,221 | -44.4% |
| Furniture and vehicles | 24 | €182 | €3,385 | +€3,204 | +1,762% |
| Leasing and similar rights | 25 | €58,036 | €41,926 | -€16,110 | -27.8% |
| Other tangible fixed assets | 26 | €3,222 | €2,522 | -€700 | -21.7% |
| Current assets | 29/58 | €196,243 | €225,102 | +€28,859 | +14.7% |
| Stocks and contracts in progress | 3 | €809 | €0 | -€809 | -100% |
| Stocks | 30/36 | €809 | €0 | -€809 | -100% |
| Amounts receivable within one year | 40/41 | €42,546 | €56,689 | +€14,144 | +33.2% |
| Trade receivables | 40 | €41,040 | €51,414 | +€10,374 | +25.3% |
| Other amounts receivable | 41 | €1,506 | €5,275 | +€3,770 | +250% |
| Cash at bank and in hand | 54/58 | €149,811 | €168,413 | +€18,602 | +12.4% |
| Deferred charges and accrued income | 490/1 | €3,077 | €0 | -€3,077 | -100% |
| Total equity and liabilities | 10/49 | €522,245 | €529,777 | +€7,532 | +1.4% |
| Equity | 10/15 | €270,854 | €311,831 | +€40,977 | +15.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €265,854 | €306,831 | +€40,977 | +15.4% |
| Distributable reserves | 133 | €265,854 | €306,831 | +€40,977 | +15.4% |
| Amounts payable | 17/49 | €251,390 | €217,946 | -€33,444 | -13.3% |
| Amounts payable after more than one year | 17 | €204,483 | €178,301 | -€26,182 | -12.8% |
| Financial debts | 170/4 | €204,483 | €178,301 | -€26,182 | -12.8% |
| Amounts payable within one year | 42/48 | €39,201 | €36,625 | -€2,576 | -6.6% |
| Current portion of amounts payable after more than one year | 42 | €25,195 | €26,182 | +€987 | +3.9% |
| Trade debts | 44 | €5,592 | €2,304 | -€3,287 | -58.8% |
| Suppliers | 440/4 | €5,592 | €2,304 | -€3,287 | -58.8% |
| Taxes, remuneration and social security | 45 | €5,868 | €2,786 | -€3,082 | -52.5% |
| Taxes | 450/3 | €4,592 | €2,293 | -€2,299 | -50.1% |
| Remuneration and social security | 454/9 | €1,277 | €494 | -€783 | -61.3% |
| Other amounts payable | 47/48 | €2,546 | €5,352 | +€2,806 | +110% |
| Accrued charges and deferred income | 492/3 | €7,706 | €3,020 | -€4,686 | -60.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,453 | €25,351 | +€898 | +3.7% |
| Other operating charges | 640/8 | €2,889 | €3,082 | +€193 | +6.7% |
| Gross operating margin | 9900 | €124,928 | €92,083 | -€32,845 | -26.3% |
| Operating profit (loss) | 9901 | €97,585 | €63,650 | -€33,935 | -34.8% |
| Financial income | 75/76B | €1 | €60 | +€59 | +5,456% |
| Recurring financial income | 75 | €1 | €60 | +€59 | +5,456% |
| Financial charges | 65/66B | €11,706 | €10,509 | -€1,197 | -10.2% |
| Recurring financial charges | 65 | €11,706 | €10,509 | -€1,197 | -10.2% |
| Profit (loss) for the period before taxes | 9903 | €85,880 | €53,201 | -€32,679 | -38.1% |
| Income taxes | 67/77 | €18,494 | €12,225 | -€6,270 | -33.9% |
| Profit (loss) for the period | 9904 | €67,386 | €40,977 | -€26,409 | -39.2% |
| Profit (loss) for the period to be appropriated | 9905 | €67,386 | €40,977 | -€26,409 | -39.2% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.