M-PROJECT: what changed
Two fiscal 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-PROJECT
Largest movements
- Stocks and contracts -€276,961
down €276,961 (-17.2%), from €1.6m to €1.3m
- Cash +€185,806
up €185,806 (+3.9%), from €4.8m to €5.0m
mainly Stocks and contracts (+€276,961) and Other debts (+€242,476)
- Reserves -€277,936
down €277,936 (-9.0%), from €3.1m to €2.8m
of which Distributable reserves: -€277,936
- Other debts +€242,476
up €242,476 (+8.2%), from €3.0m to €3.2m
- Tax, wage and social debts -€154,099
down €154,099 (-92.0%), from €167,529 to €13,430
- Trade debts +€75,230
up €75,230 (+662.7%), from €11,352 to €86,581
- Financial income -€68,261
down €68,261 (-43.8%), from €155,830 to €87,569
- Financial charges -€28,246
down €28,246 (-42.2%), from €67,014 to €38,767
- Taxes -€17,740
down €17,740 (-40.5%), from €43,804 to €26,063
- Gross operating margin -€17,001
down €17,001 (-20.1%), from €84,400 to €67,398
- Depreciation +€1,695
up €1,695 (+4.4%), from €38,777 to €40,472
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 | €6,777,441 | €6,663,110 | -€114,330 | -1.7% |
| Fixed assets | 21/28 | €310,572 | €276,009 | -€34,563 | -11.1% |
| Tangible fixed assets | 22/27 | €305,539 | €270,976 | -€34,563 | -11.3% |
| Land and buildings | 22 | €229,031 | €214,716 | -€14,314 | -6.3% |
| Plant, machinery and equipment | 23 | €12,846 | €9,345 | -€3,501 | -27.3% |
| Furniture and vehicles | 24 | €63,662 | €44,008 | -€19,654 | -30.9% |
| Other tangible fixed assets | 26 | - | €2,906 | +€2,906 | |
| Financial fixed assets | 28 | €5,033 | €5,033 | = | 0.0% |
| Current assets | 29/58 | €6,466,869 | €6,387,102 | -€79,767 | -1.2% |
| Stocks and contracts in progress | 3 | €1,613,659 | €1,336,699 | -€276,961 | -17.2% |
| Stocks | 30/36 | €1,613,659 | €1,336,699 | -€276,961 | -17.2% |
| Amounts receivable within one year | 40/41 | €20,223 | €22,967 | +€2,745 | +13.6% |
| Trade receivables | 40 | €12,433 | €16,663 | +€4,230 | +34.0% |
| Other amounts receivable | 41 | €7,790 | €6,305 | -€1,485 | -19.1% |
| Cash at bank and in hand | 54/58 | €4,821,727 | €5,007,533 | +€185,806 | +3.9% |
| Deferred charges and accrued income | 490/1 | €11,260 | €19,903 | +€8,643 | +76.8% |
| Total equity and liabilities | 10/49 | €6,777,441 | €6,663,110 | -€114,330 | -1.7% |
| Equity | 10/15 | €3,640,232 | €3,362,296 | -€277,936 | -7.6% |
| Contributions | 10/11 | €545,346 | €545,346 | = | 0.0% |
| Reserves | 13 | €3,093,854 | €2,815,918 | -€277,936 | -9.0% |
| Non-distributable reserves | 130/1 | €45,040 | €45,040 | = | 0.0% |
| Reserves not available under the articles | 1311 | €45,040 | €45,040 | = | 0.0% |
| Tax-exempt reserves | 132 | €13,386 | €13,386 | = | 0.0% |
| Distributable reserves | 133 | €3,035,428 | €2,757,491 | -€277,936 | -9.2% |
| Profit (loss) carried forward | 14 | €1,033 | €1,033 | = | 0.0% |
| Amounts payable | 17/49 | €3,137,208 | €3,300,814 | +€163,606 | +5.2% |
| Amounts payable within one year | 42/48 | €3,137,208 | €3,300,814 | +€163,606 | +5.2% |
| Trade debts | 44 | €11,352 | €86,581 | +€75,230 | +662.7% |
| Suppliers | 440/4 | €11,352 | €86,581 | +€75,230 | +662.7% |
| Taxes, remuneration and social security | 45 | €167,529 | €13,430 | -€154,099 | -92.0% |
| Taxes | 450/3 | €167,529 | €13,430 | -€154,099 | -92.0% |
| Other amounts payable | 47/48 | €2,958,327 | €3,200,803 | +€242,476 | +8.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,777 | €40,472 | +€1,695 | +4.4% |
| Other operating charges | 640/8 | €3,571 | €2,602 | -€969 | -27.1% |
| Gross operating margin | 9900 | €84,400 | €67,398 | -€17,001 | -20.1% |
| Operating profit (loss) | 9901 | €42,052 | €24,325 | -€17,727 | -42.2% |
| Financial income | 75/76B | €155,830 | €87,569 | -€68,261 | -43.8% |
| Recurring financial income | 75 | €155,830 | €87,569 | -€68,261 | -43.8% |
| Financial charges | 65/66B | €67,014 | €38,767 | -€28,246 | -42.2% |
| Recurring financial charges | 65 | €67,014 | €38,767 | -€28,246 | -42.2% |
| Profit (loss) for the period before taxes | 9903 | €130,868 | €73,127 | -€57,741 | -44.1% |
| Income taxes | 67/77 | €43,804 | €26,063 | -€17,740 | -40.5% |
| Profit (loss) for the period | 9904 | €87,065 | €47,064 | -€40,001 | -45.9% |
| Profit (loss) for the period to be appropriated | 9905 | €87,065 | €47,064 | -€40,001 | -45.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.