M-Project: 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-Project
Largest movements
- Tangible fixed assets +€239,570
up €239,570 (+3031.0%), from €7,904 to €247,474
of which Land and buildings: +€211,860
- Receivables within one year +€68,031
up €68,031 (+59.5%), from €114,320 to €182,351
of which Other amounts receivable: +€39,041
- Cash -€6,762
no longer reported in 2025 (was €6,762)
mainly Investment in fixed assets (net) (-€244,713) and Receivables within one year (-€68,031)
- Trade debts +€226,639
up €226,639 (+652.2%), from €34,749 to €261,388
- Tax, wage and social debts +€28,790
up €28,790 (+163.1%), from €17,653 to €46,443
of which Taxes: +€31,385
- Accrued charges and deferred income +€15,499
new in 2025: €15,499
- Short-term financial debts +€13,675
new in 2025: €13,675
- Debts after one year +€6,666
new in 2025: €6,666
- Gross operating margin +€99,805
up €99,805 (+276.0%), from €36,163 to €135,967
- Staff costs +€33,252
up €33,252 (+546.1%), from €6,089 to €39,342
- Taxes +€27,748
new in 2025: €27,748
- Depreciation +€5,726
up €5,726 (+343.4%), from €1,667 to €7,393
- Financial charges +€1,393
up €1,393 (+285.7%), from €487 to €1,880
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 | €136,523 | €434,758 | +€298,235 | +218.5% |
| Fixed assets | 21/28 | €13,802 | €251,122 | +€237,320 | +1719.5% |
| Tangible fixed assets | 22/27 | €7,904 | €247,474 | +€239,570 | +3031.0% |
| Land and buildings | 22 | - | €211,860 | +€211,860 | |
| Plant, machinery and equipment | 23 | €2,872 | €12,646 | +€9,774 | +340.3% |
| Furniture and vehicles | 24 | €2,179 | €20,440 | +€18,261 | +837.8% |
| Other tangible fixed assets | 26 | €2,852 | €2,527 | -€325 | -11.4% |
| Financial fixed assets | 28 | €5,898 | €3,648 | -€2,250 | -38.1% |
| Current assets | 29/58 | €122,721 | €183,636 | +€60,915 | +49.6% |
| Amounts receivable within one year | 40/41 | €114,320 | €182,351 | +€68,031 | +59.5% |
| Trade receivables | 40 | €108,099 | €137,088 | +€28,990 | +26.8% |
| Other amounts receivable | 41 | €6,221 | €45,262 | +€39,041 | +627.6% |
| Cash at bank and in hand | 54/58 | €6,762 | - | -€6,762 | |
| Deferred charges and accrued income | 490/1 | €1,639 | €1,285 | -€354 | -21.6% |
| Total equity and liabilities | 10/49 | €136,523 | €434,758 | +€298,235 | +218.5% |
| Equity | 10/15 | €84,121 | €82,128 | -€1,993 | -2.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €6,860 | €6,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €71,061 | €69,068 | -€1,993 | -2.8% |
| Amounts payable | 17/49 | €52,402 | €352,629 | +€300,227 | +572.9% |
| Amounts payable after more than one year | 17 | - | €6,666 | +€6,666 | |
| Financial debts | 170/4 | - | €6,666 | +€6,666 | |
| Amounts payable within one year | 42/48 | €52,402 | €330,464 | +€278,062 | +530.6% |
| Current portion of amounts payable after more than one year | 42 | - | €5,927 | +€5,927 | |
| Financial debts | 43 | - | €13,675 | +€13,675 | |
| Credit institutions | 430/8 | - | €13,675 | +€13,675 | |
| Trade debts | 44 | €34,749 | €261,388 | +€226,639 | +652.2% |
| Suppliers | 440/4 | €34,749 | €261,388 | +€226,639 | +652.2% |
| Taxes, remuneration and social security | 45 | €17,653 | €46,443 | +€28,790 | +163.1% |
| Taxes | 450/3 | €9,685 | €41,070 | +€31,385 | +324.1% |
| Remuneration and social security | 454/9 | €7,968 | €5,373 | -€2,595 | -32.6% |
| Other amounts payable | 47/48 | - | €3,032 | +€3,032 | |
| Accrued charges and deferred income | 492/3 | - | €15,499 | +€15,499 | |
| Remuneration, social security and pensions | 62 | €6,089 | €39,342 | +€33,252 | +546.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,667 | €7,393 | +€5,726 | +343.4% |
| Other operating charges | 640/8 | - | €901 | +€901 | |
| Gross operating margin | 9900 | €36,163 | €135,967 | +€99,805 | +276.0% |
| Operating profit (loss) | 9901 | €28,406 | €88,331 | +€59,925 | +211.0% |
| Financial income | 75/76B | €24 | €19 | -€5 | -21.8% |
| Recurring financial income | 75 | €24 | €19 | -€5 | -21.8% |
| Financial charges | 65/66B | €487 | €1,880 | +€1,393 | +285.7% |
| Recurring financial charges | 65 | €487 | €1,880 | +€1,393 | +285.7% |
| Profit (loss) for the period before taxes | 9903 | €27,943 | €86,470 | +€58,527 | +209.5% |
| Income taxes | 67/77 | - | €27,748 | +€27,748 | |
| Profit (loss) for the period | 9904 | €27,943 | €58,722 | +€30,779 | +110.1% |
| Profit (loss) for the period to be appropriated | 9905 | €27,943 | €58,722 | +€30,779 | +110.1% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.