M-Projects: 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-Projects
Largest movements
- Tangible fixed assets -€49,914
down €49,914 (-29.1%), from €171,637 to €121,724
of which Furniture and vehicles: -€47,520
- Receivables within one year +€32,783
up €32,783 (+292.5%), from €11,208 to €43,991
of which Trade receivables: +€21,944
- Cash +€4,134
up €4,134 (+22.7%), from €18,214 to €22,349
mainly Depreciation (+€59,893) and Trade debts (+€24,088)
- Deferred charges and accrued income -€2,560
no longer reported in 2025 (was €2,560)
- Debts after one year -€39,480
down €39,480 (-47.7%), from €82,688 to €43,207
- Trade debts +€24,088
up €24,088 (+19765.5%), from €122 to €24,210
- Gross operating margin +€23,620
up €23,620 (+27.3%), from €86,550 to €110,170
- Depreciation +€14,433
up €14,433 (+31.7%), from €45,460 to €59,893
- Staff costs +€5,935
up €5,935 (+40.9%), from €14,519 to €20,454
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 | €204,819 | €189,263 | -€15,556 | -7.6% |
| Fixed assets | 21/28 | €172,837 | €122,924 | -€49,914 | -28.9% |
| Tangible fixed assets | 22/27 | €171,637 | €121,724 | -€49,914 | -29.1% |
| Plant, machinery and equipment | 23 | €33,496 | €31,103 | -€2,393 | -7.1% |
| Furniture and vehicles | 24 | €138,141 | €90,621 | -€47,520 | -34.4% |
| Financial fixed assets | 28 | €1,200 | €1,200 | = | 0.0% |
| Current assets | 29/58 | €31,982 | €66,340 | +€34,358 | +107.4% |
| Amounts receivable within one year | 40/41 | €11,208 | €43,991 | +€32,783 | +292.5% |
| Trade receivables | 40 | €11,208 | €33,152 | +€21,944 | +195.8% |
| Other amounts receivable | 41 | - | €10,839 | +€10,839 | |
| Cash at bank and in hand | 54/58 | €18,214 | €22,349 | +€4,134 | +22.7% |
| Deferred charges and accrued income | 490/1 | €2,560 | - | -€2,560 | |
| Total equity and liabilities | 10/49 | €204,819 | €189,263 | -€15,556 | -7.6% |
| Equity | 10/15 | €81,929 | €81,929 | = | 0.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Capital | 10 | - | €3,000 | +€3,000 | |
| Issued capital | 100 | - | €3,000 | +€3,000 | |
| Reserves | 13 | €78,929 | €78,929 | = | 0.0% |
| Non-distributable reserves | 130/1 | €300 | €300 | = | 0.0% |
| Legal reserve | 130 | - | €300 | +€300 | |
| Reserves not available under the articles | 1311 | €300 | - | -€300 | |
| Distributable reserves | 133 | €78,629 | €78,629 | = | 0.0% |
| Amounts payable | 17/49 | €122,890 | €107,334 | -€15,556 | -12.7% |
| Amounts payable after more than one year | 17 | €82,688 | €43,207 | -€39,480 | -47.7% |
| Financial debts | 170/4 | €82,688 | €43,207 | -€39,480 | -47.7% |
| Amounts payable within one year | 42/48 | €40,203 | €64,127 | +€23,924 | +59.5% |
| Current portion of amounts payable after more than one year | 42 | €31,795 | €31,746 | -€49 | -0.2% |
| Trade debts | 44 | €122 | €24,210 | +€24,088 | +19765.5% |
| Suppliers | 440/4 | €122 | €24,210 | +€24,088 | +19765.5% |
| Taxes, remuneration and social security | 45 | €6,012 | €4,335 | -€1,677 | -27.9% |
| Taxes | 450/3 | €6,012 | €2,280 | -€3,732 | -62.1% |
| Remuneration and social security | 454/9 | - | €2,055 | +€2,055 | |
| Other amounts payable | 47/48 | €2,274 | €3,837 | +€1,562 | +68.7% |
| Remuneration, social security and pensions | 62 | €14,519 | €20,454 | +€5,935 | +40.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,460 | €59,893 | +€14,433 | +31.7% |
| Other operating charges | 640/8 | €1,153 | €1,092 | -€61 | -5.3% |
| Gross operating margin | 9900 | €86,550 | €110,170 | +€23,620 | +27.3% |
| Operating profit (loss) | 9901 | €25,418 | €28,731 | +€3,313 | +13.0% |
| Financial income | 75/76B | €146 | €517 | +€372 | +255.6% |
| Recurring financial income | 75 | €146 | €517 | +€372 | +255.6% |
| Financial charges | 65/66B | €4,230 | €5,069 | +€840 | +19.8% |
| Recurring financial charges | 65 | €4,230 | €5,069 | +€840 | +19.8% |
| Profit (loss) for the period before taxes | 9903 | €21,334 | €24,179 | +€2,846 | +13.3% |
| Income taxes | 67/77 | €4,967 | €5,265 | +€298 | +6.0% |
| Profit (loss) for the period | 9904 | €16,367 | €18,914 | +€2,547 | +15.6% |
| Profit (loss) for the period to be appropriated | 9905 | €16,367 | €18,914 | +€2,547 | +15.6% |
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 9 October 2026 via checked.be.