M PROJET: 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 PROJET
Largest movements
- Tangible fixed assets +€421,941
up €421,941 (+135.4%), from €311,599 to €733,540
- Cash -€72,099
down €72,099 (-70.7%), from €102,011 to €29,912
mainly Investment in fixed assets (net) (-€448,198) and Net result for the year (-€13,554)
- Receivables within one year -€28,871
down €28,871 (-67.2%), from €42,975 to €14,104
of which Trade receivables: -€42,975
- Debts after one year +€296,121
up €296,121 (+137.8%), from €214,948 to €511,069
- Current portion of long-term debt +€18,187
up €18,187 (+104.3%), from €17,437 to €35,624
- Trade debts +€17,729
up €17,729 (+1813.0%), from €978 to €18,707
- Profit (loss) carried forward -€10,460
down €10,460 (-20.8%), from -€50,367 to -€60,828
- Depreciation +€7,716
up €7,716 (+41.6%), from €18,541 to €26,257
- Financial charges +€7,513
up €7,513 (+152.8%), from €4,918 to €12,431
- Gross operating margin +€1,455
up €1,455 (+5.5%), from €26,365 to €27,819
- Other operating charges +€879
up €879 (+31.0%), from €2,838 to €3,717
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 | €456,585 | €777,556 | +€320,971 | +70.3% |
| Fixed assets | 21/28 | €311,599 | €733,540 | +€421,941 | +135.4% |
| Tangible fixed assets | 22/27 | €311,599 | €733,540 | +€421,941 | +135.4% |
| Land and buildings | 22 | €311,599 | €733,540 | +€421,941 | +135.4% |
| Current assets | 29/58 | €144,986 | €44,015 | -€100,970 | -69.6% |
| Amounts receivable within one year | 40/41 | €42,975 | €14,104 | -€28,871 | -67.2% |
| Trade receivables | 40 | €42,975 | - | -€42,975 | |
| Other amounts receivable | 41 | - | €14,104 | +€14,104 | |
| Cash at bank and in hand | 54/58 | €102,011 | €29,912 | -€72,099 | -70.7% |
| Total equity and liabilities | 10/49 | €456,585 | €777,556 | +€320,971 | +70.3% |
| Equity | 10/15 | €36,984 | €23,430 | -€13,554 | -36.6% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €77,352 | €74,258 | -€3,094 | -4.0% |
| Tax-exempt reserves | 132 | €77,352 | €74,258 | -€3,094 | -4.0% |
| Profit (loss) carried forward | 14 | -€50,367 | -€60,828 | -€10,460 | -20.8% |
| Provisions and deferred taxes | 16 | €25,784 | €24,753 | -€1,031 | -4.0% |
| Deferred taxes | 168 | €25,784 | €24,753 | -€1,031 | -4.0% |
| Amounts payable | 17/49 | €393,817 | €729,373 | +€335,556 | +85.2% |
| Amounts payable after more than one year | 17 | €214,948 | €511,069 | +€296,121 | +137.8% |
| Financial debts | 170/4 | €214,948 | €511,069 | +€296,121 | +137.8% |
| Amounts payable within one year | 42/48 | €178,869 | €218,304 | +€39,435 | +22.0% |
| Current portion of amounts payable after more than one year | 42 | €17,437 | €35,624 | +€18,187 | +104.3% |
| Trade debts | 44 | €978 | €18,707 | +€17,729 | +1813.0% |
| Suppliers | 440/4 | €978 | €18,707 | +€17,729 | +1813.0% |
| Taxes, remuneration and social security | 45 | €1,481 | - | -€1,481 | |
| Taxes | 450/3 | €1,481 | - | -€1,481 | |
| Other amounts payable | 47/48 | €158,973 | €163,973 | +€5,000 | +3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,541 | €26,257 | +€7,716 | +41.6% |
| Other operating charges | 640/8 | €2,838 | €3,717 | +€879 | +31.0% |
| Operating charges capitalised as restructuring costs | 649 | €0 | - | = | |
| Gross operating margin | 9900 | €26,365 | €27,819 | +€1,455 | +5.5% |
| Operating profit (loss) | 9901 | €4,986 | -€2,154 | -€7,140 | |
| Financial charges | 65/66B | €4,918 | €12,431 | +€7,513 | +152.8% |
| Recurring financial charges | 65 | €4,918 | €12,431 | +€7,513 | +152.8% |
| Profit (loss) for the period before taxes | 9903 | €68 | -€14,586 | -€14,653 | |
| Transfer from deferred taxes | 780 | - | €1,031 | +€1,031 | |
| Profit (loss) for the period | 9904 | €68 | -€13,554 | -€13,622 | |
| Transfer from tax-exempt reserves | 789 | - | €3,094 | +€3,094 | |
| Profit (loss) for the period to be appropriated | 9905 | €68 | -€10,460 | -€10,528 |
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 11 October 2026 via checked.be.