M-Projex: 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-Projex
Largest movements
- Deferred charges and accrued income +€21,073
up €21,073 (+8740.6%), from €241 to €21,314
- Cash +€18,416
up €18,416 (+6280.1%), from €293 to €18,709
mainly Net result for the year (+€64,061) and Depreciation (+€9,846)
- Receivables within one year +€9,799
up €9,799 (+52.0%), from €18,854 to €28,653
of which Trade receivables: +€7,153
- Profit (loss) carried forward +€64,061
up €64,061 (+98.9%), from €64,795 to €128,856
- Other debts -€24,089
no longer reported in 2025 (was €24,089)
- Tax, wage and social debts +€7,662
up €7,662 (+79.8%), from €9,599 to €17,261
of which Taxes: +€7,662
- Trade debts +€3,154
up €3,154 (+219.7%), from €1,435 to €4,589
- Turnover -€152,719
no longer reported in 2025 (was €152,719)
- Purchases and services -€78,661
no longer reported in 2025 (was €78,661)
- Gross operating margin +€19,392
up €19,392 (+26.1%), from €74,442 to €93,834
- Taxes +€4,501
up €4,501 (+35.3%), from €12,749 to €17,250
- Depreciation +€2,605
up €2,605 (+36.0%), from €7,241 to €9,846
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 | €102,318 | €153,107 | +€50,788 | +49.6% |
| Fixed assets | 21/28 | €82,930 | €84,431 | +€1,501 | +1.8% |
| Tangible fixed assets | 22/27 | €82,930 | €84,431 | +€1,501 | +1.8% |
| Land and buildings | 22 | €64,704 | €66,877 | +€2,172 | +3.4% |
| Furniture and vehicles | 24 | €18,226 | €17,554 | -€672 | -3.7% |
| Current assets | 29/58 | €19,388 | €68,676 | +€49,287 | +254.2% |
| Amounts receivable within one year | 40/41 | €18,854 | €28,653 | +€9,799 | +52.0% |
| Trade receivables | 40 | €14,103 | €21,256 | +€7,153 | +50.7% |
| Other amounts receivable | 41 | €4,751 | €7,397 | +€2,646 | +55.7% |
| Cash at bank and in hand | 54/58 | €293 | €18,709 | +€18,416 | +6280.1% |
| Deferred charges and accrued income | 490/1 | €241 | €21,314 | +€21,073 | +8740.6% |
| Total equity and liabilities | 10/49 | €102,318 | €153,107 | +€50,788 | +49.6% |
| Equity | 10/15 | €67,195 | €131,256 | +€64,061 | +95.3% |
| Contributions | 10/11 | €2,400 | €2,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | €64,795 | €128,856 | +€64,061 | +98.9% |
| Amounts payable | 17/49 | €35,123 | €21,850 | -€13,273 | -37.8% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €35,123 | €21,850 | -€13,273 | -37.8% |
| Trade debts | 44 | €1,435 | €4,589 | +€3,154 | +219.7% |
| Suppliers | 440/4 | €1,435 | €4,589 | +€3,154 | +219.7% |
| Taxes, remuneration and social security | 45 | €9,599 | €17,261 | +€7,662 | +79.8% |
| Taxes | 450/3 | €9,599 | €17,261 | +€7,662 | +79.8% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €24,089 | - | -€24,089 | |
| Turnover | 70 | €152,719 | - | -€152,719 | |
| Goods, raw materials, services and sundry goods | 60/61 | €78,661 | - | -€78,661 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,241 | €9,846 | +€2,605 | +36.0% |
| Other operating charges | 640/8 | €596 | €1,610 | +€1,014 | +170.3% |
| Non-recurring operating charges | 66A | €122 | €193 | +€71 | +57.9% |
| Gross operating margin | 9900 | €74,442 | €93,834 | +€19,392 | +26.1% |
| Operating profit (loss) | 9901 | €66,483 | €82,185 | +€15,702 | +23.6% |
| Financial income | 75/76B | €147 | €12 | -€134 | -91.7% |
| Recurring financial income | 75 | €147 | €12 | -€134 | -91.7% |
| Financial charges | 65/66B | €1,554 | €886 | -€667 | -42.9% |
| Recurring financial charges | 65 | €1,554 | €886 | -€667 | -42.9% |
| Profit (loss) for the period before taxes | 9903 | €65,076 | €81,311 | +€16,235 | +24.9% |
| Income taxes | 67/77 | €12,749 | €17,250 | +€4,501 | +35.3% |
| Profit (loss) for the period | 9904 | €52,327 | €64,061 | +€11,734 | +22.4% |
| Profit (loss) for the period to be appropriated | 9905 | €52,327 | €64,061 | +€11,734 | +22.4% |
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.