M & T 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 & T PROJECT
Largest movements
- Stocks and contracts +€300,406
up €300,406 (+34.2%), from €878,149 to €1.2m
- Receivables within one year -€126,742
down €126,742 (-10.4%), from €1.2m to €1.1m
of which Trade receivables: -€126,562
- Cash -€72,795
down €72,795 (-20.2%), from €360,291 to €287,496
mainly Stocks and contracts (-€300,406) and Investment in fixed assets (net) (-€40,386)
- Tangible fixed assets +€33,829
up €33,829 (+92.0%), from €36,753 to €70,582
of which Furniture and vehicles: +€20,393
- Trade debts +€141,665
up €141,665 (+6.0%), from €2.4m to €2.5m
- Staff costs +€61,860
up €61,860 (+50.8%), from €121,723 to €183,583
- Gross operating margin +€41,104
up €41,104 (+29.8%), from €138,127 to €179,230
- Taxes -€2,400
no longer reported in 2025 (was €2,400)
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.
Derived cash bridge
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 | €2,496,921 | €2,630,880 | +€133,958 | +5.4% |
| Fixed assets | 21/28 | €38,973 | €72,062 | +€33,089 | +84.9% |
| Intangible fixed assets | 21 | €2,220 | €1,480 | -€740 | -33.3% |
| Tangible fixed assets | 22/27 | €36,753 | €70,582 | +€33,829 | +92.0% |
| Plant, machinery and equipment | 23 | €31,194 | €44,631 | +€13,436 | +43.1% |
| Furniture and vehicles | 24 | €5,559 | €25,951 | +€20,393 | +367% |
| Current assets | 29/58 | €2,457,948 | €2,558,818 | +€100,869 | +4.1% |
| Stocks and contracts in progress | 3 | €878,149 | €1,178,555 | +€300,406 | +34.2% |
| Stocks | 30/36 | €878,149 | €1,178,555 | +€300,406 | +34.2% |
| Amounts receivable within one year | 40/41 | €1,219,508 | €1,092,766 | -€126,742 | -10.4% |
| Trade receivables | 40 | €1,066,396 | €939,834 | -€126,562 | -11.9% |
| Other amounts receivable | 41 | €153,112 | €152,932 | -€180 | -0.1% |
| Cash at bank and in hand | 54/58 | €360,291 | €287,496 | -€72,795 | -20.2% |
| Total equity and liabilities | 10/49 | €2,496,921 | €2,630,880 | +€133,958 | +5.4% |
| Equity | 10/15 | €79,777 | €67,771 | -€12,006 | -15.0% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €18,277 | €6,271 | -€12,006 | -65.7% |
| Amounts payable | 17/49 | €2,417,144 | €2,563,109 | +€145,964 | +6.0% |
| Amounts payable within one year | 42/48 | €2,406,421 | €2,563,109 | +€156,687 | +6.5% |
| Trade debts | 44 | €2,373,331 | €2,514,995 | +€141,665 | +6.0% |
| Suppliers | 440/4 | €2,373,331 | €2,514,995 | +€141,665 | +6.0% |
| Taxes, remuneration and social security | 45 | €29,591 | €44,113 | +€14,523 | +49.1% |
| Taxes | 450/3 | €6,604 | €9,455 | +€2,851 | +43.2% |
| Remuneration and social security | 454/9 | €22,986 | €34,659 | +€11,672 | +50.8% |
| Other amounts payable | 47/48 | €3,500 | €4,000 | +€500 | +14.3% |
| Accrued charges and deferred income | 492/3 | €10,723 | - | -€10,723 | |
| Remuneration, social security and pensions | 62 | €121,723 | €183,583 | +€61,860 | +50.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,239 | €7,297 | +€1,059 | +17.0% |
| Other operating charges | 640/8 | €477 | €302 | -€175 | -36.7% |
| Gross operating margin | 9900 | €138,127 | €179,230 | +€41,104 | +29.8% |
| Operating profit (loss) | 9901 | €9,688 | -€11,952 | -€21,640 | |
| Financial charges | 65/66B | €70 | €54 | -€16 | -22.9% |
| Recurring financial charges | 65 | €70 | €54 | -€16 | -22.9% |
| Profit (loss) for the period before taxes | 9903 | €9,618 | -€12,006 | -€21,624 | |
| Income taxes | 67/77 | €2,400 | - | -€2,400 | |
| Profit (loss) for the period | 9904 | €7,218 | -€12,006 | -€19,224 | |
| Profit (loss) for the period to be appropriated | 9905 | €7,218 | -€12,006 | -€19,224 |
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 18 October 2026 via checked.be.