MB 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.
MB Projects
Largest movements
- Stocks and contracts +€194,298
up €194,298 (+26.5%), from €734,548 to €928,846
- Receivables within one year +€43,743
up €43,743 (+4,277%), from €1,023 to €44,766
of which Trade receivables: +€43,759
- Receivables after one year -€22,500
down €22,500 (-100%), from €22,500 to €0
- Cash -€21,016
down €21,016 (-100%), from €21,016 to €0
mainly Stocks and contracts (-€194,298) and Receivables within one year (-€43,743)
- Tangible fixed assets -€11,102
down €11,102 (-89.1%), from €12,459 to €1,356
of which Furniture and vehicles: -€9,033
- Debts after one year +€101,927
up €101,927 (+16.3%), from €626,073 to €728,000
- Other debts +€56,327
up €56,327 (+166%), from €33,836 to €90,164
- Reserves +€24,922
up €24,922 (+49.5%), from €50,314 to €75,237
- Gross operating margin +€20,895
up €20,895 (+37.2%), from €56,244 to €77,140
- Financial charges +€7,184
up €7,184 (+31.7%), from €22,653 to €29,837
- Taxes +€4,176
up €4,176 (+70.5%), from €5,920 to €10,095
- Depreciation -€3,922
down €3,922 (-26.1%), from €15,024 to €11,102
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 | €792,708 | €976,687 | +€183,980 | +23.2% |
| Fixed assets | 21/28 | €12,459 | €1,356 | -€11,102 | -89.1% |
| Tangible fixed assets | 22/27 | €12,459 | €1,356 | -€11,102 | -89.1% |
| Plant, machinery and equipment | 23 | €3,425 | €1,356 | -€2,069 | -60.4% |
| Furniture and vehicles | 24 | €9,033 | €0 | -€9,033 | -100% |
| Current assets | 29/58 | €780,249 | €975,331 | +€195,082 | +25.0% |
| Amounts receivable after more than one year | 29 | €22,500 | €0 | -€22,500 | -100% |
| Other amounts receivable | 291 | €22,500 | €0 | -€22,500 | -100% |
| Stocks and contracts in progress | 3 | €734,548 | €928,846 | +€194,298 | +26.5% |
| Stocks | 30/36 | €734,548 | €928,846 | +€194,298 | +26.5% |
| Amounts receivable within one year | 40/41 | €1,023 | €44,766 | +€43,743 | +4,277% |
| Trade receivables | 40 | €1,007 | €44,766 | +€43,759 | +4,346% |
| Other amounts receivable | 41 | €16 | €0 | -€16 | -100% |
| Current investments | 50/53 | - | €60 | +€60 | |
| Cash at bank and in hand | 54/58 | €21,016 | €0 | -€21,016 | -100% |
| Deferred charges and accrued income | 490/1 | €1,163 | €1,660 | +€497 | +42.7% |
| Total equity and liabilities | 10/49 | €792,708 | €976,687 | +€183,980 | +23.2% |
| Equity | 10/15 | €51,314 | €76,237 | +€24,922 | +48.6% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €50,314 | €75,237 | +€24,922 | +49.5% |
| Distributable reserves | 133 | €50,314 | €75,237 | +€24,922 | +49.5% |
| Amounts payable | 17/49 | €741,393 | €900,451 | +€159,058 | +21.5% |
| Amounts payable after more than one year | 17 | €626,073 | €728,000 | +€101,927 | +16.3% |
| Financial debts | 170/4 | €626,073 | €728,000 | +€101,927 | +16.3% |
| Amounts payable within one year | 42/48 | €108,538 | €165,322 | +€56,784 | +52.3% |
| Financial debts | 43 | - | €5,684 | +€5,684 | |
| Credit institutions | 430/8 | - | €5,684 | +€5,684 | |
| Trade debts | 44 | €48,514 | €44,436 | -€4,077 | -8.4% |
| Suppliers | 440/4 | €48,514 | €44,436 | -€4,077 | -8.4% |
| Taxes, remuneration and social security | 45 | €26,188 | €25,038 | -€1,151 | -4.4% |
| Taxes | 450/3 | €23,228 | €25,038 | +€1,809 | +7.8% |
| Remuneration and social security | 454/9 | €2,960 | €0 | -€2,960 | -100% |
| Other amounts payable | 47/48 | €33,836 | €90,164 | +€56,327 | +166% |
| Accrued charges and deferred income | 492/3 | €6,782 | €7,129 | +€347 | +5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,024 | €11,102 | -€3,922 | -26.1% |
| Other operating charges | 640/8 | €1,183 | €1,247 | +€64 | +5.4% |
| Gross operating margin | 9900 | €56,244 | €77,140 | +€20,895 | +37.2% |
| Operating profit (loss) | 9901 | €40,037 | €64,790 | +€24,753 | +61.8% |
| Financial income | 75/76B | €372 | €65 | -€308 | -82.6% |
| Recurring financial income | 75 | €372 | €65 | -€308 | -82.6% |
| Financial charges | 65/66B | €22,653 | €29,837 | +€7,184 | +31.7% |
| Recurring financial charges | 65 | €22,653 | €29,837 | +€7,184 | +31.7% |
| Profit (loss) for the period before taxes | 9903 | €17,756 | €35,018 | +€17,262 | +97.2% |
| Income taxes | 67/77 | €5,920 | €10,095 | +€4,176 | +70.5% |
| Profit (loss) for the period | 9904 | €11,836 | €24,922 | +€13,086 | +111% |
| Profit (loss) for the period to be appropriated | 9905 | €11,836 | €24,922 | +€13,086 | +111% |
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 22 October 2026 via checked.be.