MES 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.
MES PROJECT
Largest movements
- Receivables within one year +€109,544
up €109,544 (+95.8%), from €114,398 to €223,942
of which Other amounts receivable: +€113,881
- Cash -€104,841
down €104,841 (-37.9%), from €276,594 to €171,753
mainly Receivables within one year (-€109,544) and Net result for the year (-€75,530)
- Profit (loss) carried forward -€75,530
down €75,530 (-205.7%), from -€36,722 to -€112,251
- Accrued charges and deferred income +€56,501
up €56,501 (+11.4%), from €493,768 to €550,269
- Gross operating margin -€43,028
down €43,028 (-374.5%), from -€11,491 to -€54,519
- Financial charges -€34,047
down €34,047 (-64.8%), from €52,552 to €18,505
From the 31-03-2025 result to the 31-12-2025 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 31-03-2025 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-03-2025 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,809,191 | €3,813,894 | +€4,703 | +0.1% |
| Current assets | 29/58 | €3,809,191 | €3,813,894 | +€4,703 | +0.1% |
| Stocks and contracts in progress | 3 | €3,418,199 | €3,418,199 | = | 0.0% |
| Stocks | 30/36 | €3,418,199 | €3,418,199 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €114,398 | €223,942 | +€109,544 | +95.8% |
| Trade receivables | 40 | €4,337 | - | -€4,337 | |
| Other amounts receivable | 41 | €110,062 | €223,942 | +€113,881 | +103.5% |
| Cash at bank and in hand | 54/58 | €276,594 | €171,753 | -€104,841 | -37.9% |
| Total equity and liabilities | 10/49 | €3,809,191 | €3,813,894 | +€4,703 | +0.1% |
| Equity | 10/15 | €208,278 | €132,749 | -€75,530 | -36.3% |
| Contributions | 10/11 | €245,000 | €245,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€36,722 | -€112,251 | -€75,530 | -205.7% |
| Amounts payable | 17/49 | €3,600,913 | €3,681,145 | +€80,232 | +2.2% |
| Amounts payable after more than one year | 17 | €3,100,000 | €3,100,000 | = | 0.0% |
| Other amounts payable | 178/9 | €3,100,000 | €3,100,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €7,145 | €30,876 | +€23,731 | +332.1% |
| Current portion of amounts payable after more than one year | 42 | - | €28,015 | +€28,015 | |
| Trade debts | 44 | €6,195 | €1,911 | -€4,284 | -69.2% |
| Suppliers | 440/4 | €6,195 | €1,911 | -€4,284 | -69.2% |
| Other amounts payable | 47/48 | €950 | €950 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €493,768 | €550,269 | +€56,501 | +11.4% |
| Other operating charges | 640/8 | €993 | €1,010 | +€17 | +1.7% |
| Non-recurring operating charges | 66A | - | €1,254 | +€1,254 | |
| Gross operating margin | 9900 | -€11,491 | -€54,519 | -€43,028 | -374.5% |
| Operating profit (loss) | 9901 | -€12,484 | -€56,784 | -€44,299 | -354.8% |
| Financial income | 75/76B | €171 | - | -€171 | |
| Recurring financial income | 75 | €171 | - | -€171 | |
| Financial charges | 65/66B | €52,552 | €18,505 | -€34,047 | -64.8% |
| Recurring financial charges | 65 | €52,552 | €18,505 | -€34,047 | -64.8% |
| Profit (loss) for the period before taxes | 9903 | -€64,865 | -€75,289 | -€10,424 | -16.1% |
| Income taxes | 67/77 | €579 | €241 | -€339 | -58.5% |
| Profit (loss) for the period | 9904 | -€65,444 | -€75,530 | -€10,085 | -15.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€65,444 | -€75,530 | -€10,085 | -15.4% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 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.