MF 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.
MF PROJECT
Largest movements
- Receivables within one year +€21,294
up €21,294 (+161%), from €13,203 to €34,497
of which Trade receivables: +€23,234
- Stocks and contracts +€10,350
new in 2025: €10,350
- Tangible fixed assets -€7,476
down €7,476 (-38.7%), from €19,314 to €11,837
of which Furniture and vehicles: -€4,639
- Deferred charges and accrued income -€2,225
no longer reported in 2025 (was €2,225)
- Short-term financial debts +€8,933
up €8,933 (+151%), from €5,900 to €14,833
- Trade debts +€7,258
up €7,258 (+204%), from €3,563 to €10,821
- Tax, wage and social debts +€4,580
up €4,580 (+151%), from €3,040 to €7,620
of which Remuneration and social security: +€3,071
- Other debts +€577
up €577 (+135%), from €427 to €1,004
- Staff costs +€33,848
new in 2025: €33,848
- Gross operating margin +€28,552
up €28,552 (+179%), from €15,945 to €44,497
- Taxes -€2,647
no longer reported in 2025 (was €2,647)
- Depreciation +€1,298
up €1,298 (+21.0%), from €6,178 to €7,476
- Other operating charges +€580
up €580 (+50.0%), from €1,159 to €1,739
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 | €35,046 | €56,684 | +€21,639 | +61.7% |
| Fixed assets | 21/28 | €19,314 | €11,837 | -€7,476 | -38.7% |
| Tangible fixed assets | 22/27 | €19,314 | €11,837 | -€7,476 | -38.7% |
| Plant, machinery and equipment | 23 | €8,542 | €5,705 | -€2,837 | -33.2% |
| Furniture and vehicles | 24 | €10,772 | €6,133 | -€4,639 | -43.1% |
| Current assets | 29/58 | €15,732 | €44,847 | +€29,115 | +185% |
| Stocks and contracts in progress | 3 | - | €10,350 | +€10,350 | |
| Stocks | 30/36 | - | €10,350 | +€10,350 | |
| Amounts receivable within one year | 40/41 | €13,203 | €34,497 | +€21,294 | +161% |
| Trade receivables | 40 | - | €23,234 | +€23,234 | |
| Other amounts receivable | 41 | €13,203 | €11,263 | -€1,940 | -14.7% |
| Cash at bank and in hand | 54/58 | €304 | - | -€304 | |
| Deferred charges and accrued income | 490/1 | €2,225 | - | -€2,225 | |
| Total equity and liabilities | 10/49 | €35,046 | €56,684 | +€21,639 | +61.7% |
| Equity | 10/15 | €22,116 | €22,406 | +€291 | +1.3% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €19,116 | €19,406 | +€291 | +1.5% |
| Amounts payable | 17/49 | €12,930 | €34,278 | +€21,348 | +165% |
| Amounts payable within one year | 42/48 | €12,930 | €34,278 | +€21,348 | +165% |
| Financial debts | 43 | €5,900 | €14,833 | +€8,933 | +151% |
| Credit institutions | 430/8 | €5,900 | €14,833 | +€8,933 | +151% |
| Trade debts | 44 | €3,563 | €10,821 | +€7,258 | +204% |
| Suppliers | 440/4 | €3,563 | €10,821 | +€7,258 | +204% |
| Taxes, remuneration and social security | 45 | €3,040 | €7,620 | +€4,580 | +151% |
| Taxes | 450/3 | €1,040 | €2,549 | +€1,509 | +145% |
| Remuneration and social security | 454/9 | €2,000 | €5,071 | +€3,071 | +154% |
| Other amounts payable | 47/48 | €427 | €1,004 | +€577 | +135% |
| Remuneration, social security and pensions | 62 | - | €33,848 | +€33,848 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,178 | €7,476 | +€1,298 | +21.0% |
| Other operating charges | 640/8 | €1,159 | €1,739 | +€580 | +50.0% |
| Gross operating margin | 9900 | €15,945 | €44,497 | +€28,552 | +179% |
| Operating profit (loss) | 9901 | €8,608 | €1,433 | -€7,175 | -83.4% |
| Financial income | 75/76B | €0 | €4 | +€4 | +2,238% |
| Recurring financial income | 75 | €0 | €4 | +€4 | +2,238% |
| Financial charges | 65/66B | €1,293 | €1,146 | -€147 | -11.3% |
| Recurring financial charges | 65 | €1,293 | €1,146 | -€147 | -11.3% |
| Profit (loss) for the period before taxes | 9903 | €7,315 | €291 | -€7,024 | -96.0% |
| Income taxes | 67/77 | €2,647 | - | -€2,647 | |
| Profit (loss) for the period | 9904 | €4,668 | €291 | -€4,377 | -93.8% |
| Profit (loss) for the period to be appropriated | 9905 | €4,668 | €291 | -€4,377 | -93.8% |
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 15 October 2026 via checked.be.