MFA PROJECTS: what changed
Two fiscal 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.
MFA PROJECTS
Largest movements
- Receivables within one year +€43,300
up €43,300 (+364.4%), from €11,882 to €55,182
of which Trade receivables: +€32,000
- Equity +€71,364
up €71,364, from -€13,638 to €57,726
- Tax, wage and social debts -€23,672
down €23,672 (-98.7%), from €23,986 to €314
- Other debts -€4,543
down €4,543 (-100.0%), from €4,543 to €0
- Short-term financial debts +€2,691
up €2,691 (+10860.5%), from €25 to €2,716
- Trade debts -€2,049
down €2,049 (-95.1%), from €2,155 to €106
- Gross operating margin -€10,597
down €10,597, from €10,215 to -€382
- Financial charges -€5,164
down €5,164 (-94.5%), from €5,463 to €298
- Financial income +€3,015
up €3,015 (+8665.8%), from €35 to €3,050
- Other operating charges -€1,073
down €1,073 (-59.6%), from €1,802 to €729
- Taxes +€276
new in 2025: €276
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 | €17,512 | €60,863 | +€43,350 | +247.5% |
| Fixed assets | 21/28 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €0 | - | = | |
| Land and buildings | 22 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Current assets | 29/58 | €17,512 | €60,863 | +€43,350 | +247.5% |
| Amounts receivable within one year | 40/41 | €11,882 | €55,182 | +€43,300 | +364.4% |
| Trade receivables | 40 | - | €32,000 | +€32,000 | |
| Other amounts receivable | 41 | €11,882 | €23,182 | +€11,300 | +95.1% |
| Current investments | 50/53 | €22 | €19 | -€2 | -11.1% |
| Cash at bank and in hand | 54/58 | €5,608 | €5,661 | +€53 | +0.9% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €17,512 | €60,863 | +€43,350 | +247.5% |
| Equity | 10/15 | -€13,638 | €57,726 | +€71,364 | |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Reserves | 13 | €6,000 | €6,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,000 | €6,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,000 | €6,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€9,638 | -€8,274 | +€1,364 | +14.2% |
| Advance to shareholders on the distribution of net assets | 19 | €70,000 | €0 | -€70,000 | -100.0% |
| Amounts payable | 17/49 | €31,150 | €3,136 | -€28,014 | -89.9% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €30,709 | €3,136 | -€27,573 | -89.8% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €25 | €2,716 | +€2,691 | +10860.5% |
| Credit institutions | 430/8 | €25 | €2,716 | +€2,691 | +10860.5% |
| Trade debts | 44 | €2,155 | €106 | -€2,049 | -95.1% |
| Suppliers | 440/4 | €2,155 | €106 | -€2,049 | -95.1% |
| Taxes, remuneration and social security | 45 | €23,986 | €314 | -€23,672 | -98.7% |
| Taxes | 450/3 | €23,986 | €314 | -€23,672 | -98.7% |
| Other amounts payable | 47/48 | €4,543 | €0 | -€4,543 | -100.0% |
| Accrued charges and deferred income | 492/3 | €441 | €0 | -€441 | -100.0% |
| Non-recurring operating income | 76A | €15,858 | €0 | -€15,858 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | - | = | |
| Other operating charges | 640/8 | €1,802 | €729 | -€1,073 | -59.6% |
| Gross operating margin | 9900 | €10,215 | -€382 | -€10,597 | |
| Operating profit (loss) | 9901 | €8,413 | -€1,111 | -€9,524 | |
| Financial income | 75/76B | €35 | €3,050 | +€3,015 | +8665.8% |
| Recurring financial income | 75 | €35 | €3,050 | +€3,015 | +8665.8% |
| Financial charges | 65/66B | €5,463 | €298 | -€5,164 | -94.5% |
| Recurring financial charges | 65 | €5,463 | €298 | -€5,164 | -94.5% |
| Profit (loss) for the period before taxes | 9903 | €2,985 | €1,640 | -€1,345 | -45.0% |
| Income taxes | 67/77 | - | €276 | +€276 | |
| Profit (loss) for the period | 9904 | €2,985 | €1,364 | -€1,621 | -54.3% |
| Profit (loss) for the period to be appropriated | 9905 | €2,985 | €1,364 | -€1,621 | -54.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.