MK PROJECTION: 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.
MK PROJECTION
Largest movements
- Receivables within one year -€48,430
down €48,430 (-27.6%), from €175,482 to €127,052
of which Trade receivables: -€33,586
- Cash -€8,242
down €8,242 (-11.4%), from €72,353 to €64,111
mainly Trade debts (-€24,639) and Other debts (-€23,252)
- Trade debts -€24,639
down €24,639 (-82.1%), from €30,008 to €5,368
- Other debts -€23,252
down €23,252 (-100.0%), from €23,252 to €0
- Accrued charges and deferred income +€20,580
new in 2025: €20,580
- Tax, wage and social debts -€16,487
down €16,487 (-31.2%), from €52,870 to €36,383
of which Taxes: -€18,790
- Profit (loss) carried forward -€13,438
down €13,438 (-10.8%), from €123,956 to €110,518
- Gross operating margin -€42,962
down €42,962 (-45.7%), from €94,079 to €51,117
- Staff costs +€5,918
up €5,918 (+12.1%), from €48,951 to €54,869
- Taxes -€4,076
down €4,076 (-35.9%), from €11,355 to €7,279
- Other operating charges -€1,226
down €1,226 (-88.4%), from €1,387 to €161
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 | €250,546 | €193,309 | -€57,237 | -22.8% |
| Fixed assets | 21/28 | €2,712 | €2,147 | -€565 | -20.8% |
| Tangible fixed assets | 22/27 | €2,577 | €2,012 | -€565 | -21.9% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €2,577 | €2,012 | -€565 | -21.9% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €247,834 | €191,163 | -€56,672 | -22.9% |
| Amounts receivable within one year | 40/41 | €175,482 | €127,052 | -€48,430 | -27.6% |
| Trade receivables | 40 | €145,920 | €112,334 | -€33,586 | -23.0% |
| Other amounts receivable | 41 | €29,562 | €14,718 | -€14,844 | -50.2% |
| Cash at bank and in hand | 54/58 | €72,353 | €64,111 | -€8,242 | -11.4% |
| Total equity and liabilities | 10/49 | €250,546 | €193,309 | -€57,237 | -22.8% |
| Equity | 10/15 | €144,416 | €130,978 | -€13,438 | -9.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €123,956 | €110,518 | -€13,438 | -10.8% |
| Amounts payable | 17/49 | €106,130 | €62,332 | -€43,798 | -41.3% |
| Amounts payable within one year | 42/48 | €106,130 | €41,752 | -€64,378 | -60.7% |
| Trade debts | 44 | €30,008 | €5,368 | -€24,639 | -82.1% |
| Suppliers | 440/4 | €30,008 | €5,368 | -€24,639 | -82.1% |
| Taxes, remuneration and social security | 45 | €52,870 | €36,383 | -€16,487 | -31.2% |
| Taxes | 450/3 | €51,500 | €32,709 | -€18,790 | -36.5% |
| Remuneration and social security | 454/9 | €1,371 | €3,674 | +€2,303 | +168.1% |
| Other amounts payable | 47/48 | €23,252 | €0 | -€23,252 | -100.0% |
| Accrued charges and deferred income | 492/3 | - | €20,580 | +€20,580 | |
| Remuneration, social security and pensions | 62 | €48,951 | €54,869 | +€5,918 | +12.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,932 | €2,027 | +€95 | +4.9% |
| Other operating charges | 640/8 | €1,387 | €161 | -€1,226 | -88.4% |
| Gross operating margin | 9900 | €94,079 | €51,117 | -€42,962 | -45.7% |
| Operating profit (loss) | 9901 | €41,809 | -€5,940 | -€47,749 | |
| Financial income | 75/76B | €0 | €0 | -€0 | -100.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100.0% |
| Financial charges | 65/66B | €203 | €220 | +€17 | +8.3% |
| Recurring financial charges | 65 | €203 | €220 | +€17 | +8.3% |
| Profit (loss) for the period before taxes | 9903 | €41,606 | -€6,160 | -€47,766 | |
| Income taxes | 67/77 | €11,355 | €7,279 | -€4,076 | -35.9% |
| Profit (loss) for the period | 9904 | €30,251 | -€13,438 | -€43,690 | |
| Profit (loss) for the period to be appropriated | 9905 | €30,251 | -€13,438 | -€43,690 |
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 10 October 2026 via checked.be.