ML CONSTRUCTION: 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.
ML CONSTRUCTION
Largest movements
- Receivables within one year -€264,801
down €264,801 (-42.2%), from €627,351 to €362,550
of which Trade receivables: -€274,260
- Tangible fixed assets +€172,460
up €172,460 (+59.1%), from €291,580 to €464,040
of which Leasing and similar rights: +€200,888
- Cash -€126,144
down €126,144 (-54.9%), from €229,662 to €103,519
mainly Investment in fixed assets (net) (-€226,761) and Accrued charges and deferred income (-€118,032)
- Deferred charges and accrued income +€114,978
up €114,978 (+8,755%), from €1,313 to €116,292
- Accrued charges and deferred income -€118,032
no longer reported in 2025 (was €118,032)
- Debts after one year +€101,468
up €101,468 (+76.7%), from €132,298 to €233,765
- Tax, wage and social debts -€85,641
down €85,641 (-80.7%), from €106,068 to €20,427
of which Taxes: -€83,538
- Profit (loss) carried forward -€44,204
down €44,204 (-6.5%), from €680,700 to €636,496
- Other debts +€31,253
new in 2025: €31,253
- Gross operating margin +€116,016
up €116,016 (+128%), from €90,371 to €206,387
- Depreciation +€18,913
up €18,913 (+53.4%), from €35,387 to €54,300
- Other operating charges +€14,325
up €14,325 (+348%), from €4,116 to €18,441
- Taxes +€9,754
up €9,754 (+540%), from €1,808 to €11,561
- Staff costs -€8,756
down €8,756 (-10.9%), from €80,121 to €71,366
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 | €1,152,556 | €1,049,050 | -€103,506 | -9.0% |
| Fixed assets | 21/28 | €294,230 | €466,690 | +€172,460 | +58.6% |
| Tangible fixed assets | 22/27 | €291,580 | €464,040 | +€172,460 | +59.1% |
| Land and buildings | 22 | €222,186 | €208,793 | -€13,392 | -6.0% |
| Plant, machinery and equipment | 23 | €2,856 | €2,439 | -€417 | -14.6% |
| Furniture and vehicles | 24 | €66,538 | €51,920 | -€14,618 | -22.0% |
| Leasing and similar rights | 25 | - | €200,888 | +€200,888 | |
| Financial fixed assets | 28 | €2,650 | €2,650 | = | 0.0% |
| Current assets | 29/58 | €858,326 | €582,360 | -€275,966 | -32.2% |
| Amounts receivable within one year | 40/41 | €627,351 | €362,550 | -€264,801 | -42.2% |
| Trade receivables | 40 | €533,062 | €258,802 | -€274,260 | -51.4% |
| Other amounts receivable | 41 | €94,289 | €103,747 | +€9,459 | +10.0% |
| Cash at bank and in hand | 54/58 | €229,662 | €103,519 | -€126,144 | -54.9% |
| Deferred charges and accrued income | 490/1 | €1,313 | €116,292 | +€114,978 | +8,755% |
| Total equity and liabilities | 10/49 | €1,152,556 | €1,049,050 | -€103,506 | -9.0% |
| Equity | 10/15 | €688,760 | €644,556 | -€44,204 | -6.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €680,700 | €636,496 | -€44,204 | -6.5% |
| Amounts payable | 17/49 | €463,796 | €404,495 | -€59,302 | -12.8% |
| Amounts payable after more than one year | 17 | €132,298 | €233,765 | +€101,468 | +76.7% |
| Financial debts | 170/4 | €132,298 | €233,765 | +€101,468 | +76.7% |
| Amounts payable within one year | 42/48 | €213,467 | €170,729 | -€42,737 | -20.0% |
| Current portion of amounts payable after more than one year | 42 | €18,256 | €41,988 | +€23,731 | +130% |
| Trade debts | 44 | €89,142 | €77,062 | -€12,080 | -13.6% |
| Suppliers | 440/4 | €89,142 | €77,062 | -€12,080 | -13.6% |
| Taxes, remuneration and social security | 45 | €106,068 | €20,427 | -€85,641 | -80.7% |
| Taxes | 450/3 | €102,478 | €18,941 | -€83,538 | -81.5% |
| Remuneration and social security | 454/9 | €3,590 | €1,486 | -€2,104 | -58.6% |
| Other amounts payable | 47/48 | - | €31,253 | +€31,253 | |
| Accrued charges and deferred income | 492/3 | €118,032 | - | -€118,032 | |
| Remuneration, social security and pensions | 62 | €80,121 | €71,366 | -€8,756 | -10.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,387 | €54,300 | +€18,913 | +53.4% |
| Other operating charges | 640/8 | €4,116 | €18,441 | +€14,325 | +348% |
| Gross operating margin | 9900 | €90,371 | €206,387 | +€116,016 | +128% |
| Operating profit (loss) | 9901 | -€29,253 | €62,281 | +€91,534 | |
| Financial income | 75/76B | €3,356 | €3,673 | +€317 | +9.4% |
| Recurring financial income | 75 | €3,356 | €3,673 | +€317 | +9.4% |
| Financial charges | 65/66B | €6,379 | €7,401 | +€1,022 | +16.0% |
| Recurring financial charges | 65 | €6,379 | €7,401 | +€1,022 | +16.0% |
| Profit (loss) for the period before taxes | 9903 | -€32,276 | €58,552 | +€90,829 | |
| Income taxes | 67/77 | €1,808 | €11,561 | +€9,754 | +540% |
| Profit (loss) for the period | 9904 | -€34,084 | €46,991 | +€81,075 | |
| Profit (loss) for the period to be appropriated | 9905 | -€34,084 | €46,991 | +€81,075 |
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 13 October 2026 via checked.be.