ML OUTDOOR PROJECTS: 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 OUTDOOR PROJECTS
Largest movements
- Current investments +€90,000
new in 2025: €90,000
- Receivables within one year -€36,000
down €36,000 (-73.9%), from €48,739 to €12,739
of which Trade receivables: -€44,252
- Cash -€34,255
down €34,255 (-47.8%), from €71,666 to €37,411
mainly Current investments (-€90,000) and Investment in fixed assets (net) (-€40,543)
- Tangible fixed assets +€22,500
up €22,500 (+78.8%), from €28,558 to €51,058
of which Plant, machinery and equipment: +€18,854
- Reserves +€28,782
up €28,782 (+42.2%), from €68,152 to €96,934
- Debts after one year +€17,850
up €17,850 (+352.1%), from €5,069 to €22,919
- Current portion of long-term debt +€8,898
up €8,898 (+123.9%), from €7,180 to €16,078
- Tax, wage and social debts -€7,449
down €7,449 (-32.3%), from €23,050 to €15,601
of which Taxes: -€6,949
- Other debts -€4,974
down €4,974 (-21.1%), from €23,536 to €18,562
- Gross operating margin +€9,677
up €9,677 (+17.6%), from €55,023 to €64,699
- Write-downs +€7,500
no longer reported in 2025 (was -€7,500)
- Depreciation -€6,193
down €6,193 (-25.6%), from €24,236 to €18,043
- Taxes +€4,687
up €4,687 (+51.6%), from €9,087 to €13,774
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 | €152,972 | €195,271 | +€42,299 | +27.7% |
| Fixed assets | 21/28 | €28,558 | €51,058 | +€22,500 | +78.8% |
| Tangible fixed assets | 22/27 | €28,558 | €51,058 | +€22,500 | +78.8% |
| Plant, machinery and equipment | 23 | €23,161 | €42,015 | +€18,854 | +81.4% |
| Furniture and vehicles | 24 | €5,398 | €9,043 | +€3,645 | +67.5% |
| Current assets | 29/58 | €124,413 | €144,213 | +€19,800 | +15.9% |
| Stocks and contracts in progress | 3 | €464 | €582 | +€118 | +25.5% |
| Stocks | 30/36 | €464 | €582 | +€118 | +25.5% |
| Amounts receivable within one year | 40/41 | €48,739 | €12,739 | -€36,000 | -73.9% |
| Trade receivables | 40 | €48,739 | €4,487 | -€44,252 | -90.8% |
| Other amounts receivable | 41 | - | €8,253 | +€8,253 | |
| Current investments | 50/53 | - | €90,000 | +€90,000 | |
| Cash at bank and in hand | 54/58 | €71,666 | €37,411 | -€34,255 | -47.8% |
| Deferred charges and accrued income | 490/1 | €3,544 | €3,481 | -€63 | -1.8% |
| Total equity and liabilities | 10/49 | €152,972 | €195,271 | +€42,299 | +27.7% |
| Equity | 10/15 | €68,652 | €97,434 | +€28,782 | +41.9% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Reserves | 13 | €68,152 | €96,934 | +€28,782 | +42.2% |
| Distributable reserves | 133 | €68,152 | €96,934 | +€28,782 | +42.2% |
| Amounts payable | 17/49 | €84,320 | €97,837 | +€13,518 | +16.0% |
| Amounts payable after more than one year | 17 | €5,069 | €22,919 | +€17,850 | +352.1% |
| Financial debts | 170/4 | €5,069 | €22,919 | +€17,850 | +352.1% |
| Amounts payable within one year | 42/48 | €74,883 | €73,023 | -€1,860 | -2.5% |
| Current portion of amounts payable after more than one year | 42 | €7,180 | €16,078 | +€8,898 | +123.9% |
| Financial debts | 43 | €4,000 | €5,000 | +€1,000 | +25.0% |
| Credit institutions | 430/8 | €4,000 | €5,000 | +€1,000 | +25.0% |
| Trade debts | 44 | €17,117 | €17,782 | +€665 | +3.9% |
| Suppliers | 440/4 | €17,117 | €17,782 | +€665 | +3.9% |
| Taxes, remuneration and social security | 45 | €23,050 | €15,601 | -€7,449 | -32.3% |
| Taxes | 450/3 | €11,050 | €4,101 | -€6,949 | -62.9% |
| Remuneration and social security | 454/9 | €12,000 | €11,500 | -€500 | -4.2% |
| Other amounts payable | 47/48 | €23,536 | €18,562 | -€4,974 | -21.1% |
| Accrued charges and deferred income | 492/3 | €4,368 | €1,896 | -€2,472 | -56.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,236 | €18,043 | -€6,193 | -25.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€7,500 | - | +€7,500 | |
| Other operating charges | 640/8 | €2,045 | €1,471 | -€574 | -28.1% |
| Gross operating margin | 9900 | €55,023 | €64,699 | +€9,677 | +17.6% |
| Operating profit (loss) | 9901 | €36,241 | €45,185 | +€8,944 | +24.7% |
| Financial income | 75/76B | €422 | €170 | -€252 | -59.8% |
| Recurring financial income | 75 | €422 | €170 | -€252 | -59.8% |
| Financial charges | 65/66B | €1,687 | €1,922 | +€235 | +14.0% |
| Recurring financial charges | 65 | €1,687 | €1,922 | +€235 | +14.0% |
| Profit (loss) for the period before taxes | 9903 | €34,977 | €43,433 | +€8,456 | +24.2% |
| Income taxes | 67/77 | €9,087 | €13,774 | +€4,687 | +51.6% |
| Profit (loss) for the period | 9904 | €25,890 | €29,659 | +€3,769 | +14.6% |
| Profit (loss) for the period to be appropriated | 9905 | €25,890 | €29,659 | +€3,769 | +14.6% |
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 9 October 2026 via checked.be.