ML 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.
ML PROJECTS
Largest movements
- Tangible fixed assets +€369,548
up €369,548 (+37.1%), from €995,922 to €1.4m
of which Land and buildings: +€516,015
- Cash -€73,525
down €73,525 (-88.4%), from €83,137 to €9,612
mainly Investment in fixed assets (net) (-€474,438) and Trade debts (-€138,574)
- Receivables within one year -€36,858
down €36,858 (-17.0%), from €216,264 to €179,406
of which Trade receivables: -€60,302
- Debts after one year +€439,636
up €439,636 (+61.1%), from €719,660 to €1.2m
- Trade debts -€138,574
down €138,574 (-59.8%), from €231,827 to €93,254
- Reserves -€55,101
down €55,101 (-30.1%), from €183,260 to €128,159
- Current portion of long-term debt +€23,835
up €23,835 (+23.3%), from €102,252 to €126,087
- Tax, wage and social debts +€17,579
up €17,579 (+201.3%), from €8,733 to €26,312
of which Remuneration and social security: +€10,778
- Gross operating margin -€80,066
down €80,066 (-26.1%), from €306,682 to €226,616
- Staff costs +€77,547
up €77,547 (+19035.5%), from €407 to €77,954
- Depreciation +€65,281
up €65,281 (+170.1%), from €38,374 to €103,656
- Financial charges +€26,909
up €26,909 (+93.7%), from €28,704 to €55,613
- Taxes -€24,029
down €24,029 (-97.4%), from €24,673 to €643
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 | €1,309,066 | €1,588,203 | +€279,137 | +21.3% |
| Fixed assets | 21/28 | €999,777 | €1,370,560 | +€370,783 | +37.1% |
| Intangible fixed assets | 21 | - | €1,235 | +€1,235 | |
| Tangible fixed assets | 22/27 | €995,922 | €1,365,470 | +€369,548 | +37.1% |
| Land and buildings | 22 | €285,000 | €801,015 | +€516,015 | +181.1% |
| Plant, machinery and equipment | 23 | €33,095 | €440,203 | +€407,108 | +1230.1% |
| Furniture and vehicles | 24 | €160,351 | €119,160 | -€41,190 | -25.7% |
| Other tangible fixed assets | 26 | €6,821 | €5,092 | -€1,729 | -25.3% |
| Assets under construction and advance payments | 27 | €510,656 | €0 | -€510,656 | -100.0% |
| Financial fixed assets | 28 | €3,855 | €3,855 | = | 0.0% |
| Current assets | 29/58 | €309,289 | €217,643 | -€91,645 | -29.6% |
| Stocks and contracts in progress | 3 | €2,511 | €18,099 | +€15,587 | +620.7% |
| Stocks | 30/36 | €2,511 | €18,099 | +€15,587 | +620.7% |
| Amounts receivable within one year | 40/41 | €216,264 | €179,406 | -€36,858 | -17.0% |
| Trade receivables | 40 | €133,188 | €72,886 | -€60,302 | -45.3% |
| Other amounts receivable | 41 | €83,076 | €106,520 | +€23,444 | +28.2% |
| Cash at bank and in hand | 54/58 | €83,137 | €9,612 | -€73,525 | -88.4% |
| Deferred charges and accrued income | 490/1 | €7,376 | €10,526 | +€3,150 | +42.7% |
| Total equity and liabilities | 10/49 | €1,309,066 | €1,588,203 | +€279,137 | +21.3% |
| Equity | 10/15 | €184,542 | €128,659 | -€55,882 | -30.3% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Reserves | 13 | €183,260 | €128,159 | -€55,101 | -30.1% |
| Distributable reserves | 133 | €183,260 | €128,159 | -€55,101 | -30.1% |
| Profit (loss) carried forward | 14 | €781 | €0 | -€781 | -100.0% |
| Amounts payable | 17/49 | €1,124,525 | €1,459,544 | +€335,020 | +29.8% |
| Amounts payable after more than one year | 17 | €719,660 | €1,159,296 | +€439,636 | +61.1% |
| Financial debts | 170/4 | €719,660 | €1,159,296 | +€439,636 | +61.1% |
| Amounts payable within one year | 42/48 | €404,865 | €300,017 | -€104,848 | -25.9% |
| Current portion of amounts payable after more than one year | 42 | €102,252 | €126,087 | +€23,835 | +23.3% |
| Financial debts | 43 | €16,726 | €16,838 | +€112 | +0.7% |
| Credit institutions | 430/8 | €16,726 | €16,838 | +€112 | +0.7% |
| Trade debts | 44 | €231,827 | €93,254 | -€138,574 | -59.8% |
| Suppliers | 440/4 | €231,827 | €93,254 | -€138,574 | -59.8% |
| Taxes, remuneration and social security | 45 | €8,733 | €26,312 | +€17,579 | +201.3% |
| Taxes | 450/3 | €8,733 | €15,534 | +€6,801 | +77.9% |
| Remuneration and social security | 454/9 | - | €10,778 | +€10,778 | |
| Other amounts payable | 47/48 | €45,326 | €37,526 | -€7,800 | -17.2% |
| Accrued charges and deferred income | 492/3 | €0 | €231 | +€231 | |
| Non-recurring operating income | 76A | €2,509 | €0 | -€2,509 | -100.0% |
| Remuneration, social security and pensions | 62 | €407 | €77,954 | +€77,547 | +19035.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,374 | €103,656 | +€65,281 | +170.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €4,248 | €4,248 | = | 0.0% |
| Other operating charges | 640/8 | €18,343 | €4,746 | -€13,597 | -74.1% |
| Non-recurring operating charges | 66A | €132,428 | €0 | -€132,428 | -100.0% |
| Gross operating margin | 9900 | €306,682 | €226,616 | -€80,066 | -26.1% |
| Operating profit (loss) | 9901 | €112,881 | €36,013 | -€76,868 | -68.1% |
| Financial income | 75/76B | €1,099 | €1,861 | +€762 | +69.3% |
| Recurring financial income | 75 | €1,099 | €1,861 | +€762 | +69.3% |
| Financial charges | 65/66B | €28,704 | €55,613 | +€26,909 | +93.7% |
| Recurring financial charges | 65 | €28,704 | €55,613 | +€26,909 | +93.7% |
| Profit (loss) for the period before taxes | 9903 | €85,277 | -€17,739 | -€103,016 | |
| Income taxes | 67/77 | €24,673 | €643 | -€24,029 | -97.4% |
| Profit (loss) for the period | 9904 | €60,604 | -€18,382 | -€78,987 | |
| Profit (loss) for the period to be appropriated | 9905 | €60,604 | -€18,382 | -€78,987 |
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 7 October 2026 via checked.be.