MM 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.
MM Projects
Largest movements
- Receivables within one year -€486,482
down €486,482 (-85.4%), from €569,666 to €83,185
of which Trade receivables: -€473,174
- Cash -€11,963
down €11,963 (-31.1%), from €38,467 to €26,504
mainly Trade debts (-€489,270) and Investment in fixed assets (net) (-€25,860)
- Trade debts -€489,270
down €489,270 (-94.1%), from €519,914 to €30,643
- Reserves +€19,544
up €19,544 (+20.5%), from €95,280 to €114,824
- Other debts -€11,394
down €11,394 (-40.1%), from €28,433 to €17,039
- Tax, wage and social debts -€10,926
down €10,926 (-29.4%), from €37,211 to €26,285
- Financial charges +€17,485
up €17,485 (+229%), from €7,629 to €25,115
- Gross operating margin -€13,340
down €13,340 (-13.3%), from €100,458 to €87,118
- Taxes -€11,787
down €11,787 (-61.9%), from €19,036 to €7,249
- Depreciation +€4,467
up €4,467 (+29.8%), from €14,995 to €19,462
- Staff costs +€3,656
new in 2025: €3,656
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 | €684,837 | €192,792 | -€492,046 | -71.8% |
| Fixed assets | 21/28 | €76,705 | €83,103 | +€6,399 | +8.3% |
| Tangible fixed assets | 22/27 | €73,905 | €80,303 | +€6,399 | +8.7% |
| Plant, machinery and equipment | 23 | €50,130 | €53,687 | +€3,558 | +7.1% |
| Furniture and vehicles | 24 | €23,775 | €26,616 | +€2,841 | +11.9% |
| Financial fixed assets | 28 | €2,800 | €2,800 | = | 0.0% |
| Current assets | 29/58 | €608,133 | €109,688 | -€498,444 | -82.0% |
| Amounts receivable within one year | 40/41 | €569,666 | €83,185 | -€486,482 | -85.4% |
| Trade receivables | 40 | €547,238 | €74,064 | -€473,174 | -86.5% |
| Other amounts receivable | 41 | €22,429 | €9,121 | -€13,308 | -59.3% |
| Cash at bank and in hand | 54/58 | €38,467 | €26,504 | -€11,963 | -31.1% |
| Total equity and liabilities | 10/49 | €684,837 | €192,792 | -€492,046 | -71.8% |
| Equity | 10/15 | €99,280 | €118,824 | +€19,544 | +19.7% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €95,280 | €114,824 | +€19,544 | +20.5% |
| Distributable reserves | 133 | €95,280 | €114,824 | +€19,544 | +20.5% |
| Amounts payable | 17/49 | €585,558 | €73,968 | -€511,590 | -87.4% |
| Amounts payable within one year | 42/48 | €585,558 | €73,968 | -€511,590 | -87.4% |
| Trade debts | 44 | €519,914 | €30,643 | -€489,270 | -94.1% |
| Suppliers | 440/4 | €519,914 | €30,643 | -€489,270 | -94.1% |
| Taxes, remuneration and social security | 45 | €37,211 | €26,285 | -€10,926 | -29.4% |
| Taxes | 450/3 | €37,211 | €26,285 | -€10,926 | -29.4% |
| Other amounts payable | 47/48 | €28,433 | €17,039 | -€11,394 | -40.1% |
| Remuneration, social security and pensions | 62 | - | €3,656 | +€3,656 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,995 | €19,462 | +€4,467 | +29.8% |
| Other operating charges | 640/8 | €13,819 | €12,377 | -€1,442 | -10.4% |
| Non-recurring operating charges | 66A | - | €2,002 | +€2,002 | |
| Gross operating margin | 9900 | €100,458 | €87,118 | -€13,340 | -13.3% |
| Operating profit (loss) | 9901 | €71,645 | €49,623 | -€22,022 | -30.7% |
| Financial income | 75/76B | €2,839 | €2,285 | -€554 | -19.5% |
| Recurring financial income | 75 | €2,839 | €2,285 | -€554 | -19.5% |
| Financial charges | 65/66B | €7,629 | €25,115 | +€17,485 | +229% |
| Recurring financial charges | 65 | €7,629 | €25,115 | +€17,485 | +229% |
| Profit (loss) for the period before taxes | 9903 | €66,855 | €26,794 | -€40,061 | -59.9% |
| Income taxes | 67/77 | €19,036 | €7,249 | -€11,787 | -61.9% |
| Profit (loss) for the period | 9904 | €47,819 | €19,544 | -€28,274 | -59.1% |
| Profit (loss) for the period to be appropriated | 9905 | €47,819 | €19,544 | -€28,274 | -59.1% |
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 29 October 2026 via checked.be.