MN 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.
MN PROJECTS
Largest movements
- Deferred charges and accrued income +€75,540
new in 2026: €75,540
- Tangible fixed assets -€57,885
down €57,885 (-6.8%), from €852,244 to €794,360
of which Land and buildings: -€33,622
- Cash -€45,615
down €45,615 (-43.7%), from €104,500 to €58,885
mainly Debts after one year (-€143,333) and Deferred charges and accrued income (-€75,540)
- Receivables within one year -€31,765
down €31,765 (-2.4%), from €1.3m to €1.3m
of which Trade receivables: -€138,000
- Debts after one year -€143,333
down €143,333 (-12.2%), from €1.2m to €1.0m
of which Other amounts payable: -€130,000
- Other debts +€49,312
up €49,312 (+126%), from €39,238 to €88,550
- Profit (loss) carried forward +€39,982
up €39,982 (+3.2%), from €1.2m to €1.3m
- Depreciation +€14,960
up €14,960 (+34.9%), from €42,924 to €57,885
- Financial income +€13,268
up €13,268 (+17.8%), from €74,440 to €87,708
- Gross operating margin +€8,183
up €8,183 (+37.3%), from €21,926 to €30,109
- Taxes -€720
down €720 (-4.7%), from €15,421 to €14,700
- Other operating charges +€665
up €665 (+30.5%), from €2,179 to €2,844
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,501,150 | €2,441,426 | -€59,724 | -2.4% |
| Fixed assets | 21/28 | €1,052,244 | €994,360 | -€57,885 | -5.5% |
| Tangible fixed assets | 22/27 | €852,244 | €794,360 | -€57,885 | -6.8% |
| Land and buildings | 22 | €754,818 | €721,195 | -€33,622 | -4.5% |
| Plant, machinery and equipment | 23 | €3,475 | €2,605 | -€870 | -25.0% |
| Furniture and vehicles | 24 | €93,951 | €70,559 | -€23,392 | -24.9% |
| Financial fixed assets | 28 | €200,000 | €200,000 | = | 0.0% |
| Current assets | 29/58 | €1,448,906 | €1,447,066 | -€1,839 | -0.1% |
| Amounts receivable within one year | 40/41 | €1,344,405 | €1,312,640 | -€31,765 | -2.4% |
| Trade receivables | 40 | €138,000 | - | -€138,000 | |
| Other amounts receivable | 41 | €1,206,405 | €1,312,640 | +€106,235 | +8.8% |
| Cash at bank and in hand | 54/58 | €104,500 | €58,885 | -€45,615 | -43.7% |
| Deferred charges and accrued income | 490/1 | - | €75,540 | +€75,540 | |
| Total equity and liabilities | 10/49 | €2,501,150 | €2,441,426 | -€59,724 | -2.4% |
| Equity | 10/15 | €1,257,142 | €1,297,125 | +€39,982 | +3.2% |
| Contributions | 10/11 | €22,000 | €22,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,235,142 | €1,275,125 | +€39,982 | +3.2% |
| Amounts payable | 17/49 | €1,244,008 | €1,144,301 | -€99,706 | -8.0% |
| Amounts payable after more than one year | 17 | €1,172,721 | €1,029,388 | -€143,333 | -12.2% |
| Financial debts | 170/4 | €82,221 | €68,888 | -€13,333 | -16.2% |
| Other amounts payable | 178/9 | €1,090,500 | €960,500 | -€130,000 | -11.9% |
| Amounts payable within one year | 42/48 | €71,286 | €114,913 | +€43,627 | +61.2% |
| Current portion of amounts payable after more than one year | 42 | €13,333 | €13,333 | = | 0.0% |
| Trade debts | 44 | €7,010 | €1,939 | -€5,071 | -72.3% |
| Suppliers | 440/4 | €7,010 | €1,939 | -€5,071 | -72.3% |
| Taxes, remuneration and social security | 45 | €11,705 | €11,091 | -€614 | -5.2% |
| Taxes | 450/3 | €11,705 | €11,091 | -€614 | -5.2% |
| Other amounts payable | 47/48 | €39,238 | €88,550 | +€49,312 | +126% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,924 | €57,885 | +€14,960 | +34.9% |
| Other operating charges | 640/8 | €2,179 | €2,844 | +€665 | +30.5% |
| Gross operating margin | 9900 | €21,926 | €30,109 | +€8,183 | +37.3% |
| Operating profit (loss) | 9901 | -€23,177 | -€30,620 | -€7,443 | -32.1% |
| Financial income | 75/76B | €74,440 | €87,708 | +€13,268 | +17.8% |
| Recurring financial income | 75 | €74,440 | €87,708 | +€13,268 | +17.8% |
| Financial charges | 65/66B | €2,851 | €2,405 | -€446 | -15.6% |
| Recurring financial charges | 65 | €2,851 | €2,405 | -€446 | -15.6% |
| Profit (loss) for the period before taxes | 9903 | €48,412 | €54,683 | +€6,271 | +13.0% |
| Income taxes | 67/77 | €15,421 | €14,700 | -€720 | -4.7% |
| Profit (loss) for the period | 9904 | €32,991 | €39,982 | +€6,991 | +21.2% |
| Profit (loss) for the period to be appropriated | 9905 | €32,991 | €39,982 | +€6,991 | +21.2% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.