MPath: 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.
MPath
Largest movements
- Receivables within one year -€248,834
down €248,834 (-48.0%), from €518,920 to €270,086
of which Trade receivables: -€258,920
- Cash +€165,967
up €165,967 (+683.6%), from €24,279 to €190,246
mainly Net result for the year (+€521,031) and Receivables within one year (+€248,834)
- Current investments +€44,358
up €44,358 (+92.3%), from €48,063 to €92,422
- Reserves -€175,872
down €175,872 (-95.7%), from €183,686 to €7,813
- Debts after one year +€141,143
up €141,143 (+28.3%), from €498,837 to €639,980
of which Other amounts payable: +€167,703
- Gross operating margin -€34,577
down €34,577 (-4.7%), from €734,343 to €699,766
- Taxes -€13,849
down €13,849 (-7.3%), from €188,917 to €175,068
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 | €783,996 | €745,720 | -€38,276 | -4.9% |
| Fixed assets | 21/28 | €188,906 | €187,884 | -€1,021 | -0.5% |
| Tangible fixed assets | 22/27 | €2,624 | €1,602 | -€1,021 | -38.9% |
| Furniture and vehicles | 24 | €2,624 | €1,602 | -€1,021 | -38.9% |
| Financial fixed assets | 28 | €186,282 | €186,282 | = | 0.0% |
| Current assets | 29/58 | €595,091 | €557,836 | -€37,254 | -6.3% |
| Amounts receivable within one year | 40/41 | €518,920 | €270,086 | -€248,834 | -48.0% |
| Trade receivables | 40 | €518,920 | €260,000 | -€258,920 | -49.9% |
| Other amounts receivable | 41 | - | €10,086 | +€10,086 | |
| Current investments | 50/53 | €48,063 | €92,422 | +€44,358 | +92.3% |
| Cash at bank and in hand | 54/58 | €24,279 | €190,246 | +€165,967 | +683.6% |
| Deferred charges and accrued income | 490/1 | €3,829 | €5,083 | +€1,254 | +32.8% |
| Total equity and liabilities | 10/49 | €783,996 | €745,720 | -€38,276 | -4.9% |
| Equity | 10/15 | €186,186 | €10,313 | -€175,872 | -94.5% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €183,686 | €7,813 | -€175,872 | -95.7% |
| Distributable reserves | 133 | €183,686 | €7,813 | -€175,872 | -95.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €597,810 | €735,407 | +€137,597 | +23.0% |
| Amounts payable after more than one year | 17 | €498,837 | €639,980 | +€141,143 | +28.3% |
| Financial debts | 170/4 | €76,540 | €49,980 | -€26,560 | -34.7% |
| Other amounts payable | 178/9 | €422,297 | €590,000 | +€167,703 | +39.7% |
| Amounts payable within one year | 42/48 | €98,264 | €95,427 | -€2,836 | -2.9% |
| Current portion of amounts payable after more than one year | 42 | €26,174 | €26,560 | +€386 | +1.5% |
| Trade debts | 44 | €2,076 | €4,011 | +€1,936 | +93.3% |
| Suppliers | 440/4 | €2,076 | €4,011 | +€1,936 | +93.3% |
| Taxes, remuneration and social security | 45 | €66,409 | €58,889 | -€7,519 | -11.3% |
| Taxes | 450/3 | €66,409 | €58,889 | -€7,519 | -11.3% |
| Other amounts payable | 47/48 | €3,605 | €5,967 | +€2,362 | +65.5% |
| Accrued charges and deferred income | 492/3 | €710 | €0 | -€710 | -100.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €670 | €1,021 | +€351 | +52.4% |
| Other operating charges | 640/8 | €1,394 | €1,056 | -€338 | -24.3% |
| Gross operating margin | 9900 | €734,343 | €699,766 | -€34,577 | -4.7% |
| Operating profit (loss) | 9901 | €732,279 | €697,689 | -€34,590 | -4.7% |
| Financial income | 75/76B | €91 | €512 | +€422 | +464.8% |
| Recurring financial income | 75 | €91 | €512 | +€422 | +464.8% |
| Financial charges | 65/66B | €1,770 | €2,102 | +€333 | +18.8% |
| Recurring financial charges | 65 | €1,770 | €2,102 | +€333 | +18.8% |
| Profit (loss) for the period before taxes | 9903 | €730,600 | €696,098 | -€34,501 | -4.7% |
| Income taxes | 67/77 | €188,917 | €175,068 | -€13,849 | -7.3% |
| Profit (loss) for the period | 9904 | €541,683 | €521,031 | -€20,652 | -3.8% |
| Profit (loss) for the period to be appropriated | 9905 | €541,683 | €521,031 | -€20,652 | -3.8% |
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 1 October 2026 via checked.be.