MPECO: 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.
MPECO
Largest movements
- Tangible fixed assets -€11,470
down €11,470 (-27.7%), from €41,390 to €29,920
- Receivables within one year -€2,500
down €2,500 (-87.8%), from €2,847 to €347
of which Trade receivables: -€2,847
- Cash +€1,641
up €1,641 (+2.6%), from €62,882 to €64,523
mainly Net result for the year (+€13,772) and Depreciation (+€11,470)
- Tax, wage and social debts -€25,529
down €25,529 (-81.1%), from €31,465 to €5,936
- Reserves +€13,772
up €13,772 (+19.5%), from €70,573 to €84,345
- Other debts -€2,114
down €2,114 (-48.0%), from €4,405 to €2,291
- Trade debts +€1,347
up €1,347 (+272%), from €494 to €1,841
- Gross operating margin -€5,759
down €5,759 (-15.2%), from €37,983 to €32,224
- Taxes -€1,607
down €1,607 (-22.5%), from €7,137 to €5,530
- Other operating charges +€536
up €536 (+85.9%), from €624 to €1,160
- Financial charges -€470
down €470 (-61.7%), from €763 to €292
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 | €108,145 | €95,858 | -€12,287 | -11.4% |
| Fixed assets | 21/28 | €41,390 | €29,920 | -€11,470 | -27.7% |
| Tangible fixed assets | 22/27 | €41,390 | €29,920 | -€11,470 | -27.7% |
| Furniture and vehicles | 24 | €41,390 | €29,920 | -€11,470 | -27.7% |
| Current assets | 29/58 | €66,755 | €65,938 | -€817 | -1.2% |
| Amounts receivable within one year | 40/41 | €2,847 | €347 | -€2,500 | -87.8% |
| Trade receivables | 40 | €2,847 | - | -€2,847 | |
| Other amounts receivable | 41 | - | €347 | +€347 | |
| Cash at bank and in hand | 54/58 | €62,882 | €64,523 | +€1,641 | +2.6% |
| Deferred charges and accrued income | 490/1 | €1,026 | €1,068 | +€42 | +4.1% |
| Total equity and liabilities | 10/49 | €108,145 | €95,858 | -€12,287 | -11.4% |
| Equity | 10/15 | €71,073 | €84,845 | +€13,772 | +19.4% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Reserves | 13 | €70,573 | €84,345 | +€13,772 | +19.5% |
| Distributable reserves | 133 | €70,573 | €84,345 | +€13,772 | +19.5% |
| Amounts payable | 17/49 | €37,072 | €11,014 | -€26,059 | -70.3% |
| Amounts payable within one year | 42/48 | €36,364 | €10,069 | -€26,296 | -72.3% |
| Trade debts | 44 | €494 | €1,841 | +€1,347 | +272% |
| Suppliers | 440/4 | €494 | €1,841 | +€1,347 | +272% |
| Taxes, remuneration and social security | 45 | €31,465 | €5,936 | -€25,529 | -81.1% |
| Taxes | 450/3 | €31,465 | €5,936 | -€25,529 | -81.1% |
| Other amounts payable | 47/48 | €4,405 | €2,291 | -€2,114 | -48.0% |
| Accrued charges and deferred income | 492/3 | €708 | €945 | +€237 | +33.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,470 | €11,470 | +€0 | 0.0% |
| Other operating charges | 640/8 | €624 | €1,160 | +€536 | +85.9% |
| Gross operating margin | 9900 | €37,983 | €32,224 | -€5,759 | -15.2% |
| Operating profit (loss) | 9901 | €25,889 | €19,595 | -€6,295 | -24.3% |
| Financial charges | 65/66B | €763 | €292 | -€470 | -61.7% |
| Recurring financial charges | 65 | €763 | €292 | -€470 | -61.7% |
| Profit (loss) for the period before taxes | 9903 | €25,127 | €19,302 | -€5,824 | -23.2% |
| Income taxes | 67/77 | €7,137 | €5,530 | -€1,607 | -22.5% |
| Profit (loss) for the period | 9904 | €17,990 | €13,772 | -€4,218 | -23.4% |
| Profit (loss) for the period to be appropriated | 9905 | €17,990 | €13,772 | -€4,218 | -23.4% |
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 13 October 2026 via checked.be.