MPH: 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.
MPH
Largest movements
- Cash +€210,742
up €210,742 (+223%), from €94,323 to €305,065
mainly Net result for the year (+€298,392) and Receivables within one year (+€90,210)
- Current investments +€135,932
up €135,932 (+12.2%), from €1.1m to €1.2m
- Receivables within one year -€90,210
down €90,210 (-19.5%), from €463,044 to €372,833
of which Other amounts receivable: -€93,776
- Reserves +€298,392
up €298,392 (+19.0%), from €1.6m to €1.9m
- Tax, wage and social debts -€52,749
down €52,749 (-64.6%), from €81,679 to €28,931
of which Taxes: -€52,749
- Advances received +€20,691
new in 2025: €20,691
- Gross operating margin +€243,425
up €243,425 (+103%), from €237,223 to €480,647
- Financial income -€187,123
down €187,123 (-91.0%), from €205,539 to €18,416
- Taxes +€138,077
up €138,077 (+245%), from €56,314 to €194,390
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 | €1,725,230 | €1,980,603 | +€255,373 | +14.8% |
| Fixed assets | 21/28 | €54,790 | €53,699 | -€1,091 | -2.0% |
| Tangible fixed assets | 22/27 | €4,090 | €2,999 | -€1,091 | -26.7% |
| Furniture and vehicles | 24 | €4,090 | €2,999 | -€1,091 | -26.7% |
| Financial fixed assets | 28 | €50,700 | €50,700 | = | 0.0% |
| Current assets | 29/58 | €1,670,440 | €1,926,904 | +€256,464 | +15.4% |
| Amounts receivable within one year | 40/41 | €463,044 | €372,833 | -€90,210 | -19.5% |
| Trade receivables | 40 | €103,741 | €107,306 | +€3,565 | +3.4% |
| Other amounts receivable | 41 | €359,302 | €265,527 | -€93,776 | -26.1% |
| Current investments | 50/53 | €1,113,074 | €1,249,006 | +€135,932 | +12.2% |
| Cash at bank and in hand | 54/58 | €94,323 | €305,065 | +€210,742 | +223% |
| Total equity and liabilities | 10/49 | €1,725,230 | €1,980,603 | +€255,373 | +14.8% |
| Equity | 10/15 | €1,624,226 | €1,922,618 | +€298,392 | +18.4% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €1,574,226 | €1,872,618 | +€298,392 | +19.0% |
| Distributable reserves | 133 | €1,574,226 | €1,872,618 | +€298,392 | +19.0% |
| Amounts payable | 17/49 | €101,004 | €57,985 | -€43,020 | -42.6% |
| Amounts payable within one year | 42/48 | €101,004 | €57,985 | -€43,020 | -42.6% |
| Trade debts | 44 | €8,304 | €8,362 | +€59 | +0.7% |
| Suppliers | 440/4 | €8,304 | €8,362 | +€59 | +0.7% |
| Advances received on contracts in progress | 46 | - | €20,691 | +€20,691 | |
| Taxes, remuneration and social security | 45 | €81,679 | €28,931 | -€52,749 | -64.6% |
| Taxes | 450/3 | €81,679 | €28,931 | -€52,749 | -64.6% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €11,021 | €0 | -€11,021 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,823 | €2,871 | -€3,952 | -57.9% |
| Other operating charges | 640/8 | €1,493 | €1,233 | -€260 | -17.4% |
| Gross operating margin | 9900 | €237,223 | €480,647 | +€243,425 | +103% |
| Operating profit (loss) | 9901 | €228,907 | €476,543 | +€247,637 | +108% |
| Financial income | 75/76B | €205,539 | €18,416 | -€187,123 | -91.0% |
| Recurring financial income | 75 | €205,539 | €18,416 | -€187,123 | -91.0% |
| Financial charges | 65/66B | €3,532 | €2,177 | -€1,354 | -38.4% |
| Recurring financial charges | 65 | €3,532 | €2,177 | -€1,354 | -38.4% |
| Profit (loss) for the period before taxes | 9903 | €430,914 | €492,783 | +€61,868 | +14.4% |
| Income taxes | 67/77 | €56,314 | €194,390 | +€138,077 | +245% |
| Profit (loss) for the period | 9904 | €374,601 | €298,392 | -€76,208 | -20.3% |
| Profit (loss) for the period to be appropriated | 9905 | €374,601 | €298,392 | -€76,208 | -20.3% |
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 15 October 2026 via checked.be.