MPsec: 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.
MPsec
Largest movements
- Cash +€24,219
up €24,219 (+39.8%), from €60,870 to €85,089
mainly Net result for the year (+€33,422) and Other debts (+€11,765)
- Tangible fixed assets -€2,463
down €2,463 (-18.2%), from €13,534 to €11,072
- Other debts +€11,765
up €11,765 (+95.1%), from €12,370 to €24,135
- Profit (loss) carried forward +€9,892
up €9,892 (+17.8%), from €55,540 to €65,431
- Debts after one year -€3,529
down €3,529 (-46.7%), from €7,556 to €4,027
- Tax, wage and social debts +€2,773
up €2,773 (+19.6%), from €14,177 to €16,950
of which Taxes: +€2,773
- Gross operating margin -€992
down €992 (-1.9%), from €51,249 to €50,258
- Depreciation +€578
up €578 (+10.9%), from €5,326 to €5,904
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 | €95,843 | €118,108 | +€22,265 | +23.2% |
| Fixed assets | 21/28 | €13,534 | €11,072 | -€2,463 | -18.2% |
| Tangible fixed assets | 22/27 | €13,534 | €11,072 | -€2,463 | -18.2% |
| Furniture and vehicles | 24 | €13,534 | €11,072 | -€2,463 | -18.2% |
| Current assets | 29/58 | €82,309 | €107,036 | +€24,727 | +30.0% |
| Amounts receivable within one year | 40/41 | €18,729 | €19,808 | +€1,078 | +5.8% |
| Trade receivables | 40 | €16,517 | €17,303 | +€787 | +4.8% |
| Other amounts receivable | 41 | €2,213 | €2,505 | +€292 | +13.2% |
| Cash at bank and in hand | 54/58 | €60,870 | €85,089 | +€24,219 | +39.8% |
| Deferred charges and accrued income | 490/1 | €2,709 | €2,140 | -€570 | -21.0% |
| Total equity and liabilities | 10/49 | €95,843 | €118,108 | +€22,265 | +23.2% |
| Equity | 10/15 | €58,040 | €67,931 | +€9,892 | +17.0% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €55,540 | €65,431 | +€9,892 | +17.8% |
| Amounts payable | 17/49 | €37,803 | €50,177 | +€12,373 | +32.7% |
| Amounts payable after more than one year | 17 | €7,556 | €4,027 | -€3,529 | -46.7% |
| Financial debts | 170/4 | €7,556 | €4,027 | -€3,529 | -46.7% |
| Amounts payable within one year | 42/48 | €30,248 | €46,150 | +€15,902 | +52.6% |
| Current portion of amounts payable after more than one year | 42 | €3,357 | €3,529 | +€171 | +5.1% |
| Financial debts | 43 | - | €560 | +€560 | |
| Credit institutions | 430/8 | - | €560 | +€560 | |
| Trade debts | 44 | €344 | €976 | +€632 | +183.7% |
| Suppliers | 440/4 | €344 | €976 | +€632 | +183.7% |
| Taxes, remuneration and social security | 45 | €14,177 | €16,950 | +€2,773 | +19.6% |
| Taxes | 450/3 | €11,177 | €13,950 | +€2,773 | +24.8% |
| Remuneration and social security | 454/9 | €3,000 | €3,000 | = | 0.0% |
| Other amounts payable | 47/48 | €12,370 | €24,135 | +€11,765 | +95.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,326 | €5,904 | +€578 | +10.9% |
| Other operating charges | 640/8 | €643 | €662 | +€19 | +2.9% |
| Gross operating margin | 9900 | €51,249 | €50,258 | -€992 | -1.9% |
| Operating profit (loss) | 9901 | €45,280 | €43,692 | -€1,589 | -3.5% |
| Financial charges | 65/66B | €722 | €562 | -€160 | -22.2% |
| Recurring financial charges | 65 | €722 | €562 | -€160 | -22.2% |
| Profit (loss) for the period before taxes | 9903 | €44,559 | €43,130 | -€1,429 | -3.2% |
| Income taxes | 67/77 | €9,787 | €9,708 | -€79 | -0.8% |
| Profit (loss) for the period | 9904 | €34,772 | €33,422 | -€1,350 | -3.9% |
| Profit (loss) for the period to be appropriated | 9905 | €34,772 | €33,422 | -€1,350 | -3.9% |
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 5 October 2026 via checked.be.