MPV Projects: 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.
MPV Projects
Largest movements
- Receivables within one year -€11,071
down €11,071 (-41.8%), from €26,508 to €15,436
of which Trade receivables: -€13,958
- Tangible fixed assets -€4,737
down €4,737 (-26.2%), from €18,049 to €13,312
of which Furniture and vehicles: -€3,957
- Stocks and contracts -€3,898
down €3,898 (-51.7%), from €7,532 to €3,634
of which Contracts in progress: -€6,594
- Cash -€3,736
down €3,736 (-33.8%), from €11,055 to €7,319
mainly Contributions, distributions and other (-€9,685) and Debts after one year (-€8,798)
- Receivables after one year +€2,675
new in 2025: €2,675
- Reserves -€9,195
down €9,195 (-94.9%), from €9,685 to €490
- Debts after one year -€8,798
down €8,798 (-26.4%), from €33,281 to €24,483
of which Financial debts: -€7,259
- Other debts +€8,220
new in 2025: €8,220
- Trade debts -€7,035
down €7,035 (-41.1%), from €17,136 to €10,100
- Short-term financial debts -€6,000
down €6,000 (-50.0%), from €12,000 to €6,000
- Gross operating margin -€44,101
down €44,101 (-80.9%), from €54,504 to €10,403
- Taxes -€9,345
down €9,345 (-76.1%), from €12,283 to €2,938
- Other operating charges -€1,209
down €1,209 (-76.3%), from €1,585 to €376
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 | €84,864 | €61,946 | -€22,918 | -27.0% |
| Fixed assets | 21/28 | €20,724 | €16,012 | -€4,712 | -22.7% |
| Tangible fixed assets | 22/27 | €18,049 | €13,312 | -€4,737 | -26.2% |
| Plant, machinery and equipment | 23 | €2,438 | €1,658 | -€780 | -32.0% |
| Furniture and vehicles | 24 | €15,612 | €11,654 | -€3,957 | -25.3% |
| Financial fixed assets | 28 | €2,675 | €2,700 | +€25 | +0.9% |
| Current assets | 29/58 | €64,140 | €45,934 | -€18,206 | -28.4% |
| Amounts receivable after more than one year | 29 | - | €2,675 | +€2,675 | |
| Other amounts receivable | 291 | - | €2,675 | +€2,675 | |
| Stocks and contracts in progress | 3 | €7,532 | €3,634 | -€3,898 | -51.7% |
| Stocks | 30/36 | €938 | €3,634 | +€2,696 | +287.6% |
| Contracts in progress | 37 | €6,594 | - | -€6,594 | |
| Amounts receivable within one year | 40/41 | €26,508 | €15,436 | -€11,071 | -41.8% |
| Trade receivables | 40 | €24,968 | €11,011 | -€13,958 | -55.9% |
| Other amounts receivable | 41 | €1,539 | €4,425 | +€2,886 | +187.5% |
| Cash at bank and in hand | 54/58 | €11,055 | €7,319 | -€3,736 | -33.8% |
| Deferred charges and accrued income | 490/1 | €19,045 | €16,869 | -€2,176 | -11.4% |
| Total equity and liabilities | 10/49 | €84,864 | €61,946 | -€22,918 | -27.0% |
| Equity | 10/15 | €11,185 | €1,990 | -€9,195 | -82.2% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €9,685 | €490 | -€9,195 | -94.9% |
| Distributable reserves | 133 | €9,685 | €490 | -€9,195 | -94.9% |
| Amounts payable | 17/49 | €73,679 | €59,956 | -€13,723 | -18.6% |
| Amounts payable after more than one year | 17 | €33,281 | €24,483 | -€8,798 | -26.4% |
| Financial debts | 170/4 | €31,742 | €24,483 | -€7,259 | -22.9% |
| Other amounts payable | 178/9 | €1,538 | - | -€1,538 | |
| Amounts payable within one year | 42/48 | €40,398 | €35,473 | -€4,925 | -12.2% |
| Current portion of amounts payable after more than one year | 42 | €10,636 | €11,112 | +€476 | +4.5% |
| Financial debts | 43 | €12,000 | €6,000 | -€6,000 | -50.0% |
| Credit institutions | 430/8 | €12,000 | €6,000 | -€6,000 | -50.0% |
| Trade debts | 44 | €17,136 | €10,100 | -€7,035 | -41.1% |
| Suppliers | 440/4 | €17,136 | €10,100 | -€7,035 | -41.1% |
| Taxes, remuneration and social security | 45 | €626 | €40 | -€586 | -93.6% |
| Taxes | 450/3 | €626 | €40 | -€586 | -93.6% |
| Other amounts payable | 47/48 | - | €8,220 | +€8,220 | |
| Non-recurring operating income | 76A | - | €1,284 | +€1,284 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,271 | €4,737 | +€466 | +10.9% |
| Other operating charges | 640/8 | €1,585 | €376 | -€1,209 | -76.3% |
| Non-recurring operating charges | 66A | - | €250 | +€250 | |
| Gross operating margin | 9900 | €54,504 | €10,403 | -€44,101 | -80.9% |
| Operating profit (loss) | 9901 | €48,648 | €5,040 | -€43,608 | -89.6% |
| Financial income | 75/76B | €83 | €143 | +€60 | +71.9% |
| Recurring financial income | 75 | €83 | €143 | +€60 | +71.9% |
| Financial charges | 65/66B | €1,906 | €1,754 | -€151 | -7.9% |
| Recurring financial charges | 65 | €1,906 | €1,754 | -€151 | -7.9% |
| Profit (loss) for the period before taxes | 9903 | €46,826 | €3,428 | -€43,397 | -92.7% |
| Income taxes | 67/77 | €12,283 | €2,938 | -€9,345 | -76.1% |
| Profit (loss) for the period | 9904 | €34,543 | €490 | -€34,053 | -98.6% |
| Profit (loss) for the period to be appropriated | 9905 | €34,543 | €490 | -€34,053 | -98.6% |
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.