MZPhar: 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.
MZPhar
Largest movements
- Receivables within one year +€35,815
up €35,815 (+122.5%), from €29,230 to €65,045
of which Trade receivables: +€18,465
- Intangible fixed assets -€24,000
down €24,000 (-11.8%), from €203,907 to €179,907
- Stocks and contracts -€17,878
down €17,878 (-12.7%), from €141,244 to €123,366
- Trade debts +€30,827
up €30,827 (+94.3%), from €32,703 to €63,530
- Debts after one year -€23,920
down €23,920 (-15.3%), from €156,446 to €132,526
of which Financial debts: -€23,920
- Current portion of long-term debt -€19,266
down €19,266 (-41.7%), from €46,186 to €26,920
- Short-term financial debts -€14,944
down €14,944 (-74.7%), from €20,000 to €5,056
- Other debts +€6,608
up €6,608 (+4.1%), from €161,080 to €167,688
- Gross operating margin -€73,440
down €73,440 (-40.2%), from €182,869 to €109,430
- Taxes -€15,387
down €15,387 (-87.8%), from €17,526 to €2,139
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 | €529,044 | €517,611 | -€11,432 | -2.2% |
| Formation expenses | 20 | €105 | €0 | -€105 | -100.0% |
| Fixed assets | 21/28 | €304,301 | €278,258 | -€26,043 | -8.6% |
| Intangible fixed assets | 21 | €203,907 | €179,907 | -€24,000 | -11.8% |
| Tangible fixed assets | 22/27 | €100,394 | €98,351 | -€2,043 | -2.0% |
| Plant, machinery and equipment | 23 | €48,379 | €42,647 | -€5,733 | -11.8% |
| Furniture and vehicles | 24 | €14,012 | €10,101 | -€3,911 | -27.9% |
| Other tangible fixed assets | 26 | €38,003 | €45,603 | +€7,601 | +20.0% |
| Current assets | 29/58 | €224,638 | €239,353 | +€14,715 | +6.6% |
| Stocks and contracts in progress | 3 | €141,244 | €123,366 | -€17,878 | -12.7% |
| Stocks | 30/36 | €141,244 | €123,366 | -€17,878 | -12.7% |
| Amounts receivable within one year | 40/41 | €29,230 | €65,045 | +€35,815 | +122.5% |
| Trade receivables | 40 | €26,730 | €45,195 | +€18,465 | +69.1% |
| Other amounts receivable | 41 | €2,500 | €19,850 | +€17,350 | +694.0% |
| Cash at bank and in hand | 54/58 | €53,760 | €50,446 | -€3,314 | -6.2% |
| Deferred charges and accrued income | 490/1 | €404 | €496 | +€92 | +22.8% |
| Total equity and liabilities | 10/49 | €529,044 | €517,611 | -€11,432 | -2.2% |
| Equity | 10/15 | €102,868 | €105,792 | +€2,924 | +2.8% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €98,868 | €101,792 | +€2,924 | +3.0% |
| Distributable reserves | 133 | €98,868 | €101,792 | +€2,924 | +3.0% |
| Amounts payable | 17/49 | €426,176 | €411,819 | -€14,356 | -3.4% |
| Amounts payable after more than one year | 17 | €156,446 | €132,526 | -€23,920 | -15.3% |
| Financial debts | 170/4 | €156,446 | €132,526 | -€23,920 | -15.3% |
| Trade debts | 175 | €0 | - | = | |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €268,230 | €277,768 | +€9,539 | +3.6% |
| Current portion of amounts payable after more than one year | 42 | €46,186 | €26,920 | -€19,266 | -41.7% |
| Financial debts | 43 | €20,000 | €5,056 | -€14,944 | -74.7% |
| Credit institutions | 430/8 | €20,000 | €5,056 | -€14,944 | -74.7% |
| Trade debts | 44 | €32,703 | €63,530 | +€30,827 | +94.3% |
| Suppliers | 440/4 | €32,703 | €63,530 | +€30,827 | +94.3% |
| Taxes, remuneration and social security | 45 | €8,260 | €14,574 | +€6,314 | +76.4% |
| Taxes | 450/3 | €1,282 | €3,703 | +€2,421 | +188.8% |
| Remuneration and social security | 454/9 | €6,978 | €10,871 | +€3,893 | +55.8% |
| Other amounts payable | 47/48 | €161,080 | €167,688 | +€6,608 | +4.1% |
| Accrued charges and deferred income | 492/3 | €1,500 | €1,525 | +€25 | +1.6% |
| Remuneration, social security and pensions | 62 | €41,902 | €41,961 | +€59 | +0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,218 | €42,342 | +€1,124 | +2.7% |
| Other operating charges | 640/8 | €173 | €1,370 | +€1,196 | +690.4% |
| Gross operating margin | 9900 | €182,869 | €109,430 | -€73,440 | -40.2% |
| Operating profit (loss) | 9901 | €99,575 | €23,757 | -€75,819 | -76.1% |
| Financial charges | 65/66B | €17,407 | €18,694 | +€1,287 | +7.4% |
| Recurring financial charges | 65 | €17,407 | €18,694 | +€1,287 | +7.4% |
| Profit (loss) for the period before taxes | 9903 | €82,168 | €5,063 | -€77,106 | -93.8% |
| Income taxes | 67/77 | €17,526 | €2,139 | -€15,387 | -87.8% |
| Profit (loss) for the period | 9904 | €64,642 | €2,924 | -€61,718 | -95.5% |
| Profit (loss) for the period to be appropriated | 9905 | €64,642 | €2,924 | -€61,718 | -95.5% |
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 2 October 2026 via checked.be.