THE M PROJECT: 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.
THE M PROJECT
Largest movements
- Tangible fixed assets +€146,607
up €146,607 (+590%), from €24,860 to €171,468
of which Other tangible fixed assets: +€148,131
- Cash -€16,134
down €16,134 (-38.2%), from €42,213 to €26,080
mainly Investment in fixed assets (net) (-€157,245) and Other debts (-€8,149)
- Receivables within one year +€6,694
up €6,694 (+271%), from €2,469 to €9,163
of which Trade receivables: +€4,691
- Stocks and contracts +€2,660
up €2,660 (+13.0%), from €20,429 to €23,089
- Debts after one year +€136,489
up €136,489 (+29,028%), from €470 to €136,960
- Other debts -€8,149
down €8,149 (-30.4%), from €26,796 to €18,647
- Tax, wage and social debts -€7,756
down €7,756 (-34.1%), from €22,758 to €15,002
of which Remuneration and social security: -€7,335
- Profit (loss) carried forward +€7,638
up €7,638 (+22.3%), from €34,323 to €41,961
- Current portion of long-term debt +€6,624
up €6,624 (+615%), from €1,077 to €7,700
- Gross operating margin -€125,572
down €125,572 (-56.9%), from €220,518 to €94,946
- Staff costs -€92,133
down €92,133 (-57.2%), from €161,109 to €68,976
- Taxes -€7,817
down €7,817 (-77.3%), from €10,111 to €2,294
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 | €90,372 | €230,224 | +€139,852 | +155% |
| Fixed assets | 21/28 | €24,860 | €171,468 | +€146,607 | +590% |
| Tangible fixed assets | 22/27 | €24,860 | €171,468 | +€146,607 | +590% |
| Plant, machinery and equipment | 23 | €8,973 | €5,879 | -€3,094 | -34.5% |
| Furniture and vehicles | 24 | €15,888 | €17,458 | +€1,570 | +9.9% |
| Other tangible fixed assets | 26 | - | €148,131 | +€148,131 | |
| Current assets | 29/58 | €65,512 | €58,756 | -€6,756 | -10.3% |
| Stocks and contracts in progress | 3 | €20,429 | €23,089 | +€2,660 | +13.0% |
| Stocks | 30/36 | €20,429 | €23,089 | +€2,660 | +13.0% |
| Amounts receivable within one year | 40/41 | €2,469 | €9,163 | +€6,694 | +271% |
| Trade receivables | 40 | €639 | €5,330 | +€4,691 | +734% |
| Other amounts receivable | 41 | €1,830 | €3,833 | +€2,003 | +109% |
| Cash at bank and in hand | 54/58 | €42,213 | €26,080 | -€16,134 | -38.2% |
| Deferred charges and accrued income | 490/1 | €401 | €425 | +€24 | +6.0% |
| Total equity and liabilities | 10/49 | €90,372 | €230,224 | +€139,852 | +155% |
| Equity | 10/15 | €37,323 | €44,961 | +€7,638 | +20.5% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €34,323 | €41,961 | +€7,638 | +22.3% |
| Amounts payable | 17/49 | €53,050 | €185,263 | +€132,213 | +249% |
| Amounts payable after more than one year | 17 | €470 | €136,960 | +€136,489 | +29,028% |
| Financial debts | 170/4 | €470 | €136,960 | +€136,489 | +29,028% |
| Amounts payable within one year | 42/48 | €52,579 | €48,303 | -€4,276 | -8.1% |
| Current portion of amounts payable after more than one year | 42 | €1,077 | €7,700 | +€6,624 | +615% |
| Trade debts | 44 | €1,949 | €6,955 | +€5,006 | +257% |
| Suppliers | 440/4 | €1,949 | €6,955 | +€5,006 | +257% |
| Taxes, remuneration and social security | 45 | €22,758 | €15,002 | -€7,756 | -34.1% |
| Taxes | 450/3 | €5,483 | €5,062 | -€421 | -7.7% |
| Remuneration and social security | 454/9 | €17,275 | €9,940 | -€7,335 | -42.5% |
| Other amounts payable | 47/48 | €26,796 | €18,647 | -€8,149 | -30.4% |
| Remuneration, social security and pensions | 62 | €161,109 | €68,976 | -€92,133 | -57.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,051 | €10,638 | +€586 | +5.8% |
| Other operating charges | 640/8 | €1,805 | €965 | -€840 | -46.5% |
| Gross operating margin | 9900 | €220,518 | €94,946 | -€125,572 | -56.9% |
| Operating profit (loss) | 9901 | €47,553 | €14,368 | -€33,185 | -69.8% |
| Financial income | 75/76B | €107 | €254 | +€148 | +139% |
| Recurring financial income | 75 | €107 | €254 | +€148 | +139% |
| Financial charges | 65/66B | €3,226 | €4,690 | +€1,464 | +45.4% |
| Recurring financial charges | 65 | €3,226 | €4,690 | +€1,464 | +45.4% |
| Profit (loss) for the period before taxes | 9903 | €44,434 | €9,932 | -€34,501 | -77.6% |
| Income taxes | 67/77 | €10,111 | €2,294 | -€7,817 | -77.3% |
| Profit (loss) for the period | 9904 | €34,323 | €7,638 | -€26,685 | -77.7% |
| Profit (loss) for the period to be appropriated | 9905 | €34,323 | €7,638 | -€26,685 | -77.7% |
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 19 October 2026 via checked.be.