MPA: 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.
MPA
Largest movements
- Cash -€313,254
down €313,254 (-31.9%), from €982,235 to €668,981
mainly Current investments (-€202,576) and Contributions, distributions and other (-€82,642)
- Current investments +€202,576
new in 2025: €202,576
- Receivables within one year +€74,298
up €74,298 (+209%), from €35,622 to €109,921
of which Trade receivables: +€68,711
- Tangible fixed assets +€57,431
up €57,431 (+163%), from €35,280 to €92,711
of which Other tangible fixed assets: +€61,928
- Other debts -€30,959
down €30,959 (-10.8%), from €286,292 to €255,334
- Trade debts +€26,167
up €26,167 (+27.8%), from €93,991 to €120,157
- Provisions +€16,791
up €16,791 (+36.1%), from €46,506 to €63,297
- Financial charges +€43,723
up €43,723 (+98.5%), from €44,369 to €88,092
- Staff costs +€33,246
up €33,246 (+11.8%), from €282,225 to €315,471
- Taxes -€24,167
down €24,167 (-43.0%), from €56,159 to €31,992
- Gross operating margin +€17,236
up €17,236 (+3.2%), from €533,798 to €551,034
- Provisions +€6,879
up €6,879 (+69.4%), from €9,912 to €16,791
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 | €1,071,896 | €1,095,591 | +€23,695 | +2.2% |
| Fixed assets | 21/28 | €36,960 | €94,391 | +€57,431 | +155% |
| Tangible fixed assets | 22/27 | €35,280 | €92,711 | +€57,431 | +163% |
| Land and buildings | 22 | €13,563 | €11,934 | -€1,629 | -12.0% |
| Plant, machinery and equipment | 23 | €3,505 | €2,362 | -€1,142 | -32.6% |
| Furniture and vehicles | 24 | €18,212 | €16,487 | -€1,726 | -9.5% |
| Other tangible fixed assets | 26 | - | €61,928 | +€61,928 | |
| Financial fixed assets | 28 | €1,680 | €1,680 | = | 0.0% |
| Current assets | 29/58 | €1,034,936 | €1,001,200 | -€33,736 | -3.3% |
| Stocks and contracts in progress | 3 | €10,359 | €13,195 | +€2,836 | +27.4% |
| Stocks | 30/36 | €10,359 | €13,195 | +€2,836 | +27.4% |
| Amounts receivable within one year | 40/41 | €35,622 | €109,921 | +€74,298 | +209% |
| Trade receivables | 40 | €34,722 | €103,434 | +€68,711 | +198% |
| Other amounts receivable | 41 | €900 | €6,487 | +€5,587 | +621% |
| Current investments | 50/53 | - | €202,576 | +€202,576 | |
| Cash at bank and in hand | 54/58 | €982,235 | €668,981 | -€313,254 | -31.9% |
| Deferred charges and accrued income | 490/1 | €6,719 | €6,527 | -€192 | -2.9% |
| Total equity and liabilities | 10/49 | €1,071,896 | €1,095,591 | +€23,695 | +2.2% |
| Equity | 10/15 | €573,984 | €575,122 | +€1,138 | +0.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €500,162 | €501,300 | +€1,138 | +0.2% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Tax-exempt reserves | 132 | €28,303 | €28,303 | = | 0.0% |
| Distributable reserves | 133 | €470,004 | €471,142 | +€1,138 | +0.2% |
| Profit (loss) carried forward | 14 | €61,422 | €61,422 | = | 0.0% |
| Provisions and deferred taxes | 16 | €46,506 | €63,297 | +€16,791 | +36.1% |
| Provisions for liabilities and charges | 160/5 | €46,506 | €63,297 | +€16,791 | +36.1% |
| Other liabilities and charges | 164/5 | €46,506 | €63,297 | +€16,791 | +36.1% |
| Amounts payable | 17/49 | €451,406 | €457,172 | +€5,766 | +1.3% |
| Amounts payable within one year | 42/48 | €451,406 | €457,172 | +€5,766 | +1.3% |
| Trade debts | 44 | €93,991 | €120,157 | +€26,167 | +27.8% |
| Suppliers | 440/4 | €93,991 | €120,157 | +€26,167 | +27.8% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €71,123 | €81,681 | +€10,558 | +14.8% |
| Taxes | 450/3 | €44,406 | €56,362 | +€11,956 | +26.9% |
| Remuneration and social security | 454/9 | €26,717 | €25,318 | -€1,399 | -5.2% |
| Other amounts payable | 47/48 | €286,292 | €255,334 | -€30,959 | -10.8% |
| Remuneration, social security and pensions | 62 | €282,225 | €315,471 | +€33,246 | +11.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,765 | €17,376 | +€6,611 | +61.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €9,912 | €16,791 | +€6,879 | +69.4% |
| Other operating charges | 640/8 | €1,749 | €2,036 | +€287 | +16.4% |
| Gross operating margin | 9900 | €533,798 | €551,034 | +€17,236 | +3.2% |
| Operating profit (loss) | 9901 | €229,146 | €199,360 | -€29,786 | -13.0% |
| Financial income | 75/76B | €156 | €4,504 | +€4,348 | +2,793% |
| Recurring financial income | 75 | €156 | €4,504 | +€4,348 | +2,793% |
| Financial charges | 65/66B | €44,369 | €88,092 | +€43,723 | +98.5% |
| Recurring financial charges | 65 | €44,369 | €88,092 | +€43,723 | +98.5% |
| Profit (loss) for the period before taxes | 9903 | €184,933 | €115,772 | -€69,161 | -37.4% |
| Income taxes | 67/77 | €56,159 | €31,992 | -€24,167 | -43.0% |
| Profit (loss) for the period | 9904 | €128,774 | €83,780 | -€44,994 | -34.9% |
| Profit (loss) for the period to be appropriated | 9905 | €128,774 | €83,780 | -€44,994 | -34.9% |
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 29 October 2026 via checked.be.