M&C: 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.
M&C
Largest movements
- Tangible fixed assets -€32,159
down €32,159 (-10.9%), from €294,145 to €261,986
of which Leasing and similar rights: -€22,451
- Stocks and contracts +€5,495
up €5,495 (+151.9%), from €3,617 to €9,112
- Cash -€4,971
down €4,971 (-8.7%), from €57,150 to €52,179
mainly Other debts (-€31,225) and Debts after one year (-€20,643)
- Other debts -€31,225
down €31,225 (-37.6%), from €82,936 to €51,712
- Debts after one year -€20,643
down €20,643 (-13.4%), from €154,181 to €133,538
- Trade debts +€11,035
up €11,035 (+204.2%), from €5,404 to €16,439
- Reserves +€8,618
up €8,618 (+10.8%), from €80,135 to €88,753
- Gross operating margin -€6,852
down €6,852 (-7.6%), from €90,727 to €83,875
- Staff costs +€2,876
up €2,876 (+21.0%), from €13,672 to €16,548
- Taxes +€2,621
up €2,621 (+166.9%), from €1,570 to €4,191
- Depreciation +€1,805
up €1,805 (+4.1%), from €44,011 to €45,816
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 | €366,975 | €335,615 | -€31,360 | -8.5% |
| Fixed assets | 21/28 | €294,145 | €261,991 | -€32,154 | -10.9% |
| Tangible fixed assets | 22/27 | €294,145 | €261,986 | -€32,159 | -10.9% |
| Land and buildings | 22 | €23,829 | €19,606 | -€4,223 | -17.7% |
| Plant, machinery and equipment | 23 | €67,505 | €62,650 | -€4,854 | -7.2% |
| Furniture and vehicles | 24 | €9,656 | €9,025 | -€631 | -6.5% |
| Leasing and similar rights | 25 | €193,155 | €170,704 | -€22,451 | -11.6% |
| Financial fixed assets | 28 | - | €5 | +€5 | |
| Current assets | 29/58 | €72,830 | €73,624 | +€794 | +1.1% |
| Stocks and contracts in progress | 3 | €3,617 | €9,112 | +€5,495 | +151.9% |
| Stocks | 30/36 | €3,617 | €9,112 | +€5,495 | +151.9% |
| Amounts receivable within one year | 40/41 | €6,715 | €6,804 | +€90 | +1.3% |
| Trade receivables | 40 | €6,715 | €6,800 | +€86 | +1.3% |
| Other amounts receivable | 41 | - | €4 | +€4 | |
| Cash at bank and in hand | 54/58 | €57,150 | €52,179 | -€4,971 | -8.7% |
| Deferred charges and accrued income | 490/1 | €5,349 | €5,529 | +€180 | +3.4% |
| Total equity and liabilities | 10/49 | €366,975 | €335,615 | -€31,360 | -8.5% |
| Equity | 10/15 | €98,735 | €107,353 | +€8,618 | +8.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €80,135 | €88,753 | +€8,618 | +10.8% |
| Distributable reserves | 133 | €80,135 | €88,753 | +€8,618 | +10.8% |
| Amounts payable | 17/49 | €268,240 | €228,262 | -€39,978 | -14.9% |
| Amounts payable after more than one year | 17 | €154,181 | €133,538 | -€20,643 | -13.4% |
| Financial debts | 170/4 | €154,181 | €133,538 | -€20,643 | -13.4% |
| Amounts payable within one year | 42/48 | €114,059 | €94,723 | -€19,336 | -17.0% |
| Current portion of amounts payable after more than one year | 42 | €21,620 | €20,643 | -€978 | -4.5% |
| Trade debts | 44 | €5,404 | €16,439 | +€11,035 | +204.2% |
| Suppliers | 440/4 | €5,404 | €16,439 | +€11,035 | +204.2% |
| Taxes, remuneration and social security | 45 | €4,099 | €5,931 | +€1,832 | +44.7% |
| Taxes | 450/3 | €3,033 | €5,059 | +€2,027 | +66.8% |
| Remuneration and social security | 454/9 | €1,066 | €871 | -€195 | -18.3% |
| Other amounts payable | 47/48 | €82,936 | €51,712 | -€31,225 | -37.6% |
| Remuneration, social security and pensions | 62 | €13,672 | €16,548 | +€2,876 | +21.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,011 | €45,816 | +€1,805 | +4.1% |
| Other operating charges | 640/8 | €4,028 | €3,784 | -€244 | -6.0% |
| Gross operating margin | 9900 | €90,727 | €83,875 | -€6,852 | -7.6% |
| Operating profit (loss) | 9901 | €29,016 | €17,727 | -€11,289 | -38.9% |
| Financial charges | 65/66B | €5,204 | €4,917 | -€286 | -5.5% |
| Recurring financial charges | 65 | €5,204 | €4,917 | -€286 | -5.5% |
| Profit (loss) for the period before taxes | 9903 | €23,812 | €12,809 | -€11,003 | -46.2% |
| Income taxes | 67/77 | €1,570 | €4,191 | +€2,621 | +166.9% |
| Profit (loss) for the period | 9904 | €22,242 | €8,618 | -€13,624 | -61.3% |
| Profit (loss) for the period to be appropriated | 9905 | €22,242 | €8,618 | -€13,624 | -61.3% |
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 6 October 2026 via checked.be.