M.C.D.: what changed
M.C.D.
Largest movements
- Current investments +€108,166
up €108,166 (+188%), from €57,443 to €165,609
- Cash -€86,653
down €86,653 (-31.1%), from €278,324 to €191,672
mainly Current investments (-€108,166) and Contributions, distributions and other (-€93,263)
- Tangible fixed assets -€19,668
down €19,668 (-27.6%), from €71,182 to €51,513
of which Furniture and vehicles: -€14,932
- Tax, wage and social debts +€9,691
up €9,691 (+106%), from €9,180 to €18,871
- Reserves -€5,175
down €5,175 (-1.3%), from €399,381 to €394,206
of which Distributable reserves: -€5,175
- Gross operating margin +€29,986
up €29,986 (+28.5%), from €105,306 to €135,292
- Taxes +€11,949
up €11,949 (+57.4%), from €20,821 to €32,770
- Financial income +€7,535
up €7,535 (+229%), from €3,292 to €10,826
- Depreciation -€6,049
down €6,049 (-22.7%), from €26,667 to €20,618
- Other operating charges -€4,014
down €4,014 (-79.0%), from €5,082 to €1,069
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €427,177 | €432,747 | +€5,570 | +1.3% |
| Fixed assets | 21/28 | €71,182 | €51,513 | -€19,668 | -27.6% |
| Tangible fixed assets | 22/27 | €71,182 | €51,513 | -€19,668 | -27.6% |
| Plant, machinery and equipment | 23 | €10,631 | €4,946 | -€5,686 | -53.5% |
| Furniture and vehicles | 24 | €59,318 | €44,386 | -€14,932 | -25.2% |
| Other tangible fixed assets | 26 | €1,232 | €2,182 | +€950 | +77.1% |
| Current assets | 29/58 | €355,995 | €381,233 | +€25,239 | +7.1% |
| Amounts receivable within one year | 40/41 | €20,003 | €23,717 | +€3,715 | +18.6% |
| Trade receivables | 40 | €20,003 | €22,941 | +€2,938 | +14.7% |
| Other amounts receivable | 41 | - | €777 | +€777 | |
| Current investments | 50/53 | €57,443 | €165,609 | +€108,166 | +188% |
| Cash at bank and in hand | 54/58 | €278,324 | €191,672 | -€86,653 | -31.1% |
| Deferred charges and accrued income | 490/1 | €225 | €235 | +€10 | +4.6% |
| Total equity and liabilities | 10/49 | €427,177 | €432,747 | +€5,570 | +1.3% |
| Equity | 10/15 | €417,981 | €412,806 | -€5,175 | -1.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €399,381 | €394,206 | -€5,175 | -1.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €397,521 | €392,346 | -€5,175 | -1.3% |
| Amounts payable | 17/49 | €9,196 | €19,940 | +€10,745 | +117% |
| Amounts payable within one year | 42/48 | €9,196 | €19,940 | +€10,745 | +117% |
| Trade debts | 44 | - | €1,069 | +€1,069 | |
| Suppliers | 440/4 | - | €1,069 | +€1,069 | |
| Taxes, remuneration and social security | 45 | €9,180 | €18,871 | +€9,691 | +106% |
| Taxes | 450/3 | €9,180 | €18,871 | +€9,691 | +106% |
| Other amounts payable | 47/48 | €16 | - | -€16 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,667 | €20,618 | -€6,049 | -22.7% |
| Other operating charges | 640/8 | €5,082 | €1,069 | -€4,014 | -79.0% |
| Gross operating margin | 9900 | €105,306 | €135,292 | +€29,986 | +28.5% |
| Operating profit (loss) | 9901 | €73,556 | €113,604 | +€40,048 | +54.4% |
| Financial income | 75/76B | €3,292 | €10,826 | +€7,535 | +229% |
| Recurring financial income | 75 | €3,292 | €10,826 | +€7,535 | +229% |
| Financial charges | 65/66B | €3,363 | €3,573 | +€210 | +6.2% |
| Recurring financial charges | 65 | €3,363 | €3,573 | +€210 | +6.2% |
| Profit (loss) for the period before taxes | 9903 | €73,484 | €120,857 | +€47,373 | +64.5% |
| Income taxes | 67/77 | €20,821 | €32,770 | +€11,949 | +57.4% |
| Profit (loss) for the period | 9904 | €52,664 | €88,088 | +€35,424 | +67.3% |
| Profit (loss) for the period to be appropriated | 9905 | €52,664 | €88,088 | +€35,424 | +67.3% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.