M C DEVELOPMENT: 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 DEVELOPMENT
Largest movements
- Receivables within one year +€84,745
up €84,745 (+5.3%), from €1.6m to €1.7m
of which Other amounts receivable: +€130,539
- Deferred charges and accrued income +€46,973
up €46,973 (+643.5%), from €7,299 to €54,272
- Debts after one year +€169,933
up €169,933 (+20.1%), from €845,818 to €1.0m
of which Financial debts: +€169,934
- Trade debts -€151,200
down €151,200 (-76.8%), from €196,812 to €45,612
- Profit (loss) carried forward +€126,465
up €126,465 (+37.6%), from €336,097 to €462,562
- Tax, wage and social debts -€96,610
down €96,610 (-99.7%), from €96,895 to €285
- Other debts +€86,323
up €86,323 (+6.5%), from €1.3m to €1.4m
- Gross operating margin +€118,303
up €118,303 (+62.9%), from €188,029 to €306,332
- Depreciation +€34,649
up €34,649 (+55.1%), from €62,900 to €97,549
- Taxes +€22,449
up €22,449 (+54.8%), from €40,994 to €63,443
- Other operating charges +€11,354
up €11,354 (+72.0%), from €15,774 to €27,128
- Financial charges +€9,465
up €9,465 (+69.7%), from €13,585 to €23,050
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
A cash bridge needs two consecutive fiscal years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,807,272 | €3,902,351 | +€95,079 | +2.5% |
| Fixed assets | 21/28 | €2,181,861 | €2,151,116 | -€30,745 | -1.4% |
| Tangible fixed assets | 22/27 | €1,580,461 | €1,549,716 | -€30,745 | -1.9% |
| Land and buildings | 22 | €1,542,738 | €1,462,378 | -€80,360 | -5.2% |
| Furniture and vehicles | 24 | €19,439 | €69,054 | +€49,615 | +255.2% |
| Other tangible fixed assets | 26 | €18,284 | €18,284 | +€0 | 0.0% |
| Financial fixed assets | 28 | €601,400 | €601,400 | +€0 | 0.0% |
| Current assets | 29/58 | €1,625,411 | €1,751,235 | +€125,824 | +7.7% |
| Stocks and contracts in progress | 3 | €6,693 | - | -€6,693 | |
| Stocks | 30/36 | €6,693 | - | -€6,693 | |
| Amounts receivable within one year | 40/41 | €1,604,311 | €1,689,056 | +€84,745 | +5.3% |
| Trade receivables | 40 | €57,924 | €12,130 | -€45,794 | -79.1% |
| Other amounts receivable | 41 | €1,546,387 | €1,676,926 | +€130,539 | +8.4% |
| Cash at bank and in hand | 54/58 | €7,108 | €7,908 | +€800 | +11.3% |
| Deferred charges and accrued income | 490/1 | €7,299 | €54,272 | +€46,973 | +643.5% |
| Total equity and liabilities | 10/49 | €3,807,272 | €3,902,351 | +€95,079 | +2.5% |
| Equity | 10/15 | €1,080,935 | €1,168,455 | +€87,520 | +8.1% |
| Contributions | 10/11 | €153,000 | €153,000 | = | 0.0% |
| Capital | 10 | - | €153,000 | +€153,000 | |
| Issued capital | 100 | - | €153,000 | +€153,000 | |
| Reserves | 13 | €578,536 | €541,528 | -€37,008 | -6.4% |
| Non-distributable reserves | 130/1 | €26,700 | €26,700 | = | 0.0% |
| Legal reserve | 130 | - | €26,700 | +€26,700 | |
| Reserves not available under the articles | 1311 | €26,700 | - | -€26,700 | |
| Tax-exempt reserves | 132 | €551,836 | €514,828 | -€37,008 | -6.7% |
| Profit (loss) carried forward | 14 | €336,097 | €462,562 | +€126,465 | +37.6% |
| Investment grants | 15 | €13,302 | €11,365 | -€1,937 | -14.6% |
| Provisions and deferred taxes | 16 | €188,639 | €175,610 | -€13,029 | -6.9% |
| Deferred taxes | 168 | €188,639 | €175,610 | -€13,029 | -6.9% |
| Amounts payable | 17/49 | €2,537,698 | €2,558,287 | +€20,589 | +0.8% |
| Amounts payable after more than one year | 17 | €845,818 | €1,015,751 | +€169,933 | +20.1% |
| Financial debts | 170/4 | €192,856 | €362,790 | +€169,934 | +88.1% |
| Other amounts payable | 178/9 | €652,962 | €652,961 | -€1 | 0.0% |
| Amounts payable within one year | 42/48 | €1,691,880 | €1,542,535 | -€149,345 | -8.8% |
| Current portion of amounts payable after more than one year | 42 | €61,310 | €73,453 | +€12,143 | +19.8% |
| Trade debts | 44 | €196,812 | €45,612 | -€151,200 | -76.8% |
| Suppliers | 440/4 | €196,812 | €45,612 | -€151,200 | -76.8% |
| Taxes, remuneration and social security | 45 | €96,895 | €285 | -€96,610 | -99.7% |
| Taxes | 450/3 | €96,895 | €285 | -€96,610 | -99.7% |
| Other amounts payable | 47/48 | €1,336,863 | €1,423,186 | +€86,323 | +6.5% |
| Non-recurring operating income | 76A | €114,461 | €205,485 | +€91,024 | +79.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,900 | €97,549 | +€34,649 | +55.1% |
| Other operating charges | 640/8 | €15,774 | €27,128 | +€11,354 | +72.0% |
| Non-recurring operating charges | 66A | €6,446 | €20,674 | +€14,228 | +220.7% |
| Gross operating margin | 9900 | €188,029 | €306,332 | +€118,303 | +62.9% |
| Operating profit (loss) | 9901 | €102,909 | €160,981 | +€58,072 | +56.4% |
| Financial income | 75/76B | €5,192 | €1,940 | -€3,252 | -62.6% |
| Recurring financial income | 75 | €5,192 | €1,940 | -€3,252 | -62.6% |
| Financial charges | 65/66B | €13,585 | €23,050 | +€9,465 | +69.7% |
| Recurring financial charges | 65 | €13,585 | €23,050 | +€9,465 | +69.7% |
| Profit (loss) for the period before taxes | 9903 | €94,516 | €139,871 | +€45,355 | +48.0% |
| Transfer from deferred taxes | 780 | €8,686 | €13,029 | +€4,343 | +50.0% |
| Income taxes | 67/77 | €40,994 | €63,443 | +€22,449 | +54.8% |
| Profit (loss) for the period | 9904 | €62,208 | €89,456 | +€27,248 | +43.8% |
| Transfer from tax-exempt reserves | 789 | €24,672 | €37,009 | +€12,337 | +50.0% |
| Profit (loss) for the period to be appropriated | 9905 | €86,880 | €126,465 | +€39,585 | +45.6% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 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.