M.C.E.: 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.E.
Largest movements
- Tangible fixed assets -€50,195
down €50,195 (-12.5%), from €402,049 to €351,854
of which Leasing and similar rights: -€72,508
- Cash -€41,163
down €41,163 (-16.3%), from €253,184 to €212,021
mainly Contributions, distributions and other (-€116,400) and Debts after one year (-€57,433)
- Receivables within one year -€10,268
down €10,268 (-19.2%), from €53,375 to €43,107
of which Trade receivables: -€23,338
- Debts after one year -€57,433
down €57,433 (-75.5%), from €76,117 to €18,684
- Current portion of long-term debt -€17,377
down €17,377 (-47.3%), from €36,752 to €19,375
- Other debts -€13,000
down €13,000 (-10.2%), from €127,000 to €114,000
- Trade debts -€9,539
down €9,539 (-77.1%), from €12,371 to €2,832
- Tax, wage and social debts -€7,962
down €7,962 (-66.9%), from €11,908 to €3,946
- Gross operating margin -€30,836
down €30,836 (-11.9%), from €258,454 to €227,618
- Depreciation -€5,672
down €5,672 (-10.0%), from €56,789 to €51,117
- Other operating charges -€3,931
down €3,931 (-10.4%), from €37,817 to €33,886
- Taxes -€3,864
down €3,864 (-12.8%), from €30,217 to €26,353
- Financial charges -€3,827
down €3,827 (-49.3%), from €7,771 to €3,943
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 | €718,888 | €613,905 | -€104,982 | -14.6% |
| Fixed assets | 21/28 | €403,239 | €353,179 | -€50,060 | -12.4% |
| Tangible fixed assets | 22/27 | €402,049 | €351,854 | -€50,195 | -12.5% |
| Land and buildings | 22 | €253,830 | €253,014 | -€816 | -0.3% |
| Furniture and vehicles | 24 | €40,062 | €63,191 | +€23,129 | +57.7% |
| Leasing and similar rights | 25 | €108,156 | €35,648 | -€72,508 | -67.0% |
| Financial fixed assets | 28 | €1,190 | €1,325 | +€135 | +11.3% |
| Current assets | 29/58 | €315,649 | €260,727 | -€54,922 | -17.4% |
| Amounts receivable within one year | 40/41 | €53,375 | €43,107 | -€10,268 | -19.2% |
| Trade receivables | 40 | €43,014 | €19,676 | -€23,338 | -54.3% |
| Other amounts receivable | 41 | €10,361 | €23,431 | +€13,070 | +126.1% |
| Cash at bank and in hand | 54/58 | €253,184 | €212,021 | -€41,163 | -16.3% |
| Deferred charges and accrued income | 490/1 | €9,090 | €5,599 | -€3,491 | -38.4% |
| Total equity and liabilities | 10/49 | €718,888 | €613,905 | -€104,982 | -14.6% |
| Equity | 10/15 | €454,739 | €453,058 | -€1,681 | -0.4% |
| Contributions | 10/11 | €117,749 | €117,749 | = | 0.0% |
| Reserves | 13 | €333,390 | €334,108 | +€719 | +0.2% |
| Distributable reserves | 133 | €333,390 | €334,108 | +€719 | +0.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Investment grants | 15 | €3,600 | €1,200 | -€2,400 | -66.7% |
| Amounts payable | 17/49 | €264,149 | €160,847 | -€103,301 | -39.1% |
| Amounts payable after more than one year | 17 | €76,117 | €18,684 | -€57,433 | -75.5% |
| Financial debts | 170/4 | €76,117 | €18,684 | -€57,433 | -75.5% |
| Amounts payable within one year | 42/48 | €188,031 | €140,153 | -€47,878 | -25.5% |
| Current portion of amounts payable after more than one year | 42 | €36,752 | €19,375 | -€17,377 | -47.3% |
| Trade debts | 44 | €12,371 | €2,832 | -€9,539 | -77.1% |
| Suppliers | 440/4 | €12,371 | €2,832 | -€9,539 | -77.1% |
| Taxes, remuneration and social security | 45 | €11,908 | €3,946 | -€7,962 | -66.9% |
| Taxes | 450/3 | €11,908 | €3,946 | -€7,962 | -66.9% |
| Other amounts payable | 47/48 | €127,000 | €114,000 | -€13,000 | -10.2% |
| Accrued charges and deferred income | 492/3 | €0 | €2,010 | +€2,010 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,789 | €51,117 | -€5,672 | -10.0% |
| Other operating charges | 640/8 | €37,817 | €33,886 | -€3,931 | -10.4% |
| Gross operating margin | 9900 | €258,454 | €227,618 | -€30,836 | -11.9% |
| Operating profit (loss) | 9901 | €163,848 | €142,615 | -€21,233 | -13.0% |
| Financial income | 75/76B | €1,288 | €2,401 | +€1,112 | +86.3% |
| Recurring financial income | 75 | €1,288 | €2,401 | +€1,112 | +86.3% |
| Financial charges | 65/66B | €7,771 | €3,943 | -€3,827 | -49.3% |
| Recurring financial charges | 65 | €7,771 | €3,943 | -€3,827 | -49.3% |
| Profit (loss) for the period before taxes | 9903 | €157,365 | €141,072 | -€16,293 | -10.4% |
| Income taxes | 67/77 | €30,217 | €26,353 | -€3,864 | -12.8% |
| Profit (loss) for the period | 9904 | €127,149 | €114,719 | -€12,430 | -9.8% |
| Profit (loss) for the period to be appropriated | 9905 | €127,149 | €114,719 | -€12,430 | -9.8% |
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 30 September 2026 via checked.be.