M.C.E.: 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.
M.C.E.
Largest movements
- Cash +€300,142
up €300,142 (+346.5%), from €86,619 to €386,761
mainly Other debts (+€296,386) and Depreciation (+€135,248)
- Tangible fixed assets -€96,611
down €96,611 (-3.5%), from €2.8m to €2.7m
of which Land and buildings: -€65,515
- Other debts +€296,386
up €296,386 (+9.0%), from €3.3m to €3.6m
- Profit (loss) carried forward -€53,111
down €53,111 (-104.4%), from -€50,850 to -€103,960
- Gross operating margin +€71,502
up €71,502 (+143.9%), from €49,681 to €121,183
- Depreciation -€70,342
down €70,342 (-34.2%), from €205,590 to €135,248
- Financial charges +€44,575
up €44,575 (+2845.3%), from €1,567 to €46,142
- Financial income +€13,974
up €13,974 (+502.9%), from €2,779 to €16,753
- Other operating charges -€1,797
down €1,797 (-15.9%), from €11,311 to €9,514
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 | €4,912,222 | €5,169,503 | +€257,281 | +5.2% |
| Fixed assets | 21/28 | €4,437,988 | €4,341,376 | -€96,611 | -2.2% |
| Tangible fixed assets | 22/27 | €2,785,568 | €2,688,956 | -€96,611 | -3.5% |
| Land and buildings | 22 | €2,631,511 | €2,565,996 | -€65,515 | -2.5% |
| Plant, machinery and equipment | 23 | €72,847 | €64,627 | -€8,220 | -11.3% |
| Furniture and vehicles | 24 | €81,210 | €58,334 | -€22,876 | -28.2% |
| Financial fixed assets | 28 | €1,652,420 | €1,652,420 | = | 0.0% |
| Current assets | 29/58 | €474,234 | €828,127 | +€353,893 | +74.6% |
| Amounts receivable within one year | 40/41 | €263,153 | €313,658 | +€50,505 | +19.2% |
| Trade receivables | 40 | €201,232 | €289,612 | +€88,380 | +43.9% |
| Other amounts receivable | 41 | €61,921 | €24,046 | -€37,875 | -61.2% |
| Current investments | 50/53 | €115,000 | €115,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €86,619 | €386,761 | +€300,142 | +346.5% |
| Deferred charges and accrued income | 490/1 | €9,462 | €12,708 | +€3,246 | +34.3% |
| Total equity and liabilities | 10/49 | €4,912,222 | €5,169,503 | +€257,281 | +5.2% |
| Equity | 10/15 | €1,518,785 | €1,465,674 | -€53,111 | -3.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,551,042 | €1,551,042 | = | 0.0% |
| Tax-exempt reserves | 132 | €56,250 | €56,250 | = | 0.0% |
| Distributable reserves | 133 | €1,494,792 | €1,494,792 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€50,850 | -€103,960 | -€53,111 | -104.4% |
| Amounts payable | 17/49 | €3,393,437 | €3,703,829 | +€310,392 | +9.1% |
| Amounts payable within one year | 42/48 | €3,393,437 | €3,703,829 | +€310,392 | +9.1% |
| Trade debts | 44 | €73,369 | €82,048 | +€8,680 | +11.8% |
| Suppliers | 440/4 | €73,369 | €82,048 | +€8,680 | +11.8% |
| Taxes, remuneration and social security | 45 | €8,648 | €13,974 | +€5,326 | +61.6% |
| Taxes | 450/3 | €8,648 | €13,974 | +€5,326 | +61.6% |
| Other amounts payable | 47/48 | €3,311,420 | €3,607,806 | +€296,386 | +9.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €205,590 | €135,248 | -€70,342 | -34.2% |
| Other operating charges | 640/8 | €11,311 | €9,514 | -€1,797 | -15.9% |
| Gross operating margin | 9900 | €49,681 | €121,183 | +€71,502 | +143.9% |
| Operating profit (loss) | 9901 | -€167,220 | -€23,579 | +€143,641 | +85.9% |
| Financial income | 75/76B | €2,779 | €16,753 | +€13,974 | +502.9% |
| Recurring financial income | 75 | €2,779 | €16,753 | +€13,974 | +502.9% |
| Financial charges | 65/66B | €1,567 | €46,142 | +€44,575 | +2845.3% |
| Recurring financial charges | 65 | €1,567 | €46,142 | +€44,575 | +2845.3% |
| Profit (loss) for the period before taxes | 9903 | -€166,008 | -€52,969 | +€113,040 | +68.1% |
| Income taxes | 67/77 | €154 | €142 | -€12 | -7.7% |
| Profit (loss) for the period | 9904 | -€166,162 | -€53,111 | +€113,052 | +68.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€166,162 | -€53,111 | +€113,052 | +68.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.