M.C.G.: 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.G.
Largest movements
- Tangible fixed assets +€724,064
up €724,064 (+182%), from €397,625 to €1.1m
of which Land and buildings: +€547,720
- Cash +€21,829
up €21,829 (+877%), from €2,490 to €24,318
mainly Debts after one year (+€604,850) and Depreciation (+€71,795)
- Receivables within one year +€19,626
up €19,626 (+6.5%), from €301,157 to €320,783
of which Other amounts receivable: +€12,811
- Debts after one year +€604,850
new in 2025: €604,850
- Other debts +€59,231
up €59,231 (+519%), from €11,418 to €70,648
- Trade debts +€45,835
up €45,835 (+134%), from €34,218 to €80,053
- Current portion of long-term debt +€24,893
new in 2025: €24,893
- Reserves +€18,070
up €18,070 (+3.1%), from €586,617 to €604,688
- Depreciation +€39,664
up €39,664 (+123%), from €32,132 to €71,795
- Gross operating margin +€28,427
up €28,427 (+17.6%), from €161,835 to €190,262
- Taxes -€21,598
down €21,598 (-77.5%), from €27,867 to €6,269
- Financial charges +€17,201
up €17,201 (+20,843%), from €83 to €17,284
- Other operating charges +€4,694
up €4,694 (+18.7%), from €25,166 to €29,860
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.
Derived cash bridge
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 | €713,572 | €1,466,900 | +€753,328 | +106% |
| Fixed assets | 21/28 | €397,625 | €1,121,689 | +€724,064 | +182% |
| Tangible fixed assets | 22/27 | €397,625 | €1,121,689 | +€724,064 | +182% |
| Land and buildings | 22 | €298,244 | €845,964 | +€547,720 | +184% |
| Plant, machinery and equipment | 23 | €97,580 | €274,112 | +€176,533 | +181% |
| Furniture and vehicles | 24 | €1,802 | €1,613 | -€188 | -10.4% |
| Current assets | 29/58 | €315,947 | €345,211 | +€29,263 | +9.3% |
| Amounts receivable within one year | 40/41 | €301,157 | €320,783 | +€19,626 | +6.5% |
| Trade receivables | 40 | €301,157 | €307,972 | +€6,815 | +2.3% |
| Other amounts receivable | 41 | - | €12,811 | +€12,811 | |
| Cash at bank and in hand | 54/58 | €2,490 | €24,318 | +€21,829 | +877% |
| Deferred charges and accrued income | 490/1 | €12,301 | €109 | -€12,192 | -99.1% |
| Total equity and liabilities | 10/49 | €713,572 | €1,466,900 | +€753,328 | +106% |
| Equity | 10/15 | €648,617 | €666,688 | +€18,070 | +2.8% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Contributions outside capital | 11 | €62,000 | €62,000 | = | 0.0% |
| Other | 1109/19 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €586,617 | €604,688 | +€18,070 | +3.1% |
| Distributable reserves | 133 | €586,617 | €604,688 | +€18,070 | +3.1% |
| Amounts payable | 17/49 | €64,955 | €800,212 | +€735,257 | +1,132% |
| Amounts payable after more than one year | 17 | - | €604,850 | +€604,850 | |
| Financial debts | 170/4 | - | €604,850 | +€604,850 | |
| Amounts payable within one year | 42/48 | €64,955 | €195,363 | +€130,407 | +201% |
| Current portion of amounts payable after more than one year | 42 | - | €24,893 | +€24,893 | |
| Trade debts | 44 | €34,218 | €80,053 | +€45,835 | +134% |
| Suppliers | 440/4 | €34,218 | €80,053 | +€45,835 | +134% |
| Taxes, remuneration and social security | 45 | €19,320 | €19,769 | +€449 | +2.3% |
| Taxes | 450/3 | €19,320 | €19,769 | +€449 | +2.3% |
| Other amounts payable | 47/48 | €11,418 | €70,648 | +€59,231 | +519% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,132 | €71,795 | +€39,664 | +123% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,608 | - | -€2,608 | |
| Other operating charges | 640/8 | €25,166 | €29,860 | +€4,694 | +18.7% |
| Non-recurring operating charges | 66A | - | €47,201 | +€47,201 | |
| Gross operating margin | 9900 | €161,835 | €190,262 | +€28,427 | +17.6% |
| Operating profit (loss) | 9901 | €101,929 | €41,405 | -€60,524 | -59.4% |
| Financial income | 75/76B | - | €218 | +€218 | |
| Recurring financial income | 75 | - | €218 | +€218 | |
| Financial charges | 65/66B | €83 | €17,284 | +€17,201 | +20,843% |
| Recurring financial charges | 65 | €83 | €17,284 | +€17,201 | +20,843% |
| Profit (loss) for the period before taxes | 9903 | €101,847 | €24,339 | -€77,507 | -76.1% |
| Income taxes | 67/77 | €27,867 | €6,269 | -€21,598 | -77.5% |
| Profit (loss) for the period | 9904 | €73,980 | €18,070 | -€55,909 | -75.6% |
| Profit (loss) for the period to be appropriated | 9905 | €73,980 | €18,070 | -€55,909 | -75.6% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.