M.C.G.R.: 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.R.
Largest movements
- Receivables within one year -€921,047
down €921,047 (-85.5%), from €1.1m to €155,584
of which Trade receivables: -€1.0m
- Cash +€53,417
up €53,417 (+172%), from €30,991 to €84,408
mainly Receivables within one year (+€921,047) and Net result for the year (+€77,661)
- Short-term financial debts -€993,781
no longer reported in 2025 (was €993,781)
- Reserves +€77,480
up €77,480 (+11.3%), from €687,177 to €764,657
of which Distributable reserves: +€91,500
- Accrued charges and deferred income +€38,000
new in 2025: €38,000
- Tax, wage and social debts +€36,458
up €36,458 (+195%), from €18,674 to €55,132
- Gross operating margin -€535,555
down €535,555 (-70.8%), from €756,397 to €220,842
- Depreciation -€101,229
down €101,229 (-69.1%), from €146,473 to €45,244
- Financial charges +€14,073
up €14,073 (+35.4%), from €39,735 to €53,808
- Taxes +€12,458
up €12,458 (+41.6%), from €29,974 to €42,432
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 | €2,707,368 | €1,842,341 | -€865,027 | -32.0% |
| Fixed assets | 21/28 | €1,131,967 | €1,141,997 | +€10,030 | +0.9% |
| Tangible fixed assets | 22/27 | €1,131,967 | €1,141,997 | +€10,030 | +0.9% |
| Land and buildings | 22 | €1,112,005 | €1,118,952 | +€6,947 | +0.6% |
| Plant, machinery and equipment | 23 | €2,026 | €3,336 | +€1,310 | +64.7% |
| Furniture and vehicles | 24 | €17,936 | €19,709 | +€1,773 | +9.9% |
| Current assets | 29/58 | €1,575,401 | €700,344 | -€875,057 | -55.5% |
| Amounts receivable after more than one year | 29 | €450,000 | €450,000 | = | 0.0% |
| Other amounts receivable | 291 | €450,000 | €450,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €1,076,631 | €155,584 | -€921,047 | -85.5% |
| Trade receivables | 40 | €1,045,479 | €38,000 | -€1.0m | -96.4% |
| Other amounts receivable | 41 | €31,152 | €117,584 | +€86,432 | +277% |
| Cash at bank and in hand | 54/58 | €30,991 | €84,408 | +€53,417 | +172% |
| Deferred charges and accrued income | 490/1 | €17,779 | €10,352 | -€7,427 | -41.8% |
| Total equity and liabilities | 10/49 | €2,707,368 | €1,842,341 | -€865,027 | -32.0% |
| Equity | 10/15 | €722,137 | €799,799 | +€77,662 | +10.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €687,177 | €764,657 | +€77,480 | +11.3% |
| Tax-exempt reserves | 132 | €355,067 | €341,047 | -€14,020 | -3.9% |
| Distributable reserves | 133 | €332,110 | €423,610 | +€91,500 | +27.6% |
| Profit (loss) carried forward | 14 | €22,560 | €22,742 | +€182 | +0.8% |
| Provisions and deferred taxes | 16 | €150,981 | €146,308 | -€4,673 | -3.1% |
| Provisions for liabilities and charges | 160/5 | €35,125 | €35,126 | +€1 | 0.0% |
| Pensions and similar obligations | 160 | €35,125 | €35,126 | +€1 | 0.0% |
| Deferred taxes | 168 | €115,856 | €111,182 | -€4,674 | -4.0% |
| Amounts payable | 17/49 | €1,834,250 | €896,234 | -€938,016 | -51.1% |
| Amounts payable after more than one year | 17 | €756,964 | €746,097 | -€10,867 | -1.4% |
| Financial debts | 170/4 | €756,964 | €746,097 | -€10,867 | -1.4% |
| Amounts payable within one year | 42/48 | €1,077,286 | €112,137 | -€965,149 | -89.6% |
| Current portion of amounts payable after more than one year | 42 | €34,239 | €33,264 | -€975 | -2.8% |
| Financial debts | 43 | €993,781 | - | -€993,781 | |
| Credit institutions | 430/8 | €993,781 | - | -€993,781 | |
| Trade debts | 44 | €30,592 | €23,741 | -€6,851 | -22.4% |
| Suppliers | 440/4 | €30,592 | €23,741 | -€6,851 | -22.4% |
| Taxes, remuneration and social security | 45 | €18,674 | €55,132 | +€36,458 | +195% |
| Taxes | 450/3 | €18,674 | €55,132 | +€36,458 | +195% |
| Accrued charges and deferred income | 492/3 | - | €38,000 | +€38,000 | |
| Non-recurring operating income | 76A | €533,027 | - | -€533,027 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €146,473 | €45,244 | -€101,229 | -69.1% |
| Other operating charges | 640/8 | €4,303 | €6,370 | +€2,067 | +48.0% |
| Gross operating margin | 9900 | €756,397 | €220,842 | -€535,555 | -70.8% |
| Operating profit (loss) | 9901 | €605,621 | €169,228 | -€436,393 | -72.1% |
| Financial charges | 65/66B | €39,735 | €53,808 | +€14,073 | +35.4% |
| Recurring financial charges | 65 | €39,735 | €53,808 | +€14,073 | +35.4% |
| Profit (loss) for the period before taxes | 9903 | €565,886 | €115,420 | -€450,466 | -79.6% |
| Transfer from deferred taxes | 780 | €17,401 | €4,673 | -€12,728 | -73.1% |
| Transfer to deferred taxes | 680 | €133,257 | - | -€133,257 | |
| Income taxes | 67/77 | €29,974 | €42,432 | +€12,458 | +41.6% |
| Profit (loss) for the period | 9904 | €420,056 | €77,661 | -€342,395 | -81.5% |
| Transfer from tax-exempt reserves | 789 | €52,203 | €14,020 | -€38,183 | -73.1% |
| Transfer to tax-exempt reserves | 689 | €399,770 | - | -€399,770 | |
| Profit (loss) for the period to be appropriated | 9905 | €72,489 | €91,681 | +€19,192 | +26.5% |
Source: filed annual accounts (NBB), financial years ended 31 October 2024 and 31 October 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.