M & C IMMO: 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 IMMO
Largest movements
- Tangible fixed assets -€513,982
down €513,982 (-25.0%), from €2.1m to €1.5m
of which Land and buildings: -€511,993
- Cash +€226,749
up €226,749 (+2,298%), from €9,866 to €236,615
mainly Net result for the year (+€495,190) and Investment in fixed assets (net) (+€438,246)
- Receivables within one year +€41,588
up €41,588 (+183%), from €22,735 to €64,323
of which Trade receivables: +€41,740
- Short-term financial debts -€850,009
down €850,009 (-99.6%), from €853,840 to €3,831
- Reserves +€495,190
up €495,190 (+248%), from €199,391 to €694,581
of which Tax-exempt reserves: +€413,601
- Debts after one year +€275,930
up €275,930 (+116%), from €236,899 to €512,829
of which Other amounts payable: +€349,643
- Other debts -€167,219
down €167,219 (-83.9%), from €199,407 to €32,189
- Trade debts -€159,957
down €159,957 (-59.5%), from €269,007 to €109,051
- Gross operating margin +€616,810
up €616,810 (+406%), from €151,819 to €768,629
- Depreciation -€39,121
down €39,121 (-34.1%), from €114,857 to €75,736
- Taxes +€33,127
up €33,127, from -€266 to €32,861
- Financial charges -€9,409
down €9,409 (-41.7%), from €22,555 to €13,146
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 | €2,093,880 | €1,849,212 | -€244,668 | -11.7% |
| Fixed assets | 21/28 | €2,058,866 | €1,544,884 | -€513,982 | -25.0% |
| Tangible fixed assets | 22/27 | €2,058,866 | €1,544,884 | -€513,982 | -25.0% |
| Land and buildings | 22 | €2,052,248 | €1,540,255 | -€511,993 | -24.9% |
| Furniture and vehicles | 24 | €6,618 | €4,629 | -€1,990 | -30.1% |
| Current assets | 29/58 | €35,014 | €304,328 | +€269,314 | +769% |
| Amounts receivable within one year | 40/41 | €22,735 | €64,323 | +€41,588 | +183% |
| Trade receivables | 40 | €3,260 | €45,000 | +€41,740 | +1,280% |
| Other amounts receivable | 41 | €19,475 | €19,323 | -€152 | -0.8% |
| Cash at bank and in hand | 54/58 | €9,866 | €236,615 | +€226,749 | +2,298% |
| Deferred charges and accrued income | 490/1 | €2,413 | €3,391 | +€978 | +40.5% |
| Total equity and liabilities | 10/49 | €2,093,880 | €1,849,212 | -€244,668 | -11.7% |
| Equity | 10/15 | €454,492 | €949,682 | +€495,190 | +109% |
| Contributions | 10/11 | €19,612 | €19,612 | = | 0.0% |
| Reserves | 13 | €199,391 | €694,581 | +€495,190 | +248% |
| Tax-exempt reserves | 132 | - | €413,601 | +€413,601 | |
| Distributable reserves | 133 | €199,391 | €280,981 | +€81,590 | +40.9% |
| Profit (loss) carried forward | 14 | €235,489 | €235,489 | = | 0.0% |
| Provisions and deferred taxes | 16 | - | €137,867 | +€137,867 | |
| Deferred taxes | 168 | - | €137,867 | +€137,867 | |
| Amounts payable | 17/49 | €1,639,388 | €761,663 | -€877,725 | -53.5% |
| Amounts payable after more than one year | 17 | €236,899 | €512,829 | +€275,930 | +116% |
| Financial debts | 170/4 | €234,024 | €160,312 | -€73,713 | -31.5% |
| Other amounts payable | 178/9 | €2,875 | €352,518 | +€349,643 | +12,161% |
| Amounts payable within one year | 42/48 | €1,394,775 | €246,408 | -€1.1m | -82.3% |
| Current portion of amounts payable after more than one year | 42 | €72,520 | €73,713 | +€1,192 | +1.6% |
| Financial debts | 43 | €853,840 | €3,831 | -€850,009 | -99.6% |
| Credit institutions | 430/8 | €853,840 | €3,831 | -€850,009 | -99.6% |
| Trade debts | 44 | €269,007 | €109,051 | -€159,957 | -59.5% |
| Suppliers | 440/4 | €269,007 | €109,051 | -€159,957 | -59.5% |
| Taxes, remuneration and social security | 45 | - | €27,624 | +€27,624 | |
| Taxes | 450/3 | - | €27,624 | +€27,624 | |
| Other amounts payable | 47/48 | €199,407 | €32,189 | -€167,219 | -83.9% |
| Accrued charges and deferred income | 492/3 | €7,714 | €2,426 | -€5,288 | -68.5% |
| Non-recurring operating income | 76A | - | €588,321 | +€588,321 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €114,857 | €75,736 | -€39,121 | -34.1% |
| Other operating charges | 640/8 | €15,257 | €13,838 | -€1,419 | -9.3% |
| Gross operating margin | 9900 | €151,819 | €768,629 | +€616,810 | +406% |
| Operating profit (loss) | 9901 | €21,705 | €679,055 | +€657,350 | +3,029% |
| Financial income | 75/76B | - | €9 | +€9 | |
| Recurring financial income | 75 | - | €9 | +€9 | |
| Financial charges | 65/66B | €22,555 | €13,146 | -€9,409 | -41.7% |
| Recurring financial charges | 65 | €22,555 | €13,146 | -€9,409 | -41.7% |
| Profit (loss) for the period before taxes | 9903 | -€850 | €665,918 | +€666,768 | |
| Transfer from deferred taxes | 780 | - | €8,821 | +€8,821 | |
| Transfer to deferred taxes | 680 | - | €146,687 | +€146,687 | |
| Income taxes | 67/77 | -€266 | €32,861 | +€33,127 | |
| Profit (loss) for the period | 9904 | -€584 | €495,190 | +€495,774 | |
| Transfer from tax-exempt reserves | 789 | - | €26,462 | +€26,462 | |
| Transfer to tax-exempt reserves | 689 | - | €440,062 | +€440,062 | |
| Profit (loss) for the period to be appropriated | 9905 | -€584 | €81,590 | +€82,174 |
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.