M.C.M.: 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.M.
Largest movements
- Cash -€305,187
down €305,187 (-66.4%), from €459,383 to €154,195
mainly Current investments (-€279,383) and Contributions, distributions and other (-€77,733)
- Current investments +€279,383
up €279,383 (+668%), from €41,851 to €321,234
- Tangible fixed assets -€86,651
down €86,651 (-24.9%), from €347,749 to €261,098
of which Furniture and vehicles: -€68,245
- Receivables after one year +€73,611
new in 2025: €73,611
- Receivables within one year +€12,398
up €12,398 (+38.9%), from €31,869 to €44,266
of which Other amounts receivable: +€13,567
- Reserves +€43,930
up €43,930 (+5.2%), from €840,579 to €884,509
of which Distributable reserves: +€37,856
- Contributions -€32,000
down €32,000 (-91.4%), from €35,000 to €3,000
- Current portion of long-term debt -€24,529
down €24,529 (-74.9%), from €32,746 to €8,218
- Other debts -€13,836
down €13,836 (-99.2%), from €13,943 to €107
- Gross operating margin +€127,638
up €127,638 (+174%), from €73,247 to €200,886
- Depreciation -€43,076
down €43,076 (-30.6%), from €140,659 to €97,583
- Taxes +€15,013
up €15,013 (+632%), from €2,377 to €17,391
- Other operating charges -€7,363
down €7,363 (-40.2%), from €18,304 to €10,941
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 | €914,735 | €887,621 | -€27,114 | -3.0% |
| Fixed assets | 21/28 | €356,029 | €267,618 | -€88,411 | -24.8% |
| Intangible fixed assets | 21 | €7,740 | €5,980 | -€1,760 | -22.7% |
| Tangible fixed assets | 22/27 | €347,749 | €261,098 | -€86,651 | -24.9% |
| Land and buildings | 22 | €30,896 | €22,381 | -€8,515 | -27.6% |
| Plant, machinery and equipment | 23 | €25,632 | €15,741 | -€9,891 | -38.6% |
| Furniture and vehicles | 24 | €291,221 | €222,976 | -€68,245 | -23.4% |
| Financial fixed assets | 28 | €540 | €540 | = | 0.0% |
| Current assets | 29/58 | €558,706 | €620,003 | +€61,297 | +11.0% |
| Amounts receivable after more than one year | 29 | - | €73,611 | +€73,611 | |
| Other amounts receivable | 291 | - | €73,611 | +€73,611 | |
| Amounts receivable within one year | 40/41 | €31,869 | €44,266 | +€12,398 | +38.9% |
| Trade receivables | 40 | €28,769 | €27,600 | -€1,169 | -4.1% |
| Other amounts receivable | 41 | €3,100 | €16,667 | +€13,567 | +438% |
| Current investments | 50/53 | €41,851 | €321,234 | +€279,383 | +668% |
| Cash at bank and in hand | 54/58 | €459,383 | €154,195 | -€305,187 | -66.4% |
| Deferred charges and accrued income | 490/1 | €25,604 | €26,696 | +€1,092 | +4.3% |
| Total equity and liabilities | 10/49 | €914,735 | €887,621 | -€27,114 | -3.0% |
| Equity | 10/15 | €815,579 | €827,509 | +€11,930 | +1.5% |
| Contributions | 10/11 | €35,000 | €3,000 | -€32,000 | -91.4% |
| Reserves | 13 | €840,579 | €884,509 | +€43,930 | +5.2% |
| Tax-exempt reserves | 132 | €360,691 | €366,764 | +€6,074 | +1.7% |
| Distributable reserves | 133 | €479,888 | €517,745 | +€37,856 | +7.9% |
| Profit (loss) carried forward | 14 | -€60,000 | -€60,000 | = | 0.0% |
| Provisions and deferred taxes | 16 | €14,697 | €16,721 | +€2,024 | +13.8% |
| Deferred taxes | 168 | €14,697 | €16,721 | +€2,024 | +13.8% |
| Amounts payable | 17/49 | €84,459 | €43,391 | -€41,069 | -48.6% |
| Amounts payable after more than one year | 17 | €8,218 | - | -€8,218 | |
| Financial debts | 170/4 | €8,218 | - | -€8,218 | |
| Amounts payable within one year | 42/48 | €76,241 | €43,379 | -€32,863 | -43.1% |
| Current portion of amounts payable after more than one year | 42 | €32,746 | €8,218 | -€24,529 | -74.9% |
| Financial debts | 43 | - | €0 | +€0 | |
| Credit institutions | 430/8 | - | €0 | +€0 | |
| Trade debts | 44 | €11,623 | €17,728 | +€6,105 | +52.5% |
| Suppliers | 440/4 | €11,623 | €17,728 | +€6,105 | +52.5% |
| Taxes, remuneration and social security | 45 | €17,930 | €17,326 | -€603 | -3.4% |
| Taxes | 450/3 | €17,930 | €17,326 | -€603 | -3.4% |
| Other amounts payable | 47/48 | €13,943 | €107 | -€13,836 | -99.2% |
| Accrued charges and deferred income | 492/3 | - | €12 | +€12 | |
| Non-recurring operating income | 76A | €9,865 | €104,041 | +€94,176 | +955% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €140,659 | €97,583 | -€43,076 | -30.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€165 | -€1,370 | -€1,205 | -731% |
| Other operating charges | 640/8 | €18,304 | €10,941 | -€7,363 | -40.2% |
| Non-recurring operating charges | 66A | €2,926 | €286 | -€2,640 | -90.2% |
| Gross operating margin | 9900 | €73,247 | €200,886 | +€127,638 | +174% |
| Operating profit (loss) | 9901 | -€88,477 | €93,445 | +€181,922 | |
| Financial income | 75/76B | €15,513 | €17,083 | +€1,570 | +10.1% |
| Recurring financial income | 75 | €15,513 | €17,083 | +€1,570 | +10.1% |
| Financial charges | 65/66B | €1,452 | €1,450 | -€3 | -0.2% |
| Recurring financial charges | 65 | €1,452 | €1,450 | -€3 | -0.2% |
| Profit (loss) for the period before taxes | 9903 | -€74,417 | €109,078 | +€183,495 | |
| Transfer from deferred taxes | 780 | €4,199 | €4,695 | +€496 | +11.8% |
| Transfer to deferred taxes | 680 | - | €6,719 | +€6,719 | |
| Income taxes | 67/77 | €2,377 | €17,391 | +€15,013 | +632% |
| Profit (loss) for the period | 9904 | -€72,596 | €89,663 | +€162,259 | |
| Transfer from tax-exempt reserves | 789 | €12,596 | €14,084 | +€1,488 | +11.8% |
| Transfer to tax-exempt reserves | 689 | - | €20,158 | +€20,158 | |
| Profit (loss) for the period to be appropriated | 9905 | -€60,000 | €83,590 | +€143,589 |
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 17 October 2026 via checked.be.