M.C.O.: what changed
Two fiscal 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.O.
Largest movements
- Cash +€189,302
up €189,302 (+456.3%), from €41,486 to €230,788
mainly Current investments (+€160,793) and Depreciation (+€19,066)
- Current investments -€160,793
down €160,793 (-42.0%), from €383,085 to €222,292
- Tangible fixed assets -€19,066
down €19,066 (-48.1%), from €39,610 to €20,544
of which Furniture and vehicles: -€18,658
- Deferred charges and accrued income -€5,085
down €5,085 (-55.4%), from €9,183 to €4,098
No liability line moved by more than 1% of the balance sheet total.
- Staff costs -€36,794
no longer reported in 2025 (was €36,794)
- Gross operating margin -€21,042
down €21,042 (-45.1%), from €46,652 to €25,609
- Taxes +€5,747
up €5,747 (+436.1%), from €1,318 to €7,064
- Financial charges +€4,361
up €4,361 (+278.2%), from €1,568 to €5,928
- Financial income -€3,118
down €3,118 (-20.5%), from €15,198 to €12,080
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 | €487,602 | €487,278 | -€324 | -0.1% |
| Fixed assets | 21/28 | €39,610 | €20,544 | -€19,066 | -48.1% |
| Tangible fixed assets | 22/27 | €39,610 | €20,544 | -€19,066 | -48.1% |
| Furniture and vehicles | 24 | €39,014 | €20,355 | -€18,658 | -47.8% |
| Other tangible fixed assets | 26 | €596 | €189 | -€408 | -68.4% |
| Current assets | 29/58 | €447,992 | €466,734 | +€18,742 | +4.2% |
| Amounts receivable within one year | 40/41 | €14,238 | €9,556 | -€4,683 | -32.9% |
| Other amounts receivable | 41 | €14,238 | €9,556 | -€4,683 | -32.9% |
| Current investments | 50/53 | €383,085 | €222,292 | -€160,793 | -42.0% |
| Cash at bank and in hand | 54/58 | €41,486 | €230,788 | +€189,302 | +456.3% |
| Deferred charges and accrued income | 490/1 | €9,183 | €4,098 | -€5,085 | -55.4% |
| Total equity and liabilities | 10/49 | €487,602 | €487,278 | -€324 | -0.1% |
| Equity | 10/15 | €477,063 | €481,912 | +€4,849 | +1.0% |
| Contributions | 10/11 | €22,275 | €22,275 | = | 0.0% |
| Reserves | 13 | €301,000 | €305,800 | +€4,800 | +1.6% |
| Distributable reserves | 133 | €301,000 | €305,800 | +€4,800 | +1.6% |
| Profit (loss) carried forward | 14 | €153,787 | €153,836 | +€49 | 0.0% |
| Amounts payable | 17/49 | €10,540 | €5,366 | -€5,173 | -49.1% |
| Amounts payable within one year | 42/48 | €9,568 | €4,682 | -€4,886 | -51.1% |
| Trade debts | 44 | €2,128 | €953 | -€1,176 | -55.2% |
| Suppliers | 440/4 | €2,128 | €953 | -€1,176 | -55.2% |
| Other amounts payable | 47/48 | €7,440 | €3,729 | -€3,711 | -49.9% |
| Accrued charges and deferred income | 492/3 | €972 | €685 | -€287 | -29.6% |
| Non-recurring operating income | 76A | - | €1,850 | +€1,850 | |
| Remuneration, social security and pensions | 62 | €36,794 | - | -€36,794 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,797 | €19,066 | -€731 | -3.7% |
| Other operating charges | 640/8 | €773 | €781 | +€8 | +1.1% |
| Gross operating margin | 9900 | €46,652 | €25,609 | -€21,042 | -45.1% |
| Operating profit (loss) | 9901 | -€10,712 | €5,762 | +€16,474 | |
| Financial income | 75/76B | €15,198 | €12,080 | -€3,118 | -20.5% |
| Recurring financial income | 75 | €15,198 | €12,080 | -€3,118 | -20.5% |
| Financial charges | 65/66B | €1,568 | €5,928 | +€4,361 | +278.2% |
| Recurring financial charges | 65 | €1,568 | €5,928 | +€4,361 | +278.2% |
| Profit (loss) for the period before taxes | 9903 | €2,918 | €11,913 | +€8,995 | +308.2% |
| Income taxes | 67/77 | €1,318 | €7,064 | +€5,747 | +436.1% |
| Profit (loss) for the period | 9904 | €1,601 | €4,849 | +€3,248 | +203.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,601 | €4,849 | +€3,248 | +203.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.