M.C.O.: 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.O.
Largest movements
- Receivables within one year +€317,938
up €317,938 (+15.8%), from €2.0m to €2.3m
of which Trade receivables: +€270,028
- Tangible fixed assets +€136,691
up €136,691 (+10.5%), from €1.3m to €1.4m
of which Furniture and vehicles: +€140,911
- Cash +€128,895
up €128,895 (+9.5%), from €1.4m to €1.5m
mainly Trade debts (+€345,968) and Other debts (+€273,892)
- Trade debts +€345,968
up €345,968 (+105%), from €329,960 to €675,929
- Other debts +€273,892
up €273,892 (+12,306%), from €2,226 to €276,118
- Reserves -€142,500
down €142,500 (-14.9%), from €954,778 to €812,278
of which Distributable reserves: -€142,500
- Gross operating margin +€388,207
up €388,207 (+68.1%), from €569,923 to €958,130
- Write-downs +€89,663
up €89,663 (+163%), from €54,915 to €144,578
- Depreciation +€32,850
up €32,850 (+40.9%), from €80,343 to €113,193
- Taxes +€27,622
up €27,622 (+166%), from €16,606 to €44,228
- Staff costs +€10,101
up €10,101 (+2.7%), from €369,280 to €379,381
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 | €4,692,124 | €5,282,372 | +€590,248 | +12.6% |
| Fixed assets | 21/28 | €1,307,091 | €1,443,781 | +€136,691 | +10.5% |
| Tangible fixed assets | 22/27 | €1,305,701 | €1,442,391 | +€136,691 | +10.5% |
| Land and buildings | 22 | €1,155,529 | €1,159,159 | +€3,630 | +0.3% |
| Plant, machinery and equipment | 23 | €14,937 | €7,086 | -€7,850 | -52.6% |
| Furniture and vehicles | 24 | €135,235 | €276,146 | +€140,911 | +104% |
| Financial fixed assets | 28 | €1,390 | €1,390 | = | 0.0% |
| Current assets | 29/58 | €3,385,034 | €3,838,591 | +€453,557 | +13.4% |
| Amounts receivable within one year | 40/41 | €2,016,710 | €2,334,648 | +€317,938 | +15.8% |
| Trade receivables | 40 | €1,832,332 | €2,102,361 | +€270,028 | +14.7% |
| Other amounts receivable | 41 | €184,378 | €232,288 | +€47,910 | +26.0% |
| Cash at bank and in hand | 54/58 | €1,355,543 | €1,484,438 | +€128,895 | +9.5% |
| Deferred charges and accrued income | 490/1 | €12,780 | €19,505 | +€6,724 | +52.6% |
| Total equity and liabilities | 10/49 | €4,692,124 | €5,282,372 | +€590,248 | +12.6% |
| Equity | 10/15 | €3,995,953 | €3,853,751 | -€142,202 | -3.6% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Contributions outside capital | 11 | €6,197 | - | -€6,197 | |
| Other | 1109/19 | €6,197 | - | -€6,197 | |
| Reserves | 13 | €954,778 | €812,278 | -€142,500 | -14.9% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €10,432 | €10,432 | = | 0.0% |
| Distributable reserves | 133 | €942,487 | €799,987 | -€142,500 | -15.1% |
| Profit (loss) carried forward | 14 | €3,034,978 | €3,035,275 | +€298 | 0.0% |
| Amounts payable | 17/49 | €696,171 | €1,428,622 | +€732,451 | +105% |
| Amounts payable after more than one year | 17 | €216,196 | €255,056 | +€38,861 | +18.0% |
| Financial debts | 170/4 | €216,196 | €255,056 | +€38,861 | +18.0% |
| Amounts payable within one year | 42/48 | €479,975 | €1,148,842 | +€668,867 | +139% |
| Current portion of amounts payable after more than one year | 42 | €104,221 | €150,120 | +€45,899 | +44.0% |
| Trade debts | 44 | €329,960 | €675,929 | +€345,968 | +105% |
| Suppliers | 440/4 | €329,960 | €675,929 | +€345,968 | +105% |
| Taxes, remuneration and social security | 45 | €43,569 | €46,676 | +€3,107 | +7.1% |
| Taxes | 450/3 | - | €751 | +€751 | |
| Remuneration and social security | 454/9 | €43,569 | €45,925 | +€2,356 | +5.4% |
| Other amounts payable | 47/48 | €2,226 | €276,118 | +€273,892 | +12,306% |
| Accrued charges and deferred income | 492/3 | - | €24,723 | +€24,723 | |
| Non-recurring operating income | 76A | - | €28,099 | +€28,099 | |
| Remuneration, social security and pensions | 62 | €369,280 | €379,381 | +€10,101 | +2.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €80,343 | €113,193 | +€32,850 | +40.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €54,915 | €144,578 | +€89,663 | +163% |
| Other operating charges | 640/8 | €18,407 | €9,298 | -€9,109 | -49.5% |
| Gross operating margin | 9900 | €569,923 | €958,130 | +€388,207 | +68.1% |
| Operating profit (loss) | 9901 | €46,978 | €311,680 | +€264,702 | +563% |
| Financial income | 75/76B | €16,355 | €9,109 | -€7,246 | -44.3% |
| Recurring financial income | 75 | €16,355 | €9,109 | -€7,246 | -44.3% |
| Financial charges | 65/66B | €15,740 | €18,764 | +€3,024 | +19.2% |
| Recurring financial charges | 65 | €15,740 | €18,764 | +€3,024 | +19.2% |
| Profit (loss) for the period before taxes | 9903 | €47,593 | €302,025 | +€254,432 | +535% |
| Income taxes | 67/77 | €16,606 | €44,228 | +€27,622 | +166% |
| Profit (loss) for the period | 9904 | €30,987 | €257,798 | +€226,811 | +732% |
| Profit (loss) for the period to be appropriated | 9905 | €30,987 | €257,798 | +€226,811 | +732% |
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.