M.C.S.: 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.S.
Largest movements
- Cash +€220,755
up €220,755 (+256%), from €86,300 to €307,054
mainly Stocks and contracts (+€94,087) and Net result for the year (+€63,335)
- Stocks and contracts -€94,087
down €94,087 (-24.1%), from €390,530 to €296,443
- Reserves +€59,170
up €59,170 (+61.7%), from €95,880 to €155,050
- Other debts +€41,754
up €41,754 (+9.3%), from €450,834 to €492,588
- Tax, wage and social debts +€30,334
up €30,334 (+451%), from €6,720 to €37,054
- Debts after one year -€9,272
down €9,272 (-100%), from €9,272 to €0
- Depreciation +€6,953
up €6,953 (+24.4%), from €28,508 to €35,461
- Gross operating margin -€3,202
down €3,202 (-2.2%), from €143,300 to €140,098
- Taxes -€2,436
down €2,436 (-7.1%), from €34,429 to €31,994
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 | €659,083 | €780,401 | +€121,318 | +18.4% |
| Fixed assets | 21/28 | €91,743 | €92,491 | +€748 | +0.8% |
| Tangible fixed assets | 22/27 | €91,743 | €92,491 | +€748 | +0.8% |
| Plant, machinery and equipment | 23 | €29,694 | €24,694 | -€5,000 | -16.8% |
| Furniture and vehicles | 24 | €34,492 | €23,506 | -€10,986 | -31.9% |
| Other tangible fixed assets | 26 | €27,557 | €44,291 | +€16,734 | +60.7% |
| Current assets | 29/58 | €567,340 | €687,910 | +€120,570 | +21.3% |
| Stocks and contracts in progress | 3 | €390,530 | €296,443 | -€94,087 | -24.1% |
| Stocks | 30/36 | €390,530 | €296,443 | -€94,087 | -24.1% |
| Amounts receivable within one year | 40/41 | €80,256 | €73,080 | -€7,176 | -8.9% |
| Trade receivables | 40 | €60,030 | €72,580 | +€12,550 | +20.9% |
| Other amounts receivable | 41 | €20,226 | €500 | -€19,726 | -97.5% |
| Cash at bank and in hand | 54/58 | €86,300 | €307,054 | +€220,755 | +256% |
| Deferred charges and accrued income | 490/1 | €10,255 | €11,333 | +€1,078 | +10.5% |
| Total equity and liabilities | 10/49 | €659,083 | €780,401 | +€121,318 | +18.4% |
| Equity | 10/15 | €135,098 | €194,268 | +€59,170 | +43.8% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €95,880 | €155,050 | +€59,170 | +61.7% |
| Distributable reserves | 133 | €95,880 | €155,050 | +€59,170 | +61.7% |
| Profit (loss) carried forward | 14 | €20,626 | €20,626 | = | 0.0% |
| Amounts payable | 17/49 | €523,985 | €586,132 | +€62,148 | +11.9% |
| Amounts payable after more than one year | 17 | €9,272 | €0 | -€9,272 | -100% |
| Financial debts | 170/4 | €9,272 | €0 | -€9,272 | -100% |
| Amounts payable within one year | 42/48 | €512,138 | €581,373 | +€69,236 | +13.5% |
| Current portion of amounts payable after more than one year | 42 | €13,515 | €9,272 | -€4,243 | -31.4% |
| Trade debts | 44 | €41,068 | €42,459 | +€1,392 | +3.4% |
| Suppliers | 440/4 | €41,068 | €42,459 | +€1,392 | +3.4% |
| Taxes, remuneration and social security | 45 | €6,720 | €37,054 | +€30,334 | +451% |
| Taxes | 450/3 | €6,720 | €37,054 | +€30,334 | +451% |
| Other amounts payable | 47/48 | €450,834 | €492,588 | +€41,754 | +9.3% |
| Accrued charges and deferred income | 492/3 | €2,575 | €4,759 | +€2,184 | +84.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,508 | €35,461 | +€6,953 | +24.4% |
| Other operating charges | 640/8 | €6,313 | €6,458 | +€146 | +2.3% |
| Non-recurring operating charges | 66A | - | €512 | +€512 | |
| Gross operating margin | 9900 | €143,300 | €140,098 | -€3,202 | -2.2% |
| Operating profit (loss) | 9901 | €108,480 | €97,667 | -€10,813 | -10.0% |
| Financial income | 75/76B | €2 | €17 | +€15 | +697% |
| Recurring financial income | 75 | €2 | €17 | +€15 | +697% |
| Financial charges | 65/66B | €2,685 | €2,355 | -€330 | -12.3% |
| Recurring financial charges | 65 | €2,685 | €2,355 | -€330 | -12.3% |
| Profit (loss) for the period before taxes | 9903 | €105,797 | €95,329 | -€10,468 | -9.9% |
| Income taxes | 67/77 | €34,429 | €31,994 | -€2,436 | -7.1% |
| Profit (loss) for the period | 9904 | €71,368 | €63,335 | -€8,032 | -11.3% |
| Profit (loss) for the period to be appropriated | 9905 | €71,368 | €63,335 | -€8,032 | -11.3% |
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.