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
- Tangible fixed assets -€41,784
down €41,784 (-10.0%), from €418,036 to €376,252
of which Leasing and similar rights: -€30,201
- Cash +€18,354
up €18,354 (+32.9%), from €55,821 to €74,175
mainly Depreciation (+€43,070) and Net result for the year (+€20,227)
- Stocks and contracts -€16,190
down €16,190 (-59.2%), from €27,368 to €11,178
- Debts after one year -€38,075
down €38,075 (-14.7%), from €258,675 to €220,600
- Trade debts -€22,673
down €22,673 (-29.9%), from €75,784 to €53,112
- Profit (loss) carried forward +€17,239
up €17,239, from -€17,239 to €0
- Depreciation +€19,668
up €19,668 (+84.0%), from €23,402 to €43,070
- Staff costs -€12,087
down €12,087 (-31.7%), from €38,151 to €26,064
- Gross operating margin +€5,929
up €5,929 (+5.5%), from €107,539 to €113,468
- Taxes +€4,522
up €4,522 (+220%), from €2,052 to €6,575
- Financial charges +€4,417
up €4,417 (+38.0%), from €11,633 to €16,051
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 | €520,075 | €480,172 | -€39,903 | -7.7% |
| Fixed assets | 21/28 | €418,186 | €376,402 | -€41,784 | -10.0% |
| Tangible fixed assets | 22/27 | €418,036 | €376,252 | -€41,784 | -10.0% |
| Land and buildings | 22 | €102,434 | €98,341 | -€4,094 | -4.0% |
| Plant, machinery and equipment | 23 | €20,123 | €12,268 | -€7,854 | -39.0% |
| Furniture and vehicles | 24 | €295 | €1,350 | +€1,055 | +358% |
| Leasing and similar rights | 25 | €291,910 | €261,708 | -€30,201 | -10.3% |
| Other tangible fixed assets | 26 | €3,275 | €2,585 | -€690 | -21.1% |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €101,888 | €103,769 | +€1,881 | +1.8% |
| Stocks and contracts in progress | 3 | €27,368 | €11,178 | -€16,190 | -59.2% |
| Stocks | 30/36 | €27,368 | €11,178 | -€16,190 | -59.2% |
| Amounts receivable within one year | 40/41 | €16,880 | €15,068 | -€1,812 | -10.7% |
| Trade receivables | 40 | €6,641 | €7,192 | +€551 | +8.3% |
| Other amounts receivable | 41 | €10,239 | €7,876 | -€2,363 | -23.1% |
| Cash at bank and in hand | 54/58 | €55,821 | €74,175 | +€18,354 | +32.9% |
| Deferred charges and accrued income | 490/1 | €1,819 | €3,349 | +€1,530 | +84.1% |
| Total equity and liabilities | 10/49 | €520,075 | €480,172 | -€39,903 | -7.7% |
| Equity | 10/15 | €51,798 | €72,025 | +€20,227 | +39.1% |
| Contributions | 10/11 | €48,600 | €48,600 | = | 0.0% |
| Reserves | 13 | €20,436 | €23,425 | +€2,988 | +14.6% |
| Distributable reserves | 133 | €20,436 | €23,425 | +€2,988 | +14.6% |
| Profit (loss) carried forward | 14 | -€17,239 | €0 | +€17,239 | |
| Amounts payable | 17/49 | €468,277 | €408,147 | -€60,130 | -12.8% |
| Amounts payable after more than one year | 17 | €258,675 | €220,600 | -€38,075 | -14.7% |
| Financial debts | 170/4 | €258,675 | €220,600 | -€38,075 | -14.7% |
| Amounts payable within one year | 42/48 | €209,602 | €185,639 | -€23,963 | -11.4% |
| Current portion of amounts payable after more than one year | 42 | €36,676 | €38,075 | +€1,399 | +3.8% |
| Financial debts | 43 | €50,530 | €51,398 | +€868 | +1.7% |
| Credit institutions | 430/8 | €50,530 | €51,398 | +€868 | +1.7% |
| Trade debts | 44 | €75,784 | €53,112 | -€22,673 | -29.9% |
| Suppliers | 440/4 | €75,784 | €53,112 | -€22,673 | -29.9% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €9,473 | €9,455 | -€17 | -0.2% |
| Taxes | 450/3 | €2,686 | €9,371 | +€6,685 | +249% |
| Remuneration and social security | 454/9 | €6,787 | €84 | -€6,703 | -98.8% |
| Other amounts payable | 47/48 | €37,140 | €33,600 | -€3,540 | -9.5% |
| Accrued charges and deferred income | 492/3 | - | €1,908 | +€1,908 | |
| Remuneration, social security and pensions | 62 | €38,151 | €26,064 | -€12,087 | -31.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,402 | €43,070 | +€19,668 | +84.0% |
| Other operating charges | 640/8 | €2,173 | €1,513 | -€660 | -30.4% |
| Gross operating margin | 9900 | €107,539 | €113,468 | +€5,929 | +5.5% |
| Operating profit (loss) | 9901 | €43,813 | €42,821 | -€992 | -2.3% |
| Financial income | 75/76B | €1 | €32 | +€30 | +2,876% |
| Recurring financial income | 75 | €1 | €32 | +€30 | +2,876% |
| Financial charges | 65/66B | €11,633 | €16,051 | +€4,417 | +38.0% |
| Recurring financial charges | 65 | €11,633 | €16,051 | +€4,417 | +38.0% |
| Profit (loss) for the period before taxes | 9903 | €32,181 | €26,802 | -€5,379 | -16.7% |
| Income taxes | 67/77 | €2,052 | €6,575 | +€4,522 | +220% |
| Profit (loss) for the period | 9904 | €30,129 | €20,227 | -€9,902 | -32.9% |
| Profit (loss) for the period to be appropriated | 9905 | €30,129 | €20,227 | -€9,902 | -32.9% |
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 22 October 2026 via checked.be.