M.C.S.: 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.S.
Largest movements
- Tangible fixed assets -€30,078
down €30,078 (-9.8%), from €306,564 to €276,485
of which Other tangible fixed assets: -€31,960
- Receivables within one year -€3,683
down €3,683 (-18.9%), from €19,476 to €15,793
of which Other amounts receivable: -€3,857
- Debts after one year -€28,338
down €28,338 (-12.8%), from €220,777 to €192,438
- Other debts -€6,502
down €6,502 (-18.1%), from €35,836 to €29,334
- Profit (loss) carried forward -€3,850
down €3,850 (-37.9%), from €10,168 to €6,318
- Gross operating margin -€5,391
down €5,391 (-12.7%), from €42,564 to €37,173
- Financial charges -€5,036
down €5,036 (-45.3%), from €11,113 to €6,077
- Depreciation +€1,722
up €1,722 (+5.7%), from €30,409 to €32,131
- Other operating charges -€1,112
down €1,112 (-29.7%), from €3,739 to €2,627
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 | €332,855 | €295,891 | -€36,964 | -11.1% |
| Fixed assets | 21/28 | €306,564 | €276,485 | -€30,078 | -9.8% |
| Tangible fixed assets | 22/27 | €306,564 | €276,485 | -€30,078 | -9.8% |
| Land and buildings | 22 | €185,750 | €190,616 | +€4,865 | +2.6% |
| Plant, machinery and equipment | 23 | €8,069 | €5,418 | -€2,650 | -32.8% |
| Furniture and vehicles | 24 | €2,088 | €1,755 | -€333 | -16.0% |
| Other tangible fixed assets | 26 | €110,657 | €78,697 | -€31,960 | -28.9% |
| Current assets | 29/58 | €26,292 | €19,406 | -€6,886 | -26.2% |
| Amounts receivable within one year | 40/41 | €19,476 | €15,793 | -€3,683 | -18.9% |
| Trade receivables | 40 | €11,854 | €12,028 | +€174 | +1.5% |
| Other amounts receivable | 41 | €7,621 | €3,764 | -€3,857 | -50.6% |
| Cash at bank and in hand | 54/58 | €2,380 | €2,101 | -€278 | -11.7% |
| Deferred charges and accrued income | 490/1 | €4,436 | €1,512 | -€2,924 | -65.9% |
| Total equity and liabilities | 10/49 | €332,855 | €295,891 | -€36,964 | -11.1% |
| Equity | 10/15 | €30,619 | €26,769 | -€3,850 | -12.6% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €10,168 | €6,318 | -€3,850 | -37.9% |
| Amounts payable | 17/49 | €302,236 | €269,123 | -€33,114 | -11.0% |
| Amounts payable after more than one year | 17 | €220,777 | €192,438 | -€28,338 | -12.8% |
| Financial debts | 170/4 | €220,777 | €192,438 | -€28,338 | -12.8% |
| Amounts payable within one year | 42/48 | €81,460 | €76,684 | -€4,776 | -5.9% |
| Current portion of amounts payable after more than one year | 42 | €29,350 | €28,338 | -€1,012 | -3.4% |
| Financial debts | 43 | €4,311 | €7,102 | +€2,791 | +64.8% |
| Credit institutions | 430/8 | €4,311 | €7,102 | +€2,791 | +64.8% |
| Trade debts | 44 | €8,755 | €7,656 | -€1,100 | -12.6% |
| Suppliers | 440/4 | €8,755 | €7,656 | -€1,100 | -12.6% |
| Taxes, remuneration and social security | 45 | €3,207 | €4,254 | +€1,046 | +32.6% |
| Taxes | 450/3 | €3,207 | €4,254 | +€1,046 | +32.6% |
| Other amounts payable | 47/48 | €35,836 | €29,334 | -€6,502 | -18.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,409 | €32,131 | +€1,722 | +5.7% |
| Other operating charges | 640/8 | €3,739 | €2,627 | -€1,112 | -29.7% |
| Non-recurring operating charges | 66A | - | €364 | +€364 | |
| Gross operating margin | 9900 | €42,564 | €37,173 | -€5,391 | -12.7% |
| Operating profit (loss) | 9901 | €8,416 | €2,051 | -€6,365 | -75.6% |
| Financial income | 75/76B | €17 | €0 | -€17 | -100.0% |
| Recurring financial income | 75 | €17 | €0 | -€17 | -100.0% |
| Financial charges | 65/66B | €11,113 | €6,077 | -€5,036 | -45.3% |
| Recurring financial charges | 65 | €11,113 | €6,077 | -€5,036 | -45.3% |
| Profit (loss) for the period before taxes | 9903 | -€2,680 | -€4,026 | -€1,346 | -50.2% |
| Income taxes | 67/77 | €346 | €189 | -€157 | -45.4% |
| Profit (loss) for the period | 9904 | -€3,025 | -€4,214 | -€1,189 | -39.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,025 | -€4,214 | -€1,189 | -39.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.