M.C.S.D.: 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.D.
Largest movements
- Current investments +€1.6m
up €1.6m, from €0 to €1.6m
- Cash -€1.6m
down €1.6m (-98.4%), from €1.6m to €25,976
mainly Current investments (-€1.6m) and Smaller working-capital items (-€2,336)
No liability line moved by more than 1% of the balance sheet total.
- Financial income -€54,835
down €54,835 (-81.0%), from €67,696 to €12,861
- Gross operating margin +€11,861
up €11,861, from -€8,577 to €3,284
- Taxes -€10,460
down €10,460 (-68.0%), from €15,378 to €4,918
- Other operating charges +€1,211
up €1,211 (+716%), from €169 to €1,381
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,604,862 | €1,609,501 | +€4,639 | +0.3% |
| Current assets | 29/58 | €1,604,862 | €1,609,501 | +€4,639 | +0.3% |
| Amounts receivable within one year | 40/41 | €16,131 | €13,525 | -€2,606 | -16.2% |
| Trade receivables | 40 | €100 | €1,950 | +€1,850 | +1,850% |
| Other amounts receivable | 41 | €16,031 | €11,575 | -€4,456 | -27.8% |
| Current investments | 50/53 | €0 | €1,570,000 | +€1.6m | |
| Cash at bank and in hand | 54/58 | €1,588,731 | €25,976 | -€1.6m | -98.4% |
| Total equity and liabilities | 10/49 | €1,604,862 | €1,609,501 | +€4,639 | +0.3% |
| Equity | 10/15 | €1,586,616 | €1,596,197 | +€9,581 | +0.6% |
| Contributions | 10/11 | €4,179 | €4,179 | = | 0.0% |
| Reserves | 13 | €43,354 | €52,935 | +€9,581 | +22.1% |
| Distributable reserves | 133 | €43,354 | €52,935 | +€9,581 | +22.1% |
| Profit (loss) carried forward | 14 | €1,539,083 | €1,539,083 | = | 0.0% |
| Amounts payable | 17/49 | €18,246 | €13,304 | -€4,942 | -27.1% |
| Amounts payable within one year | 42/48 | €18,246 | €13,304 | -€4,942 | -27.1% |
| Trade debts | 44 | €319 | €449 | +€130 | +40.8% |
| Suppliers | 440/4 | €319 | €449 | +€130 | +40.8% |
| Taxes, remuneration and social security | 45 | €4,335 | €1,060 | -€3,275 | -75.6% |
| Taxes | 450/3 | €4,335 | €1,060 | -€3,275 | -75.6% |
| Other amounts payable | 47/48 | €13,591 | €11,795 | -€1,797 | -13.2% |
| Other operating charges | 640/8 | €169 | €1,381 | +€1,211 | +716% |
| Gross operating margin | 9900 | -€8,577 | €3,284 | +€11,861 | |
| Operating profit (loss) | 9901 | -€8,746 | €1,903 | +€10,649 | |
| Financial income | 75/76B | €67,696 | €12,861 | -€54,835 | -81.0% |
| Recurring financial income | 75 | €67,696 | €12,861 | -€54,835 | -81.0% |
| Financial charges | 65/66B | €218 | €265 | +€47 | +21.5% |
| Recurring financial charges | 65 | €218 | €265 | +€47 | +21.5% |
| Profit (loss) for the period before taxes | 9903 | €58,732 | €14,499 | -€44,233 | -75.3% |
| Income taxes | 67/77 | €15,378 | €4,918 | -€10,460 | -68.0% |
| Profit (loss) for the period | 9904 | €43,354 | €9,581 | -€33,773 | -77.9% |
| Profit (loss) for the period to be appropriated | 9905 | €43,354 | €9,581 | -€33,773 | -77.9% |
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 14 October 2026 via checked.be.