M&C SERVICE: 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 SERVICE
Largest movements
- Tangible fixed assets +€914,120
up €914,120 (+54.3%), from €1.7m to €2.6m
of which Leasing and similar rights: +€990,299
- Receivables after one year +€352,323
new in 2025: €352,323
- Receivables within one year -€265,196
down €265,196 (-29.3%), from €906,588 to €641,392
of which Trade receivables: -€174,726
- Cash +€142,166
up €142,166 (+1,003%), from €14,174 to €156,340
mainly Debts after one year (+€773,390) and Depreciation (+€674,437)
- Debts after one year +€773,390
up €773,390 (+145%), from €534,885 to €1.3m
- Reserves +€198,977
up €198,977 (+16.9%), from €1.2m to €1.4m
of which Distributable reserves: +€198,977
- Current portion of long-term debt +€137,959
up €137,959 (+42.4%), from €325,245 to €463,204
- Trade debts +€111,900
up €111,900 (+52.1%), from €214,717 to €326,617
- Tax, wage and social debts -€58,493
down €58,493 (-63.1%), from €92,737 to €34,244
of which Taxes: -€64,459
- Gross operating margin +€195,072
up €195,072 (+17.3%), from €1.1m to €1.3m
- Depreciation +€101,192
up €101,192 (+17.7%), from €573,246 to €674,437
- Other operating charges +€35,184
up €35,184 (+179%), from €19,638 to €54,823
- Taxes -€16,729
down €16,729 (-23.5%), from €71,311 to €54,582
- Financial charges +€13,290
up €13,290 (+40.4%), from €32,869 to €46,159
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 | €2,649,318 | €3,805,370 | +€1.2m | +43.6% |
| Fixed assets | 21/28 | €1,684,301 | €2,598,421 | +€914,120 | +54.3% |
| Tangible fixed assets | 22/27 | €1,684,301 | €2,598,421 | +€914,120 | +54.3% |
| Plant, machinery and equipment | 23 | €101,320 | €53,863 | -€47,458 | -46.8% |
| Furniture and vehicles | 24 | €1,130,652 | €1,082,905 | -€47,747 | -4.2% |
| Leasing and similar rights | 25 | €244,954 | €1,235,253 | +€990,299 | +404% |
| Other tangible fixed assets | 26 | €207,374 | €226,400 | +€19,025 | +9.2% |
| Current assets | 29/58 | €965,017 | €1,206,949 | +€241,933 | +25.1% |
| Amounts receivable after more than one year | 29 | - | €352,323 | +€352,323 | |
| Other amounts receivable | 291 | - | €352,323 | +€352,323 | |
| Amounts receivable within one year | 40/41 | €906,588 | €641,392 | -€265,196 | -29.3% |
| Trade receivables | 40 | €681,492 | €506,766 | -€174,726 | -25.6% |
| Other amounts receivable | 41 | €225,096 | €134,626 | -€90,470 | -40.2% |
| Cash at bank and in hand | 54/58 | €14,174 | €156,340 | +€142,166 | +1,003% |
| Deferred charges and accrued income | 490/1 | €44,254 | €56,894 | +€12,640 | +28.6% |
| Total equity and liabilities | 10/49 | €2,649,318 | €3,805,370 | +€1.2m | +43.6% |
| Equity | 10/15 | €1,373,850 | €1,572,827 | +€198,977 | +14.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,174,700 | €1,373,677 | +€198,977 | +16.9% |
| Non-distributable reserves | 130/1 | €352 | €352 | = | 0.0% |
| Reserves not available under the articles | 1311 | €352 | €352 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €1,155,598 | €1,354,575 | +€198,977 | +17.2% |
| Profit (loss) carried forward | 14 | €180,550 | €180,550 | = | 0.0% |
| Amounts payable | 17/49 | €1,275,467 | €2,232,543 | +€957,075 | +75.0% |
| Amounts payable after more than one year | 17 | €534,885 | €1,308,275 | +€773,390 | +145% |
| Financial debts | 170/4 | €534,885 | €1,308,275 | +€773,390 | +145% |
| Amounts payable within one year | 42/48 | €740,582 | €923,690 | +€183,107 | +24.7% |
| Current portion of amounts payable after more than one year | 42 | €325,245 | €463,204 | +€137,959 | +42.4% |
| Financial debts | 43 | €28,119 | €30,943 | +€2,825 | +10.0% |
| Credit institutions | 430/8 | €28,119 | €30,943 | +€2,825 | +10.0% |
| Trade debts | 44 | €214,717 | €326,617 | +€111,900 | +52.1% |
| Suppliers | 440/4 | €214,717 | €326,617 | +€111,900 | +52.1% |
| Taxes, remuneration and social security | 45 | €92,737 | €34,244 | -€58,493 | -63.1% |
| Taxes | 450/3 | €69,750 | €5,291 | -€64,459 | -92.4% |
| Remuneration and social security | 454/9 | €22,987 | €28,953 | +€5,966 | +26.0% |
| Other amounts payable | 47/48 | €79,765 | €68,681 | -€11,084 | -13.9% |
| Accrued charges and deferred income | 492/3 | - | €578 | +€578 | |
| Remuneration, social security and pensions | 62 | €287,661 | €290,946 | +€3,285 | +1.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €573,246 | €674,437 | +€101,192 | +17.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,297 | €6,893 | +€4,596 | +200% |
| Other operating charges | 640/8 | €19,638 | €54,823 | +€35,184 | +179% |
| Gross operating margin | 9900 | €1,130,277 | €1,325,349 | +€195,072 | +17.3% |
| Operating profit (loss) | 9901 | €247,435 | €298,251 | +€50,815 | +20.5% |
| Financial income | 75/76B | €205 | €1,467 | +€1,261 | +614% |
| Recurring financial income | 75 | €205 | €1,467 | +€1,261 | +614% |
| Financial charges | 65/66B | €32,869 | €46,159 | +€13,290 | +40.4% |
| Recurring financial charges | 65 | €32,869 | €46,159 | +€13,290 | +40.4% |
| Profit (loss) for the period before taxes | 9903 | €214,772 | €253,559 | +€38,787 | +18.1% |
| Income taxes | 67/77 | €71,311 | €54,582 | -€16,729 | -23.5% |
| Profit (loss) for the period | 9904 | €143,461 | €198,977 | +€55,516 | +38.7% |
| Profit (loss) for the period to be appropriated | 9905 | €143,461 | €198,977 | +€55,516 | +38.7% |
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 21 October 2026 via checked.be.