M.C.V.: 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.
What changed
M.C.V.
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€4,851
2024 · €67,375-€62,524
Equity
€5.8m
2024 · €5.8m+€4,851
Cash
€38,860
2024 · €54,104-€15,244
Balance sheet total
€9.0m
2024 · €9.2m-€182,654
Largest movements
Assets
- Tangible fixed assets -€267,720
down €267,720 (-3.8%), from €7.1m to €6.9m
of which Land and buildings: -€262,719
Equity and liabilities
- Debts after one year -€155,781
down €155,781 (-5.6%), from €2.8m to €2.6m
Income statement
- Gross operating margin -€44,689
down €44,689 (-9.0%), from €497,166 to €452,477
- Financial income -€22,943
down €22,943 (-96.7%), from €23,718 to €774
- Taxes -€12,646
down €12,646 (-44.2%), from €28,620 to €15,974
- Financial charges +€11,406
up €11,406 (+12.7%), from €90,036 to €101,442
- Other operating charges -€5,553
down €5,553 (-7.9%), from €70,004 to €64,451
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.
Result 2024
€67,375
Gross operating margin
-€44,689
Depreciation
-€1,685
Other operating charges
+€5,553
Financial income
-€22,943
Financial charges
-€11,406
Taxes
+€12,646
Result 2025
€4,851
raises the resultlowers the result
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.
From operations
+€156,725
Investment
-€14,409
Financing
-€157,561
Cash 2024
€54,104
From operations (derived)
+€156,725
Net result for the year
+€4,851
Depreciation
+€280,936
Receivables after one year
-€50,000
Receivables within one year
-€48,289
Deferred charges and accrued income
-€828
Provisions
-€14,402
Trade debts
-€12,423
Tax, wage and social debts
+€1,007
Other debts
-€3,672
Accrued charges and deferred income
-€454
Investment (derived)
-€14,409
Investment in fixed assets (net)
-€13,216
Current investments
-€1,193
Financing
-€157,561
Debts after one year
-€155,781
Current portion of long-term debt
-€1,780
Cash 2025
€38,860
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €9,216,107 | €9,033,453 | -€182,654 | -2.0% |
| Fixed assets | 21/28 | €7,130,916 | €6,863,196 | -€267,720 | -3.8% |
| Tangible fixed assets | 22/27 | €7,130,916 | €6,863,196 | -€267,720 | -3.8% |
| Land and buildings | 22 | €6,874,208 | €6,611,489 | -€262,719 | -3.8% |
| Plant, machinery and equipment | 23 | - | €1,222 | +€1,222 | |
| Furniture and vehicles | 24 | €23,568 | €17,345 | -€6,223 | -26.4% |
| Other tangible fixed assets | 26 | €233,141 | €233,141 | = | 0.0% |
| Current assets | 29/58 | €2,085,191 | €2,170,257 | +€85,066 | +4.1% |
| Amounts receivable after more than one year | 29 | €1,800,000 | €1,850,000 | +€50,000 | +2.8% |
| Other amounts receivable | 291 | €1,800,000 | €1,850,000 | +€50,000 | +2.8% |
| Amounts receivable within one year | 40/41 | €176,096 | €224,385 | +€48,289 | +27.4% |
| Trade receivables | 40 | €29,607 | €2,309 | -€27,297 | -92.2% |
| Other amounts receivable | 41 | €146,489 | €222,076 | +€75,587 | +51.6% |
| Current investments | 50/53 | €54,991 | €56,183 | +€1,193 | +2.2% |
| Cash at bank and in hand | 54/58 | €54,104 | €38,860 | -€15,244 | -28.2% |
| Deferred charges and accrued income | 490/1 | €0 | €828 | +€828 | |
| Total equity and liabilities | 10/49 | €9,216,107 | €9,033,453 | -€182,654 | -2.0% |
| Equity | 10/15 | €5,804,871 | €5,809,721 | +€4,851 | +0.1% |
| Contributions | 10/11 | €3,372,754 | €3,372,754 | = | 0.0% |
| Reserves | 13 | €2,432,117 | €2,436,967 | +€4,851 | +0.2% |
| Tax-exempt reserves | 132 | €854,064 | €810,857 | -€43,207 | -5.1% |
| Distributable reserves | 133 | €1,578,052 | €1,626,110 | +€48,058 | +3.0% |
| Provisions and deferred taxes | 16 | €284,688 | €270,286 | -€14,402 | -5.1% |
| Deferred taxes | 168 | €284,688 | €270,286 | -€14,402 | -5.1% |
| Amounts payable | 17/49 | €3,126,548 | €2,953,446 | -€173,102 | -5.5% |
| Amounts payable after more than one year | 17 | €2,779,935 | €2,624,155 | -€155,781 | -5.6% |
| Financial debts | 170/4 | €2,779,935 | €2,624,155 | -€155,781 | -5.6% |
| Amounts payable within one year | 42/48 | €336,699 | €319,831 | -€16,868 | -5.0% |
| Current portion of amounts payable after more than one year | 42 | €166,595 | €164,815 | -€1,780 | -1.1% |
| Trade debts | 44 | €13,855 | €1,432 | -€12,423 | -89.7% |
| Suppliers | 440/4 | €13,855 | €1,432 | -€12,423 | -89.7% |
| Advances received on contracts in progress | 46 | €303 | €303 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €15,296 | €16,304 | +€1,007 | +6.6% |
| Taxes | 450/3 | €15,296 | €16,304 | +€1,007 | +6.6% |
| Other amounts payable | 47/48 | €140,650 | €136,977 | -€3,672 | -2.6% |
| Accrued charges and deferred income | 492/3 | €9,915 | €9,461 | -€454 | -4.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €279,251 | €280,936 | +€1,685 | +0.6% |
| Other operating charges | 640/8 | €70,004 | €64,451 | -€5,553 | -7.9% |
| Gross operating margin | 9900 | €497,166 | €452,477 | -€44,689 | -9.0% |
| Operating profit (loss) | 9901 | €147,911 | €107,090 | -€40,821 | -27.6% |
| Financial income | 75/76B | €23,718 | €774 | -€22,943 | -96.7% |
| Recurring financial income | 75 | €23,718 | €774 | -€22,943 | -96.7% |
| Financial charges | 65/66B | €90,036 | €101,442 | +€11,406 | +12.7% |
| Recurring financial charges | 65 | €90,036 | €101,442 | +€11,406 | +12.7% |
| Profit (loss) for the period before taxes | 9903 | €81,593 | €6,423 | -€75,170 | -92.1% |
| Transfer from deferred taxes | 780 | €14,402 | €14,402 | = | 0.0% |
| Income taxes | 67/77 | €28,620 | €15,974 | -€12,646 | -44.2% |
| Profit (loss) for the period | 9904 | €67,375 | €4,851 | -€62,524 | -92.8% |
| Transfer from tax-exempt reserves | 789 | €43,207 | €43,207 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €110,582 | €48,058 | -€62,524 | -56.5% |
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 17 October 2026 via checked.be.