M.C.W.: 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.W.
Largest movements
- Stocks and contracts +€67,800
up €67,800 (+26.1%), from €259,758 to €327,558
of which Stocks: +€51,561
- Receivables within one year -€38,256
down €38,256 (-40.8%), from €93,713 to €55,457
of which Trade receivables: -€41,885
- Tangible fixed assets -€35,101
down €35,101 (-23.8%), from €147,534 to €112,432
- Cash -€19,031
down €19,031 (-72.6%), from €26,212 to €7,180
- Current portion of long-term debt -€15,919
down €15,919 (-85.5%), from €18,627 to €2,707
- Other debts +€9,319
up €9,319 (+2.6%), from €361,096 to €370,415
- Tax, wage and social debts -€7,856
down €7,856 (-91.9%), from €8,547 to €691
- Debts after one year -€7,083
down €7,083 (-9.5%), from €74,483 to €67,400
- Gross operating margin -€12,567
down €12,567 (-32.5%), from €38,687 to €26,120
- Depreciation -€2,133
down €2,133 (-11.4%), from €18,687 to €16,554
- Financial charges -€1,209
down €1,209 (-81.2%), from €1,489 to €280
- Taxes +€691
up €691 (+25.1%), from €2,753 to €3,444
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €527,217 | €502,627 | -€24,589 | -4.7% |
| Fixed assets | 21/28 | €147,534 | €112,432 | -€35,101 | -23.8% |
| Tangible fixed assets | 22/27 | €147,534 | €112,432 | -€35,101 | -23.8% |
| Land and buildings | 22 | €123,730 | €107,482 | -€16,248 | -13.1% |
| Plant, machinery and equipment | 23 | €21,604 | €4,362 | -€17,242 | -79.8% |
| Furniture and vehicles | 24 | €2,199 | €588 | -€1,611 | -73.2% |
| Current assets | 29/58 | €379,683 | €390,195 | +€10,512 | +2.8% |
| Stocks and contracts in progress | 3 | €259,758 | €327,558 | +€67,800 | +26.1% |
| Stocks | 30/36 | €259,758 | €311,319 | +€51,561 | +19.8% |
| Contracts in progress | 37 | - | €16,239 | +€16,239 | |
| Amounts receivable within one year | 40/41 | €93,713 | €55,457 | -€38,256 | -40.8% |
| Trade receivables | 40 | €51,876 | €9,991 | -€41,885 | -80.7% |
| Other amounts receivable | 41 | €41,837 | €45,466 | +€3,629 | +8.7% |
| Cash at bank and in hand | 54/58 | €26,212 | €7,180 | -€19,031 | -72.6% |
| Total equity and liabilities | 10/49 | €527,217 | €502,627 | -€24,589 | -4.7% |
| Equity | 10/15 | €48,796 | €48,670 | -€126 | -0.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | - | -€18,600 | |
| Issued capital | 100 | €18,600 | - | -€18,600 | |
| Reserves | 13 | €30,196 | €30,372 | +€176 | +0.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | - | €1,860 | +€1,860 | |
| Distributable reserves | 133 | €28,336 | €28,512 | +€176 | +0.6% |
| Profit (loss) carried forward | 14 | - | -€302 | -€302 | |
| Amounts payable | 17/49 | €478,421 | €453,958 | -€24,463 | -5.1% |
| Amounts payable after more than one year | 17 | €74,483 | €67,400 | -€7,083 | -9.5% |
| Financial debts | 170/4 | €74,483 | €67,400 | -€7,083 | -9.5% |
| Amounts payable within one year | 42/48 | €403,938 | €386,558 | -€17,380 | -4.3% |
| Current portion of amounts payable after more than one year | 42 | €18,627 | €2,707 | -€15,919 | -85.5% |
| Trade debts | 44 | €15,669 | €12,744 | -€2,924 | -18.7% |
| Suppliers | 440/4 | €15,669 | €12,744 | -€2,924 | -18.7% |
| Taxes, remuneration and social security | 45 | €8,547 | €691 | -€7,856 | -91.9% |
| Taxes | 450/3 | €8,547 | €691 | -€7,856 | -91.9% |
| Other amounts payable | 47/48 | €361,096 | €370,415 | +€9,319 | +2.6% |
| Non-recurring operating income | 76A | €38,096 | €60 | -€38,036 | -99.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,687 | €16,554 | -€2,133 | -11.4% |
| Other operating charges | 640/8 | €5,761 | €6,144 | +€383 | +6.6% |
| Gross operating margin | 9900 | €38,687 | €26,120 | -€12,567 | -32.5% |
| Operating profit (loss) | 9901 | €14,239 | €3,422 | -€10,817 | -76.0% |
| Financial income | 75/76B | €3 | - | -€3 | |
| Recurring financial income | 75 | €3 | - | -€3 | |
| Financial charges | 65/66B | €1,489 | €280 | -€1,209 | -81.2% |
| Recurring financial charges | 65 | €1,489 | €280 | -€1,209 | -81.2% |
| Profit (loss) for the period before taxes | 9903 | €12,753 | €3,142 | -€9,611 | -75.4% |
| Income taxes | 67/77 | €2,753 | €3,444 | +€691 | +25.1% |
| Profit (loss) for the period | 9904 | €10,000 | -€302 | -€10,303 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,000 | -€302 | -€10,303 |
Source: filed annual accounts (NBB), financial years ended 30 June 2023 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.