M-CARGO: 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-CARGO
Largest movements
- Tangible fixed assets +€17,882
up €17,882 (+36.5%), from €49,036 to €66,919
of which Furniture and vehicles: +€20,230
- Receivables within one year +€13,407
up €13,407 (+92.1%), from €14,558 to €27,965
of which Trade receivables: +€13,407
- Cash -€6,592
down €6,592 (-7.0%), from €94,538 to €87,946
mainly Investment in fixed assets (net) (-€40,945) and Other debts (-€18,760)
- Profit (loss) carried forward +€51,537
up €51,537 (+108.9%), from €47,312 to €98,848
- Other debts -€18,760
down €18,760 (-21.5%), from €87,063 to €68,303
- Trade debts -€6,595
down €6,595 (-95.6%), from €6,900 to €306
- Tax, wage and social debts -€4,598
down €4,598 (-39.8%), from €11,564 to €6,966
- Accrued charges and deferred income +€3,888
up €3,888 (+45.5%), from €8,539 to €12,427
- Depreciation -€10,018
down €10,018 (-30.3%), from €33,082 to €23,063
- Financial charges +€4,653
up €4,653 (+961.6%), from €484 to €5,136
- Taxes +€1,090
up €1,090 (+6.6%), from €16,444 to €17,534
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 | €192,768 | €218,240 | +€25,473 | +13.2% |
| Fixed assets | 21/28 | €49,036 | €66,919 | +€17,882 | +36.5% |
| Tangible fixed assets | 22/27 | €49,036 | €66,919 | +€17,882 | +36.5% |
| Plant, machinery and equipment | 23 | €469 | €99 | -€370 | -78.8% |
| Furniture and vehicles | 24 | €36,963 | €57,193 | +€20,230 | +54.7% |
| Other tangible fixed assets | 26 | €11,604 | €9,626 | -€1,978 | -17.0% |
| Current assets | 29/58 | €143,732 | €151,322 | +€7,590 | +5.3% |
| Amounts receivable within one year | 40/41 | €14,558 | €27,965 | +€13,407 | +92.1% |
| Trade receivables | 40 | €14,423 | €27,830 | +€13,407 | +93.0% |
| Other amounts receivable | 41 | €135 | €135 | = | 0.0% |
| Current investments | 50/53 | €30,000 | €30,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €94,538 | €87,946 | -€6,592 | -7.0% |
| Deferred charges and accrued income | 490/1 | €4,636 | €5,411 | +€775 | +16.7% |
| Total equity and liabilities | 10/49 | €192,768 | €218,240 | +€25,473 | +13.2% |
| Equity | 10/15 | €78,701 | €130,238 | +€51,537 | +65.5% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €1,390 | €1,390 | = | 0.0% |
| Distributable reserves | 133 | €1,390 | €1,390 | = | 0.0% |
| Profit (loss) carried forward | 14 | €47,312 | €98,848 | +€51,537 | +108.9% |
| Amounts payable | 17/49 | €114,067 | €88,003 | -€26,064 | -22.8% |
| Amounts payable within one year | 42/48 | €105,528 | €75,575 | -€29,952 | -28.4% |
| Trade debts | 44 | €6,900 | €306 | -€6,595 | -95.6% |
| Suppliers | 440/4 | €6,900 | €306 | -€6,595 | -95.6% |
| Taxes, remuneration and social security | 45 | €11,564 | €6,966 | -€4,598 | -39.8% |
| Taxes | 450/3 | €11,564 | €6,966 | -€4,598 | -39.8% |
| Other amounts payable | 47/48 | €87,063 | €68,303 | -€18,760 | -21.5% |
| Accrued charges and deferred income | 492/3 | €8,539 | €12,427 | +€3,888 | +45.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,082 | €23,063 | -€10,018 | -30.3% |
| Other operating charges | 640/8 | €2,277 | €2,168 | -€108 | -4.8% |
| Gross operating margin | 9900 | €98,483 | €98,600 | +€117 | +0.1% |
| Operating profit (loss) | 9901 | €63,125 | €73,369 | +€10,244 | +16.2% |
| Financial income | 75/76B | €624 | €839 | +€215 | +34.4% |
| Recurring financial income | 75 | €624 | €839 | +€215 | +34.4% |
| Financial charges | 65/66B | €484 | €5,136 | +€4,653 | +961.6% |
| Recurring financial charges | 65 | €484 | €5,136 | +€4,653 | +961.6% |
| Profit (loss) for the period before taxes | 9903 | €63,265 | €69,071 | +€5,806 | +9.2% |
| Income taxes | 67/77 | €16,444 | €17,534 | +€1,090 | +6.6% |
| Profit (loss) for the period | 9904 | €46,820 | €51,537 | +€4,716 | +10.1% |
| Profit (loss) for the period to be appropriated | 9905 | €46,820 | €51,537 | +€4,716 | +10.1% |
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 5 October 2026 via checked.be.