M & CB: 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 & CB
Largest movements
- Receivables within one year +€79,971
up €79,971 (+30.8%), from €259,247 to €339,218
of which Other amounts receivable: +€97,942
- Cash +€59,796
up €59,796 (+46.8%), from €127,704 to €187,500
mainly Stocks and contracts (+€40,619) and Net result for the year (+€39,129)
- Stocks and contracts -€40,619
down €40,619 (-24.9%), from €163,370 to €122,751
- Tangible fixed assets -€18,328
down €18,328 (-45.2%), from €40,545 to €22,218
- Profit (loss) carried forward +€39,129
up €39,129 (+23.3%), from €167,739 to €206,869
- Trade debts +€38,661
up €38,661 (+27.6%), from €140,031 to €178,692
- Tax, wage and social debts +€12,994
up €12,994 (+16.7%), from €77,930 to €90,924
of which Taxes: +€8,672
- Debts after one year -€9,738
no longer reported in 2025 (was €9,738)
- Accrued charges and deferred income +€7,200
new in 2025: €7,200
- Gross operating margin +€35,467
up €35,467 (+10.5%), from €337,098 to €372,564
- Taxes +€9,324
up €9,324 (+143%), from €6,504 to €15,827
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 | €590,866 | €674,482 | +€83,616 | +14.2% |
| Fixed assets | 21/28 | €40,545 | €22,218 | -€18,328 | -45.2% |
| Tangible fixed assets | 22/27 | €40,545 | €22,218 | -€18,328 | -45.2% |
| Plant, machinery and equipment | 23 | €40,545 | €22,218 | -€18,328 | -45.2% |
| Current assets | 29/58 | €550,320 | €652,264 | +€101,944 | +18.5% |
| Stocks and contracts in progress | 3 | €163,370 | €122,751 | -€40,619 | -24.9% |
| Stocks | 30/36 | €163,370 | €122,751 | -€40,619 | -24.9% |
| Amounts receivable within one year | 40/41 | €259,247 | €339,218 | +€79,971 | +30.8% |
| Trade receivables | 40 | €49,586 | €31,615 | -€17,970 | -36.2% |
| Other amounts receivable | 41 | €209,661 | €307,603 | +€97,942 | +46.7% |
| Cash at bank and in hand | 54/58 | €127,704 | €187,500 | +€59,796 | +46.8% |
| Deferred charges and accrued income | 490/1 | - | €2,795 | +€2,795 | |
| Total equity and liabilities | 10/49 | €590,866 | €674,482 | +€83,616 | +14.2% |
| Equity | 10/15 | €320,799 | €359,929 | +€39,129 | +12.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €146,860 | €146,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €145,000 | €145,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €167,739 | €206,869 | +€39,129 | +23.3% |
| Amounts payable | 17/49 | €270,066 | €314,553 | +€44,487 | +16.5% |
| Amounts payable after more than one year | 17 | €9,738 | - | -€9,738 | |
| Financial debts | 170/4 | €9,738 | - | -€9,738 | |
| Amounts payable within one year | 42/48 | €260,328 | €307,353 | +€47,025 | +18.1% |
| Current portion of amounts payable after more than one year | 42 | €14,368 | €9,738 | -€4,630 | -32.2% |
| Trade debts | 44 | €140,031 | €178,692 | +€38,661 | +27.6% |
| Suppliers | 440/4 | €140,031 | €178,692 | +€38,661 | +27.6% |
| Taxes, remuneration and social security | 45 | €77,930 | €90,924 | +€12,994 | +16.7% |
| Taxes | 450/3 | €15,320 | €23,992 | +€8,672 | +56.6% |
| Remuneration and social security | 454/9 | €62,610 | €66,932 | +€4,322 | +6.9% |
| Other amounts payable | 47/48 | €28,000 | €28,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | - | €7,200 | +€7,200 | |
| Non-recurring operating income | 76A | €28,000 | - | -€28,000 | |
| Remuneration, social security and pensions | 62 | €269,794 | €266,733 | -€3,061 | -1.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,523 | €18,328 | +€805 | +4.6% |
| Other operating charges | 640/8 | €4,502 | €6,123 | +€1,621 | +36.0% |
| Gross operating margin | 9900 | €337,098 | €372,564 | +€35,467 | +10.5% |
| Operating profit (loss) | 9901 | €45,279 | €81,381 | +€36,102 | +79.7% |
| Financial income | 75/76B | €24 | €50 | +€26 | +106% |
| Recurring financial income | 75 | €24 | €50 | +€26 | +106% |
| Financial charges | 65/66B | €23,853 | €26,473 | +€2,621 | +11.0% |
| Recurring financial charges | 65 | €23,853 | €26,473 | +€2,621 | +11.0% |
| Profit (loss) for the period before taxes | 9903 | €21,450 | €54,957 | +€33,506 | +156% |
| Income taxes | 67/77 | €6,504 | €15,827 | +€9,324 | +143% |
| Profit (loss) for the period | 9904 | €14,947 | €39,129 | +€24,183 | +162% |
| Profit (loss) for the period to be appropriated | 9905 | €14,947 | €39,129 | +€24,183 | +162% |
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 20 October 2026 via checked.be.