M-CE: 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-CE
Largest movements
- Tangible fixed assets -€14,267
down €14,267 (-58.8%), from €24,277 to €10,010
of which Furniture and vehicles: -€12,302
- Cash +€9,077
up €9,077 (+601.3%), from €1,510 to €10,587
mainly Other debts (+€9,871) and Investment in fixed assets (net) (+€9,319)
- Receivables within one year -€2,420
down €2,420 (-3.2%), from €75,559 to €73,139
of which Other amounts receivable: -€15,258
- Trade debts -€13,309
down €13,309 (-26.1%), from €50,926 to €37,616
- Other debts +€9,871
new in 2025: €9,871
- Tax, wage and social debts -€6,991
down €6,991 (-37.2%), from €18,799 to €11,808
of which Taxes: -€6,685
- Current portion of long-term debt -€4,939
down €4,939 (-74.3%), from €6,647 to €1,708
- Reserves +€4,337
up €4,337 (+17.1%), from €25,398 to €29,735
- Staff costs +€28,911
up €28,911 (+87.7%), from €32,959 to €61,870
- Gross operating margin +€27,601
up €27,601 (+49.7%), from €55,556 to €83,157
- Other operating charges +€5,374
up €5,374 (+838.9%), from €641 to €6,015
- Depreciation -€2,931
down €2,931 (-37.2%), from €7,879 to €4,948
- Financial charges -€1,756
down €1,756 (-31.2%), from €5,621 to €3,865
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 | €106,345 | €98,735 | -€7,610 | -7.2% |
| Fixed assets | 21/28 | €24,277 | €10,010 | -€14,267 | -58.8% |
| Tangible fixed assets | 22/27 | €24,277 | €10,010 | -€14,267 | -58.8% |
| Plant, machinery and equipment | 23 | €6,167 | €4,202 | -€1,965 | -31.9% |
| Furniture and vehicles | 24 | €18,110 | €5,807 | -€12,302 | -67.9% |
| Current assets | 29/58 | €82,068 | €88,725 | +€6,657 | +8.1% |
| Stocks and contracts in progress | 3 | €5,000 | €5,000 | = | 0.0% |
| Stocks | 30/36 | €5,000 | €5,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €75,559 | €73,139 | -€2,420 | -3.2% |
| Trade receivables | 40 | €56,618 | €69,455 | +€12,838 | +22.7% |
| Other amounts receivable | 41 | €18,941 | €3,683 | -€15,258 | -80.6% |
| Cash at bank and in hand | 54/58 | €1,510 | €10,587 | +€9,077 | +601.3% |
| Total equity and liabilities | 10/49 | €106,345 | €98,735 | -€7,610 | -7.2% |
| Equity | 10/15 | €27,898 | €32,235 | +€4,337 | +15.5% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €25,398 | €29,735 | +€4,337 | +17.1% |
| Distributable reserves | 133 | €25,398 | €29,735 | +€4,337 | +17.1% |
| Amounts payable | 17/49 | €78,447 | €66,500 | -€11,947 | -15.2% |
| Amounts payable after more than one year | 17 | €1,708 | €5,497 | +€3,789 | +221.9% |
| Financial debts | 170/4 | €1,708 | €5,497 | +€3,789 | +221.9% |
| Amounts payable within one year | 42/48 | €76,371 | €61,003 | -€15,368 | -20.1% |
| Current portion of amounts payable after more than one year | 42 | €6,647 | €1,708 | -€4,939 | -74.3% |
| Trade debts | 44 | €50,926 | €37,616 | -€13,309 | -26.1% |
| Suppliers | 440/4 | €50,926 | €37,616 | -€13,309 | -26.1% |
| Taxes, remuneration and social security | 45 | €18,799 | €11,808 | -€6,991 | -37.2% |
| Taxes | 450/3 | €12,632 | €5,946 | -€6,685 | -52.9% |
| Remuneration and social security | 454/9 | €6,167 | €5,862 | -€306 | -5.0% |
| Other amounts payable | 47/48 | - | €9,871 | +€9,871 | |
| Accrued charges and deferred income | 492/3 | €368 | - | -€368 | |
| Remuneration, social security and pensions | 62 | €32,959 | €61,870 | +€28,911 | +87.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,879 | €4,948 | -€2,931 | -37.2% |
| Other operating charges | 640/8 | €641 | €6,015 | +€5,374 | +838.9% |
| Gross operating margin | 9900 | €55,556 | €83,157 | +€27,601 | +49.7% |
| Operating profit (loss) | 9901 | €14,077 | €10,323 | -€3,754 | -26.7% |
| Financial income | 75/76B | €3 | €0 | -€3 | -97.6% |
| Recurring financial income | 75 | €3 | €0 | -€3 | -97.6% |
| Financial charges | 65/66B | €5,621 | €3,865 | -€1,756 | -31.2% |
| Recurring financial charges | 65 | €5,621 | €3,865 | -€1,756 | -31.2% |
| Profit (loss) for the period before taxes | 9903 | €8,460 | €6,459 | -€2,001 | -23.7% |
| Income taxes | 67/77 | €3,119 | €2,121 | -€998 | -32.0% |
| Profit (loss) for the period | 9904 | €5,341 | €4,337 | -€1,003 | -18.8% |
| Profit (loss) for the period to be appropriated | 9905 | €5,341 | €4,337 | -€1,003 | -18.8% |
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 9 October 2026 via checked.be.