M.CO: 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.CO
Largest movements
- Tangible fixed assets -€39,068
down €39,068 (-24.1%), from €161,989 to €122,921
of which Furniture and vehicles: -€32,203
- Cash +€26,738
up €26,738 (+12.3%), from €217,296 to €244,034
mainly Other debts (+€167,083) and Net result for the year (+€101,487)
- Receivables within one year -€4,944
down €4,944 (-13.0%), from €37,925 to €32,981
of which Trade receivables: -€6,589
- Deferred charges and accrued income -€4,601
down €4,601 (-78.9%), from €5,830 to €1,229
- Reserves -€189,499
down €189,499 (-100.0%), from €189,499 to €0
- Other debts +€167,083
up €167,083 (+126.9%), from €131,640 to €298,723
- Debts after one year -€16,315
down €16,315 (-40.3%), from €40,443 to €24,128
- Profit (loss) carried forward +€15,986
up €15,986, from €0 to €15,986
- Tax, wage and social debts +€15,688
up €15,688 (+225.3%), from €6,963 to €22,651
of which Taxes: +€18,061
- Gross operating margin +€30,217
up €30,217 (+20.6%), from €147,003 to €177,220
- Taxes +€5,164
up €5,164 (+17.2%), from €30,054 to €35,218
- Depreciation +€1,946
up €1,946 (+5.3%), from €36,612 to €38,558
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 | €423,039 | €401,165 | -€21,875 | -5.2% |
| Fixed assets | 21/28 | €161,989 | €122,921 | -€39,068 | -24.1% |
| Tangible fixed assets | 22/27 | €161,989 | €122,921 | -€39,068 | -24.1% |
| Plant, machinery and equipment | 23 | - | €0 | = | |
| Furniture and vehicles | 24 | €95,806 | €63,603 | -€32,203 | -33.6% |
| Other tangible fixed assets | 26 | €66,184 | €59,318 | -€6,865 | -10.4% |
| Current assets | 29/58 | €261,050 | €278,244 | +€17,193 | +6.6% |
| Amounts receivable within one year | 40/41 | €37,925 | €32,981 | -€4,944 | -13.0% |
| Trade receivables | 40 | €37,426 | €30,837 | -€6,589 | -17.6% |
| Other amounts receivable | 41 | €499 | €2,143 | +€1,645 | +329.7% |
| Cash at bank and in hand | 54/58 | €217,296 | €244,034 | +€26,738 | +12.3% |
| Deferred charges and accrued income | 490/1 | €5,830 | €1,229 | -€4,601 | -78.9% |
| Total equity and liabilities | 10/49 | €423,039 | €401,165 | -€21,875 | -5.2% |
| Equity | 10/15 | €209,959 | €36,446 | -€173,513 | -82.6% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €189,499 | €0 | -€189,499 | -100.0% |
| Distributable reserves | 133 | €189,499 | €0 | -€189,499 | -100.0% |
| Profit (loss) carried forward | 14 | €0 | €15,986 | +€15,986 | |
| Amounts payable | 17/49 | €213,080 | €364,718 | +€151,638 | +71.2% |
| Amounts payable after more than one year | 17 | €40,443 | €24,128 | -€16,315 | -40.3% |
| Financial debts | 170/4 | €40,443 | €24,128 | -€16,315 | -40.3% |
| Amounts payable within one year | 42/48 | €172,423 | €340,460 | +€168,038 | +97.5% |
| Current portion of amounts payable after more than one year | 42 | €31,067 | €18,737 | -€12,331 | -39.7% |
| Trade debts | 44 | €2,752 | €349 | -€2,403 | -87.3% |
| Suppliers | 440/4 | €2,752 | €349 | -€2,403 | -87.3% |
| Taxes, remuneration and social security | 45 | €6,963 | €22,651 | +€15,688 | +225.3% |
| Taxes | 450/3 | €4,590 | €22,651 | +€18,061 | +393.5% |
| Remuneration and social security | 454/9 | €2,373 | €0 | -€2,373 | -100.0% |
| Other amounts payable | 47/48 | €131,640 | €298,723 | +€167,083 | +126.9% |
| Accrued charges and deferred income | 492/3 | €215 | €130 | -€85 | -39.6% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,612 | €38,558 | +€1,946 | +5.3% |
| Other operating charges | 640/8 | €1,918 | €747 | -€1,171 | -61.0% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €147,003 | €177,220 | +€30,217 | +20.6% |
| Operating profit (loss) | 9901 | €108,473 | €137,915 | +€29,442 | +27.1% |
| Financial income | 75/76B | €2,233 | €1,825 | -€407 | -18.2% |
| Recurring financial income | 75 | €2,233 | €1,825 | -€407 | -18.2% |
| Financial charges | 65/66B | €3,155 | €3,034 | -€121 | -3.8% |
| Recurring financial charges | 65 | €3,155 | €3,034 | -€121 | -3.8% |
| Profit (loss) for the period before taxes | 9903 | €107,550 | €136,706 | +€29,155 | +27.1% |
| Income taxes | 67/77 | €30,054 | €35,218 | +€5,164 | +17.2% |
| Profit (loss) for the period | 9904 | €77,496 | €101,487 | +€23,991 | +31.0% |
| Profit (loss) for the period to be appropriated | 9905 | €77,496 | €101,487 | +€23,991 | +31.0% |
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 2 October 2026 via checked.be.